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First Reserve Founder Dies | Carlyle-Backed Acosta in Debt-Swap Deal
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Good day. Anyone who has followed private-equity investment in the energy sector knows, or at least knows of, Bill Macaulay. The co-founder of First Reserve Corp. and one of the pioneers of buyout investing in the oil-and-gas industry died on Friday at age 74, WSJ Pro Private Equity’s Luis Garcia reports. Over the years, Mr. Macaulay was often generous in sharing his time and insights with the reporters on our team.
Also in this morning’s news, Acosta Inc., a marketing company backed by Carlyle Group, has filed for bankruptcy in a deal that will allow the company’s lenders and bondholders to swap $3 billion in debt for control of the company, Patrick Fitzgerald writes for WSJ Pro Bankruptcy. Also, Portag3 Ventures, a venture arm of Sagard Holdings focused on financial technology, has closed its second fund with around $321 million.
Now on to today's news...
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First Reserve Co-Founder William Macaulay Dies at 74
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William Macaulay, co-founder and chairman of energy-focused private-equity firm First Reserve, died on Friday at age 74. PHOTO: CHIP EAST, BLOOMBERG NEWS
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William Macaulay, a pioneer of energy buyouts who helped turn First Reserve Corp. into one of the world’s largest energy-focused private-equity firms, died last week at 74, Luis Garcia reports for WSJ Pro Private Equity. The cause of death wasn’t stated. Mr. Macaulay acquired First Reserve in 1983 alongside Managing Director John Hill and had worked at the Stamford, Conn.-based firm since then. He served as First Reserve’s chief executive until 2015 and then as co-CEO before becoming the firm’s chairman in 2017.
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Acosta Files for Bankruptcy in Debt-Swap With Creditors
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Acosta Inc., a Carlyle Group LP-owned marketing firm, filed for bankruptcy Sunday with a deal that will see lenders and bondholders swap $3 billion in debt for control of the company, Patrick Fitzgerald writes for WSJ Pro Bankruptcy. The company filed for chapter 11 in the U.S. Bankruptcy Court in Wilmington, Del., with a “prepackaged” plan that will pump $325 million of new equity into the reorganized company and that has support from its lenders and bondholders.
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9.3%
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The decline in average high-price secondary bids for energy funds between the 90 days leading to Oct. 19 and the same period a year earlier, according to secondary intermediary Setter Capital Inc.
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Sportech's headquarters in Elk River, Minn. PHOTO: SPORTECH INC.
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Monomoy Capital Partners said it has completed the purchase of Sportech Inc., a company based in Elk River, Minn., that designs, manufactures and distributes cab components for utility task vehicles used across industries that include powersports, golf and agriculture. Monomoy, which backs debt and equity investments in midmarket companies, said it is investing in the deal out of Monomoy Capital Partners III LP. The fund closed in 2016 with around $767 million in commitments.
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Stone Point Capital has acquired a majority stake in PrismHR, a human resources technology platform focused on small and medium-size businesses. Stone Point, which targets investments in financial services, joins the company’s existing backer Summit Partners, which invested in the company in 2017, according to a press release.
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Arlington Capital Partners has acquired Firth Rixson Forgings Ltd., a Sheffield, England-based provider of complex closed die forgings and forged discs, from manufacturing company Arconic. The business will operate as part of Forged Solutions Group, which was formed in November by Arlington as its aerospace forging platform.
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WILsquare Capital, a St. Louis-based private-equity firm, has completed the acquisition of Versare Solutions LLC, a Minneapolis-based maker of branded space efficiency and acoustical products. Terms of the deal weren’t disclosed.
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Our add-on deal interactive tool allows you to sort and analyze volumes of add-on deal data compiled by WSJ Pro. View more.
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Permira has agreed to sell better-for-you snack brand company BFY Brands, which produces PopCorners snacks, to PepsiCo Inc. The company will become part of the Pepsi’s Frito-Lay North America division. Permira has backed the snack manufacturer since 2015.
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The maker of Twinkies wants to expand its portfolio with a new bet on wafers, cookies and sugar-free treats, The Wall Street Journal reported. Hostess Brands Inc. on Monday said it struck a deal to buy Voortman Cookies Ltd. for about $320 million in cash from Swander Pace Capital, a private-equity firm that acquired a majority stake in the baker in 2015.
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Midmarket firm Norwest Equity Partners has sold its investment interest in Christy Sports LLC, a Lakewood, Colo.-based seller of snow sports and outdoor furniture, to TZP Group. The transaction closed on Nov. 25. Financial terms weren’t disclosed. Norwest initially invested in Christy Sports in 2015.
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Portag3 Ventures, a financial technology-focused venture unit of Sagard Holdings, said it has closed its second fund with 427 million Canadian dollars ($321 million), Laura Kreutzer writes for WSJ Pro Private Equity. Portag3 Ventures II LP closed at around four-times the size of a debut fund that wrapped up with about C$100 million in 2016.
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Aberdeen Standard Investments has raised at least $156.9 million so far for Aberdeen Venture Partners XI LP and a related offshore vehicle, according to a filing with the Securities and Exchange Commission. The amount the firm has raised so far for the venture-focused fund of funds is more than three quarters of the way toward a $200 million offering amount indicated in the latest filing and exceeds a $150 million offering amount indicated in an earlier SEC filing last year.
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Spire Capital Partners has rounded up at least $188.3 million for Spire Capital Partners IV LP, according to an SEC filing. The amount raised so far for the New York-based firm’s latest fund is more than half the size of the firm’s third fund, which closed with around $333 million in 2015. Spire typically targets investments of $15 million to $50 million in cash-flow-positive companies with at least $10 million in revenue and $3 million of earnings before interest, tax, depreciation and amortization, according to Spire’s website.
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Insipid Capital has raised £50 million ($63 million) for its debut credit fund. The new, London-based fund launched Monday and will focus its investments on small and midsize businesses, particularly corporate carve-outs.
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The private-equity buyers of Inmarsat refused to bow to shareholder pressure and increase their $3.4 billion bid for the U.K. satellite company on Monday, just one day before a scheduled court hearing to approve the deal, Lina Saigol and Selin Bucak report for MarketWatch, a publication of Dow Jones & Co. The buyout consortium, which includes Apax Partners, Warburg Pincus, Canada Pension Plan Investment Board and Ontario Teachers' Pension Plan Board, has been under pressure from several hedge funds to raise its offer and delay the court hearing.
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J.Crew Group Inc. clinched a deal with creditors that paves the way for the struggling retailer to take its fast-growing denim-focused Madewell subsidiary public, Soma Biswas writes for WSJ Pro Bankruptcy. Under an agreement with its lenders, J.Crew may separate from Madewell and conduct an initial public offering of the unit, according to a Monday securities filing.
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Carl Marks Advisors, the corporate-restructuring and investment-banking arm of Carl Marks & Co. has promoted Scott Webb to partner. Mr. Webb joined the firm in 2007 and for the past two years has led the firm’s investment banking restructuring vertical alongside Partner Evan Tomaskovic.
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