Author: Luisa Beltran

Deliv said Thursday it appointed Michael Hart to VP of Logistics. Hart recently worked at Amazon where Deliv says he played a major role within the last mile delivery group. Palo Alto, Calif.-based Deliv offers a same-day delivery service that uses a fleet of crowdsourced delivery drivers.

PRESS RELEASE

Deliv, the same-day, low cost delivery service that partners directly with large retailers and leverages a crowdsourced community of drivers, today announced the appointment of Michael Hart to VP of Logistics.
Deliv recruited Hart from Amazon where he played a major role within the last mile delivery group. He brings more than 15 years of progressive supply chain and logistics operation experience to Deliv, including operational and managerial roles at FedEx, Skyway Freight, APX Logistics and Newgistics, where he devised and facilitated roll outs of major eCommerce-based logistics programs.
Deliv’s differentiated same-day delivery service partners directly with large multichannel retailers in the same way UPS and FedEx do by appearing as a same-day delivery button at checkout, alongside standard and expedited shipping options. The cost of same-day delivery by Deliv is the same or less than any other shipping option a retailer offers. Deliv’s community of crowdsourced drivers, dynamic routing technology and unique visual GPS tracking of all orders ensure superior white glove service for consumers.
“The Deliv crowdsourced model not only disrupts the last mile market, it also has the potential to help businesses optimize their supply chain,” said Hart. “The commoditization of same-day shipping enables unit inventory levels to be lowered, so retail store inventory can be reduced and selections increased. These changes translate to improved bottom line performance as well as improved customer experience.”
” Michael Hart is an extremely important strategic hire for us. He’s one of the world’s leading experts in last mile logistics,” said Daphne Carmeli , founder and CEO of Deliv. “We’re thrilled to welcome him on board and look forward to his invaluable guidance as we disrupt the transportation industry and transform local eCommerce.”
About Deliv
Deliv partners with national multichannel retailers to provide low-cost, high quality same-day delivery via its quality-controlled fleet of crowdsourced drivers. The company is headquartered in Palo Alto, California and is backed by some of Silicon Valley’s leading venture capital firms.

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Solis Capital Partners has closed its second fund at $61 million. Solis, of Newport Beach, Calif., said it invests in companies in several industries including business services, niche manufacturing and software, typically headquartered in the Western United States.

PRESS RELEASE

Solis Capital Partners (Solis), a lower middle-market private equity firm, today announced the closing of its second fund, Solis II, at $61 million in capital commitments.

“We are pleased with the success of Solis II, especially in this challenging fundraising environment,” said Daniel Lubeck , Managing Director and Founder of Solis. “We are encouraged by the support and strong interest from new institutional investors, and are gratified that so many of our Solis I investors have committed to Solis II. This is great validation of our team, strategy and processes which have consistently created value independent of economic cycles.”
“Solis’ consistent top quartile performance and fundamentals-based approach were essential for our fundraise success,” said Craig Dupper, Partner at Solis. “In Solis II, we will continue our proven method of generating superior returns through growth and improvement of lower middle-market businesses.”
Solis invests in companies in a variety of industries including business services, niche manufacturing and software, typically headquartered in the Western United States. “Solis II enables us to continue partnering with business owners and managers who have a need for capital and desire to maximize their companies’ potential,” said Lubeck.
Solis completed the first Solis II investment in March last year, acquiring an interest in gen-E, an information technology process automation (ITPA) software and services company based in San Clemente, CA. For additional information, see www.gen-e.com.
Solis Capital Partners is private equity investment firm specializing in the lower middle-market. It is headquartered in Newport Beach, CA, with an office in San Diego, CA. Utilizing its Solis 360°® process, the firm partners with business owners and managers to create value through enterprise growth and improvement. Solis focuses on companies in the Western U.S. with revenues of $15 – $100 million in the service, niche manufacturing, and software sectors, and has produced superior investment returns since its founding in 2002. The firm is actively investing through Solis II. For additional information, see www.soliscapital.com.

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Zimmer Holdings has acquired Knee Creations. Financial terms weren’t announced. West Chester, Pa. Knee Creations is a provider of knee treatments. Knee Creations was funded with an angel equity round and a Series A equity round of financing, together with debt, led by Viscogliosi Brothers, Praefinium and Philadelphia Medical Investment Group.

PRESS RELEASE

Zimmer Holdings, Inc. (NYSE: ZMH; SIX: ZMH) announced today that it has acquired the business assets of West Chester, Pennsylvania-based Knee Creations, LLC. The acquisition enhances Zimmer’s product portfolio of knee treatments through the addition of Knee Creations’ Subchondroplasty® procedure. Subchondroplasty is an innovative, proprietary joint-preservation treatment that has been shown to deliver sustained relief to patients with knee pain, with or without arthritis. It is the first procedure to address an unmet clinical need between early interventions, including NSAIDs and arthroscopy, and total joint replacement.
“Zimmer is committed to developing the most comprehensive range of therapies for knee patients, from early intervention and joint preservation products to patient specific instrumentation and personalized joint replacements,” said Jeff McCaulley, President, Zimmer Reconstructive. “The acquisition of Knee Creations’ revolutionary Subchondroplasty treatment provides Zimmer with another clinically differentiated offering that addresses an unmet clinical need.”
Marc R. Viscogliosi , a founder and Chairman of the Board of Managers of Knee Creations, LLC, stated, “On behalf of the Knee Creations board and its whole investor base, we are pleased that Zimmer will be the new owner of this business and technology, enabling it to further flourish for the benefit of patients and physicians. As a global leader, we believe Zimmer can make the greatest impact with the revolutionary Subchondroplasty procedure platform.”
Subchondroplasty is a percutaneous outpatient intervention that addresses the defects associated with subchondral bone marrow edema (BME). BMEs are related to stress fractures or micro-fractures and are diagnosed using MRI. Left untreated, these defects have been shown to lead to cartilage degeneration, limited function, pain and greater risk for joint deterioration.
In this minimally invasive, arthroscopically-assisted procedure, navigation instruments are used to inject a specialized bone void filler to treat the bone defect and begin the healing process, without violating the joint. Since its introduction in November 2010, more than 1,500 Subchondroplasty procedures have been completed.
Viscogliosi & Company, LLC (V&CO) acted as exclusive financial advisor to Knee Creations. V&CO is a FINRA registered brokerage dealer, investment bank and advisory firm that represents buyers, sellers and owners of surgeon driven, patient-focused innovative products and technologies.
About Zimmer Holdings, Inc.
Founded in 1927 and headquartered in Warsaw, Indiana, Zimmer designs, develops, manufactures and markets orthopaedic reconstructive, spinal and trauma devices, dental implants, and related surgical products. Zimmer has operations in more than 25 countries around the world and sells products in more than 100 countries. Zimmer’s 2012 sales were approximately $4.5 billion. The Company is supported by the efforts of more than 8,500 employees worldwide.
About Knee Creations, LLC
Founded by Viscogliosi Brothers, LLC in 2007, and based in West Chester, Pennsylvania, Knee Creations, LLC operates as a provider of unique knee treatments. The Company is focused on integrating cutting-edge scientific research into first-of-a-kind surgical solutions to treat defects associated with subchondral bone marrow edema (BME). The company was funded with an angel equity round and a Series A equity round of financing, together with debt, led by Viscogliosi Brothers, LLC, Praefinium and Philadelphia Medical Investment Group, LLC.
Zimmer Safe Harbor Statement
This press release contains forward-looking statements within the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 based on current expectations, estimates, forecasts and projections about the orthopaedics industry, management’s beliefs and assumptions made by management. Forward-looking statements may be identified by the use of forward-looking terms such as “may,” “will,” “expects,” “believes,” “anticipates,” “plans,” “estimates,” “projects,” “assumes,” “guides,” “targets,” “forecasts,” and “seeks” or the negative of such terms or other variations on such terms or comparable terminology. These statements are not guarantees of future performance and involve risks, uncertainties and assumptions that could cause actual outcomes and results to differ materially. For a list and description of such risks and uncertainties, see our periodic reports filed with the U.S. Securities and Exchange Commission. We disclaim any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be set forth in our periodic reports. Readers of this document are cautioned not to place undue reliance on these forward-looking statements, since, while we believe the assumptions on which the forward-looking statements are based are reasonable, there can be no assurance that these forward-looking statements will prove to be accurate. This cautionary statement is applicable to all forward-looking statements contained in this document.

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Think Finance said Thursday that Martin Wong was named the company’s first chief integrity officer. Wong joins Think Finance from Cigna Corp., where he served as deputy general counsel and chief compliance officer.

PRESS RELEASE
Think Finance, a company that develops online financial products that bridge the gap between payday loans and credit cards, today announced it has named Martin Wong as the company’s first Chief Integrity Officer.

In this role, Mr. Wong will oversee the company’s compliance with all state and federal laws and will be responsible for ensuring Think Finance offers the most clear, transparent and fair products in the industry. He will also work with the company’s product teams to develop new features and capabilities that continue to raise the bar for emergency credit options in the market.

Mr. Wong joins Think Finance from Cigna Corporation, where he served as Deputy General Counsel and Chief Compliance Officer, helping Cigna meet increasing regulatory requirements and ethical standards as the company expanded internationally. Prior to joining Cigna, he was Executive Vice President, General Counsel and Secretary for Western Union Company. Before this, he held several senior level positions at Citi, where he worked for more than twenty years. He began his career as General Counsel for Centel Information Systems, Inc.

“We’re excited to welcome Martin to Think Finance and to enhance our management team with the new Chief Integrity Officer role,” said Think Finance Global Chief Executive Officer Ken Rees. “Martin’s extensive international experience and expertise with ethical and regulatory issues will be a valuable asset for Think Finance as we continue to grow the business in a responsible way.”

“Think Finance has a longstanding commitment to responsible practices,” said Mr. Wong. “I look forward to helping the company adhere to this commitment and uphold its reputation as the leading technology and analytics provider for alternative financial services.”

Mr. Wong graduated with a Bachelor of Public Administration from Loyola University-New Orleans and also holds a JD from the University of Baltimore School of Law.

About Think Finance

Think Finance develops online financial products that bridge the gap between payday loans and credit cards. Using our technology and analytics platform, Think Finance and the lenders we work with have provided over $3.5 billion in credit to 1.5 million consumers in the U.S. and abroad and have saved customers over $1 billion compared to payday loans. Think Finance is privately held and is backed by some of Silicon Valley’s most respected venture capital firms including Sequoia Capital and Technology Crossover Ventures. The company was recently named No. 2 on Forbes’ America’s Most Promising Companies list. Learn more at www.ThinkFinance.com.

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Michael J. Barrett has joined De Luna Partners as a partner. Barrett will be involved in all facets De Luna Partners origination and fundraising for private equity, alternative assets funds, and global equity strategies. Barrett was previously Managing Director, Private Equity at Mesirow Financial in Chicago.

PRESS RELEASE

De Luna Partners, a private placement and third party marketing firm that works with private equity, venture capital, hedge funds, and global equity managers announced today that Michael J. Barrett has joined the firm as Partner. Mr. Barrett will be involved in all facets De Luna Partners origination and fundraising for private equity, alternative assets funds, and global equity strategies.
Mr. Barrett brings over 28 years of institutional investing and fundraising experience to De Luna Partners. As Managing Director, Private Equity at Mesirow Financial in Chicago he was one of five senior investment professionals responsible for building a $3.5 billion private equity platform that includes both private equity fund of funds and direct/co-investment partnerships.  He also led the business development and fundraising efforts within the private equity department since 2004 which resulted in a significant expansion of the number of limited partners/investors and capital under management sourced from institutional investor sectors including public and private pensions, Taft-Hartley, endowments, foundations and high net worth/family offices in North America, Europe and Australia.
De Luna Partners founder, John de Luna noted, “Michael’s experience of having participated in virtually every aspect of private equity fund management, from being a founding team member of Mesirow’s private equity partnership fund (fund of funds) in 1999 to performing due diligence, financial modeling and post-investment monitoring in connection with acquisitions and growth equity financings of middle market brings a wealth of insight that benefit the general partners and investment managers with whom we work.  His asset class expertise in private equity, natural resources, real assets and real estate, as well as his deep institutional relationships is an enhancement to our team”.
Mr. Barrett graduated from the University of Illinois at Urbana-Champaign with a Bachelor of Science in Accountancy, and from the DePaul University, Kellstadt Graduate School of Business with a Masters of Business Administration.
In addition to Mr. Barrett, De Luna Partners’ senior team includes John de Luna and Sara Mongerson. Collectively they average over 24 years of deep and diverse experience in institutional fundraising and client service.

 

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CIT Group Inc. said it provided $96 million senior secured credit facility to Harvest Partners to support its refinancing of TruckPro. Memphis, Tenn.-based TruckPro distributes aftermarket parts and accessories for heavy duty vehicles.

PRESS RELEASE

CIT Group Inc. (NYSE: CIT) cit.com, a leading provider of financing and advisory services to small businesses and middle market companies, today announced that it provided a $96 million senior secured credit facility to Harvest Partners, a leading middle market private equity firm, to support its refinancing of TruckPro, LLC, a leading independent distributor of aftermarket parts and accessories for heavy duty vehicles.

CIT Corporate Finance served as Co-Lead Arranger and Documentation Agent for the transaction. Financing was provided by CIT Bank, the U.S. commercial bank subsidiary of CIT. Terms of the transaction were not disclosed.

“We’re pleased to put our industry expertise to work for Harvest Partners,” said Jay Baldinelli, Managing Director, CIT Sponsor Finance. “This transaction demonstrates our ability to provide innovative, cost effective debt solutions and further supports our clients’ growth objectives.”

Chris Whalen, Managing Director at Harvest Partners, said, “CIT played an integral role in our efforts to streamline TruckPro’s capital structure. CIT’s deep industry knowledge and their flexible and competitive financing structures, coupled with our long-standing relationship made them the perfect partner for this transaction.”

EDITOR’S NOTE:

View CIT’s corporate overview video (cit.com/corporatevideo) that showcases our support of the small business, middle market and transportation sectors.

Follow us on Twitter: @citgroup, on LinkedIn: LinkedIn.com/company/cit, on YouTube: YouTube.com/citgroupvideo, and on Facebook: facebook.com/citgroup. Individuals interested in receiving corporate news releases can register at cit.com/newsalerts or subscribe to the RSS feed at cit.com/rss.

About Harvest Partners

Founded in 1981, Harvest Partners, LP is a leading New York-based private equity investment firm pursuing management buyouts and growth financings. Harvest focuses on acquiring profitable companies in the business services, manufacturing and distribution, industrial services, midstream energy and consumer products and retail sectors. This strategy leverages Harvest’s over 30 years of experience in financing organic and acquisition-oriented growth companies. harvpart.com

About TruckPro

TruckPro, headquartered in Memphis, Tennessee, distributes heavy duty truck parts through 65 locations in 17 states, primarily in the Southeast and Midwest United States. TruckPro was founded in 1952 and is one of the largest independent distributors of heavy duty truck parts in the country. The company distributes a full range of products to support customer requirements in the areas of brake systems, engines, electrical, drivetrain, and suspension for commercial and government customers. truckpro.com

About CIT Corporate Finance

CIT Corporate Finance provides lending, leasing and other financial and advisory services to the small business and middle market sectors, with a focus on specific industries, including: Chemicals, Commercial Real Estate, Communications, Energy, Entertainment, Gaming, Healthcare, Industrials, Information Services & Technology, Restaurants, Retail, and Sports & Media. cit.com/CorporateFinance

About CIT Bank

Founded in 2000, CIT Bank (Member FDIC, Equal Housing Lender) is the U.S. commercial bank subsidiary of CIT Group Inc. (NYSE: CIT). It provides lending and leasing to the small business, middle market and rail sectors. Through its online bank, BankOnCIT.com, CIT Bank offers a suite of savings options designed to help customers achieve a range of financial goals. As of March 31, 2013, it had $10.6 billion of deposits and $13.3 billion of assets. cit.com/CITBank

About CIT

Founded in 1908, CIT (NYSE: CIT) is a bank holding company with more than $35 billion in financing and leasing assets. A member of the Fortune 500, it provides financing and leasing capital and advisory services to its clients and their customers across more than 30 industries. CIT maintains leadership positions in small business and middle market lending, factoring, retail finance, aerospace, equipment and rail leasing, and vendor finance. CIT also operates CIT Bank (Member FDIC), its primary bank subsidiary, which, through its online bank BankOnCIT.com, offers a suite of savings options designed to help customers achieve a range of financial goals. cit.com

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Checkpoint Systems said Thursday that it completed the sale of its U.S. and Canadian CheckView business to Platinum Equity. Financial terms were not announced. Checkpoint announced the sale in march.

PRESS RELEASE
Checkpoint Systems, Inc. (NYSE: CKP) today announced that it has completed the sale of its U.S. and Canadian CheckView® business to an affiliate of Platinum Equity, a California-based private equity firm. On March 25, 2013, the Company announced that it had reached a definitive agreement with Platinum Equity to acquire all continuing business operations and assets associated with the U.S. and Canadian CheckView business.

Checkpoint Systems, Inc.

Checkpoint Systems is a global leader in shrink management, merchandise visibility and apparel labeling solutions. Checkpoint enables retailers and their suppliers to reduce shrink, improve shelf availability and leverage real-time data to achieve operational excellence. Checkpoint solutions are built upon more than 40 years of RF technology expertise, diverse shrink management offerings, a broad portfolio of apparel labeling solutions, market-leading RFID applications, innovative high-theft solutions and its Web-based Check-Net® data management platform. As a result, Checkpoint customers enjoy increased sales and profits by improving supply-chain efficiencies, by facilitating on-demand label printing and by providing a secure open-merchandising environment enhancing the consumer’s shopping experience. For more information, visit www.checkpointsystems.com.

Forward-Looking Statement

This press release includes information that constitutes forward-looking statements. Forward-looking statements often address our expected future business and financial performance, and often contain words such as “expect,” “anticipate,” “intend,” “plan,” “believe,” “seek,” or “will.” By their nature, forward-looking statements address matters that are subject to risks and uncertainties. Any such forward-looking statements may involve risk and uncertainties that could cause actual results to differ materially from any future results encompassed within the forward-looking statements. Factors that could cause or contribute to such differences include: the impact upon operations of legal compliance matters or internal controls review, improvement and remediation, including the detection of wrongdoing, improper activities, or circumvention of internal controls; our ability to integrate acquisitions and to achieve our financial and operational goals for our acquisitions; changes in international business conditions; foreign currency exchange rate and interest rate fluctuations; lower than anticipated demand by retailers and other customers for our products; slower commitments of retail customers to chain-wide installations and/or source tagging adoption or expansion; possible increases in per unit product manufacturing costs due to less than full utilization of manufacturing capacity as a result of slowing economic conditions or other factors; our ability to provide and market innovative and cost-effective products; the development of new competitive technologies; our ability to maintain our intellectual property; competitive pricing pressures causing profit erosion; the availability and pricing of component parts and raw materials; possible increases in the payment time for receivables as a result of economic conditions or other market factors; changes in regulations or standards applicable to our products; the ability to successfully implement global cost reductions in operating expenses including, field service, sales, and general and administrative expense, and our manufacturing and supply chain operations without significantly impacting revenue and profits; our ability to maintain effective internal control over financial reporting; and additional matters disclosed in our Securities and Exchange Commission filings. We do not undertake to update our forward-looking statements, except as required by applicable securities laws.

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New York-based private equity firm Lightyear Capital has emerged as the lead bidder to buy SunTrust Banks Inc’s RidgeWorth Investments asset management unit, three sources familiar with the situation told Reuters this week, Reuters is reporting.

(Reuters) – New York-based private equity firm Lightyear Capital has emerged as the lead bidder to buy SunTrust Banks Inc’s RidgeWorth Investments asset management unit, three sources familiar with the situation told Reuters this week.

SunTrust also received bids from two other private equity firms: New York-based Crestview Partners and Chicago-based Thoma Bravo LLC, said two of the sources, who declined to be identified because they are not authorized to talk to the media.

Lightyear is likely to pay between $250 million to $300 million for RidgeWorth, one of the sources said. RidgeWorth and its boutiques managed approximately $50.4 billion in assets as of March 31, according to the firm’s website.

A spokesman for Atlanta-based SunTrust declined to comment. A Lightyear spokesman did not return a request for comment.

For SunTrust a sale of RidgeWorth would mark the end of a process that has been on and off for the past three years.

SunTrust first tried to sell its asset management business, which includes six managers and its own RidgeWorth Funds, to Henderson Group Plc (HGGH.L) in 2010, but those talks fell apart. At that time the purchase price was estimated at $300 million to $400 million, according to media reports.

Earlier this year, SunTrust provided a handful of private equity firms with updated information about mandates that RidgeWorth had won from institutional investors, in hopes of selling RidgeWorth, the sources said.

SunTrust, which suffered large losses during the financial crisis, was one of the few large U.S. banks whose capital plans such as raising dividends and initiating stock buybacks were rejected by the Federal Reserve Board last year in its stress-test reviews.

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Babson Capital Management said Thursday that it provided subordinated debt and made an equity co-investment to support Swander Pace Capital’s buy of Caleel + Hayden Holdings Inc., which does business as glōProfessional. Babson said it was the sole provider of mezzanine capital for the deal. Denver-based glōProfessional develops and makes mineral-based cosmetics under the glominerals brand and premium skin care products under the glotherapeutics brand.

PRESS RELEASE

Babson Capital Management LLC, a global investment management firm with more than $180 billion in assets under management and operations on four continents, today announced it provided subordinated debt and made an equity co-investment to support Swander Pace Capital’s acquisition of Caleel + Hayden Holdings Inc., dba glōProfessional.

Babson Capital was the sole provider of mezzanine capital on the transaction.

Denver-based glōProfessional is a leading developer and marketer of mineral-based cosmetics under the glominerals brand and premium skin care products under the glotherapeutics brand.  glo serves over 5,000 dermatologists, cosmetic surgeons, aestheticians, spas and salons (the “professional channel”) both domestically and internationally, as well as select specialty retailers.  The company also recently launched to the same customer base a line of hair care products under the gloessentials brand name.

“Swander Pace Capital is delighted to partner with Babson Capital’s Mezzanine & Private Equity Group on the acquisition of glōProfessional, and we look forward to working together again on future transactions,” said Swander Pace Managing Director Mo Stout. “As with several previous portfolio investments, all parties to this transaction benefited from Babson Capital’s experience and expertise in the lower middle market, its highly collaborative approach, and its reliability and responsiveness.”

“Babson Capital is excited about the opportunity to extend our successful partnership with Swander Pace through our participation in the glōProfessional investment,” said Michael L. Klofas, Managing Director and head of Babson Capital’s Mezzanine & Private Equity Group. “The management team of glōProfessional has built a strong position in a growing market, and we believe Swander Pace, with its reputation and track record in the beauty and personal care categories, is the perfect partner to help grow the glōProfessional brand.”
About Swander Pace Capital
Swander Pace Capital is a leading private equity firm specializing in investments in growth-oriented, lower middle-market consumer companies. Since its inception in 1996, Swander Pace has used its expertise in this industry to pursue a consistent strategy of acquiring or investing in consumer products companies with leading market positions in attractive, defensible niches. With offices in San Francisco and New Jersey, Swander Pace provides portfolio companies with a unique mix of financial and strategic consulting support to create long-term investment value. Swander Pace has led successful private equity investments in consumer companies with total revenues in excess of $2.0 billion. For more information, visit www.spcap.com.
About Babson Capital
Babson Capital Management LLC and its subsidiaries serve institutional investors around the globe and have $180.5 billion in assets under management as of March 31, 2013. Through proprietary research and a focus on investment fundamentals, we develop products and strategies that leverage our broad array of expertise in global corporate debt markets, structured products, debt and equity financing for commercial real estate, and alternatives. The firm’s subsidiaries include Cornerstone Real Estate Advisers LLC and Wood Creek Capital Management, LLC. Babson Capital is a member of the MassMutual Financial Group and is on the web at www.BabsonCapital.com.

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Private equity firm Sun Capital Partners plans to merge five of its plastic packaging portfolio companies to form what it says will be the sixth-largest plastic packaging company in the world, Reuters is reporting.

(Reuters) – Private equity firm Sun Capital Partners plans to merge five of its plastic packaging portfolio companies to form what it says will be the sixth-largest plastic packaging company in the world.

The new company, which will be called Exopack Holdings Sarl, will be created by merging its Exopack, Kobusch, Britton, Paragon and Paccar businesses, the company said in a filing with U.S. regulators on Wednesday.

The combined revenue of all the companies was around $2.5 billion in 2012, Exopack said. The deal will generate annual savings of around $65 million from efficiencies generated in its back office, manufacturing and global procurement operations, it said.

The companies had around $255 million in total EBITDA last year, Jack Knott, who will be chief executive of the new Exopack, said in an interview. That would translate to around $319 million after the cost savings, he said.

“This gives us a lot of optionality that we didn’t have before,” Knott said. “It gives us optionality to continue to grow through acquisitions in different geographies and different market segments. It gives us optionality to continue to invest in organic growth, which we’ve done quite well in.”

Knott said the larger company will also give it more options in raising capital for the new company.

The deal will combine packaging businesses with operations in Europe and the Middle East with Exopack, which was previously focused on North America. It will create a company with 63 plants and 8,650 employees

The new Exopack will be based in Luxembourg.

Knott expects the extended geographic reach will help it with its largest customers, who include global companies such as Procter & Gamble Co and Unilever Plc.

Sun Capital bought Exopack in 2005 and picked up the other four companies over the last three years.

Scott Edwards, a Sun Capital managing director, said the move should help the private equity firm’s eventual exit from the business.

“Size in this industry is very helpful. It certainly enhances exit possibilities no matter what route you want to take,” he said.

The merger is subject to Exopack receiving amendments to its term loan and another facility from GE Capital.

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Warren Buffett’s Berkshire Hathaway Inc on Wednesday said it paid $2.05 billion cash to buy the 20 percent it did not already own of toolmaker Iscar from the Israeli company’s founding Wertheimer family, Reuters reports.

(Reuters) – Warren Buffett’s Berkshire Hathaway Inc on Wednesday said it paid $2.05 billion cash to buy the 20 percent it did not already own of toolmaker Iscar from the Israeli company’s founding Wertheimer family.

Berkshire in 2006 bought an 80 percent stake in Iscar, a maker of metal cutting tools whose formal name is IMC International Metalworking Cos, for $4 billion.

At the time, that purchase was one of the largest acquisitions involving an Israeli company, and Buffett’s biggest bet outside the United States. Wednesday’s purchase suggests that Iscar’s value has since more than doubled.

“As you can surmise from the price we’re paying for the remaining interest, IMC has enjoyed very significant growth over the last seven years,” Buffett said in a statement.

The acquisition was announced three days before Buffett will welcome more than 35,000 people to Berkshire’s annual meeting in its hometown of Omaha, Nebraska.

In his annual letter to shareholders on March 1, Buffett described Iscar as one of Berkshire’s five most profitable companies outside its insurance businesses.

While Berkshire does not break out Iscar results separately, it said the Tefen, Israel-based unit’s profit fell in 2012 because of slowing economic conditions in some non-U.S. markets.

A year ago, Buffett in his shareholder letter described Iscar’s management as “brilliant strategists and operators.”

Iscar ended 2012 with more than 11,900 employees.

The Wertheimers’ sale of an 80 percent Iscar stake in 2006, announced one day before Berkshire’s annual meeting that year, made the family among the richest in Israel.

Stef Wertheimer, who is German-born and founded Iscar in 1952, has established a number of industrial parks in Israel aimed at promoting peace by having Jews and Arabs work together.

The law firm Wachtell, Lipton, Rosen & Katz advised the Wertheimer family on the Iscar transaction. The law firm Munger, Tolles & Olson advised Berkshire.

 

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MindMixer has closed $4 million in funding led by Nelnet. Existing investors Dundee Venture Capital and Optimas Group also participated. MindMixer is an online engagement platform.

PRESS RELEASE

MindMixer, an online engagement platform helping hundreds of civic, education and healthcare organizations communicate more effectively with their constituents, today announced the closing of a $4 million investment round.  Nelnet, a leading provider of innovative education products and services, led the round with existing investors Dundee Venture Capital and Optimas Group also participating.
“MindMixer is poised to positively transform how large organizations, such as school districts and civic groups, across the nation communicate and interact with their desired audiences,” said MindMixer CEO Nick Bowden .  “With this new influx of capital, our online platform will provide more people with a new suite of tools to help them be heard and collectively arrive at solutions to problems, big and small.”
This new round will fund key developer hires and help the company scale to meet marketplace demand.  Since its 2010 inception, MindMixer has increased its size by 40 percent each quarter and projects to reach 1,000 customers in the educational, healthcare and civic sectors by the end of 2013.  

The staff expansion will also help MindMixer continue to serve its current clients, such as the City of San Francisco, the D.C. public school district, Ohio State University and Coursera, to empower desired audiences to weigh in and provide potential solutions to hot button topics like school closures, deteriorating city infrastructure, and the current engagement pitfalls of massive open online courses.
“MindMixer is an innovative approach to collaboration and engagement, allowing organizations to cultivate ideas from a broader community,” said Mike Dunlap , CEO of Nelnet. “Nelnet is always looking for ways to improve the way we help associates, students, and schools reach their goals, so we are particularly proud to invest in a steadily growing company that engages people to attain the best results possible. Good ideas are everywhere, and MindMixer takes advantage of this fact with an easy and intuitive user experience.”
MindMixer will also apply its new capital to enhancing its current set of services and tools.  Over the next few months, the MindMixer platform will feature a new and improved user experience, amplified website as well as significant mobile enhancements.  These new product enhancements will increase community engagement and make conversations and the exchange of ideas between organizations and their desired audiences more efficient.
More information can be found at www.mindmixer.com/press.
About MindMixer
MindMixer believes that good, informed ideas are out there, but many don’t make it to the surface or are drowned out by the volume of usual voices. Leveraging the power of the Internet and social media, MindMixer’s online community engagement and social media intelligence tools connect organizations with community members who might not otherwise get involved. With the country’s largest suite of best-in-class engagement technology, MindMixer makes it easier for community leadership and members to have more productive, collaborative discussions than they would using traditional approaches like offline town hall meetings and message boards.
About Nelnet
Nelnet Inc. (NYSE: NNI), is an innovative education finance and services company focused on providing fee-based processing services and quality education-related products in four core areas: loan financing, loan servicing, payment processing, and education planning.  In addition, Nelnet leverages its strong technology competencies throughout its businesses.  The company’s products and services help students and families plan, prepare, and pay for their education and make administrative and financial processes more efficient for schools and financial organizations.  For more information, visit Nelnet.com.

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Local Market Launch has closed $1.5 million in Series A funding from Rincon Venture Partners. Local Market is a business listings management startup that has raised total capital of $2.7 million.

PRESS RELEASE

Business listings management startup Local Market Launch, launched in 2012 by ValueClick founder Brian Coryat , has secured $1.5 million in Series A funding from Rincon Venture Partners, adding to $1.2 million of founder contributed seed funds, bringing total capital raised to $2.7 million.
The funds will be used to support rising demand for Local Market Launch’s local presence solutions by multi-location national brands and small and medium-sized businesses. Local Market Launch will also accelerate development and delivery of its partner-branded solutions for local media channel partners.
A recent study by Google/Nielsen revealed that 73 percent of mobile searches trigger additional action and conversions, such as store visits, calls and purchases. Accurate business listing information is the unassuming workhorse underlying much of today’s local commerce, which is being driven by mobile and online search.
“Despite the digital revolution of the past 20 years, many businesses, especially small local establishments, have largely been left behind,” said John Greathouse , general partner, Rincon Venture Partners. “As such, there is a tremendous opportunity for Local Market Launch to become the trusted business listings management partner for the world’s small, local businesses, and for national brands targeting locally. When Brian founded ValueClick, he ingrained in the organization the principles of over-delivering value to its customers by consistently developing killer technology and providing unparalleled service. We believe that Local Market Launch will likewise achieve market dominance by following this simple, but difficult to execute, strategy.”
Coryat founded Local Market Launch to raise the level of quality in business listings data and service. He brings rich experience earned at the forefront of the Internet marketing industry, where he has led several successful ventures, including online advertising company ValueClick, for which he was awarded the Ernst & Young Entrepreneur of the Year Award in 2000 for ecommerce.
“It’s time to take business listings management to a new level of accuracy and trust, and Local Market Launch is committed to raising the bar,” said Coryat. “We’re excited by the tremendous interest we’re receiving from national brands, multi-location businesses and franchises, as well as channel partners, and we’re truly gratified by Rincon Venture Partners’ confidence in our technology and our vision for the company. With their backing, we will be able to accelerate our growth and fulfill our mission, which is grounded in our commitment to the highest quality standards for our data and customer service.”
About Local Market Launch
Local Market Launch delivers business listings management and local presence solutions for national brands, multi-location businesses, franchises, and local SMBs through a growing network of channel partners, including directory publishers, newspaper publishers, broadcast media companies, digital media agencies and certified marketing representatives (CMRs). The company is delivering new standards of quality and service to business listings management that combines the best of DIY technology with the quality-controlled ease of a do-it-for-you solution. Learn more at www.localmarketlaunch.com,www.localsearchoptimization.com, on Twitter @LocalLaunch and @LocalSearchOpt, Facebook https://www.facebook.com/localmarketlaunch and Google+.

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Nelson Global Products Inc., which is backed by Wind Point Partners, has acquired Envall. Financial terms weren’t announced. Envall, of Rio Grande do Sul, Brazil, makes tube and hose assemblies.

PRESS RELEASE

Nelson Global Products Inc., a global leader in the design and manufacture of tubular and exhaust products for commercial vehicle markets, has acquired Envall, a family-owned tube and hose assemblies manufacturer in Rio Grande do Sul, Brazil.
Envall, maker of hydraulic and structural tubes, and low-to-high pressure hydraulic hoses, will continue to operate its 90,000 square foot manufacturing plant under the leadership of Irenivo Pereira, formerly a co-owner of the 20-year old operation and newly-appointed general manager.  A strong management team and experienced production technicians also contribute to the operation’s success.
“This acquisition of Envall broadens Nelson’s global footprint and product portfolio, expanding beyond our previous manufacturing and marketing reach into North America, Australia, India and China,” said Sergio Carvalho , president of Nelson’s On-Highway business unit.
“Our strategic plan remains focused on expanding our product portfolio for our customers, plus we will enable the Envall operation to diversify into other market segments beyond off-highway and agricultural vehicles,” added Carvalho.
“The strength of Nelson, the product portfolio and customer relationships will make Envall a stronger and more prosperous company for the markets it serves, as well as its employees,” stated Envall’s Pereira.
“Nelson is a richer and deeper manufacturing player with the addition of Envall,” said Tom Gosnell , CEO of Nelson. “This transaction is in response to customer requests that we extend our presence into the Brazil and broader South American markets. We are very enthusiastic about this first step here.”
Nelson Global Products is a portfolio company of Wind Point Partners, a private equity firm headquartered in Chicago. Terms of the acquisition were not disclosed.
Two months ago, Nelson acquired Water Works Manufacturing in Cambridge, MN.  That expansion also enabled Nelson to grow its capabilities into advanced metal forming for the power sports and infrastructure related industries.
About Nelson Global Products
With more than 60 years of engineering and manufacturing history, Nelson Global Products manufactures and markets a broad range of high performance exhaust and tubular products for OEM and aftermarket use for the global on-highway and off-highway markets. The company’s operation includes manufacturing operations in Clinton, TN; Fort Wayne, IN; Peoria, IL; Arcadia-Black River Falls-and Viroqua, WI; and international operations in Scoresby, Australia; Pune, India; and Changzhou, China.
Among Nelson’s product portfolio are mufflers and silencers; exhaust tube assemblies; EGR and thermal management tubing for emissions systems; pressurized tube assemblies for air-hydraulic-and lubrication; and structural assemblies.

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Platte River Equity has sold Hetsco to Global Power Equipment Group. Financial terms weren’t announced. Greenwood, Ind.-based Hetsco provides emergency and planned repairs for brazed aluminum heat exchangers. St. Charles Capital served as financial advisor to Hetsco while TM Capital provided financial advice to Global Power.

PRESS RELEASE

Platte River Equity (“Platte River”) today announced the sale of its portfolio company, Hetsco, Inc. (“Hetsco”) to Global Power Equipment Group Inc. (Nasdaq: GLPW) (“Global Power”).
Headquartered in Greenwood, Indiana and founded in 1981, Hetsco is the leading provider of emergency and planned repairs for brazed aluminum heat exchangers, the critical process equipment used in air separation and other gas processing applications.  Hetsco also provides maintenance, fabrication, construction, relocation and safety services to the leading industrial gas, gas processing, LNG and utility companies.
“We are proud of Hetsco’s development over the past several years under the leadership of Sam Willard and Steve Powell ,” said Platte River Managing Director Peter Calamari .  “In this environment of increasing investment in industrial gas production and processing, Hetsco is poised for continued success.  We are also pleased that the company will be owned by Global Power, a strong and supportive new partner for Hetsco and its employees.”
Sam Willard , President of Hetsco, commented, “The financial, strategic and operational support Platte River has provided to Hetsco over the last five years has been invaluable.  We accomplished all we had set out to do, and Platte River was a critical partner in our success.  We look forward to a new chapter of continued growth with Global Power.”
Luis Manuel Ramírez, President and Chief Executive Officer of Global Power, commented, “We are pleased with the successful closing of this transaction and eager to work with the Hetsco team to develop new opportunities for the expansion of our Services Division.”
Bartlit Beck Herman Palenchar & Scott LLP served as legal counsel to Platte River, and St. Charles Capital served as the exclusive financial advisor to Hetsco.  Thompson Hine LLP served as legal counsel and TM Capital served as financial advisor to Global Power.
About Platte River Equity
Based in Denver, Colorado, Platte River Equity is a private equity firm focused on investments in lower middle market operating companies with enterprise values generally between $20 million and $250 million.  The firm focuses on investing in sectors where it has deep operating and investing background, including aerospace and transportation; energy and industrial products and services; and chemicals, metals and industrial minerals. Platte River Equity manages funds with committed capital in excess of $700 million. Please visit www.platteriverequity.com.
About Global Power
Texas-based Global Power Equipment Group Inc. is a design, engineering and manufacturing firm providing a broad array of equipment and services to the global power infrastructure, energy and process industries.  Through its Services Division, the Company provides on-site specialty support and outage management services for commercial nuclear reactors in the United States, maintenance services to fossil and hydroelectric power plants and industrial gas processing services.  Through its Products Division, the Company designs, engineers and manufactures a comprehensive portfolio of equipment for gas turbine power plants and power-related equipment for industrial operations, with over 40 years of power generation industry experience.  With a strong competitive position in its product lines, the Company benefits from a large installed base of equipment in domestic and international markets.  Additional information about Global Power Equipment Group Inc. may be found at www.globalpower.com.

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Blackstone said Tuesday that it has partnered with The White House to support veterans and military families. The global buyout firm plans to hire 50,000 veterans across its portfolio companies over the next five years.

PRESS RELEASE

Blackstone (NYSE:BX) today announced it has partnered with The White House to support veterans and military families. Led by First Lady Michelle Obama and Dr. Jill Biden, “Joining Forces” is a national initiative to encourage private sector hiring of America’s veterans. Blackstone plans to hire 50,000 veterans across its portfolio of companies over the next five years.
“Veterans embody many of the skills, talents and personal attributes we look for in employees. They have high integrity; they are collaborative, hardworking and they are able to adapt to dynamic situations,” said Blackstone Chairman, CEO and Co-Founder Steve Schwarzman. “Veterans are reliable, motivated and trustworthy employees – the type of people that will help Blackstone’s portfolio companies succeed and grow. We are proud to partner with the President and Mrs. Obama, Vice President and Dr. Biden to do our part to help the men and women who have served our country develop successful careers following their military service.”
Blackstone also plans to put in place support structures, including a management trainee program, which will help veterans transition into their new private sector careers.
Steve Schwarzman added, “Training and mentoring can help cultivate skills and ease the transition to civilian life. We want to help veterans build life-sustaining careers after their service to this country has ended.”
About Blackstone:
Blackstone is one of the world’s leading investment and advisory firms. We seek to create positive economic impact and long-term value for our investors, the companies we invest in, the companies we advise and the broader global economy. We do this through the commitment of our extraordinary people and flexible capital. Our alternative asset management businesses include the management of private equity funds, real estate funds, hedge fund solutions, credit-focused funds and closed-end funds. Blackstone also provides various financial advisory services, including financial and strategic advisory, restructuring and reorganization advisory and fund placement services. Further information is available at www.blackstone.com. Follow us on Twitter @Blackstone.

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Alpha Payments Cloud said Tuesday it raised $12 million from an angel investor. Singapore-based Alpha Payments is a payments-focused cloud-based IT firm. The company has launched an enterprise app store for the payments industry.

PRESS RELEASE

Alpha Payments Cloud (APC), a payments-focused cloud-based IT startup, launched today the payments industry’s first comprehensive enterprise app store. The company raised $12 million from an angel investor to introduce new cloud-based payment platforms that change the way payment products are developed while simplifying and connecting the payments world.

APC’s enterprise app store is designed to connect merchants, banks and payment products to one payments ecosystem and provide the flexibility to easily find, select, switch and combine products.

“We are positioning ourselves to be the Android of the payments industry,” said Oliver Rajic, CEO of Alpha Payments Cloud. “We are removing barriers of entry like upfront costs, providing access to global distribution channels and boosting time to market for all parties. Our new technology and fresh approach create a frictionless payments ecosystem that fosters product innovation.”

Benefits for Merchants
· Merchants can easily select and switch among a variety of payment products in more than 35 categories, including fraud, chargeback management and multi-currency acquiring.
· APC’s dynamic API enables merchants to customize product combinations and consolidate current integrations.
· APC offers a unique business intelligence tool that allows merchants to consolidate multiple reports into a single smart reporting tool.

Benefits for Banks
· APC provides banks with instant access to dozens of new products, which leads to additional revenue channels and speeds product development.
· APC’s global acquiring solution and international footprint enable banks to service multi-national merchant volume across North America, Europe, Asia-Pacific and Latin America.

Benefits for Payment Product Providers
· Payment products can expand reach and revenue with quick access to global merchants as well as Asia-Pacific, EU and U.S.-based distribution channels.
· With shorter integration cycles, product providers see a simplified sales cycle and quicker access to revenue.

By hosting its products entirely in the cloud, APC can achieve processing speeds up to 100 times faster than traditional methods, which provides improved decision-making capability when it matters the most – at the time of the transaction.

For a personalized demo of Alpha Payments Cloud’s enterprise app store, email [email protected] or fill out the website contact form.

About Alpha Payments Cloud
Alpha Payments Cloud is a payments-focused cloud-based IT firm dedicated to providing merchants, banks and payment product providers unprecedented access to the global payments world via one integration and platform. Alpha Payments Cloud developed the industry’s first comprehensive cloud-based enterprise app store for payments. Founded in 2011, the company is headquartered in Singapore with offices in Dublin and New York City. For more information, visit www.alphapaymentscloud.com.

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Nettwerk Music Group Inc. has raised US$10.25 million in growth-equity financing, which includes an investment from HBC Investments. Existing shareholders Beedie Capital Partners and Nettwerk’s four founding partners – Terry McBride, Ric Arboit, Dan Fraser and Mark Jowett – also participated in the transaction. Beedie Capital Partners is a Vancouver-based private equity firm.

PRESS RELEASE

Nettwerk Music Group Inc., a privately held independent music company focused on building successful artists by offering a unified set of management, marketing and publishing services, today announced that it has raised $10.25 million in equity growth financing.

The equity financing includes investments from HBC Investments, as well as participation from existing shareholders Beedie Capital and Nettwerk’s four founding partners: Terry McBride, Ric Arboit, Dan Fraser and Mark Jowett. Nettwerk will use the proceeds of the financing to invest in new and existing artists under development. Nettwerk will also continue to be an active acquirer of catalogue music rights for which it is uniquely positioned to create and expand value.

“We are pleased to welcome our new shareholder to Nettwerk as we continue to expand the reach and success of our clients. We are also very grateful for the ongoing support from our existing investors,” said Terry McBride, CEO of Nettwerk. “We plan to utilize these funds to create and grow success for our current and future artist clients through true partnerships that value the creative process and long-term patience and planning.”

Peter Brodsky, HBC Investments, added, “HBC is excited to be a financial and strategic partner of Nettwerk. The Group is a known leader in recognizing and leveraging the opportunities that arise from technological disruptions and industry shifts. Nettwerk has emerged as a successful and thriving music company that is uniquely positioned to create long-term value in its clients’ musical works and content. The investment comes at the perfect time where the music industry is experiencing a resurgence with explosive growth in monetization opportunities across diverse worldwide retail and distribution models.”

“Our involvement with Nettwerk, which began in 2006 with a focus on catalogue acquisitions, has shown that the Group’s capabilities and platforms are also effective at driving growth in established works,” said Ryan Beedie, President of Beedie Capital Partners. “We are excited to add HBC to the team in order to continue to grow Nettwerk’s catalogue acquisition and new artist development projects.”

The past year has been an exciting one for Nettwerk Music Group across all divisions of the company. Highlights include management client fun., who broke out with their smash single “We Are Young feat. Janelle Monae” from sophomore album Some Nights (Fueled By Ramen), which is now certified Platinum. The band was nominated for six Grammy Awards®, and took home two: Song of the Year and the coveted Best New Artist. Internationally, Vancouver-based singer/songwriter Wanting saw her debut album, Everything In The World, explode in and around China, going Triple Platinum in China and Hong Kong and Platinum in Malaysia and Taiwan. Wanting, who is also a label and publishing client, is nominated for 10 Chinese Music Chart Awards, including Best New Artist, Album of the Year and Singer/Songwriter of the Year.

LA-based band Family of the Year, who sits on Nettwerk’s management and label rosters, saw a local buzz early last year grow into full-fledged national acclaim. Stand-out track “Hero,” from Nettwerk debut album Loma Vista, recently claimed the #1 spot on the Triple A Top 30 Chart, following the band’s appearances on national late night television shows Jimmy Kimmel Live!, Conan, and Last Call With Carson Daly, as well as major support from MTV, MTV2, CMT, and national print publications like USA Today and Entertainment Weekly. Family of the Year, who in the past has supported artists like Edward Sharpe & The Magnetic Zeros, Mumford & Sons, Good Old War and Milo Greene, is in the midst of selling out their first headline tour of North America. This summer, the band will appear at various festivals, including Lollapalooza, Summerfest and Kanrocksas.

Label artist Passenger’s debut Nettwerk album All The Little Lights has lived on the Billboard Heatseekers Chart for 34 consecutive weeks and counting. The UK troubadour has been touring the world, selling-out nearly every headline show across North America, the UK, Europe, New Zealand and Australia, as well as supporting his friend Ed Sheeran in these territories. The video for lead single “Let Her Go” exploded on YouTube and now has more than 22 million views, while the single itself has reached #1 in ten countries so far. iTunes UK named All The Little Lights the “Best Singer/Songwriter Album of 2012,” while iTunes US and Canada featured the album as a 2012 Chart Topper. Passenger will return to North American for a major headline tour this summer.

Recent label signings include the much buzzed about Swiss/German female duo BOY, Australian indie folk quintet The Paper Kites, Brooklyn fantasy pop duo Savoir Adore and Canadian gritty rockers The Pack A.D.

About Nettwerk Music Group Inc.
Nettwerk Music Group (NMG) is the umbrella company for Nettwerk Records, Nettwerk Management, Nettwerk Producer Management and Nettwerk One Publishing. Nettwerk connects music fans with music makers. From launching the careers of Sarah McLachlan and Coldplay and developing artists like fun., Old Crow Medicine Show, Morgan Page, Passenger, Family of the Year and Wanting to working with a roster of top-flight producers and mixers like Chris Lord-Alge, Ron Aniello, Howard Benson and Bob Clearmountain, Nettwerk continues its over 25 year history of tenacity, innovation and ingenuity. As a worldwide organization, NMG offers its clients a wide range of services in the business of music while ensuring the artist remains the creative centre.

Photo courtesy of Shutterstock.

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Rocketmiles said Monday it raised $2 million in funding led by Atlas Venture. Other participants include Link Ventures, and Peterson Ventures and several angel investors in the travel and loyalty industry. Chicago-based Rocketmiles is a hotel booking site.

PRESS RELEASE

Chicago-based Rocketmiles (www.rocketmiles.com) today announced that is has raised $2 million in funding led by Atlas Venture. Founded in 2012, Rocketmiles is a hotel booking site geared toward travelers who want to stockpile miles for dream vacations, from an anniversary trip to Paris to a family spring break getaway to Key West. The company made its public debut earlier this month following a successful two month beta.

The $2 million convertible note financing is the first round of external fundraising for Rocketmiles. Participants include Atlas Venture, Link Ventures, and Peterson Ventures and several angel investors in the travel and loyalty industry.
“Until now, the easiest way for travelers to earn reward miles was from flights and credit cards. Rocketmiles was created to offer travelers a lucrative new option that allows them to stockpile miles when booking hotel rooms so they can save up for free vacations faster,” said Jay Hoffmann , CEO and Cofounder of Rocketmiles and former Managing Director at Mileage Plus. “Rocketmiles customers can book rooms at desirable premium hotels for similar rates as found on popular online travel agencies, and at the same time earn an average of 3,000 reward miles per night. For the frequent traveler, that adds up to 90,000 extra miles per year that they can use to fly nearly anywhere in the world.”
“Rocketmiles has developed a creative new way to add value to online travel, the largest e-commerce category. The unique business model and experienced founding members are impressive and we are very excited to be part of this team,” said Ryan Moore , Partner, Atlas Venture.
Rocketmiles will use the funding to invest in marketing and customer acquisition as well as to expand its airline and hotel partnerships.
About Rocketmiles
Rocketmiles was founded in 2012 to allow frequent fliers to earn previously unheard of quantities of frequent flier miles and points when booking rooms at high-quality hotels. For consumers, Rocketmiles makes saving up for incredible vacations faster and easier. For hotels, Rocketmiles means being able to offer high-value customers inventory that would have otherwise gone unsold — without weakening the brand through public discounting. Based in Chicago and backed by top-tier strategic venture firms, the company is founded by travel and loyalty veterans Jay Hoffmann , Bjorn Larsen , and Kris Helenek . For more information, visit www.rocketmiles.com and follow on Twitter @rocket_miles.

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KPS Capital Partners said Monday that it promoted Bruce Curley to Partner – Operations Group. Curley lead the firm’s operations group, KPS said.

PRESS RELEASE

KPS Capital Partners, LP (“KPS”) announced today the promotion of Bruce Curley to Partner – Operations Group.
Mr. Curley leads the KPS Operations Group, a growing team of ten professionals with significant manufacturing and operations experience. The KPS Operations Group works with the KPS portfolio companies to create a culture of continuous improvement and to make their businesses better.
Mr. Curley has been affiliated with KPS since 2000, first as Chief Executive Officer of a former KPS portfolio company, and then beginning in 2005 as Managing Director and head of the KPS Operations Group. Prior to his involvement with KPS, Mr. Curley held management positions with International Paper, Boise Cascade and Mead. Mr. Curley received a B.S. in Engineering from Rensselaer Polytechnic Institute and an M.A. in Business from Central Michigan University. He is a registered Professional Engineer.
Michael Psaros and David Shapiro , Co-Founders and Managing Partners of KPS, said, “We are proud to announce the promotion of Bruce Curley to Partner – Operations Group. Bruce is an important member of the KPS team and has contributed enormously to the success of our firm for over a decade by working with our portfolio company management teams to drive operational excellence. We have built a world class team of operations focused professionals under Bruce’s leadership and we expect to continue to grow our operations team in the coming years.”
On April 15, 2013, KPS announced the first and final closing of its fourth fund, KPS Special Situations Fund IV, with $3.5 billion in investor capital commitments.
About KPS Capital Partners, LP
KPS Capital Partners, LP is the manager of the KPS Special Situations Funds, a family of private equity funds with $6.0 billion of assets under management focused on constructive investing in restructurings, turnarounds and other special situations. The KPS investment strategy targets manufacturing and industrial companies with strong market positions that are going through a period of transition or experiencing operating or financial difficulties. For over two decades, the partners of KPS have worked with the management teams and associates of its portfolio companies to improve operating and financial performance by focusing on cost reduction, efficiency, operational excellence and strategic growth initiatives. KPS Portfolio Companies, as of December 31, 2012, have aggregate annual revenues of approximately $6.8 billion, operate 85 manufacturing plants in 25 countries, and employ over 29,000 associates, directly and through joint ventures worldwide. The KPS investment strategy and portfolio companies are described in detail at the firm’s website: www.kpsfund.com.

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