HealthSouth to buy Cressey-backed EHHI for about $750 mln

HealthSouth Corp., which owns and operates inpatient rehabilitation hospitals, has agreed to buy EHHI Holdings, a portfolio company of Cressey and Co., for about $750 million. The deal is expected to be completed before the end of the year. EHHI Holdings owns Dallas-based Encompass Home Health and Hospice, a provider of Medicare-focused home health services in the U.S. Currently, Encompass has 140 locations across 13 states. J.P. Morgan Securities is providing financial advice to HealthSouth on the transaction while Ropes & Gray is representing Cressey & Co. and EHHI. In August 2007, Thoma Cressey Bravo acquired Encompass from Apax Partners for an undisclosed amount. After Thoma Cressey Bravo split into two firms, Cressey & Co. and Thoma Bravo, Cressey & Co. took over the Encompass investment as well as other healthcare portfolio companies. Photo courtesy of Shutterstock. 

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HealthSouth to buy Cressey-backed EHHI for about $750 mln

Polaris Partners closes $450 mln for seventh fund

According to an announcement on its site, Polaris Partners has raised $450 million for its seventh fund. The LPs were not named. Polaris Partners VII will focus on technology and healthcare. To read the post, visit here.

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Polaris Partners closes $450 mln for seventh fund

Convergence Accel launches $25 mln fund

Convergence Accel has raised $25 million for its fund focused on backing Indonesia-based early-stage tech firms. The fund seeks to invest in about 25 to 30 companies over the next five years. PRESS RELEASE Jakarta, Indonesia – Saturday 22nd November 2014 Convergence Accel (www.convergenceaccel.com) launched with a US$25MM fund focused on investing in early stage technology companies in Indonesia. The partners, Adrian Li and Donald Wihardja, bring extensive entrepreneurial and operational experience to the fund and are advised by a group of US and China venture capitalists with significant investment track records. The fund aims to help early stage entrepreneurs by empowering them with the collective experience, network and capital of the partnership which includes many well connected Limited Partners from the US, China and Indonesia. In the past 10 years, the partners at Convergence Accel have built several venture-backed technology companies in emerging markets and will leverage that experience to work closely along side the portfolio teams to build valuable and long lasting businesses. The team also brings strong and experienced networks from the US, China and Indonesia that will help portfolio companies from fund raising to operational expertise as well as accessing strategic business relationships. “We wanted to build a venture capital firm from the perspective of an entrepreneur and provide a more-than-capital approach to supporting the founders,” described Adrian who has previously started Internet companies in China and Indonesia. “For example, as an entrepreneur, finding great talent was always a number one challenge hence we will create dedicated in-house recruitment resources focused on helping our portfolio build the best teams.” Donald, who has started, invested and operated technology related ventures in Indonesia since the late 90’s and was formerly Head of IdEA’s (Indonesia Ecommerce Association) Research team says, “As the largest economy in South East Asia with strong fundamentals and fast adoption of technology; Indonesia represents one of the most compelling investment opportunities in the coming decade.” The fund will primarily seek to invest up to US$500K into early stage technology companies based in Indonesia and reserve follow on funding for successful ventures. The fund may also invest in later stage ventures from other regions that identify Indonesia expansion as a strategic focus. “Bob” Xu Xiao Ping, Founder of Zhen Fund and advisor to Convergence Accel, says, “The potential to leverage experience from China’s Internet revolution to identify great opportunities in Indonesia and support entrepreneurs is tremendous.” Bob invested in the early rounds of several US listed China Internet ventures including Jumei (JMEI), Light in the Box (LITB) and Jia Yuan While the first fund’s target is to invest in approximately 25-30 companies over the next 5 years; Convergence Accel’s goal is not only to support its portfolio but to also help build the entire Indonesian technology ecosystem through knowledge sharing, community building and empowering entrepreneurs to create value through successful and sustainable businesses. For more information please visit: www.convergenceaccel.com

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Convergence Accel launches $25 mln fund

Carlyle seeking $5 bln for fund with longer life – Bloomberg

(Reuters) – Private equity firm Carlyle Group LP is looking to raise about $5 billion for a fund that can hold stakes in companies for as long as 20 years, Bloomberg reported. The company expects to make investments that do not fit within the mandate of its sixth main buyout fund, which raised $13 billion last year, Bloomberg said, citing people familiar with the matter. The fund would charge lower fees than its traditional buyout offering and the investments could include taking minority stakes in companies and backing family-owned businesses, Bloomberg said. Carlyle plans to charge a 1 percent management fee and take 15 percent of the profits on the longer-life fund, according to the people. Carlyle was not immediately available for comment.

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Carlyle seeking $5 bln for fund with longer life – Bloomberg

Mercer to acquire Swiss private investment advisor SCM

Marsh & McLennan subsidiary Mercer has agreed to buy SCM Strategic Capital Management, a Swiss-based investment advisor for institutional investors. No financial terms were disclosed. The transaction is expected to be completed in the first quarter of 2015. Headquartered in New York City, Mercer is a human resource and financial services consulting firm. On the acquisition, Mercer CEO and President Julio A. Portalatin said in a statement, “Mercer’s Investment business has achieved excellent revenue growth and SCM gives us an opportunity to build upon our outstanding global reputation.” SCM focuses on private equity, real estate and infrastructure investments. Among its offerings are customized advisory solutions and funds-of-funds. Since its founding in 1996, SCM has invested about $11 billion in private market funds. Photo courtesy of Shutterstock.  .

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Mercer to acquire Swiss private investment advisor SCM

Brookside backs Grey Mountain Partners’ recap of Fleetwood Industries

Brookside Mezzanine Partners has made an undisclosed investment in Fleetwood Industries. According to the firm, the financing was used to facilitate Grey Mountain Partners‘ recap of Fleetwood. Based in Leesport, Penn., Fleetwood is a provider of retail display systems and related program management services. PRESS RELEASE Brookside Mezzanine Partners is pleased to announce its investment in Fleetwood Industries, Inc. (“Fleetwood”). Founded in 1968 and headquartered in Leesport, PA, Fleetwood is a leading provider of premium retail display systems and related program management services. The Company sells its innovative, highly-customized products globally to prominent retailers and leading consumer product brands. With its integrated service offering, including design, engineering, program management, global sourcing and logistics support the Company functions as a “one-stop” supplier to its customers. Fleetwood’s acquisition of High Country enhanced and broadened the Company’s production capabilities to include custom fixtures and millwork to high-end boutique, specialty and cosmetic customers. Brookside Mezzanine Partners provided subordinated debt and an equity co-investment to facilitate the recapitalization of Fleetwood by Grey Mountain Partners, a middle market private equity firm with offices in Boulder, CO and Minneapolis, MN. About Brookside Mezzanine Partners Founded in 2001, Brookside Mezzanine Partners manages in excess of $500 million across three mezzanine funds. The Firm is a leading provider of subordinated debt and minority equity capital to small and mid-sized companies throughout the United States. We invest in both sponsored and non-sponsored transactions and provide junior capital and unitranche financing to support buyouts, leveraged recapitalizations, strategic acquisitions, dividends and growth capital.

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Brookside backs Grey Mountain Partners’ recap of Fleetwood Industries