Novo Tellus exits Grand Venture Technology; Bernhard Capital to sell Gray Surety

Deal Wrap is updated as of 3 p.m. ET.

– Novo Tellus Capital Partners exited its investment in Singapore-based precision manufacturer Grand Venture Technology Ltd., which was acquired by Aalberts advanced mechatronics BV.

– Bernhard Capital Partners Management LP and The Gray Insurance Co. are set to sell contract surety bonds specialist Gray Casualty & Surety Co., doing business as Gray Surety, to Palomar Holdings Inc. in a $300 million cash deal. Evercore is financial adviser and DLA Piper LLP (US) is legal adviser to Palomar. J.P. Morgan is the financial adviser and Kirkland & Ellis LLP is legal adviser to Gray Surety.

– General Atlantic Service Co. LP led a $115 million investment in India-based Snapmint Credit Advisory Pvt. Ltd., which involved the issuance of convertible preferred shares. The transaction included participation from Kae Capital Management (P) Ltd., Elev8 Venture Partners and other investors. Radix Capital Advisors is Snapmint's investment banking adviser.

– Lakestar Advisors GmbH and Foundamental Management GmbH invested €9 million of equity in Faktus SAS, a Paris-based fintech company, as part of a €56 million funding round combining equity and debt. Insight Investment Management Ltd. and Fostcap provided up to €47 million in debt capacity.

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