Industry News

One Rock Capital Affiliate to Combine with Foam Products Producer
MEDIA, PA and RED BANK, NJ – March 5, 2019 – FXI and Innocor, two of the leading producers of polyurethane foam products, today announced the signing of a definitive merger agreement that will establish one of the most comprehensive and innovative companies in the industry. The combined company will offer a complete array of solutions and serve customers across a broad range of end markets – including bedding, furniture, transportation, medical, filtration, acoustics, and industrial. Financial terms of the transaction were not disclosed. FXI is a leading provider of innovative foam solutions driven by consumer insights and state-of-the-art research and development. FXI’s products are used in a variety of end markets including bedding, furniture, transportation, medical, filtration, acoustics, and industrial. The company has 16 manufacturing and distribution facilities with approximately 2,200 employees. Innocor is a leader in consumer-driven polyurethane foam solutions for finished products in retail, ecommerce and direct-to-consumer segments
Clearlake Capital-Backed Symplr to Acquire API Healthcare
SANTA MONICA, CA and HOUSTON, TX – February 20, 2019 – symplr, a leading healthcare governance, risk and compliance (“GRC”) software-as-a-service (“SaaS”) platform, backed by Clearlake Capital Group, L.P. (together with its affiliates, “Clearlake”), announced that it has signed a definitive agreement to acquire API Healthcare (“API”), a leading provider of healthcare human capital management (“HCM”) software solutions, from Veritas Capital (“Veritas”). Financial terms were not disclosed. The combination of symplr and API will deliver the healthcare industry’s only fully integrated GRC and HCM SaaS platform of scale, offering an end-to-end solution encompassing provider data management, credentialing and workforce management, addressing the full spectrum of labor regulatory requirements while also improving patient outcomes and quality of service. API is a leading provider of healthcare HCM software solutions, automating workforce management to improve financial, clinical and operational outcomes. Based in Hartford, Wisconsin, API offers time and attendance, staffing and scheduling, patient classification,
Siris Capital Closes $3.45B Oversubscribed Technology Buyout Fund
New York, March 1, 2019 – Siris Capital Group, LLC (“Siris”), a leading private equity firm focused on making investments in technology companies, today announced the closing of Siris Partners IV, L.P. (together with its parallel funds, “Fund IV”) with $3.45 billion of capital commitments. Through Fund IV, Siris intends to continue its established strategy of control investing, targeting mature mission critical companies that are navigating technology transitions. “We are grateful for the overwhelming support and trust our investors have placed in us,” said Siris Co-Founder and Managing Partner, Frank Baker. “While the technology sector has become increasingly competitive for attractive high growth assets, we continue to have strong conviction in our strategy of acquiring mature technology companies and driving value creation.” Fund IV exceeded its target amount of $3.0 billion. It nearly doubles the $1.8 billion in capital commitments of the prior fund raised in 2015 and is more
One Rock Capital Partners to Acquire Plastics Distribution Business
NEW YORK, February 8, 2019 – One Rock Capital Partners, LLC (“One Rock”) announced today that one of its affiliates has entered into a definitive agreement to acquire the plastics distribution business (“Nexeo Plastics”) of Nexeo Solutions, Inc. (“Nexeo”). The transaction will follow Nexeo’s pending acquisition by Univar Inc. and is expected to close during the first half of 2019. Nexeo Plastics is a global leader in the distribution of plastics products, including polymer products and prime engineering resins. Through its vast distribution network, Nexeo Plastics connects world-class suppliers with customers across a broad cross section of industrial segments in more than 60 countries in North America, Europe and Asia. Nexeo Plastics utilizes its proprietary technology platform to efficiently serve its suppliers and customers and has distinguished itself as an industry leader through its extensive product portfolio, expansive distribution reach and commitment to service. Tony W. Lee, Managing Partner of One
DPI Invests in African Facilities Management Company
February 5, 2019 Johannesburg/London – Development Partners International (“DPI”), a leading Pan African private equity firm, is pleased to announce the latest investment of its African Development Partners II fund (“ADP II”) into International Facilities Services (“IFS”), a facilities management specialist in Africa. IFS provides a full suite of specialist facility management services to clients on remote sites across the African continent, including catering, maintenance, laundry and housekeeping. Employing over 2000 people, IFS operates across a diverse range of geographies, with key customers in numerous African countries including Mozambique, DRC, Namibia, Zambia, South Africa and Lesotho, and services a broad range of sectors including hospitality, natural resources, shipping and mining. Since its inception in 2000, IFS has become recognised in the market, with a reputation for quality service, reinforced by its strong local networks and a proven operational track record. The US$35million investment will help fund an acquisitive growth strategy
Personal Securities Trade Reporting for Private Equity Firms: A Round Peg in A Square Hole
In 2004 the SEC has adopted Rule 204A-1 (the “Rule”) under the Investment Advisers Act of 1940, as amended (the “Advisers Act”). The Rule requires each adviser’s “Access Person”1
Clearlake Capital-Backed Firm to Acquire Rogue Wave Software
MINNEAPOLIS, MN and SANTA MONICA, CA – January 22, 2019 – Perforce Software (“Perforce”), a global provider of enterprise-grade DevOps-focused software solutions, backed by Clearlake Capital Group, L.P. (together with its affiliates, “Clearlake”), today announced it has reached a definitive agreement to acquire Rogue Wave Software (“Rogue Wave”), a leading independent provider of cross-platform software developer tools and embedded components. The combination of Perforce and Rogue Wave delivers a full suite of solutions that measurably improves developer productivity while fueling DevOps at scale. This is the sixth acquisition by Perforce in the last two years since embarking on an aggressive growth strategy to expand its portfolio across the technology development lifecycle. Terms are not being disclosed. The acquisition is expected to close in early February of this year. Rogue Wave provides market-leading solutions that help enterprises optimize software development and build, connect, and secure applications while reducing risk. The company
One Rock Capital Affiliate Acquires CastFutura S.p.A.
NEW YORK, December 19, 2018 – One Rock Capital Partners, LLC (“One Rock”) announced that one of its affiliates, Robertshaw, a global engineering and manufacturing company focused on controls and solutions for residential white goods and commercial appliances, acquired CastFutura S.p.A. (“CastFutura”), a leading provider of combustion, safety and ignition products for cooking and heating applications. Since its founding in 1969, CastFutura has built a strong reputation and track record for offering innovative and reliable products for gas systems including burners, thermocouples, spark plugs, igniters and switch harnesses. CastFutura employs approximately 750 employees and has operations in Bulgaria, Poland, Hungary, Italy and Brazil along with CastFutura’s headquarters and engineering center in Terno D’Isola, Italy which is approximately 30 miles outside of Milan. “CastFutura is a strategic acquisition for Robertshaw that broadens our cooking presence in Europe, South America and the Middle East. The acquisition reinforces Robertshaw’s commitment to serving customers
Clearlake Capital-Backed Janus International Announces Acquisitions
Temple, GA Dec 13, 2018 – Janus International Group, LLC (“Janus”), the leading global manufacturer and supplier of turn-key building solutions and new technology for the self-storage industry, today announced the acquisition of Nokē, Inc. (“Nokē”) the creator of high tech smart locking solutions. The acquisition will allow both companies to continue to develop and enhance the SecurGuard® Smart Entry System that was released earlier this year. The Smart Entry System has modernized access control in self-storage by allowing tenants mobile access to their unit, gates, man-doors, and elevators. With an electronic lock on every unit door, the system provides peace of mind for both tenants and operators along with unprecedented individual door security. Janus also announced today the acquisition of Active Supply and Design (CDM) Ltd (“ASD”), one of Europe’s top installers and self-storage systems solutions providers. The combination of Janus’ European operations and ASD will continue to develop,
National Association of Investment Companies Applauds DAMI for Publishing Investment Consulting Survey
WASHINGTON, January 14, 2019 – The National Association of Investment Companies (NAIC) today commended the Diverse Asset Managers Initiative (DAMI) on publishing its first annual Investment Consultant Survey. The survey provides great insight into the underrepresentation of women and racial or ethnic minorities at some of the largest investment management consulting firms in the United States and how it contributes to extremely low engagement of diverse asset managers by many retirement plans. One of the Investment Consultant Survey’s key findings was that African American and Latino managers are the least represented at these firms (with the exception of American Indians who are not represented in any capacity), with each demographic finishing last in representation at four of the 11 firms surveyed. Women are also severely underrepresented: their ownership status in these ICs is for the most part in the single digits, and never more than in the 20 percent range