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New MainStream Capital Completes Recapitalization of Dermatological Practice
New York, NY, January 30, 2018 – New MainStream Capital (“NMS”), a New York-based lower middle market private equity firm specializing in healthcare services and business services, announced today that it has completed a recapitalization of Anne Arundel Dermatology Management (“ADM” or the “Company”) with participation from Pantheon, a global private equity, infrastructure and real assets investor. Pantheon has acquired a minority ownership interest in the Company, and NMS will continue as the lead and control investor in ADM. The Company’s existing management team and physician owners will continue to lead ADM and retain a significant ownership stake in the Company. Based in Severna Park, Maryland, ADM is the largest provider of dermatology services in the state of Maryland and has additional locations in Virginia and Tennessee. ADM employs 76 providers across a platform of 33 locations providing a comprehensive suite of dermatologic services, including general dermatology, advanced treatment for
Astra Capital Management Company to Acquire Fiber Assets
HOUSTON, Jan. 29, 2018 /PRNewswire/ — LOGIX Fiber Networks (“LOGIX”), the largest Texas based independent fiber network provider, is increasing its network reach through a $10 million purchase and exchange of fiber assets with FiberLight, LLC (“FiberLight”), an industry leader in providing high-performance metro and long haul fiber transport services. Through the purchase, LOGIX will gain nearly 400 route miles and over 5,000 miles of fiber in its markets of Dallas, Austin and San Antonio. The purchased fiber assets boost LOGIX’s scale in these markets and will greatly expand the company’s reach to hundreds of new commercial buildings and thousands of potential customers. Additionally, the two companies will exchange approximately 1,500 fiber miles within their respective Texas footprints, allowing them to better address specific growth opportunities and accelerate their respective expansion activities within the state. “LOGIX is committed to providing premier fiber services in our high-growth Texas markets,” says Dave Dane, Chief Executive Officer
RLJ Acquires Stake in New England-Based Foodservice Distributor
BETHESDA, Md., Jan. 24, 2017 /PRNewswire/ — RLJ Equity Partners LLC (“RLJ”), an affiliate of the RLJ Companies, and SJ Partners, LLC (“SJP”), through its affiliate SJ Capital Partners VI LLC, has acquired majority control of Native Maine Produce and Specialty Foods, LLC (“Native Maine”), Maine’s largest fresh foodservice distributor. “We are thrilled to welcome SJ Partners and RLJ to the Native Maine family. We have had a multi- year relationship with SJP and believe their industry knowledge and previous growth by acquisition success are a great fit. We’re also excited to partner with the exceptional leaders at RLJ,” said Joe Pizzo, the shareholder who will continue running the operation. “We think Joe and his team have built a solid franchise and look forward to partnering together. Native Maine has an impressive roster of over 1,000 clients with many relationships that date over 10 years, who value its high level
2017 – The Year of SEC Exams
About our Contributors ICS Group is a regulatory compliance consulting firm specializing in providing compliance support to the financial services and insurance industries. We help our clients comply with regulatory requirements and industry standards. Our clients include: registered investment advisers, private equity funds, hedge funds, mutual funds, broker-dealers, insurance companies and state pension plans. Our team of highly experienced compliance professionals know from first-hand experience what regulators are looking for, the industry standards that apply, and how to develop and implement cost-effective business-oriented solutions. Now that the holidays are behind us and we look forward to a promising new year, I find myself marveling at the year we had and proud of the results we achieved. We were busy on-boarding many new clients and continuing to manage and update the compliance programs for our existing clients. Meanwhile, the OCIE was busy trying to meet its goal of examining 40% of
Clearlake Capital Portfolio Company Acquires Global IT Services Provider
EAGAN, Minn., December 18, 2017 – ConvergeOne, a leading global IT services provider of collaboration and technology solutions, today announced that it has acquired Alexander Open Systems (“AOS”), a leading IT consulting group headquartered in Overland Park, Kansas. Effective immediately, AOS is now AOS, a ConvergeOne Company. This acquisition further solidifies ConvergeOne’s position as a leading provider of collaboration and IT-enabled solutions in the market today. ConvergeOne serves as a trusted advisor to more than 11,000 customers, including 57 percent of the Fortune 100 and 42 percent of the Fortune 500 across the healthcare, finance, manufacturing, education, and energy industries. A Microsoft Gold Partner, AOS specializes in architecting, implementing and supporting an expansive portfolio of solutions including cloud, collaboration, data center, networking, security, virtualization, business intelligence and more. “This acquisition enables us to broaden our portfolio and expand our coverage in the United States. AOS has been providing leading edge
Vista Completes Acquisition of Data Protection Solutions Provider
NORWALK, Conn.–(BUSINESS WIRE)–Datto, the leading provider of total data protection solutions for businesses around the world, today announced it has finalized its acquisition by Vista Equity Partners (“Vista”), a leading investment firm focused on software, data and technology-enabled businesses. The acquisition, first announced in late October, and the simultaneous merger with Vista portfolio company Autotask, have been followed by an intensive integration between the companies. The result is a single entity designed to empower Managed Service Providers (“MSPs”) with Autotask’s in demand IT business management offerings and Datto’s award-winning data protection solutions. As part of joining forces, Datto announced the formation of a new executive team. Under the direction of Datto CEO and Founder, Austin McChord, the senior management will now include Patrick Burns, Vice President of Product Management and Adam Stewart, Senior Vice President of Engineering of Autotask who will join the pre-existing Datto team. “With a small and
Amendments to Form ADV are Now Effective
About our Contributors ICS Group is a regulatory compliance consulting firm specializing in providing compliance support to the financial services and insurance industries. We help our clients comply with regulatory requirements and industry standards. Our clients include: registered investment advisers, private equity funds, hedge funds, mutual funds, broker-dealers, insurance companies and state pension plans. Our team of highly experienced compliance professionals know from first-hand experience what regulators are looking for, the industry standards that apply, and how to develop and implement cost-effective business-oriented solutions. The amendments to Form ADV became effective on October 1st. Unless you registered with the SEC on or after October 1st or have had a material change requiring an “other-than-annual” amendment since that date, you have not yet seen the following on the amended Form ADV. 1. Separately Managed Accounts Prior to the amendments, investment advisors disclosed information on their pooled investment vehicles and the amount
CABs Now Subject to Pay-To-Play Rules
About our Contributors ICS Group is a regulatory compliance consulting firm specializing in providing compliance support to the financial services and insurance industries. We help our clients comply with regulatory requirements and industry standards. Our clients include: registered investment advisers, private equity funds, hedge funds, mutual funds, broker-dealers, insurance companies and state pension plans. Our team of highly experienced compliance professionals know from first-hand experience what regulators are looking for, the industry standards that apply, and how to develop and implement cost-effective business-oriented solutions. In August 2016 the SEC approved FINRA rules for a new category of advisers known as “Capital-Acquisition Brokers” or “CABs”. CABs are firms that engage in a limited range of activities, essentially advising companies and private equity funds on capital raising and corporate restructuring, and acting as placement agents for sales of unregistered securities to institutional investors under limited conditions. But, unlike full-service brokers, CABs are
Siris Affiliates to Acquire Intralinks Holdings, Invest in Synchronoss
NEW YORK, October 17, 2017 – Siris Capital Group, LLC (“Siris”) today announced that investment funds affiliated with Siris have entered into a definitive agreement to acquire 100% of the common stock of Intralinks Holdings, Inc. (“Intralinks”), a global leader for secure data sharing and enterprise collaboration solutions and a wholly owned subsidiary of Synchronoss Technologies, Inc. (“Synchronoss”) (NASDAQ: SNCR), a leading provider of cloud-based, white-label software solutions for communications and media companies. Investment funds affiliated with Siris have also entered into a definitive agreement to make an investment in convertible preferred equity of Synchronoss. Under the terms of the agreements, investment funds affiliated with Siris will acquire all of the stock of Intralinks for approximately $1 billion in consideration and Intralinks will become an independent, privately owned portfolio company of investment funds affiliated with Siris. Under the terms of the agreements, investment funds affiliated with Siris will make an
SEC Issues Advertising Risk Alert
About our Contributors ICS Group is a regulatory compliance consulting firm specializing in providing compliance support to the financial services and insurance industries. We help our clients comply with regulatory requirements and industry standards. Our clients include: registered investment advisers, private equity funds, hedge funds, mutual funds, broker-dealers, insurance companies and state pension plans. Our team of highly experienced compliance professionals know from first-hand experience what regulators are looking for, the industry standards that apply, and how to develop and implement cost-effective business-oriented solutions. In September 2017, the OCIE issued a Risk Alert notifying advisors of the most common deficiencies related to the Advertising Rule. Interestingly, all the deficiencies identified involved misleading performance advertising. The takeaways from the Risk Alert are detailed below. Misleading Performance Results. The Staff observed advisers that presented performance results without deducting advisory fees. The Staff also found that advisers used advertisements that compared results to