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RECENT DEALS

Monday, August 30, 2004; Page E10

Mergers and Acquisitions

CoreData LLC of Bethesda, previously the financial information business of Richmond's Media General, was merged with British financial data provider Hemscott PLC in a deal that will make CoreData's owner the largest shareholder of the combined company. CoreData's owner, New York merchant bank Veronis Suhler Stevenson, was paid about $1 million in cash and about $22 million in Hemscott stock in the transaction. VSS then bought another 20 percent stake in Hemscott for about $9.4 million and offered a $35 million convertible loan to finance the deal. VSS will own about 34 percent of the resulting company. CoreData compiles databases of information on public companies, selling access to its database to news organizations and other users of financial data. It has 46 employees.

Access National Corp. of Reston bought United First Mortgage Inc. of Richmond for an undisclosed cash sum from First Community Bank. Access's bank assumed United's mortgage offices in Midlothian, Fredericksburg and Staunton.

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Apptis Inc., a privately held company in Chantilly serving federal government and commercial clients, bought of SafeCare Systems LLC of Hingham, Mass. SafeCare Systems offers health care providers data driven solutions to improve patient care and safety. Terms of the transaction were not disclosed.

Public Equity

Capital Automotive REIT of McLean sold 1.6 million shares at $28.95 per share in a public offering. Proceeds are expected to be approximately $45.6 million after expenses. The offering was expected to close on Aug. 27. The company granted underwriter Credit Suisse First Boston an option to purchase up to 240,000 additional shares. Capital Automotive said it will use the money to repay debt and make more acquisitions of care dealer property.

TNS Inc.'s largest shareholder, buyout firm GTCR Golder Rauner LLC, plans to sell about $90 million of its TNS stock in a public offering. TNS, a Reston financial transaction services company, filed a registration statement for the proposed sale of 4.6 million of 19.1 million shares owned by GTCR. GTCR, which financed the management buyout of TNS from the bankruptcy estate of PSINet, paid about $6.78 for its shares. TNS traded Friday at $19.50 a share; it went public in March at $18 a share. GTCR owns more than 70 percent of TNS, and didn't sell any shares in the IPO. TNS will sell about 1.2 million company shares in the offering.

Venture Capital

Vision Chain Inc., a Washington maker of software to help consumer product companies merchandise better, closed $3 million in financing from Bethesda's Novak Biddle Venture Partners. Vision Chain will use a the money to expand sales and marketing and launch an enterprise edition of its product.

Cigital Inc., a Dulles and software security provider, raised $1 million in venture backing. Cigital's first round of VC funding was $4 million, in August 2002. The deal was led by Mid-Atlantic Venture Funds, with Blue Water Capital and the Washington Dinner Club LLC kicking in.

Private Equity

TCG Financial Partners was formed recently by William Cohen, a former Secretary of Defense who runs The Cohen Group in Washington, and former Bank of America investment banking chief Edward Carter in New York. TCG, a merchant and investment bank with offices in New York and Washington, will do deals primarily in the defense technology industry.

Carlyle Group sold its remaining 5.4 percent stake in Andritz AG, a manufacturer of machines for the production and processing of pulp, fiberboard, and paper, to management of the company. The D.C. private equity firm did not disclose terms.

American Capital Strategies Ltd. of Bethesda invested $25 million in California-based Soff-Cut International Inc., a maker of concrete saws. American Capital made a senior term loan and senior and junior subordinated debt in a recapitalization of the company involving private equity firm Westar Capital. American Capital is also providing a revolving credit facility.

Compiled by staff writer Terence O'Hara and Bloomberg News.


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