HIG has made an offer of $46.5 per share for AMPAC, which represents a premium of 18.9 per cent over yesterday’s closing price.
The company’s board has unanimously approved the offer, APMAC said in a statement.
In December AltAssets reported that HIG was looking to more than double the $1.5bn of capital under management by its Middle Market team by raising a second fund.
The firm plans to raise up to $1.6bn for HIG Middle Market LBO Fund II, which is expected to hit its final close within a year.
HIG secured $1.5bn for its debut Middle Market Fund in September 2008, and has used it to focus on investments in companies with enterprise values of between $150m and $750m.
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