Deal Wrap: J.C. Flowers exits Vericity; Ambienta to invest in Babcock Wanson

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

– J.C. Flowers & Co. LLC closed the sale of Vericity Inc., a direct-to-consumer life insurance solutions provider, to iA Financial Corp. Inc. unit iA American Holdings Inc. The all-cash deal was valued at roughly $170 million.

– Ambienta SGR SpA will purchase a majority stake in Babcock Wanson Group, a European provider of industrial process heating equipment and solutions, alongside the latter's senior management team. Funds managed by Kartesia Advisor LLP, Babcock's current shareholder, will reinvest in the business. Crédit Agricole Corporate & Investment Bank, EY, Weil Gotshal & Manges, Ramboll and Marsh advised Ambienta on the deal, which is likely to close in the third quarter.

– Fund affiliates of General Atlantic Service Co. LP and Stone Point Capital LLC finalized the acquisition of HireRight Holdings Corp., which provides background screening services and workforce solutions, in an all-cash deal representing a total enterprise value of roughly $1.7 billion. HireRight's common stock has stopped trading and will no longer be listed on the NYSE. Centerview Partners LLC was financial adviser and Davis Polk & Wardwell LLP was legal adviser to HireRight's special committee of independent and disinterested directors. Goldman Sachs & Co. LLC and RBC Capital Markets LLC were financial advisers to General Atlantic and Stone Point, and Paul Weiss Rifkind Wharton & Garrison LLP acted as legal adviser. Simpson Thacher & Bartlett LLP was also a legal adviser to Stone Point.

– FZF Ventures recently invested in Climate 101, a platform that uses blockchain technology to support climate initiatives.

– Artrix AI, a digital art landscape business, and The Kita Foundation, a social finance organization, also received venture capital investment from FZF Ventures in separate transactions.

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