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Clearlake Capital Announces Investment in NetDocuments
SANTA MONICA, CA and LEHI, UT (March 1, 2017) – Clearlake Capital Group, L.P. (together with its affiliates, “Clearlake”) today announced that it has reached a definitive agreement in partnership with management to acquire NetDocuments (the “Company”), the leading provider of secure cloud-based document management, email management, and collaboration solutions to law firms and corporate legal and compliance departments. The Company will continue to be led by Matt Duncan, CEO, and Alvin Tedjamulia, CTO, who will both join the Board of Directors alongside Clearlake. Financial terms were not disclosed. Founded in 1999, NetDocuments is the only cloud-first and cloud-native content management solution purpose-built for the legal industry and focused on meeting customer needs around security and compliance. Today, the Company’s innovative end-to-end platform combines robust security, encryption and compliance features with easy-to-use functionality that addresses the evolving needs of today’s professionals. NetDocuments is currently used in more than 140 countries
Sycamore Partners Acquires The Limited’s Brand and Related Intellectual Property
NEW YORK, Feb. 24, 2017 /PRNewswire/ — Sycamore Partners today announced that it has acquired The Limited’s brand and other related intellectual property assets. The intellectual property was purchased through a competitive auction run by The Limited as part of its ongoing Chapter 11 proceedings in the U.S. Bankruptcy Court for the District of Delaware. Sycamore plans to reintroduce the brand to the marketplace at a later date and will communicate with The Limited’s loyal customers about how to obtain the merchandise they know and love.
Affiliates of Siris Capital Complete Combination of Mitel Mobile with Xura and Ranzure Networks
RICHARDSON, TX, February 28, 2017: Today affiliates of Siris Capital Group, LLC (“Siris Capital” or “Siris”) and Xura, Inc. (“Xura”) announced the completion of the acquisition of Mitel Mobility, Inc. (“Mitel Mobile”), a division of Mitel Networks Corporation (“Mitel”, Nasdaq: MITL, TSX: MNW). This announcement follows the completion of Xura’s acquisition of Ranzure Networks, Inc. (“Ranzure”) on February 1, 2017, and the previously announced divestiture of Xura’s non-core enterprise messaging business (Xura Secure Communications, GmbH) on February 17, 2017. The transactions position the new Mavenir as a 100% carrier-focused solutions provider with a “future proof” and 5G ready software-based portfolio across every layer of the mobile network infrastructure stack. Mavenir will be headquarted in Richardson, Texas and led by Xura’s CEO, Pardeep Kohli. Pardeep Kohli, President and CEO of Mavenir, commented: “The completion of these transactions to form the new Mavenir represents a significant milestone in the evolution of Xura,
GenNx360 Capital Partners Invests in Railcar Repair Company
GenNx360 Capital Partners (“GenNx360”), a New York-based private equity firm investing in middle market companies, today announced its investment in Appalachian Railcar Services, Inc. (“ARS” or the “Company”). ARS provides railcar repair, railcar storage, plant loading and unloading, and short line switching operations at 47 locations across 18 states. It serves a well-diversified customer base covering multiple industries, including agriculture, chemicals, manufacturing, energy, food processing, and rail logistics. In addition, several of ARS’ railcar repair locations are also certified tank car repair locations. The transaction represents the eighth platform investment for GenNx360’s Fund II. The transaction was sourced in partnership with FourFront Strategies, LLC, a Chicago-based firm. Bundy Group served as exclusive advisor to ARS and its shareholders in the sale process. Terms of the transaction were not disclosed. “We are looking forward to working closely with ARS management to further accelerate the growth ARS has enjoyed. We are confident
New MainStream Capital Announces Partnership to form the CORDENTAL Group
New York, NY, March 1, 2017 – New MainStream Capital (“NMS”) announced today that it has entered into a partnership with Dana Soper and Steven Jones to form the CORDENTAL Group™ (“CORDENTAL”), a dental support organization. The business venture will capitalize on the “build-up” and dental industry expertise brought by Ms. Soper and Mr. Jones, along with the capital and know-how in the physician practice management space at NMS. NMS has committed $25 million of equity capital which, when combined with modest leverage, will enable CORDENTAL to become a leading DSO in the industry. Dana Soper has served as a member of NMS’ Operating Executive Council (“OEC”) for the last two years. Prior to her affiliation with NMS, Ms. Soper was the Founder and CEO of CarePoint Partners (“CarePoint”), an alternate-site infusion therapy and specialty pharmacy provider. Under Ms. Soper’s leadership, CarePoint was built through 16 acquisitions as well as
Five Most Common Compliance Deficiencies
On February 7, 2017, the Securities and Exchange Commission (“SEC”) Office of Compliance Inspections and Examinations (“OCIE”) released a risk alert identifying the five compliance areas most commonly cited in deficiency letters sent to SEC-registered investment advisers (“RIA”). The risk alert focuses on deficiency letters from more than 1,000 RIA audits conducted over the past two years. This list of top deficiencies can help investment advisers develop a stronger compliance program as well as prepare for a regulatory examination. The OCIE’s top five compliance deficiencies fall under five categories: Compliance Policies and Procedures Required regulatory filings Custody Code of Ethics Books and Records 1.     Compliance Policies and Procedures Rule 206(4)-7 (the “Compliance Rule”) requires that RIAs have written policies and procedures that are “reasonably designed to prevent violations of the Advisers Act”. For a compliance manual to be “reasonably designed to prevent violations of the Investment Advisers Act”, it must be
Wicks Group Acquires Provider of Digital Content
The Wicks Group Acquires Gladson – Gladson Holdings, LLC (“Gladson” or the “Company”), announced that The Wicks Group of Companies, LLC (“Wicks”), a New York-based private investment firm, has completed the acquisition of the Company. The terms of the transaction, which closed on January 25, 2017, were not disclosed. Founded in 1971 and headquartered in Lisle, IL, Gladson is a leading provider of digital content and retail omni-channel optimization solutions for the consumer-packaged goods (“CPG”) and fast-moving consumer goods (“FMCG”) industries. Gladson delivers product data to support omni-channel initiatives that improve shopper engagement and that maximize efficiency within retail, online and logistics operations. The Company owns the largest proprietary product content library in the industry, containing more than 1 million individual products and 8 million product images. Its blue-chip client base includes some of the biggest household names in the CPG, FMCG, and retail industries. “We are excited to partner
New MainStream Portfolio Company Acquires Dermatological Services Provider
Annapolis, MD, January 25, 2017 – Anne Arundel Dermatology Management (“ADM”), a portfolio company of New MainStream Capital (“NMS”), announced today that it has acquired Maryland Dermatology Associates, LLC (“MDA”). Founded by Dr. Juris Germanas, MDA has been providing general, surgical and cosmetic dermatology services to the Westminster, MD area for over seven years. The practice, with locations in Westminster, Mt. Airy and Eldersburg, MD, will operate under the “Anne Arundel Dermatology” brand name. “We are excited to expand our footprint into the northern Maryland area with this acquisition,” said Ed Ponatoski, Chief Executive Officer of ADM. “Dr. Germanas has built a great practice with a tremendous team providing high-quality care. We look forward to expanding our presence in these underserved Maryland markets, including the relocation of the Eldersburg office next week and the opening of an expanded Westminster office in the next few months.” Dr. Germanas commented, “I am
A Strong Ethics Culture:  How Does Your Firm Rate?
Assessing your firm’s ethics culture is the first step in developing and maintaining a strong ethics culture and, ultimately, to earning investors’ trust in your firm. In remarks from the 2016 FINRA Annual Conference, Chairman and CEO of FINRA, Richard Ketchum stated: “Having spent nearly four decades regulating the securities industry, and spending some time with a firm, I can say unequivocally that firm culture has a profound influence on how a securities firm conducts its business. I can’t count the number of times throughout my career where a culture that doesn’t value ethical behavior has led to compliance failures for a firm and significant harm to investors. High ethical standards are critical to maintaining investors’ trust in the financial markets and in the professionals and firms with which they work.” Beyond the ‘big picture’ justification of “maintaining investors’ trust in the financial markets” there are at least two reasons
Neuberger Berman Division Closes Fund III with $5.3 Billion
New York and London, February 14, 2017 — Dyal Capital Partners (Dyal), a division of Neuberger Berman Group, announced today that in December it closed Dyal Capital Partners III (PE), its third fund, with approximately $5.3 billion of committed capital. Dyal increased the target fund size by over $2.0 billion during the marketing period, as investment opportunities increased and investor interest in the strategy was strong. The fund was heavily oversubscribed at the final close. Aggregate commitments across all Dyal funds now total more than $8.7 billion from 160 unique global investors, solidifying Dyal’s position as the leading provider of minority equity capital to well-established private equity and hedge fund management companies. Dyal has formed minority partnerships with 20 firms and expects to announce several more relationships in 2017. Dyal Capital Partners III (PE) (the “Fund”) is the largest fund ever raised to acquire minority interests in leading institutional private