Altamont Capital Partners‘ latest deal proved to be a cross-border, multijurisdictional affair, reports LBO Wire’s Beina Xu. The firm invested in insurance loss adjuster McLarens Young International, then simultaneously closed a merger of that business and London-based peer Airclaims Ltd., which is focused on the aviation industry.
Airclaims was backed by U.K. private equity firm LDC, which supported the management buyout of the company in January 2005 from insurance companies British Aviation Insurance Co. and La Reunion Aerienne.
Tech Air Inc., a CI Capital Partners-backed distributor of industrial, specialty and medical gases and welding equipment, is buying its peer Corp Brothers Inc. It is the first add-on acquisition for Tech Air since the firm and management bought the company in December. Equity for the platform came from the $620 million CI Capital Investors II LP, which closed in April.
Also, Cate Street Capital and Starwood Energy Group Global closed on $275 million in financing for a 75 megawatt biomass power plant in Berlin, N.H. . . Checkers Industrial Products LLC, backed by Tonka Bay Equity Partners, acquired Peterson Systems International Inc., a maker of cable management systems. . . And Inverness Graham exceeded its $150 million fund-raising goal for its sophomore vehicle, closing the fund at $151.5 million.
(LBO Wire is a daily newsletter with comprehensive analysis of all the investments, deals, fund raisings and personnel moves involving private equity firms. For a two-week trial, click here.)
Elsewhere:
The Financial Times reports that private equity and venture capital fund raising in Latin America climbed 59% in the first half of the year compared year-earlier results as large firms rounded up billions of dollars, particularly for Brazil.
A subcommittee backed a move to increase the budgets for financial regulators “on the Wall Street beat,” according to DealBook.
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