Miraval Group invests in ESPA

Miraval Group said Friday that it invested in ESPA. Financial terms weren’t announced. London-based ESPA provides luxury spa and wellness products and services. Miraval, which is backed by KSL Capital Partners and Revolution Places, also said that it appointed Elizabeth Blair as CEO and Andrea Persily as CFO. PRESS RELEASE MENLO PARK, Calif.–(BUSINESS WIRE)–Today Miraval Group announces it has invested in ESPA, a leading provider of luxury spa and wellness products and services. Headquartered in London, ESPA has more than 450 luxury spas in 50 countries worldwide, including ESPA Life at the Corinthia Hotel, London; the Spa at Gleneagles by ESPA; the Metropole ESPA in Monte Carlo; the Aqualina Spa by ESPA in Miami Beach; and the Ritz-Carlton spas by ESPA in Hong Kong and Shanghai. ESPA will continue to be led by CEO Michael Harmsworth and Chairperson Sue Harmsworth. Additionally, Miraval Group announces the appointment of Elizabeth Blair as CEO and Andrea Persily as CFO. Together, Blair and Persily will lead Miraval Group’s expansion into new destinations in the United States, Europe and beyond. Elizabeth Blair most recently served as CEO of 24 Hour Fitness, the second largest U.S. fitness club operator and the last portfolio company of Forstmann Little & Co., which was acquired by private equity investors in May 2014. Prior to joining 24 Hour Fitness, Blair co-founded and served as CEO of the internet marketing firm Brand.net, acquired by Valassis. Previously Blair spent nine years at Yahoo!, where she served as senior vice president of business operations. Prior to Yahoo!, Blair was a member of the mergers and acquisitions team at Primedia, a KKR portfolio company. Blair received a Bachelor of Arts from Yale University and a Juris Doctor from Harvard University. Andrea Persily most recently served as COO and CFO of SpaFinder, the world’s largest media, marketing and gifting company for the wellness industry. During this time, she acquired and integrated SpaFinder Europe, launched and operated Welltech, a startup seed fund, and spun off the Booker.com division into a venture-funded company. Prior to SpaFinder, Persily spent 10 years at Primedia, a KKR portfolio company, leading corporate strategic planning and serving as COO of its B2B publications and CFO of its internet operations. Persily received a Bachelor of Arts from Cornell University and Master of Business Administration from The Wharton School of the University of Pennsylvania. For more information about Miraval and ESPA, please visit miravalresorts.com and espaskincare.com. About Miraval Group Miraval Group is a global leader of luxury resort, spa and well-being destinations. Its flagship property, Miraval Resort & Spa in Tucson, Ariz., pioneered the category of the destination wellness luxury spa resort with its comprehensive program of activities, experiences and personal treatments. Miraval is consistently recognized by the most respected voices in luxury travel and wellness, including Condé Nast Traveler, Travel + Leisure and Zagat. Headquartered in the Bay Area, Miraval Group is owned by affiliates of KSL Capital Partners, LLC and Revolution Places.

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Miraval Group invests in ESPA

Machine Solutions buys Steeger

Machine Solutions, which is backed by Forsyth Capital Investors, has acquired Steeger USA. Financial terms weren’t announced. Spartanburg, S.C.-based Steeger makes braiding equipment for the medical device industry. The Capital Corp. advised Steeger. PRESS RELEASE FLAGSTAFF, AZ–(Marketwired – Dec 18, 2014) –  Machine Solutions Inc. (“Machine Solutions”) continues to grow its presence in the medical device manufacturing equipment market as evidenced by today’s announcement that it has acquired Steeger USA. With headquarters in Spartanburg, South Carolina, Steeger USA is the leading manufacturer of braiding equipment for the medical device industry. Steeger USA will become a Machine Solutions company, significantly expanding the newly combined company’s range of products and services across its three brands: MSI, Vante and Steeger USA. In addition to its focus on the medical device industry, Steeger USA also designs, develops and manufactures braiding equipment for the electronics, aerospace and composites markets. The Steeger USA product line complements Machine Solutions’ high-end technology portfolio serving the medical device industry. With 11,000+ machine installations worldwide and a global team of over 150 associates, Machine Solutions’ partnership with Steeger USA better equips the combined company to service its diverse customer base. This transaction marks the second add-on acquisition to the Machine Solutions platform in the past 16 months. Machine Solutions, which was acquired by St. Louis, MO-based private investment firm, Forsyth Capital Investors in 2011, acquired Vante in August of 2013. The acquisitions of Vante and now Steeger USA, complemented by numerous organic growth initiatives at Machine Solutions, highlight Forsyth Capital Investors’ commitment to building the business with a truly long-term approach. “Adding Steeger USA further broadens the products and services we provide our medical device customers and allows Machine Solutions to enter other high-precision industries through Steeger USA’s diverse braiding applications and customer base. We are honored to have Steeger USA join the Machine Solutions family as we build the market leading supplier of medical device equipment,” stated Ryan Gable, Chairman and CEO of Machine Solutions Inc. “Steeger USA is both proud and excited to join the Machine Solutions family. We are thrilled to have the opportunity to team up with the MSI & Vante leaders to continue providing our combined customer base with the highest level of service and automation equipment for the medical device market,” stated Steeger USA’s president, Sean Hargett. “We look forward to the continued growth, leadership, and long-term focus that Machine Solutions’ partnership with Forsyth Capital provides.” Steeger USA was exclusively represented by the Greenville, South Carolina-based investment bank, The Capital Corporation. Over the last 20 years, The Capital Corporation has established itself as one of the premier middle market investment banking firms in the country. About Machine Solutions Inc. Machine Solutions Inc. was founded with the mission of providing innovative and effective proprietary mechanical solutions to a variety of complex process, testing and device design challenges. Machine Solutions has been instrumental in automating manual processes within catheter and stent manufacturing operations as well as the broader medical device industry. For more information, visit www.machinesolutions.com. About Steeger USA Steeger USA provides fine-wire braiding, coiling, and custom designed equipment to the medical, micro-electronics, wire & cable, technical textile, and composite materials industries. As a specialist with fine wire and fibers, the company’s industry leading equipment provides solutions to meet our customers’ diverse product applications. Steeger USA also provides customers with access to machines for R&D work. For more information, visit www.steegerusa.com. About Forsyth Capital Investors, LLC Forsyth Capital Investors is a St. Louis-based investment firm focused on making long-term investments in middle-market companies operating in the capital equipment and component manufacturing and insurance services sectors. Forsyth Capital’s investment approach offers a balanced blend of private equity fundamentals and significant operational expertise made possible by its strategic relationship with Barry-Wehmiller Group, Inc., a diversified capital equipment manufacturer. Because of its unique relationship with an active operating company, Forsyth Capital Investors offers many of the value-added resources of a strategic partner, while maintaining the entrepreneurial spirit and autonomy of the portfolio company’s leadership team. For more information, visit www.forsythcapital.com. About The Capital Corporation The Capital Corporation, headquartered in Greenville, South Carolina, has been providing merger and acquisition and investment banking services to middle market companies since 1991. Its senior principals, who offer Fortune 500 and Wall Street backgrounds, have closed hundreds of transactions across a variety of industries. The Capital Corporation is a member of IMAP, a global partnership of 40 leading M&A and corporate finance firms in over 30 countries focusing on the middle market that consistently ranks in the Top 5 M&A Advisors worldwide (via Thomson Reuters). For more information, visit www.thecapitalcorp.com.

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Machine Solutions buys Steeger

Flagship And Updata target fifth funds

Flagship Ventures and Updata Partners are both raising fifth funds, according to a pair of filings with the Securities and Exchange Commission. Flagship Ventures Fund V is targeting $350 million with a $10 million minimum investment from LPs, according to a Form D filed on Wednesday. This is an increase from the firm’s fourth fund, which was raised in 2010 at $270 million. The Cambridge, Mass., healthcare-focused firm did not list the fund’s active investors. It did say a first close has not taken place. Updata Partners V is targeting $225 million and also did not report a first close. It is using Probitas Partners as a placement agent. The Washington, D.C., tech-focused firm’s SEC filing lists active general partners Carter Griffin, James Socas and Barry Goldsmith. The firm’s vintage 2007 fourth fund was a similar $223.22 million, according to Thomson Reuters. The filings can be founds here and here.

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Flagship And Updata target fifth funds

PE-backed Vistronix acquires ACG, ExaTech and OSI

Enlightenment Capital’s portfolio company Vistronix has bought Agency Consulting Group, ExaTech Solutions and Objective Solutions, which all provide information technology for the intelligence community. No financial terms were disclosed. PRESS RELEASE Chevy Chase, MD – December 15, 2014: Enlightenment Capital, an aerospace, defense & government focused investment firm based in the Washington, DC area, announced that its portfolio company Vistronix Intelligence & Technology Solutions has enhanced its intelligence community capabilities by acquiring Agency Consulting Group (ACG), ExaTech Solutions, Inc. (ExaTech), and Objective Solutions, Inc. (OSI). Vistronix is a leading provider of innovative intelligence and information technology systems, solutions, and services to national security oriented government customers. Financial terms of the transactions were not disclosed. ACG is a Maryland-based provider of highly technical, enterprise mission information technology solutions in the areas of cloud computing analytics, critical systems infrastructure, and specialized missions for the Intelligence Community. Founded in 2004, ACG is a primary architect of the Intelligence Community’s edict to migrate applications, software, and infrastructure to cloud-based, virtual environments, and today the company maintains one of the largest contingents of Citrix, VMWare, Linux, and Solaris certified engineers within the Intelligence Community. ExaTech is a Herndon, Virginia-based information technology company providing software, systems, and network engineering support to various customers within the Intelligence Community. ExaTech’s team of systems engineers and IT professionals are experts in areas such as big data systems architecture, system design, software design and development, network architecture, and software and systems integration. The company has been deeply involved in the technological paradigm shift around big data systems and cloud-based architectures occurring within the Intelligence Community. Objective Solutions is a Maryland-based solutions provider for the Intelligence Community in key mission areas including big data, cyber, collection, and advanced analytics. Sought after as a technology innovator across the Intelligence Community, OSI’s subject matter expertise and strategic support of cutting-edge Intelligence Community programs will double Vistronix’s corporate presence at Ft. Meade and deliver solutions in data analytics, wireless security, communications protocol analysis, real-time secure messaging, CNO malware reverse engineering analysis, and software defined radio frameworks. These three transactions enhance Vistronix’s position in the Intelligence Community and create scale in key technology areas, permitting greater innovation in top growth sectors such as big data analytics, cloud computing, cybersecurity, and enterprise computing and mission IT. “These transactions bring enhanced scale and depth throughout the Intelligence Community, adding highly capable people and critical capabilities to the company. We look forward to continuing to support the team as it executes on its growth strategy,” said Pierre Chao, Managing Partner of Enlightenment Capital. “The team at Vistronix has done an exceptional job of supporting the national security mission, while constantly searching for and attracting people who can further enhance their efforts. These additions represent a continuation of that striving to deliver better, broader capabilities to its customers,” added Devin Talbott, Managing Partner of Enlightenment Capital. About Vistronix Founded in 1990, Vistronix provides national security information systems, solutions, and services that protect our nation’s safety, security, and economic well-being through ingenuity, technology innovation, and mission expertise. Vistronix’s offerings leverage differentiated capabilities in Big Data & Cloud Analytics; Cyber & SIGINT Operations; C4; Intelligence, Surveillance, Reconnaissance; and Enterprise Computing & Mission IT for government customers charged with our nation’s security. For more information, visit www.vistronix.com. About Enlightenment Capital Enlightenment Capital, a Washington, DC-area based private investment firm, provides senior debt, mezzanine debt, and minority equity to middle market companies in the Aerospace, Defense & Government (ADG) sector. The firm partners with management teams, equity sponsors, and those businesses that provide vital services, protect critical infrastructure, innovate cyber and data solutions, engineer aerospace systems, safeguard national security, and endeavor to meet the challenges of today and tomorrow. For more information, visit www.enlightencap.com.

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PE-backed Vistronix acquires ACG, ExaTech and OSI

Khosla Ventures targets $400 mln for seed fund

According to a Form D SEC filing, Khosla Ventures is seeking to raise $400 million for a seed fund. No further information is available. Menlo Park, Calif.-based Khosla Ventures was founded in 2004 by Vinod Khosla, a Sun Microsystems’ co-founder.

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Khosla Ventures targets $400 mln for seed fund

2x Partners exits stake in FoodState

2x Consumer Products Growth Partners has sold its stake in FoodState to Pharmavite. 2x Partners’ investment in FoodState was made with Riverside. No financial terms were disclosed. Based in Derry, New Hampshire, FoodState is a maker of food nutritional supplements. PRESS RELEASE Chicago, IL (PRWEB) December 17, 2014 2x Consumer Products Growth Partners (“2x Partners”) has sold its investment in FoodState, Inc. to Pharmavite, LLC, one of the largest U.S. manufacturers of high-quality vitamins, minerals and dietary supplements under the Nature Made® brand. Terms of the sale were not disclosed. Based in Derry, NH, FoodState is a leading manufacturer and marketer of whole food nutritional supplements under the MegaFood® and INNATE RESPONSE™ brands sold in the natural grocery and practitioner channels, respectively. During the 3+ years 2x Partners was invested in FoodState (in partnership with co-investor The Riverside Company), “we helped recruit significant senior management talent largely from our network and partnered actively with the team,” said Andrew Whitman, Managing Partner at 2x Partners. By investing heavily in marketing, sales and manufacturing infrastructure, the Company nearly doubled in size while maintaining very attractive profit margins. “I will truly miss working with 2x Partners,” said Robert Craven, CEO at FoodState. “They were thoughtful and creative partners. Without their support and industry expertise I am certain we would not have had the success we are now enjoying.” “We are very proud of what the FoodState team accomplished, how 2x Partners helped contribute to this exponential growth and the strong working partnership we had with the Riverside team,” said Whitman. “Pharmavite is a great strategic fit for the Company, and the acquisition yields a very attractive return to our valued Limited Partners.” Managing Partner Sharon Kieffer, Industry Venture Partner Bob Burke (FoodState board member) and Vice Presidents Michael Apostal and Kim Anne Starke rounded out the FoodState-related investment and operating team from 2x Partners. Jones Day (legal) and Imperial Capital (investment bankers) represented Riverside and 2x Partners. About 2x Consumer Products Growth Partners 2x Consumer Products Growth Partners joins with founders and management in emerging consumer products businesses capable of growing exponentially via an infusion of capital and management expertise. Focus areas include food, beverage, personal care, home care and pet care – particularly in the organic/natural, specialty/gourmet and ethnic sectors. Businesses are primarily within the $2-25 million revenue range. Visit http://www.2xPartners.com to learn more about 2x Partners and the partner companies including Beanitos bean-based snacks, gDiapers eco-friendly diapers, Orabrush bad breath eliminators and Tasty Bite Indian- and pan-Asian foods.

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2x Partners exits stake in FoodState