Stewart Information Services expands
Stewart Information Services Corp. has purchased 57 title offices for $105 million from Parker, Colo.-based ET Investments.
The acquisition expands its presence in Arizona, Colorado and Nevada. The offices associated with the transaction have generated in excess of $20 million in pretax income, the company said.
The Houston-based firm, which offers residential and commercial title insurance and closing services, said the second quarter was one of the company’s strongest amid a recovery in refinance and purchase transactions. Stewart posted a second-quarter profit of $34.1 million, up from $19.3 million in the prior year’s quarter.
Oaktree takes stake in energy services firm
Jones Industrial Holdings Inc. of Houston said funds managed by Oaktree Capital Management have completed a noncontrolling investment in the company. The proceeds were used to purchase a minority stake and to provide the company with capital for further growth. Additional terms of the transaction were not disclosed.
JIH is the parent company of Universal Plant Services, which serves owners of various types of energy infrastructure by providing maintenance, repair and installation services for rotating, fixed, reciprocating and electrical equipment.
With headquarters in Houston, UPS employs 3,000 people with 16 full-service facilities that specialize in daily maintenance, turnarounds and capital projects.
Main Street Capital facilitates debt, equity investment
Main Street Capital Corp., a Houston investment firm that primarily provides longterm debt and equity capital to lower middlemarket companies and debt capital to middlemarket companies, completed an investment to facilitate the minority recapitalization of Superior Rigging & Erecting Co.
Superior is a provider of rigging, steel erection and crane and equipment rental services throughout the Southeastern United States. Main Street partnered with its management team to facilitate the transaction, providing $26 million in a combination of first-lien, senior secured term debt and a direct equity investment.
Fertitta donates to Lake Charles employee fund
Landry’s Inc. owner Tilman Fertitta said he would donate $1 million to the Landry’s Employees in Lake Charles Relief Fund to aid employees and their families affected by Hurricane Laura.