Term Sheet

The latest on private equity, M&A, deals and movements — from Wall Street to Silicon Valley

Private equity deals

August 27, 2012: 10:35 AM ET

First Reserve Corp. and SK Capital Partners have agreed to acquire specialty chemicals company TPC Group Inc. (Nasdaq: TPCG). The deal is valued at approximately $850 million (including debt), or $40 per share in cash (20% premium to closing price on July 24, the last day before published reports of a possible buyout). Leveraged financing commitments have been made by BoA Merrill Lynch, Morgan Stanley Senior Funding and Jefferies. Perella Weinberg Partners is advising TPC Group. www.tpcgrp.com

Abraaj CapitalBain CapitalThe Blackstone Group and KKR have moved into the second round of bidding for Indonesian healthcare operator Siloam, according to Reuters. PT Lippo Karawaci is selling the company, which could be valued at upwards of $300 million.

Billabong (ASX: BBG) said that it has opened its books to TPG Capital. TPG currently holds around a 12.45% stake in the struggling Australian sportswear company, and last month offered to buy the remaining shares for A$1.45 a piece. Back in March, TPG had offered A$3.30 per share. www.billabong.com

Galatyn Private Equity and Vspeed Capital have acquired Fortress Solutions Ltd., a Plano, Texas–based repairer and refurbisher of back-office equipment for telecommunication and cable service providers. No financial terms were disclosed. www.fortresssolutions.com

Wind Point Partners has agreed to acquire Shearer's Foods, a Bewster, Ohio-based maker of kettle chips and other private-label salty snacks, from Mistral Equity Partners. No financial terms were disclosed for the deal, which is expected to close in October. Following the deal, former Sara Lee-North America CEO C.J. Fraleigh will become chairman and CEO of Shearer's. www.shearersfoodsinc.com

Thoma Bravo has agreed to acquire Deltek Inc. (Nasdaq: PROJ), a Herndon, Va.–based provider of enterprise software and information solutions for professional services firms and government contractors. The deal is valued at approximately $1.1 billion, or $13 per Deltek share (7% discount to Friday's closing price and a 24% premium to June 11 price, after which there were news reports of the company's sale process). Sellers include New Mountain Capitalwww.deltek.com

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Dan Primack
Dan Primack
Senior Editor, Fortune

Dan Primack joined Fortune.com in September 2010 to cover deals and dealmakers, from Wall Street to Sand Hill Road. Previously, Dan was an editor-at-large with Thomson Reuters, where he launched both peHUB.com and the peHUB Wire email service. In a past journalistic life, Dan ran a community paper in Roxbury, Massachusetts. He currently lives just outside of Boston.

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