UK private equity firm CVC acquires Italian information group Cerved

UK-based private equity major CVC Capital Partners Ltd said it had agreed to buy Italian business information provider Cerved Group SpA for EUR1.13bn (USD1.5bn).

The vendors are US buyout firm Bain Capital LLC and Italy’s Clessidra SGR SpA. The buyer said that Credit Suisse AG (NYSE:CRP), Deutsche Bank AG (FRA:DBK) and HSBC (LON:HSBA) would provide committed financing for the deal.

The target offers credit and business information to over 30,000 clients, including 90% of Italian banks. It generated sales of EUR292m in 2012 with a staff of 1,020.

The deal is subject to customary regulatory approvals.

CVC took counsel from Deutsche Bank, Lazard Ltd (NYSE:LAZ), Eidos Partners srl, Chiomenti Studio Legale, Kirkland & Ellis LLP, Bain and Company Inc, Ernst & Young LLP and Studio Tributario Associato Facchini Rossi Scarioni.

Bain Capital and Clessidra were advised by HSBC, Banca Intesa SpA, Gattai Minoli & Partners, Kirkland & Ellis, PricewaterhouseCoopers LLP, McKinsey & Company Inc, Capital Market Initiatives, Studio Pirola Pennuto Zei & Associati and Vitali Romagnoli Piccardi e Associati.

US fashion group Gap to acquire Intermix for $130m

US fashion company The Gap Inc (NYSE:GPS) has agreed to acquire women’s fashion boutique Intermix Inc for USD130m (EUR98.8m), the Wall Street Journal (WSJ) reported.

The deal represents Gap’s first acquisition since 2008 when it bought women’s active apparel retailer Athleta Inc for USD150m.

The target operates 30 stores in the US and Canada and Gap plans to double them and expand the chain overseas, Art Peck, president in charge of new brands at Gap, told the WSJ.

Intermix’s private-equity owner, Goode Partners LLC, and Gap started takeover discussions in late October 2012 and completed them at the end of last year, Intermix founder and CEO Khajak Keledjian said. Goode Partners owned a 40% stake in the retailer, which generates annual sales of some USD130, according to a knowledgeable source.

As part of the deal, Keledjian will remain at the company as chief creative officer.

US biotech firm Questcor acquires Canadian BioVectra

US biopharmaceutical firm Questcor Pharmaceuticals Inc (NASDAQ:QCOR) said it had inked a definitive accord to buy Canadian BioVectra Inc, a provider of manufacturing services to the pharmaceutical and biotechnology sector.

Questcor will acquire all issued and outstanding shares of BioVectra for an upfront consideration of CAD50m (USD50.7m/EUR38.6m), using available cash. It may also pay up to a further CAD50m, based on BioVectra’s financial performance over the next three years.

The transaction, which is expected to be wrapped up this month, is seen to have immediate positive impact on Questcor’s non-GAAP earnings, Questcor said.

BioVectra has been a manufacturing partner for the active pharmaceutical ingredient for Questcor’s H.P. Acthar Gel and its takeover is seen to additionally secure the manufacturing process trade secrets around the product as well as enhance Questcor’s capacity to address the rising demand for it. The move also brings know-how and positions the buyer for international growth, its CEO, Don Bailey, noted.