Kinetic Technologies buys VC-backed Akros Silicon

Kinetic Technologies has acquired Silicon Valley-based Akros Silicon, a provider of energy management ICs. No financial terms were disclosed. Akros Silicon’s backers included Technology Partners, U.S. Venture Partners, Levensohn Venture Partners and SPM Capital. PRESS RELEASE SUNNYVALE, Calif., Sept. 28, 2015 /PRNewswire/ — Kinetic Technologies, a high-performance analog and mixed-signal semiconductor company focused on developing power management solutions for computing, consumer, industrial, and communications markets, announced the acquisition of Akros Silicon, a leading supplier of intelligent energy management ICs, which integrate high-voltage digital isolation and discrete components into a single device. Terms of the asset transaction were not disclosed. The Power-over-Ethernet market continues to grow and the specifications continue to evolve, enabling new and higher power applications for the future. “We are excited to have the Akros team join Kinetic”, said Kin Shum, CEO of Kinetic Technologies. “They have proven themselves by creating an impressive amount of intellectual property which has enabled a leading position in the PoE market and beyond. The acquisition is consistent with Kinetic’s strategy of acquiring and developing leading edge technology which supports the company’s system architecture expertise. We see the Akros products to be a perfect addition to Kinetic’s broadening product portfolio.” For more information, please visit http://www.kinet-ic.com. About Kinetic Technologies: Kinetic Technologies designs, develops and markets proprietary high-performance analog and mixed-signal power management semiconductors for consumer, computing, industrial and communication markets. The company’s product offering consists of integrated circuits that transform, regulate, deliver and monitor the power consumed by analog and digital semiconductors and other electronic loads. The company develops application-specific products to take care of the power management needs in devices such as mobile phones, smartphones, tablet computers, netbooks, GPS and MID, as well as serving a wide range of industrial, computing and communication product segments. Kinetic Technologies, a Cayman Corporation, has R&D centers in Silicon Valley and Asia, with operations and logistics based in Asia. For more information, please visit www.kinet-ic.com. About Akros Silicon: Headquartered in Silicon Valley, Akros Silicon provides leading edge, intelligent energy management ICs. Akros’ disruptive silicon technology makes it possible to integrate multiple ICs, high-voltage isolation and discrete components into a single device, thus enabling electronic OEMs to develop cost-effective and energy-efficient solutions.

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Kinetic Technologies buys VC-backed Akros Silicon

UK private equity firm Lion Capital eyes takeover of Kurt Geiger: Sky News

(Reuters) — British private equity firm Lion Capital, former owner of high-end footwear designer Jimmy Choo, is considering returning to the upscale footwear market with a takeover of luxury shoe retailer Kurt Geiger, Sky News reported citing people familiar with the matter. Lion Capital, who along with a number of bidders presented initial offers on Monday, is believed to have received financial information about Kurt Geiger and may value the brand at about 250 million pounds ($379.28 million), Sky News said. Earlier this year, Kurt Geiger hired Goldman Sachs (GS.N) to explore a sale of part or all of the business, and even issue an initial public offering. Kurt Geiger was sold to Jones Group in 2011 for $350 million, including debt. However, following pressure from activist hedge fund manager Barington Capital, Jones Group sold itself to U.S. private equity firm Sycamore Partners for $2.2 billion, thereby making Sycamore the owner of Kurt Geiger. Lion Capital and Kurt Geiger could not be reached for comment outside regular UK business hours. Sycamore Partners could not be immediately reached for comment.

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UK private equity firm Lion Capital eyes takeover of Kurt Geiger: Sky News

JC Flowers gets boost from Ascensus sale

flowers-in-the-sun-1-300x200The sale of Ascensus Inc. has produced a big win for J.C. Flowers & Co., the once mighty private equity firm that is reportedly considering restructuring its second fund. Genstar Capital and Aquiline Capital Partners said Sept. 28 they agreed to buy Ascensus.

Financial terms weren’t announced but two banking sources pegged the sale at $800 million to $850 million. However, a third source said Ascensus sold for more. The sale to Genstar/Aquiline is expected to close in fourth quarter.

Genstar and Aquiline are splitting the investment equally, sources said. Each firm will own 50 percent, sources said. Flowers put the company up for sale in May, seeking bids of $1 billion. Deutsche Bank advised on the sale. Ascensus, which is based in Dresher, Pennsylvania, is a retirement plan provider. The company produces $80 million in EBITDA. PE HUB reported in August Genstar and Aquiline had joined together to bid for Ascensus.

In April 2012, Flowers sold about two-thirds of the company — mainly Crump’s life and property and casualty insurance operating divisions — to BB&T Corp. for $570 million. Flowers kept the Ascensus retirement services unit. Flowers later in 2012 tried to sell the remaining Ascensus. At the time, the much smaller company, which produced about $25 million to $35 million in EBITDA, was expected to fetch $300 million.

Ascensus was in talks with a PE firm, but Flowers pulled the deal, PE HUB has reported. By holding on to the company, Flowers generated a stronger return. Ascensus in January paid out a $100 million dividend to its owners, including Flowers. The current sale of Ascensus to Genstar/Aquiline is considered “a massive homer for Flowers,” one of the banking sources said. Flowers was founded by J. Christopher Flowers, the former Goldman Sachs executive who was once considered the most successful investment banker ever. Bad bets in financial services, especially Flowers’ investment in MF Global (the futures broker went bankrupt in late 2011), put a damper on prospects.

The firm is reportedly considering restructuring its 2006 fund. Flowers wants to extend the life of the pool and possibly get cash out, Bloomberg News reported in August. Flowers raised $7 billion in 2006 for its second pool. Its third fund ended up at $2.32 billion in 2009, well short of its initial $7 billion target. JC Flowers II is generating a -12.4 percent IRR and 0.44x total value multiple as of June 30, according to the Oregon Public Employees Retirement Fund. Performance data for Fund III was not available.

Teaming up This is the second time Genstar and Aquiline have teamed up. In 2013, Aquiline and Genstar bought Genworth Wealth Management for $412.5 million. Genworth Financial Inc. was the seller. Genstar is using its seventh fund to invest in Ascensus. In August, Genstar Capital Partners VII closed at $2 billion. Genstar, of San Francisco, targets sectors including financial services, software, healthcare and industrial technology.

Performance data for Fund VII was unavailable. While Genstar has finished fundraising, Aquiline is currently “topping off” its third fund, a placement agent said. The New York-based private equity firm, which invests in sectors such as insurance, banking, asset management and financial technology, is seeking $1 billion for Fund III. Aquiline has so far collected about $900 million, the placement source said. Jane Gladstone, Chuck McMullan, Ken Auspaker, Eric Martz, Seunghee Kang and Ryan Liu of Evercore advised Genstar/Aquiline.

In addition to Deutsche Bank, Jason Gurandiano, of RoGi Consulting, provided financial advice to Flowers/Ascensus. Executives for Flowers, Deutsche Bank, Aquiline, and Genstar declined comment. Action Item: J.C. Flowers & Co. can be reached at (212) 404-6800 Photo courtesy of Shutterstock

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Ares Management and Harvest Partners buy Valet Waste

Ares Management LP and Harvest Partners LP have acquired Tampa-based Valet Waste, a provider of amenity services for the multifamily housing sector. The seller was New Mountain Capital LLC. No financial terms were disclosed. Robert W. Baird & Co. acted as financial advisor to Valet Waste on the transaction. PRESS RELEASE LOS ANGELES & NEW YORK–(BUSINESS WIRE)–The Private Equity Group of Ares Management, L.P. (NYSE:ARES) and Harvest Partners, LP announced today that funds managed by each have acquired Valet Waste from investment funds affiliated with New Mountain Capital, LLC. Terms of the transaction were not disclosed. Based in Tampa, Valet Waste is a leading national provider of value-added amenity services to the multifamily housing industry. Valet Waste provides five nights-per-week doorstep waste and recycling collection for more than 400 management companies and owner groups servicing more than 665,000 units across 34 states. The company also offers complementary maintenance services to the multifamily housing industry including nightly maintenance, apartment cleaning, apartment turns and porter services through its Maintenance Plus offering, which launched in 2014. “Valet Waste is a leader in its industry, with a longstanding track record of delivering high-quality service to its customers and providing a top-rated amenity to residents. We are excited to partner with the Valet Waste management team and look forward to supporting the company in its next phase of growth.” said Matt Cwiertnia, Partner in the Private Equity Group of Ares Management. “We are delighted to join Ares and the senior management team as long-term investors in the company,” said Michael DeFlorio, Senior Managing Director of Harvest Partners. “Shawn and his team have built a truly unique business that provides exceptional value to customers and residents. We are excited to invest alongside this first class team to build upon Valet Waste’s leadership position in the market and expand services more broadly across the multifamily housing industry.” “New Mountain Capital has played a vital role in growing Valet Waste during its ownership period – and we thank them for a very successful partnership,” said Shawn Handrahan, President and CEO of Valet Waste. “With the growth opportunities in front of us, this is an opportunity to take the next step and further our position as a market leader in amenity and maintenance services to the multifamily housing industry. We look forward to working with our new partners at Ares and Harvest as they share our vision for long-term growth.” “It was a pleasure to work with the Valet Waste management team as they defined the market, built their business and achieved significant sustainable growth,” said Bert Notini, Managing Director of New Mountain Capital. “We wish Valet Waste continued success in its next stage of expansion.” Proskauer Rose LLP acted as legal advisor to Ares Management and Harvest Partners. White & Case LLP acted as legal counsel to Harvest Partners. Robert W. Baird & Co. acted as a financial advisor and Fried, Frank, Harris, Shriver & Jacobson LLP acted as legal advisor to Valet Waste. About Valet Waste: Since 1995, Valet Waste has been the Multifamily Housing Industry’s leading provider of five-nights-per-week doorstep trash and recycling collection. It currently services over 440 management companies and owner groups throughout the multifamily housing industry that represent over 3.4 million units nationwide. Valet Waste offers the most requested resident amenities and services along with unparalleled and proven customer satisfaction. Its fully insured and uniformed professional valets collect waste and recyclables from residents’ doorsteps and manage multifamily communities’ on-site trash issues by streamlining waste from the doorstep to the dumpster with our proven systems. About Ares Management, L.P. Ares is a publicly traded, leading global alternative asset manager with approximately $88 billion of assets under management as of June 30, 2015 and more than 15 offices in the United States, Europe and Asia. Since its inception in 1997, Ares has adhered to a disciplined investment philosophy that focuses on delivering strong risk-adjusted investment returns throughout market cycles. Ares believes each of its four distinct but complementary investment groups in Tradable Credit, Direct Lending, Private Equity and Real Estate is a market leader based on assets under management and investment performance. Ares was built upon the fundamental principle that each group benefits from being part of the greater whole. Visit www.aresmgmt.com for more information. About Harvest Partners, LP Founded in 1981, Harvest Partners, LP (www.harvestpartners.com) is a leading New York-based private equity investment firm pursuing management buyouts and recapitalizations of middle market companies in North America. Harvest focuses on acquiring profitable companies in the business services and consumer, healthcare services, industrial services, and manufacturing and distribution sectors. This strategy leverages Harvest Partners’ 35 years of experience in financing organic and acquisition-oriented growth companies. For more information, please visit www.harvestpartners.com. About New Mountain Capital, LLC New Mountain Capital is a New York-based alternative investment firm that emphasizes business building and growth, rather than debt, as it pursues long-term capital appreciation. The firm currently manages private equity, public equity, and credit funds with over $15 billion in aggregate capital commitments. New Mountain seeks out what it believes to be the highest quality growth leaders in carefully selected industry sectors and then works intensively with management to build the value of these companies. For more information on New Mountain Capital, please visit www.newmountaincapital.com.

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Ares Management and Harvest Partners buy Valet Waste

KSL Capital Fund IV raises $2.68 bln

KSL Capital Partners LLC said Monday that its latest private equity fund closed with about $2.68 billion in commitments. KSL Capital Partners IV LP took less than a year to raise and surpassed the fund’s target of $2.25 billion. KSL IV will focus on investing exclusively in the travel and leisure sector globally, the firm said. PRESS RELEASE DENVER–(BUSINESS WIRE)–KSL Capital Partners, LLC (“KSL”) announces that it has completed the final closing of its latest travel and leisure focused private equity fund, KSL Capital Partners IV, L.P. (“KSL IV” or the “Fund”), with total commitments of $2.677 billion, including the commitment of the General Partner. Fund IV took less than a year to raise, with demand from both existing and new investors significantly surpassing the Fund’s original target amount of $2.25 billion. Investors in KSL IV include a diverse group of state pension funds, corporate pension funds, sovereign wealth funds, endowments, foundations, insurance companies and family offices. “Similar to our prior private equity and credit funds, KSL IV will target investments exclusively in the travel and leisure sector globally,” said Eric Resnick, CEO of KSL Capital Partners. “KSL IV garnered significant interest from our existing investor base and accepted commitments from a select group of new investors. We are grateful for the support shown by all of our limited partners.” KSL was founded by Eric Resnick and firm Chairman Mike Shannon in 2005. Since the firm’s inception, KSL has raised in excess of $7 billion in equity and debt commitments. In addition to the founding partners, KSL’s investment committee members include Coley Brenan, John Ege, Craig Henrich, Peter McDermott, Martin Newburger, Dan Rohan, Bernard Siegel, Steven Siegel, Bryan Traficanti and Richard Weissmann. ABOUT KSL CAPITAL PARTNERS, LLC KSL is a private equity firm specializing in travel and leisure enterprises in five primary sectors: hospitality, recreation, clubs, real estate and travel services. KSL has offices in Denver, Colorado; London, England; and Stamford, Connecticut. In the United States, KSL’s current portfolio includes the Miraval Group, the owner and operator of luxury spa and wellness properties, and the St. Regis Monarch Beach located in Dana Point, California. KSL’s recreation businesses include WellBiz, a health and wellness franchise organization, and Squaw Valley and Alpine Meadows, two of the leading ski resorts in North America. KSL is also the largest shareholder in ClubCorp Holdings, Inc. (NYSE: MYCC), one of the world’s largest owners of private golf and business clubs, and Whistler Blackcomb Holdings Inc. (TSE: WB), the most visited ski area in North America. In the United Kingdom, KSL’s current portfolio includes The Belfry outside Birmingham and Village Urban Resorts, which owns and operates a portfolio of 28 hotels throughout the United Kingdom. For additional information, please see www.kslcapital.com.

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KSL Capital Fund IV raises $2.68 bln