Vestar Ups Stephens to MD
NEW YORK, NEW YORK – January 30, 2015 – Vestar Capital Partners, a leading U.S. private equity firm, today announced the promotion of John B. Stephens to managing director of the firm.
“John’s contributions to Vestar during the past decade have been substantial,” said Robert L. Rosner, co-president of Vestar and a founding partner of the firm. “He brings extraordinary energy and insights to our investment process and is well deserving of this important recognition of his contributions.”
Mr. Stephens, most recently a principal of the firm, joined Vestar in 2006. He is a member of Vestar’s Diversified Industries group and has also served in Vestar’s Consumer group. He is a director of Roland Foods and St. John Knits, and was previously on the board of Consolidated Container. Before joining Vestar, he was a member of the Leveraged Finance Group at Wachovia Securities and also worked at L.E.K. Consulting.
He holds a B.A., magna cum laude, from Middlebury College, where he was a member of the Phi Beta Kappa academic honor society. Originally from Lakeland, Florida, Mr. Stephens now lives in Denver, Colorado.
Tervita Corporation's U.S.-Based Operations to be Acquired by Republic Services
Tervita, LLC's Vertically Integrated Operations to Serve as Platform for Republic Services' Continued Growth in E&P Sector; Tervita Corporation to Focus on its Growing Canadian Operations
PHOENIX, Dec. 19, 2014 /PRNewswire/ -- Republic Services, Inc. (NYSE: RSG) and Calgary, Alberta-based Tervita Corporation announced today that the companies have entered into a definitive agreement whereby a subsidiary of Republic Services will acquire Tervita, LLC ("Tervita"), a subsidiary of Tervita Corporation. Tervita is a leading pure-play environmental waste solutions provider serving oil and natural gas producers in the United States.
Tervita's geographic footprint spans across some of the most attractive domestic basins, including the Permian, Eagle Ford and Bakken. Tervita provides oilfield waste services to its diverse customer base and operates three types of waste management and disposal facilities: treatment, recovery and disposal (TRD) facilities; engineered landfills; and salt water disposal (SWD) injection wells. Additionally, Tervita provides closed loop solids control systems and transportation services.
"The acquisition of this vertically integrated operation allows Republic Services to establish a significant platform in the E&P waste sector and positions us well for future growth opportunities," said Donald W. Slager, president and CEO of Republic Services. "Additionally, Tervita's environmentally committed operations complement our core competency and expertise in waste handling, recovery and disposal."
"Over the last decade we have built a broad U.S. footprint with a strong reputation for high quality services, a deeply experienced employee base and a strong commitment to safety," said Tervita Corporation President & CEO, John W. Gibson, Jr. "As we now focus our strategic efforts on growing our expansive Canadian operations, we believe that Republic Services, a company with high expertise and integrity, is best positioned to realize Tervita's U.S. growth potential."
Tervita, through its approximately 500-person skilled U.S. workforce, has an exceptional track record of safety and regulatory compliance across its entire operational footprint. Tervita is committed to operational best practices and has reinforced its strong reputation as a reliable, high quality service provider.
J.P. Morgan Securities LLC acted as exclusive financial advisor to Republic Services and Goldman, Sachs & Co. acted as exclusive financial advisor to Tervita Corporation on this transaction.
About Tervita Corporation:
Tervita Corporation is a leading North American environmental solutions provider. Its integrated earth, water, waste and resource solutions deliver safe and efficient results through all phases of a project by minimizing impact, maximizing returns.™ More than 3,000 dedicated employees are trusted sustainability partners to oil and gas, construction, mining, government and communities. Safety is its highest priority: it influences its actions and shapes its culture.
About Republic Services:
Republic Services, Inc. is an industry leader in U.S. non-hazardous recycling and solid waste. Through its subsidiaries, Republic's collection companies, transfer stations, recycling centers and landfills focus on providing reliable environmental services and solutions for commercial, industrial, municipal and residential customers. Republic and its employees believe in protecting the planet and applying common sense solutions to customers' waste and recycling challenges. For more information, visit the Republic website at republicservices.com.
Vestar Portfolio Company Institutional Shareholder Services to Acquire Incentive Lab
Rockville, MD (October 16, 2014) – Institutional Shareholder Services Inc. (“ISS”), a leading provider of corporate governance solutions to the global financial community, today announced the acquisition of the business of Incentive Lab, a data and analytics firm developing innovative solutions for addressing the increased complexity and unpredictability of executive compensation.
Established in 2009 and based in Scottsdale, Arizona, Incentive Lab is unique among providers of executive compensation data and analytics, offering detailed and comparable data on incentive awards, full details on performance metrics, goals, and structures, and a host of other data such as vesting schedules and performance periods. Based on this detailed data, Incentive Lab has developed innovative approaches to value and benchmark performance-based compensation, assess the rigor of performance targets, and understand how changes in plan design impact likely award outcomes.
"This acquisition is in keeping with our commitment to clients to expand product offerings and provide innovative solutions that will improve investment decision-making while mitigating portfolio governance risk,” said ISS President & CEO Gary Retelny. "The breadth and depth of Incentive Lab’s compensation data, coupled with its proprietary approach to measuring the efficacy of the link between pay and performance, will be a powerful tool for ISS' institutional investor clients as well as for the corporate clients of ISS’ ICS subsidiary."
ISS will continue to maintain Incentive Lab operations in Scottsdale and will integrate the firm’s solutions into its industry leading research, data, and analytical tools used by investors and corporations. "We look forward to welcoming the highly talented staff of Incentive Lab into the ISS family,” said Retelny.
"This transaction underscores the importance for both corporations and their shareholders in getting compensation right," said Dr. Carr Bettis, founder, chairman and chief scientist of Incentive Lab. "As the market leader in providing corporate governance solutions, ISS is an ideal home to continue Incentive Lab’s innovative work.”
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About ISS
ISS, founded in 1985 as Institutional Shareholder Services Inc., is the world's leading provider of proxy advisory and corporate governance solutions to financial market participants. ISS' services include objective proxy research and analysis, end-to-end proxy voting and distribution solutions, turnkey securities class-action claims management, and reliable governance data and modeling tools. Clients rely on ISS' expertise to help them make informed corporate governance decisions. For more information, please visit www.issgovernance.com.
About Incentive Lab
Incentive Lab is a data and analytics firm created to address the increasing complexity of executive compensation plans. Incentive Lab superior data and essential science provide market-leading expertise in valuing performance-based incentive awards, evaluating the effectiveness of design choices and communicating results. With performance-based compensation now the largest portion of executive pay, Incentive Lab services are helping companies, compensation consultants and others add insight and clarity to executive compensation. For more information, please visit www.incentivelab.com.
Media Contacts (ISS):
Nancy Adler, Head of Marketing & Communications, ISS
212-804-5270
[email protected]
Subodh Mishra, Vice President for Communications, ISS
301-556-0304
[email protected]
Vestar Beefs up Team with Two New Additions
NEW YORK, NEW YORK – September 29, 2014 – Vestar Capital Partners, a leading U.S. private equity firm, today announced the addition of Nikhil Bhat and Alexander Kerr to the Firm as Senior Associates.
Nikhil Bhat graduated earlier this year from the Stanford Graduate School of Business, where he earned his M.B.A. with distinction as an Arjay Miller Scholar. He joins Vestar as a Senior Associate in the Firm’s Diversified Industries Group. Prior to business school, Mr. Bhat worked on the Industrials team at Advent International, where he focused on private equity investments in the building products, capital equipment and distribution sectors. He began his career as a consultant at Bain & Company. Mr. Bhat received a B.S. in Economics, magna cum laude, from the Wharton School of the University of Pennsylvania in 2007.
Alex Kerr also joins Vestar as a Senior Associate in the Diversified Industries Group. Prior to joining Vestar, he was an Associate at Madison Dearborn Partners, where he evaluated LBO and structured equity investment opportunities across the healthcare, consumer and industrial sectors. He has held analyst positions in the Global Markets and Investment Banking group at Merrill Lynch and in the Citigroup Capital Markets and Banking unit. He holds a B.S., cum laude, from Georgetown University’s School of Foreign Service (2006) and an M.B.A. from the Wharton School of the University of Pennsylvania (2014).
21st Century Oncology Received $325 Million Net Cash Proceeds from Preferred Equity Investment
New investor, Canada Pension Plan Investment Board, is Canada’s largest pension fund manager, with C$227 billion in assets under management
• Investment results in substantial deleveraging, stronger liquidity, and significant capital for continued business expansion
• 21st Century Oncology (21C) to use fresh capital to drive integrated cancer care strategy, organic growth and corporate development initiatives
FORT MYERS, FL & NEW YORK, NY, SEPTEMBER 26, 2014 – 21st Century Oncology Holdings, Inc. (“21st Century Oncology” or “the Company”) and Vestar Capital Partners (“Vestar”) today announced that Canada Pension Plan Investment Board (“CPPIB”), Canada’s largest pension fund manager with C$227 billion in assets under management, has made a $325 million equity investment in the Company. The investment provides the Company with substantial incremental liquidity, enables significant debt reduction, and secures the long-term capital necessary to support the Company’s future growth strategy.
Dr. Daniel Dosoretz, Founder and Chief Executive Officer, said, “This new capital provided by CPPIB is a significant equity investment for 21C. CPPIB’s investment is a key partnership in our worldwide leadership of Integrated Cancer Care (ICC) and our ability to achieve sustained organic and acquisitive growth. We are extremely pleased that CPPIB has joined Vestar Capital as a major equity partner, sharing our conviction that we will continue to leverage our unique global platform and execute our long-term business plan.”
Dr. Dosoretz continued, “Importantly, the investment allows us to continue to pursue our ICC and corporate development strategies that have driven the expansion of our business over the past several years. It will significantly enhance our capital structure and give us the resources necessary to continue providing integrated cancer care, improve the quality of care, and deliver that care at compelling value to our expanding patient population throughout North America and Latin America. Our business continues to perform well, with strong organic trends and growth contributions from the acquisitions of OnCure and SFRO. We expect to continue to build on our second quarter momentum as we move through the second half of 2014, delivering academic quality care to patients, improving census and executing our growth strategy.”
Scott Lawrence, Managing Director, Head of Relationship Investments, CPPIB, said, “We are pleased to become a cornerstone investor in 21C, and we look forward to a strong partnership with senior management and Vestar Capital. This investment is aligned with our goals of providing strategic, longterm capital to industry leading businesses where we can participate in their future success and help create greater value through an ongoing partnership.”
Rob Rosner, Chairman of the Board of 21C and Co-President of Vestar Capital, noted, “The CPPIB investment supports Vestar’s long-term thesis that 21C is the preeminent platform for integrated cancer care and provides academic quality care in comfortable, convenient and integrated settings. We look forward to our partnership with CPPIB in fulfilling the Company’s mission and reaching its full business potential.”
The net proceeds of the investment will be used to repay all outstanding borrowings under the Company’s revolving credit facility of approximately $79.5 million, repay all obligations under the South Florida Radiation Oncology (SFRO) credit facilities of approximately $84.5 million, repay certain other debt and capital leases, fund strategic initiatives, and provide working capital for general corporate purposes. As a result of the CPPIB investment, the recapitalization support agreement that the Company entered into in July has terminated in accordance with its terms. The Company’s senior subordinated notes will remain outstanding and unmodified. Following the repayments of debt identified for repayment, the Company expects to have approximately $80 million of the net cash proceeds on hand.
Pursuant to the terms of the investment, CPPIB will receive shares of the Series A Convertible Preferred Stock and will have the right to nominate two directors for appointment to 21C’s Board of Directors. The holders of a majority of the outstanding preferred stock will have customary consent rights and will be entitled to vote together with the holders of the Company’s common stock on an as converted basis under certain circumstances.
A detailed Form 8-K filing that includes the specifics of the new preferred stock and related documentation is available on the U.S. Securities and Exchange Commission (SEC) website,
www.sec.gov.
Civitas Solutions, Inc. (a/k/a National Mentor Holdings) Announces Pricing of Initial Public Offering
Released by Civitas: 09/16/2014
BOSTON--(BUSINESS WIRE)--Civitas Solutions, Inc. (“Civitas” or the “Company”) announced today that it has priced the underwritten initial public offering of 11,700,000 shares of its common stock at a price to the public of $17.00 per share. In connection with the offering, Civitas has granted the underwriters a 30-day option to purchase up to an additional 1,755,000 shares. The shares are expected to begin trading on the New York Stock Exchange beginning on September 17, 2014 and will trade under the symbol “CIVI.” The offering is expected to close on September 22, 2014.
Civitas expects to receive proceeds from this offering, after deducting estimated underwriting discounts and commissions and offering expenses payable by the Company, of approximately $182.2 million. Civitas intends to use the proceeds from this offering, together with cash on hand, to (i) redeem $162.0 million in aggregate principal amount of the senior notes issued by National Mentor Holdings, Inc. at a redemption price of 106.25% plus accrued and unpaid interest thereon to the date of redemption and (ii) pay a transaction advisory fee to its equity sponsor under a management agreement that will terminate upon completion of the offering.
Barclays Capital Inc., BofA Merrill Lynch and UBS Securities LLC are serving as representatives of the underwriters and joint book-running managers for the offering. Raymond James & Associates, Inc., SunTrust Robinson Humphrey, Inc., BMO Capital Markets Corp. and Avondale Partners, LLC are acting as co-managers.
Colorado Impact Fund Launches as Engine for Entrepreneurial Growth and Positive Community Impact in Colorado
(Denver, Colo.) – July 8, 2014 – Tonight, at an event hosted by Governor Hickenlooper and co-founders Jim Kelley and Ryan Heckman at the Governor’s Mansion, the Colorado Impact Fund will officially launch as Colorado’s first privately financed fund of its kind, specifically aimed at assisting local entrepreneurs whose companies contribute to the well-being and health of Colorado communities. A private equity fund dedicated to supporting local companies that generate consistent investment returns in addition to positive community impact, the Colorado Impact Fund includes investors from some of Colorado’s most respected executives, families, foundations and corporations, each of whom is committed to making a difference in the State of Colorado and beyond.
"Colorado is now home to five of the top 20 regions for tech start-up communities," said Governor John Hickenlooper. "This is also a state where we believe our bold capitalistic aspirations can be in harmony with our obligations to our fellow man, and the Colorado Impact Fund exists to do exactly that. The Fund will make capital available to innovative companies that are committed to improving the lives of Coloradans throughout the state.”
The concept of the Colorado Impact Fund emerged from discussions among local leaders about the importance of supporting Colorado businesses that have a positive impact in our communities. This group recognized that in addition to providing quality jobs and economic development, many Colorado companies also provide solutions to some of the social and environmental challenges the State faces. These civic-minded investors expressed interest in earning competitive returns while simultaneously achieving positive community impact. The intersection of these objectives inspired the creation of the Colorado Impact Fund by Jim Kelley, Denver-based managing director and co-founder of Vestar Capital Partners, a leading private equity firm with offices in New York and Denver, and Ryan Heckman, co-founder of Excellere Partners and executive director of Quarterly Forum, a Denver-based leadership organization.
“We believe that the private sector plays an important role in the creation of healthy and thriving communities,” said Kelley. “The goal of the Colorado Impact Fund is to demonstrate that investors don’t have to trade financial returns for positive impact – you can, in fact, have both. This will, in turn, help attract more private capital to fund businesses that improve lives in our community.”
Managed by an affiliate of Vestar Capital Partners, the Colorado Impact Fund will provide growth capital to entrepreneurs who have built compelling business models that drive meaningful returns both socially and financially. Vestar Capital Partners manages the Fund on a pro bono basis, without carried interest, with a goal of giving back to the community. This unique structure aligns the Colorado Impact Fund with the most cost-efficient capital for entrepreneurs, financial returns for investors and the growth and well-being of Colorado.
“Energy and passion are core to who we are, and we seek to partner with entrepreneurs and managers equally dedicated to these values,“ said Ryan Heckman, co-founder and senior advisor to the Colorado Impact Fund. “The foundation of our investment strategy is to leverage our collective experiences, resources and networks to help Colorado entrepreneurs be financially successful while also making a lasting, positive impact on the surrounding community.”
The Colorado Impact Fund will target initial investments of $2 million to $6 million per portfolio company in the following industry sectors and outcomes: community health, natural resource conservation, education and workforce development, and economic development. The Fund seeks to make investments throughout the state.
About Colorado Impact Fund
The Colorado Impact Fund is a private equity fund managed by an affiliate of Vestar Capital Partners, which is dedicated to supporting local Colorado companies that generate consistent investment returns in addition to positive community outcomes. Investors in the Fund include some of Colorado’s most respected executives, families, foundations and corporations, each of whom is committed to making a difference in the State of Colorado and beyond. Targeting investments of $2 million to $6 million in the areas of community health, natural resource conservation, education and workforce development and economic development, the Colorado Impact Fund leverages its collective experiences, resources and networks to help Colorado entrepreneurs create exceptional and lasting companies. For more information visit www.coloradoimpactfund.com.
Vestar Capital Partners Completes Sale of Wilton Re
NEW YORK, NEW YORK – July 1, 2014 – A group of investors led by Stone Point Capital, Kelso & Company, Vestar Capital Partners, and FFL today completed the previously announced sale of Wilton Re to the Canada Pension Plan Investment Board (CPPIB). A wholly owned subsidiary of CPPIB, together with the management of Wilton Re, acquired 100 percent of the common stock of Wilton Re Holdings Limited from the investor group for US$1.8 billion. The transaction was previously announced on March 21, 2014.
Vestar Portfolio Company Press Ganey Acquires National Database of Nursing Quality Indicators (NDNQI®)
June 10, 2014, Boston, Massachusetts – Press Ganey announced the acquisition of the National Database of Nursing Quality Indicators (NDNQI®), the leading quality improvement and nurse engagement tool developed by the American Nurses Association (ANA) and managed by The University of Kansas School of Nursing. The acquisition strengthens Press Ganey’s ability to empower nurses and nursing leaders in their mission to reduce patient suffering and improve the patient experience.
“Press Ganey is privileged to carry on the quality improvement efforts designed by the ANA and looks forward to expanding the capabilities of this exceptional program,” said Pat Ryan, CEO, Press Ganey. “As we partner with providers to transform the health care system, we remain committed to the role of nursing in advancing the quality of the patient experience and achieving higher quality, more coordinated care.”
NDNQI was founded by ANA and since 2001, has been managed by The University of Kansas School of Nursing. NDNQI promotes nursing excellence through the most robust source of comparative norms in the industry and supports nurse retention through its leading RN survey tool. Used by 2,000 hospitals nationwide, it is the largest provider of unit-level performance data to hospitals. Coupled with Press Ganey’s deep benchmarking data, expansive engagement tools and advanced analytics, the addition of NDNQI will offer more targeted insights into nursing performance to improve the overall patient experience and outcomes.
“ANA has found a partner in Press Ganey that shares its mission of improving patient care through the power of nursing-sensitive data measurement, collection and comparison,” said ANA Chief Executive Officer Marla J. Weston, PhD, RN, FAAN. “This strategic alignment will enhance the power of nursing data, generate even better normative comparisons and allow for expanded linkages to outcomes.”
The NDNQI program is unique in its ability to provide unit-level reporting aligned to nursing-sensitive measures and in compliance with Magnet Recognition Program®requirements to help achieve the highest levels of performance. NDNQI tracks up to 19 nursing-sensitive quality measures, providing actionable insights based on structure, process and outcome data. Health care organizations can use the information to establish organizational goals for improvement, down to the unit level.
“At a time when the health care industry is moving from volume-based care to value-based care, the ability to understand nursing quality indicators and retain valued nursing staff has never been more critical,” said Christy Dempsey, CNO, Press Ganey. “We are pleased to announce the acquisition of NDNQI, as it is the gold standard for nursing quality data and a proven solution that addresses the vital role of nursing in coordinated models of care.”
About NDNQI
NDNQI®is the only national nursing quality measurement program that enables hospitals to compare measures of their nursing quality against national, regional and state norms for hospitals of the same type down to the unit level. Used by 2,000 hospitals nationwide, it is the largest provider of unit-level performance data to hospitals. NDNQI is a program of the American Nurses Association (ANA) and is administered on behalf of ANA by The University of Kansas School of Nursing. Visit the NDNQI website to learn more about the database and how it’s helping hospitals across the U.S. and around the world to track and improve on nursing-sensitive quality measures. For more information, visit, www.ndnqi.org.
Vestar Capital Partners and Goldman Sachs Complete Acquisition of Hearthside Food Solutions
NEW YORK, NEW YORK – June 3, 2014 – Goldman Sachs and Vestar Capital Partners announced today that they have completed their acquisition of Hearthside Food Solutions, the largest independent bakery and contract food manufacturer in North America. The transaction was previously announced on March 19, 2014; terms were not disclosed. Goldman Sachs and Vestar will own equal stakes in the company going forward.
Affiliates of Barclays Capital and Goldman Sachs provided commitments for the debt financing for the transaction. Davis Polk & Wardwell LLP acted as the legal advisor to Goldman Sachs and Vestar in this transaction.
About Hearthside Food Solutions
Hearthside Food Solutions, headquartered in Downers Grove, Illinois, is the nation’s largest independent bakery and a full-service contract manufacturer of high quality, grain-based food and snack products for many of the world’s leading premier brands. Hearthside offers a diverse product portfolio focused on four main platform categories – bars, cookies/crackers, granola/cereals, and snacks. Hearthside operates 20 food-manufacturing facilities in eight states. For more information on Hearthside Food Solutions, visit www.hearthsidefoods.com.