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Deal Wrap: American Securities to sell Paragon; Greif in talks to buy Ipackchem


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Deal Wrap: American Securities to sell Paragon; Greif in talks to buy Ipackchem

Deal Wrap is updated as of 4 p.m. ET.

– American Securities LLC agreed to sell medical components and instruments manufacturer Paragon Medical Inc. to Ametek Inc. for about $1.9 billion in an all-cash deal. Jefferies LLC and Piper Sandler Cos. were the financial advisers to Paragon. Weil Gotshal & Manges LLP and Hunton Andrews Kurth LLP provided legal counsel to American Securities and Paragon.

– Greif Inc. entered into exclusive negotiations to acquire Ipackchem Group SAS, which manufactures jerricans and small plastic containers, from an affiliate of private equity firm SK Capital Partners LP for $538 million in cash. Stifel is the exclusive financial adviser to Greif for the planned transaction while Allen & Overy LLP, Trilegal and Pinheiro Neto Advogados are the legal advisers to the company. Goldman Sachs & Co. LLC is the lead financial adviser to SK Capital and other shareholders of Ipackchem. William Blair and Co. is the co-adviser and Kirkland & Ellis is the firm's legal adviser.

– Dutch Infrastructure Fund BV and EDF Invest agreed to acquire Norwegian ferry operator Fjord1 AS from Havila Holding AS and Vision Ridge Partners LLC for an undisclosed amount. The company expects to close the transaction in early 2024 and CEO Dagfinn Neteland will continue to lead Fjord1 on completion of the deal. Rothschild & Co. provided financial advisory services, while Ropes & Gray LLP and Schjødt were the legal advisers to Vision Ridge and Havila Holding. Dutch Infrastructure Fund and EDF Invest received financial advisory services from Deutsche Bank and Cantor Fitzgerald, with Wikborg Rein as their legal adviser.

– Monomoy Capital Management LP sold Shaw Development LLC — a designer, manufacturer and assembler of sensors and fluid management systems — to Madison Dearborn Partners LLC. Jefferies LLC was the exclusive financial adviser to Shaw Development and Monomoy. TD Cowen was the adviser to Shaw Development's board.

– Seaside Equity Partners LLC became partners with government software implementation and support services firm TruePoint Solutions LLC.

– Percheron Investment Management LP announced the acquisition of foundation repair and basement waterproofing services company SafeBasements Of Minnesota Inc. Deb Dulsky joined SafeBasements as CEO.

– LO3 Capital provided growth capital support to personal care products company Inspired Beauty Brands through a senior subordinated debt investment.

– Princeton Equity Group LLC completed its undisclosed strategic investment in Pirtek USA LLC, which provides hydraulic hose repair and replacement services. The company's key management and the Duncan family will keep ownership of Pirtex, and Kim Gubera will remain the CEO of the business.

– BGF Investment Management Ltd. made a £10.5 million investment in Wi-Fi and location analytics platform Purple that will support the company's growth trajectory globally.

For further private equity deals, read our latest In Play report, which looks at potential private equity-backed M&A, including rumored transactions, each week.