Deals
The private equity market is recovering after a difficult four years, with a report from White & Case revealing a total of 702 private equity exits in 2013, the highest number since the peak of the market in 2007.
Exit values reached EUR65.3 billion; almost triple the value of 2009’s EUR27.3 billion. Buyout activity has bounced back too, with 912 buyouts worth EUR73.5 billion in 2013.
As economies in Europe have stabilised, and concerns around the Euro crisis subsided, US sponsor attitudes have changed. 2013 saw a total of 141 European buyouts with a US sponsor worth EUR18 billion,
Invesco Real Estate (IRE), the global real estate investment manager, has made its first investment in the UK private rented sector (PRS) in partnership with be:here, Willmott Dixon’s PRS company.
Under the deal, IRE will acquire 118 PRS units for GBP32.5m in Hayes, West London, on behalf of a UK local authority pension fund.
The transaction marks IRE’s third European multi-family project since starting its residential acquisition programme in Q3 2013. It follows closely on the heels of IRE’s two projects in Germany for GBP106m (circa EUR130m) and the appointment of John German, IRE’s director of residential investments, to
Eco-Stim Energy Solutions, an environmentally-focused oilfield service and technology company, has closed on a USD22 million convertible debt facility with an investment fund managed by Albright Capital Management (ACM).
Under the terms of the agreement, ACM is providing Eco-Stim with a USD22 million convertible debt facility, which will be available to the company for two years.
In addition, Eco-Stim has granted a 30 day option to ACM to purchase USD8 million of the company's common stock in a private placement for USD6 per share. ACM will initially appoint one member to the EcoStim board of directors and if the
The board of Tungsten has received approval from the UK's Prudential Regulation Authority for the formal change of control in relation to the acquisition of FIBI Bank (UK) plc.
The fully UK authorised bank will be re-named Tungsten Bank and commence offering supply chain finance.
Tungsten has also begun providing invoice discounting services to selected US customers.
Edmund Truell, chairman of the bank, says: "We look forward to an exciting future, as Tungsten Corporation builds up a disruptive force in supply chain finance on a global basis. The combination of enormous flows of invoices; simple and transparent finance
Baird Global Investment Banking has advised on the sale of Ecova by Avista Capital to Cofely USA, an indirect subsidiary of the French multinational utility company GDF SUEZ.
Ecova is a total energy and sustainability management company that helps commercial, industrial and utility clients manage and navigate the complexities of energy and resource management to reduce cost and consumption.
The deal is valued at USD335 million in cash, less the payment of debt and other customary closing adjustments.
The Riverside Company has exited Retail Zoo, an Australian owner of four quick service restaurant concepts – Boost Juice, Salsa’s, Cibo Espresso and Hatch.
Riverside invested in Retail Zoo in 2010 and helped the company grow its earnings by more than 150 per cent over the next four years. Retail Zoo is based in Chadstone, Victoria.
The exit marks Riverside’s 100th since its 1988 founding.
Retail Zoo has 294 stores across all brands in Australia, with an additional 100 Boost stores in nine international markets. Salsa’s is a growing chain of 51 fresh Mexican restaurants. Cibo Espresso is
The number of deals completed globally on consultancy mergers and acquisitions was up 1.4 per cent in 2013.
This is 33.8 per cent above the 2009 low and just 11.5 per cent behind 2007’s market peak, according to Equiteq’s Global Consulting Mergers & Acquisitions Market Report 2014.
This is the only publicly available information on the global consulting M&A market.
Deal volume in Europe continued to decrease seven per cent on average since 2011, but the UK bucked the trend with an upturn of six per cent. North America outweighed Europe’s decline with an increase of 11 per
Law firm White & Case predicts a “war chest” of funds will be put to work across the European private equity market with sharp-eyed firms embracing new hybrid US-European finance options.
The findings are revealed in new White & Case research – Defying the odds: the rise of European private equity – published with Mergermarket.
Much of the private equity revival has been led by mid-market firms, while co-investment strategies in which institutions invest directly in deals alongside buyout firms will also rise this year, the report states. White & Case’s EMEA private equity practice also predicts the UK’s
Westlake Chemical Corporation is to acquire German-based Vinnolit Holdings and its subsidiary companies from Advent International, a private equity firm.
Vinnolit is an integrated global leader in specialty polyvinyl chloride (PVC) resins.
The acquisition price of EUR490 million will be financed using existing Westlake cash and credit facilities. The transaction is expected to close in the third quarter of 2014, subject to standard closing conditions, including regulatory review.
Vinnolit has six production facilities located in Gendorf, Burghausen, Cologne, Knapsack and Schkopau in Germany and Hillhouse in the UK. These operations have a combined annual capacity of 780
Cranson Capital Securities has closed a convertible debenture financing for Flixel Photos, a new photography software which combines still photographs and captivating aspects of video.
Cranson Capital raised USD460,000 through a number of private accredited investors in a convertible debenture offering for the expansion and development of the business.
Last year, Flixel partnered with Tyra Banks, where the "living photos" were featured on her television show America's Next Top Model.
In February 2014, Flixel launched Cinemagraph Pro, a professional desktop version of its photography software for Mac computers, previously available only for iOS.
Devon Cranson, president of
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