Australia’s I-MED Radiology pulls $350 mln IPO due to volatility, says source: Reuters

(Reuters) Australia’s largest X-ray provider I-MED Radiology Network cancelled a A$500 million ($350.45 million) initial public offering because of volatility in global markets, a person with direct knowledge of the situation told Reuters on Thursday. I-MED’s owner, Swedish private equity firm EQT Holdings AB, pulled the sale of a 50 percent stake in the company after company representatives finished a roadshow in Asia, added the source, who asked not to be identified because he was not authorised to comment publicly. The decision to pull the sale came a day after smaller rival Integral Diagnostics priced its IPO at the bottom of a target range of A$133 million to A$157 million, but the catalyst behind EQT’s decision was overall market volatility, said the source. Australian shares have experienced substantial gyrations in 2015 as concerns about a slowdown in top trading partner China hit commodities prices. Stocks are down 6 percent so far in 2015 and the three months to end-September were their worst quarter in four years. An I-MED spokeswoman and the bank appointed to advise on the IPO, Rothschild, were not immediately available for comment. Private equity-backed IPOs have slumped accordingly, to about a quarter of 2014’s record level, as buyout firms consider holding on to their investments or trade sales to sidestep a skittish market. In June, South African insurer Hollard Group pulled a listing of its Australian unit that sought to raise nearly A$1 billion while New Zealand wood products firm Carter Holt Harvey delayed a dual Australian-New Zealand IPO worth about the same amount because of investor uncertainty. The biggest Australian listing of the year so far, software maker MYOB Ltd, is trading below its issue price, while fruit and vegetable producer Costa Group Holdings is trading at a 1 percent premium to its issue price.

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Australia’s I-MED Radiology pulls $350 mln IPO due to volatility, says source: Reuters

Payment processor First Data to raise up to $3.2 billion in IPO: Reuters

(Reuters) — Credit card processor First Data Corp said it plans to raise up to $3.2 billion from its initial public offering and will use the proceeds to cut down debt. The company was taken private in 2007 by KKR & Co LP for about $29 billion in one of the biggest leveraged buyouts before the financial crisis. Atlanta-based First Data expects its IPO to price between $18 and $20 per class A share, valuing the company at about $17.58 billion at the upper end of the range. The company plans to use proceeds from the IPO to reduce its $21.03 billion debt pile. Citigroup, Morgan Stanley, BofA Merrill Lynch and KKR are the offering’s joint bookrunning managers.

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Payment processor First Data to raise up to $3.2 billion in IPO: Reuters

Infogain to buy Blue Star Infotech’s IT group

Infogain Corp. said Tuesday that it is buying the IT operations of Blue Star Infotech Ltd. Financial terms weren’t announced. The combined entity will have revenue of over $150 million, close to 4,000 employees and eight delivery locations globally. Infogain is a portfolio company of ChrysCapital. PRESS RELEASE LOS GATOS, Calif.–(BUSINESS WIRE)–Infogain Corporation, a global business and IT consulting leader, today announced that Infogain and Blue Star Infotech, Limited (NSE: BLUESTINFO) have entered into definitive agreements under which Infogain will acquire Blue Star Infotech’s IT operations. The acquisition will expand Infogain’s digital transformation offerings, particularly in the areas of Cloud, mobility, SAP and analytics; adding specialized capabilities in the travel/hospitality, high-tech and healthcare verticals. In addition, the acquisition will strengthen and enhance the leadership position of Infogain in the areas of product engineering and test automation. Infogain provides customer-facing solutions, processes and applications that lead to a more efficient and streamlined digital customer experience for enterprises in the US, Europe, the Middle East, Asia Pacific and Indian markets. With 20%+ revenue CAGR, Infogain’s growth has outpaced industry growth by more than 50%. The company has more than doubled its revenue over the past four years and continues to see significant traction among existing as well as new clients. This acquisition will enable Infogain to expand its services portfolio to support current customers, strengthen existing retail, insurance and high-tech verticals, and enter into new verticals such as travel and hospitality. The combined entity will have revenue of over $150 million, close to 4,000 employees and eight delivery locations globally. This acquisition is being announced within weeks following a $63M Investment by ChrysCapital. Commenting on the acquisition, Sanjay Kukreja, Managing Director at ChrysCapital noted, “BSIL’s IT assets are an ideal fit for Infogain with the vision of creating a leading new age digital services platform with combined capabilities in Cloud, mobility, SAP, analytics and product engineering. We expect the combined company to grow to half a billion dollars, through organic and inorganic growth, within the next five years.” “This acquisition is another achievement toward our vision of transforming Infogain into a much larger IT services player delivering innovation and outstanding value to our clients,” notes Kapil Nanda, President and Chief Executive Officer of Infogain. “Blue Star Infotech has achieved outstanding success over recent years, and I look forward to working with its high-performance leadership and team to deliver even greater value to clients. I am extremely excited to welcome them to the growing Infogain team.” “The IT industry is evolving as never before, and we are excited by the opportunity to offer our clients increased scale of our operations as well as broader capabilities including next-generation technologies,” explains Sunil Bhatia, Chief Executive Officer and Managing Director at Blue Star Infotech. “The culmination of many years of outstanding growth nurtured by our founder Suneel Advani, this acquisition will align BSIL’s IT Business with a larger peer thereby strengthening its position in the industry.” Cynthia Stoddard, CIO at NetApp (NTAP) and a longstanding client of Infogain, commented, “Infogain’s capabilities, talent pool, and geographic presence will certainly be expanded with the acquisition of Blue Star Infotech. We are excited to continue to involve Infogain in activities around our new offerings such as NetApp Private Storage for Azure and other Cloud environments.” Kapil Nanda, President and Chief Executive Officer of Infogain, will continue in this role. Sunil Bhatia will join Infogain’s management team as its CEO designate, and will assume his new responsibilities as CEO of the combined entity on July 1, 2016. At that time, Kapil Nanda will transition to his role as full-time Executive Chairman. BSIL’s board of directors has unanimously approved the acquisition, which is expected to close towards the end of 2015, subject to BSIL shareholder approval, regulatory approvals and other customary closing conditions. Avendus Capital Private Limited is serving as the financial advisor and Talwar Thakore & Associates as the legal counsel to BSIL. Wilson, Sonsini, Goodrich & Rosati is serving as the legal counsel to Infogain Corporation. About Infogain Infogain (www.infogain.com) provides front-end, customer-facing technologies, processes and applications that lead to a more efficient and streamlined customer experience for enterprises in the US, Europe, the Middle East, Asia Pacific and India. Offering solutions for the high-tech, retail and insurance verticals, Infogain specializes in areas such as software product engineering, digital service automation and mobility. A Gold level partner of Oracle (ORCL), Infogain has outstanding Oracle capabilities for point-of-sale systems, merchandising systems, CRM systems, knowledge management systems, ERP and next generation call center capabilities. The company’s customer retention rate of 90%+ over a five-year period is a testament to the ability of the team to identify clients’ specific needs and provide best-in-class solutions across a broad spectrum of service areas. About Blue Star Infotech Ltd Blue Star Infotech Limited (www.bsil.com), a digital transformation consulting and services company, combines the best of engineering, creativity and technology to deliver the next generation of software solutions to its global customers and enable them to be future?ready. Part of the well?known Blue Star Group, Blue Star Infotech is a listed company with its global headquarters in Mumbai, India, and with operations in USA, UK, Europe, Malaysia, and Singapore. The company is focused on delivering value-added and future?proofed software solutions by leveraging emerging technologies and trends while preserving existing investments for gaining competitive advantages. About ChrysCapital ChrysCapital is a private equity firm that was started in 1999 and currently manages US $2.5B across six funds. The firm has deployed over US $2B across 70+ investments and has had 50+ successful exits. The firm’s investors include global endowments, sovereign funds, family offices, foundations and fund of funds. To learn more about ChrysCapital, please visit www.chryscapital.com.

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Infogain to buy Blue Star Infotech’s IT group

PE-backed ProTransport-1 buys Century Ambulance Service

ProTransport-1 LLC, which is backed by New Heritage Capital, has acquired Century Ambulance Service Inc. No financial terms were disclosed. Based in the Jacksonville, Florida area, Century is a medical transport provider. PRESS RELEASE BOSTON–(BUSINESS WIRE)–New Heritage Capital (“Heritage”) is pleased to announce that its portfolio company ProTransport-1, LLC (“ProTransport-1”) has acquired Century Ambulance Service, Inc. (“Century”), a leading interfacility medical transport provider in the Jacksonville, Florida metro area. Century represents ProTransport-1’s second acquisition in 2015, having closed the acquisition of Los Angeles-based PRN Ambulance in July. Founded in 1981 with just two ambulances, Century now operates a fleet of over 50 ambulances and has a staff of more than 290 employees. ProTransport-1, headquartered in Cotati, CA, is a premier provider of comprehensive patient logistics services to leading healthcare systems in its service areas. ProTransport-1 provides the highest levels of patient care while employing leading technologies and highly skilled medical professionals to enable the safe and efficient coordination and transport of large numbers of medically complex patients within a health system and its environment. The company receives the highest satisfaction ratings from its patients and health system partners. Founded in 2000, ProTransport-1 was recapitalized in 2012 by its founders and Heritage. Since 2012, the company has grown its staff from 600 to over 950 personnel and it now operates more than 170 vehicles. “We are excited to partner with the Century team in the North Florida market, another move in our deliberate expansion into additional geographies,” said Mike Sechrist, co-founder and CEO of ProTransport-1. “Century serves a blue chip base of healthcare providers and we are eager to introduce many of our technologies and services to help serve those customers.” John Glover, the president of Century, commented, “Century provides the highest quality interfacility medical transport in the Jacksonville area. Partnering with ProTransport-1 allows us to continue what we do well while bringing additional technology-driven services to our customers. I believe the combination of Century and ProTransport-1 will strengthen our Jacksonville presence and will enhance our service offering to our employees, our hospital customers, and our patients.” Melissa Barry, Principal of Heritage, added, “Century represents another important step towards our goal of building the preeminent patient logistics business in the United States. We are excited about the opportunities that Century will provide to ProTransport-1, and enthusiastic to continue supporting the team as they further their growth in new and existing markets.” About Heritage Heritage is a Boston-based private equity firm with a twenty-year history of partnering with growing, middle market, founder-owned businesses. In a typical transaction, Heritage makes a significant equity investment in a company while allowing founder-managers to retain operational control and meaningful economics. Our approach provides shareholders with the desired amount of liquidity, resolves transition issues, and allows shareholders to maintain control and accelerate the growth of their company. Such transactions provide a company with capital for growth, as well as a partner deeply experienced in providing strategic guidance to growing founder-owned businesses. For more information, please visit http://www.newheritagecapital.com.

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PE-backed ProTransport-1 buys Century Ambulance Service

Cargill’s Black River Asset Management to split into three separate firms: Reuters

(Reuters) — Cargill Inc said on Monday that it will spin off Black River Asset Management LLC and split the hedge fund arm into three separate employee-owned firms. Black River is expected to split into firms to focus on different business streams – fixed income relative value fund, an emerging markets credit fund and a private equity group, Cargill’s spokeswoman Lori Johnson said in an email. The Wall Street Journal reported that two commodities funds focused on agriculture and energy would be moved from within Black River to a business within Cargill. Cargill, which is one of the world’s largest privately held corporations and a top commodity trader, expects to complete these transitions within the next several months. Black River’s board of directors and its senior management team have been conducting a strategic review of the hedge fund’s structure and various firm offerings. The management has just completed the full review, Johnson said. Cargill spokeswoman did not disclose the terms of the deal. The Financial Times earlier first reported that Cargill is winding down Black River Asset Management, the hedge fund arm it started in 2003. (on.ft.com/1MVOCQp) (Reporting by Aurindom Mukherjee and Sneha Banerjee in Bengaluru; Editing by Cynthia Osterman)

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Cargill’s Black River Asset Management to split into three separate firms: Reuters