VCJ Staff
Crestview Partners has acquired Key Safety Systems Inc. (f.k.a. Breed Technologies), a Sterling Heights, Mich.
TI Automotive has completed the sale of its Industrial Group businesses — Bundy Refrigeration, Walbro Engine Management and VARI-FORM
Summit Partners has agreed to acquire an 85% stake in Life of the South Corp., a Jacksonville, Fla.-based provider and administrator of payment protection products. Senior company management will retain approximately 15% of the company. No financial terms were disclosed. www.summitpartners.com www.life-south.com
Direct General Corp. (Nasdaq: DRCT) shareholders have voted to approve a $21.25 per share buyout by Calera Capital (f.k.a. Fremont Partners) and TPG. The total transaction price is $628.2 million (including leverage). Direct General is a Nashville, Tenn.-based insurance company. www.direct-general.com
General Atlantic has completed its acquisition of Network Solutions, a Herndon, Va.-based provider of online solutions for small businesses, from Najafi Cos. (f.k.a. Pivotal Private Equity). No financial terms were disclosed for the deal, which did not result in a change of senior management. www.networksolutions.com
Palladium Equity Partners has acquired a “significant minority” interest in Sahale Snacks, a Seattle-based maker of branded and private-label, all-natural gourmet snack foods. No financial terms were disclosed. www.palladiumequity.com www.sahalesnacks.com
Pfingsten Partners has acquired two custom closet organization companies: Closet Works Inc. of Elmhurst, Ill. and Crowne Enterprises LLC of Las Vegas. No financial terms for either transaction were disclosed. www.pfingstenpartners.com
Flexpoint Partners has acquired a majority interest in Norwich Group Inc., a Rosemont, Penn.-based commercial property/casualty insurance company. No financial terms were disclosed, although LBO Wire puts the price-tag at nearly $100 million. www.flexpointpartners.com www.norwichgroup.com
Champ Private Equity, the Australian affiliate of Castle Harlan, has acquired New Zealand-based printing company Blue Star Print Group Ltd. for NZ$385 million (US$267 million). Champ acquired Blue Star from company management, but many senior managers will continue to run the company and retain a minority ownership position. www.bspg.co.nz
Colony Capital and French billionaire Bernard Arnault have invested around Euro 4 billion to acquire a 9.8% stake in European retailer Carrefour SA, which has intensified talk that the company could get bought out. Further intensifying speculation was yesterday's resignation of chairman Luc Vandevelde. www.carrefour.com