Hudson Clean Energy has raised a $90 million credit facility underwritten by an existing limited partner for its flagship fund. The funds will be used to support three Hudson portfolio companies: Element Power Holdings, a renewable energy developer; Silicor Materials, Inc., which makes solar silicon and SoloPower Systems, Inc., which makes flexible solar modules. Moelis & Company worked as syndication agent for the deal. Press Release Hudson Clean Energy (“Hudson”) announced today that it has closed a $90 million credit facility for its flagship fund. The follow-on financing, underwritten by an existing limited partner, will be used to support select Hudson portfolio companies as each enters a new phase of development. Moelis & Company, LLC, serves as the syndication agent for the transaction, and Pepper Hamilton LLP served as legal advisor. Funds will be distributed among three portfolio companies: Element Power Holdings, L.P., a renewable energy developer that acquires, builds, owns and operates a portfolio of wind and solar power generation facilities worldwide, to help the company expand its reach in Northern Europe; Silicor Materials, Inc., the leading manufacturer of high-quality solar silicon, to assist in the financial close of its first large-scale production facility in Iceland; SoloPower Systems, Inc., a company specializing in the design, manufacture and deployment of CIGS flexible thin-film solar modules, to accelerate growth and strengthen operations at its manufacturing plant in Portland, Oregon. “From major market expansions to building world-class new facilities, we have seen tremendous progress across these companies and are confident each will thrive in the coming years,” said Neil Auerbach, CEO of Hudson. “The continued support our partners have shown for clean energy innovators like Element Power, Silicor Materials and SoloPower is a testament to Hudson’s track record of building tomorrow’s industry leaders.” “We believe that our commitment to these three portfolio companies is bearing fruit, as each organization is exploiting profitable opportunities that merit the deployment of expansion capital,” said John Cavalier, Hudson’s Chairman. “The challenges each company successfully overcame have only made them stronger competitors in their respective markets.” ABOUT HUDSON CLEAN ENERGY Hudson Clean Energy is a leading private equity and infrastructure firm based in Teaneck, NJ making privately negotiated investments in the dynamic and high-growth clean energy industry. Global in scope, Hudson is dedicated to investing exclusively in renewable power, alternative fuels and energy smart technologies, in sectors that include wind and solar energy, biofuels, biomass, geothermal energy, energy efficiency and storage. Hudson typically invests in high-growth, asset-based, capital-intensive segments of the clean energy value chain with minimal technology development risk, primarily in control and shared-control positions. Since 2007, Hudson has amassed a global clean energy investment portfolio in its flagship fund, and established a solar infrastructure program in 2013. Hudson is committing up to $100 million through that infrastructure program to support the expansion of the residential solar market across the U.S., in partnership with Astrum Solar. Further information about Hudson can be found at www.HudsonCEP.com. The information contained in this press release has been prepared solely for informational purposes and is not intended to constitute investment advice or an offer to buy or sell or a solicitation of any offer to buy or sell any interests in Hudson Clean Energy or its affiliates, or any investment product managed by Hudson Clean Energy or its affiliates.
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Hudson Clean Energy raises $90 mln to support portfolio
CCMP Capital Advisors has agreed to invest in PQ Holdings, a specialty chemical business for the consumer, oil and gas, transportation safety, specialty plastics and industrial markets. CCMP has agreed to acquire a 47 percent interest in PQ from The Carlyle Group. Existing shareholders INEOS, Carlyle and company management will continue to own about 53 percent of the company. The deal is expected to close in late 2014 to early 2015. Press Release CCMP Capital Advisors, LLC (“CCMP”) and PQ Holdings, Inc. (“PQ”) today announced that they have signed a definitive agreement under which affiliates of CCMP will acquire an approximate 47% interest in PQ from affiliates of The Carlyle Group (“Carlyle”). PQ’s existing shareholders, INEOS, Carlyle and management, will in the aggregate continue to own approximately 53% of PQ. CCMP previously partnered with PQ’s management team in a successful investment in the company in 2005. Founded in 1831, PQ is a leading worldwide producer of specialty inorganic performance chemicals, high-end catalysts and engineered glass beads for the consumer, oil & gas, transportation safety, specialty plastics and industrial markets. Throughout its 182-year history, PQ has built a strong reputation for growth, product development and operational excellence. The company remains at the forefront of the industry by continuously developing innovative solutions to meet customers’ productivity, product performance, environmental and profitability objectives. Mike Boyce, CEO of PQ, commented, “We are excited to partner with CCMP again, a group I have known for over 20 years and partnered with in two prior investments. I believe their extensive experience and expertise in inorganic chemicals will add lasting value to PQ.” Tim Walsh, Managing Director of CCMP and head of the firm’s industrials practice, said, “Mike and his team of talented managers have established PQ’s products as critical components in customers’ manufacturing processes in a large and diverse set of end markets. We look forward to working with them again to help drive the company’s next phase of growth as it expands its product set into new and existing end markets and geographies.” Andy Currie from INEOS Capital said, “We are very pleased to welcome CCMP as our new partner as, together with Mike and his team, we continue to build on PQ’s global leadership position providing silica-based chemistry, performance materials and specialty catalysts.” Andrew Marino, Managing Director at Carlyle, said, “We are grateful to Mike and his team for several years of partnership. Along with INEOS and the management team, Carlyle has invested in and seen strong growth at PQ during the period of our ownership. We wish Mike, INEOS and CCMP continued success.” Completion of the transaction, which is subject to regulatory approvals and customary closing conditions, is expected late 2014 to early 2015. For purposes of the term loans due August 2017 and second lien notes due May 2018, this transaction will not be a Change of Control and such debt will remain outstanding. No additional debt will be incurred by the company. The company is being advised by Credit Suisse Securities (USA) LLC, Jefferies LLC, and Latham & Watkins LLP on the transaction. CCMP was advised by Weil Gotshal & Manages LLP. About PQ Corporation Founded in 1831 and headquartered in Malvern, Pennsylvania, PQ Corporation is an integrated, leading global innovator and manufacturer of specialty inorganic performance chemicals, high-end specialty catalysts and specialty glass materials. The company is comprised of three divisions: (i) Performance Chemicals – producing sodium silicate, specialty silicas and other high-performance chemical products for the personal care, food, consumer cleaning, pulp & paper, electronics, mining, oil processing and construction end-uses; (ii) Catalysts – producing silica and specialty zeolite-based catalysts serving the high density polyethylene polymerization, chemical synthesis, emissions control, lube and diesel de-waxing and refining end-uses; and (iii) Specialty Glass Materials – producing engineered glass materials serving the transportation safety, oil & gas, polymer additive, metal finishing and electronic packaging end-uses. About CCMP Capital CCMP Capital Advisors, LLC specializes in middle market buyouts and growth equity investments of $100 million to $500 million in North America and Europe. CCMP focuses on generating alpha through the operational transformation of its portfolio companies. With offices in New York, Houston and London, CCMP invests in four primary industries: Consumer/Retail, Industrial, Energy and Healthcare. Selected investments under management include: Aramark, Chaparral Energy, The Hillman Group, Infogroup, Jamieson Laboratories, Jetro Cash & Carry, LHP Hospital Group, Milacron, Newark Energy, Ollie’s Bargain Outlet and Pure Gym. About INEOS INEOS (www.ineos.com) is a global manufacturer of petrochemicals, specialty chemicals and oil products. It comprises 15 businesses each with a major chemical company heritage. Its production network spans 51 manufacturing facilities in 11 countries throughout the world. INEOS products make a significant contribution to saving life, improving health and enhancing standards of living for people around the world. Its businesses produce the raw materials that are essential in the manufacture of a wide variety of goods: from paints to plastics, textiles to technology, medicines to mobile phones – chemicals manufactured by INEOS enhance almost every aspect of modern life. About The Carlyle Group The Carlyle Group (NASDAQ: CG) is a global alternative asset manager with $203 billion of assets under management across 126 funds and 139 fund of funds vehicles as of June 30, 2014. Carlyle’s purpose is to invest wisely and create value on behalf of its investors, many of whom are public pensions. Carlyle invests across four segments – Corporate Private Equity, Real Assets, Global Market Strategies and Solutions – in Africa, Asia, Australia, Europe, the Middle East, North America and South America. Carlyle has expertise in various industries, including: aerospace, defense & government services, consumer & retail, energy, financial services, healthcare, industrial, real estate, technology & business services, telecommunications & media and transportation. The Carlyle Group employs more than 1,600 people in 40 offices across six continents.
CCMP agrees to buy part of Carlyle’s stake in PQ Holdings
Nautic Partners has invested in All Metro Health Care Services, a home care agency providing services like light housekeeping, homemaking, bathing and grooming to seniors and high-needs individuals. Healthcare Finance Group led the financing for the transaction. Terms of the deal were not disclosed. Press Release Nautic Partners, LLC (“Nautic” or “Nautic Partners”) today announced that it has partnered with management to acquire All Metro Health Care Services, Inc. (“All Metro”). All Metro is a leading provider of home and community based services in New York, New Jersey and Florida. All Metro was founded in 1955 and is headquartered in Lynbrook, NY. All Metro is a leading licensed home care agency providing primarily non-skilled personal care aide services, including light housekeeping, homemaking, bathing and grooming to seniors and high needs individuals. All Metro provides its services from ten branches in New York, two branches in New Jersey and two branches in Florida. In addition to its non-skilled personal care aide services, All Metro is also a leading provider under two specialty home care waiver programs in New York. These waiver programs provide the necessary services required to allow nursing home eligible individuals and individuals with traumatic brain injuries to remain in the community. “We believe that All Metro is well positioned to serve as a value-added provider in its core states due to its high quality reputation, its broad geographical footprint and its leading presence in the New York specialty waiver programs, which require a higher level of care. All Metro is ideally positioned for further growth given the expected increase in demand for home care services driven by demographic trends,” said Chris Crosby, Managing Director of Nautic. “We are very pleased to be partnering with the All Metro management team.” “We are excited to partner with Nautic, a firm that shares our vision of growth and will be a valuable partner as well,” said David Middleton, President and CEO of All Metro. “We believe the long-term opportunity in our states is compelling and we look forward to working with Nautic to develop new programs to better serve our patients and payers. Nautic’s strategic and financial resources will help position us to continue our historical growth trend while improving care for our patients.” “We are highly impressed with the All Metro management team, which has driven notable growth at the organization,” added Chris Vinciguerra, Senior Associate of Nautic. “All Metro provides a valuable service that enables seniors and individuals with special needs to remain in the home, which is where they want to be. We believe well-run home care providers like All Metro serve an important role in the health care industry and are well positioned to serve as the fulcrum service to help drive efficiency in the broader health care delivery system. The more frequent contact between All Metro’s aides and its patients creates an opportunity to better monitor patient health trends on a real-time basis, ultimately reducing avoidable hospital admissions. We look forward to working with All Metro and its key payers to design programs that will bring this vision to fruition.” Healthcare Finance Group led the financing for the transaction. Terms of the transaction were not disclosed. About All Metro Health Care Services, Inc. All Metro is a leading provider of home care services to patients in New York, New Jersey and Florida. All Metro provides a wide range of services from basic services, such as providing a homemaker to assist with meal preparation and light housekeeping for a few hours a day or a home health aide to provide assistance with activities of daily living, to complex home nursing services provided by around-the-clock Registered Nurses. All Metro was founded in 1955 and is headquartered in Lynbrook, NY. For more information, see www.all-metro.com. About Nautic Partners, LLC Founded in 1986, Nautic is a middle-market private equity firm with over $2.5 billion of assets under management. The firm has completed 118 transactions in partnership with management. Nautic targets equity investments of $25-$75 million, representing majority ownership in niche businesses with strong market share and growth potential, identified value enhancement opportunities and strong management teams. Areas of focus include business services, manufacturing and healthcare. For more information, please visit www.nautic.com. The information provided herein is not an offer or sale of any security or investment product. The information is provided for the purpose of demonstrating investment capabilities to prospective portfolio companies.
Google announced today that it has acquired Lift Labs, a venture-backed startup that makes a spoon and other devices to help people with tremors, such as those living with Parkinson’s. The acquisition price is undisclosed. The San Francisco-based company launched a year ago, disclosing it raised $1 million in seed funding from Rock Health and undisclosed angel investors in Silicon Valley. Lift Labs had previously raised $800,000 from the National Institutes of Health. A demonstration of the spoon can be found on the company’s website.
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Google buys anti-tremor spoon maker Lift Labs
Brazos Private Equity Partners decided earlier this year to not raise another fund and wind down. At the time, partner Michael Salim said some partners would be splitting off to pursue their own ventures, while continuing to manage out the portfolio. Now comes word that co-founder and co-chief executive, Randall Fojtasek has formed a new firm, CenterOak Partners, to pursue control-oriented investments in middle market companies. Fojtasek will lead the firm along with Salim and other Brazos executives Lucas Cutler and Jason Sutherland. CenterOak will make $20 million to $70 million equity investments in industrial growth, consumer and business services. The firm will target investments in the U.S. with a strong emphasis on the southwest and south. It’s not clear if the firm will seek to raise a fund with external investors. Brazos, meanwhile, still had capital to be deployed in the $715 million Fund III, a 2008 vintage, as of March. Brazos at the time had not reduced or dropped fees on its funds despite the decision to wind down. “Brazos has a long runway ahead of it. We have a portfolio to mine and harvest value. We’ll be together operating Brazos to the conclusion of portfolio company investment horizon(s),” Salim told peHUB at the time. “In time, partners may choose to extend their careers in different directions.” It’s also not clear if the two other Brazos partners, Jeff Fronterhouse and Patrick McGee, are planning on forming their own firms. Brazos raised its first fund in 2000, collecting $250 million. Photo courtesy of Shutterstock.
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Brazos executives form middle market focused CenterOak Partners
ACG Capital has reached a first close on Acto Mezzanine II fund. Several existing investors, such as Bpifrance, AG2R La Mondiale and OFI AM, renewed their support to the fund. New investors included the European Investment Fund. PRESS RELEASE ACG Capital is pleased to announce that it has completed a first close of €150 million for its fund Acto Mezzanine II, thus comforting its €200m target. Several existing longstanding investors, such as Bpifrance, AG2R La Mondiale and OFI AM, have renewed their support to the team. In addition, Acto Mezzanine II has attracted new commitments from several leading financial institutions, such as the European Investment Fund (EIF). With this new vehicle, the ActoMezz team will execute the same investment strategy it has successfully pursued since 2007. It will continue to support French SMEs seeking to reinforce their equity and management teams willing to maximize their shareholding. ActoMezz will invest alongside them as a mezzanine arranger, particularly in sponsorless transactions and as a minority equity investor. Please find attached the complete press release. Kind regards, Kablé Communication Finance Angèle Pellicier Tél : + 33 1 44 50 54 73 Email : firstname.lastname@example.org