Term Sheet

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

Private equity deals

November 16, 2012: 10:09 AM ET

Gardner Denver (NYSE: GDI), a Wayne, Penn.-based maker of industrial machinery, has shortlisted KKR and a joint bid from Onex Corp. and TPG Capital, according to Reuters. Goldman Sachs is managing the process for Gardner Denver, whose market cap is currently around $3.4 billion. Earlier suitors Bain Capital and The Blackstone Group did not advance, according to the report. www.gardnerdenver.com

Guggenheim Partners is the lead bidder for the variable annuities business of Sun Life Financial (TSX: SLF), according to Reuters. Other bidders include Resolution Group and J.C. Flowers & Co., with the sale price expected to top US$1 billion. www.sunlife.com

The Jordan Company confirmed earlier press reports that it will acquire Sequa Automotive Group from The Carlyle Group. No financial terms were disclosed, although Bloomberg previously reported a $400 million price-tag, including a $275 million leveraged loan syndicated by Barclays and RBC Capital Markers. Sequa Automotive Group is the auto unit of industrial manufacturer Sequa Corp., which Carlyle took private for $2.7 billion in 2007. www.carlyle.com

Monitor Clipper Partners has acquired Sengewald Klinikprodukte GmbH, a German provider of drapes, gowns, and custom procedure trays for surgical theaters. No financial terms were disclosed. www.monitorclipper.com

Parthenon Capital Partners and Canadian pension plan OPTrust have agreed to acquire Virginia Beach, Va.-based auto finance company White River Capital Inc. (NYSE: RVR), and its wholly-owned subsidiary Coastal Credit LLC. The deal is valued at approximately $79.5 million, or $21.93 per share. www.parthenoncapitalpartners.com

Veronis Suhler Stevenson has sponsored a recapitalization of Tax Credit Co., a Los Angeles-based provider of tax incentive consulting, administration and technology. No financial terms were disclosed. www.taxcreditco.com

Vincente Capital Partners has acquired a control stake in Intellectual Technology Inc., a Carlsbad, Calif.–based provider of technology solutions and outsourced services to North American motor vehicle departments. No pricing terms were disclosed for the deal, which included debt financing from OneWest Bank. Intellectual Technology will delist from the OTC pink sheets, and was represented on the deal by Imperial Capital. www.iti4dmv.com

Welsh, Carson, Anderson & Stowe plans to pursue a dividend recap for portfolio company TransFirst, according to Reuters. It previously had been seeking to sell the Hauppauge, N.Y.-based payment processing company for between $1.3 billion and $1.5 billion, with Financial Technology Partners managing the process.

The Blackstone Group, Centerbridge Partners and Paulson & Co. are planning a $3.5 billion debt offering for Extended Stay, the budget hotel chain they acquired out of bankruptcy two years ago, according to the WSJ. Around $700 million of the offering will be used to pay a shareholder dividend. www.extendedstayhotels.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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