Deals
International law firm Cleary Gottlieb Steen & Hamilton is representing Fintech Advisory and BTG Pactual Europe in the acquisition of a 6.5 per cent stake in Banca Monte dei Paschi di Siena from Fondazione MPS, which maintains a 2.5 per cent stake.
This is the first time non-EU funds have acquired a stake in an Italian bank in a deal subject to the approval of the Bank of Italy.
The transaction takes place in the context of the EUR5bn capital increase to be approved by the shareholders of Banca MPS by the end of next week.
The green
Total offshore deal value increased by 79 per cent in the first quarter of 2014 when compared to the same period last year and was the highest it’s been since the end of 2012, according to a report released by Appleby.
Considering the first quarter of the year is historically the quietest for dealmaking, the findings set the stage for what looks to be an active 2014.
The latest edition of Offshore-i, an Appleby report that provides data and insight on merger and acquisition activity in the major offshore financial centres, focuses on transactions announced during the first quarter
Private equity-backed Oasis Healthcare has strengthened its position as the UK’s largest provider of private dental care and a major provider to the NHS with the acquisition of Apex Dental Care for an undisclosed sum.
The deal closely follows the acquisition of Smiles Dental in April 2014.
The additions of Apex and Smiles to the Oasis portfolio will increase the company’s turnover by 40 per cent from GBP160 million to over GBP225 million, through the provision of quality NHS, private and specialist dental care to over three million patients. Its practice network will have grown by over 50 per
Ingenious Clean Energy, a division of UK investment and advisory group Ingenious, has completed the financing of a GBP27m portfolio of three solar parks, including a GBP15m loan from Barclays.
The solar parks are in Somerset, Dorset and Hampshire and are owned by three companies in the Ingenious Renewable Energy EIS Fund portfolio.
Jeremy Milne, fund manager of the Ingenious Renewable Energy EIS Fund, who led the financing, says: “It is a testament to the quality of the investments made by Ingenious that we can attract debt financing from a leading provider of debt facilities like Barclays.”
Neil
Darden Restaurants has agreed to sell its Red Lobster business and certain other related assets and assumed liabilities to Golden Gate Capital for USD2.1 billion in cash.
Darden expects to receive net cash proceeds, after tax and transaction costs, of approximately USD1.6 billion, of which approximately USD1.0 billion will be used to retire outstanding debt.
The remaining net proceeds of approximately USD500 million to USD600 million will be deployed for a new share repurchase program of up to USD700 million in fiscal 2015.
In addition to strengthening the company's credit metrics, with the lower debt levels and
An extremely active IPO market has impacted on UK private company mergers and acquisitions (M&A) resulting in a slow start for 2014 deals.
This has been further compounded by the ongoing political stand-off in Ukraine, which has led some investors to defer decisions in the short term, according to the latest quarterly PCPI/PEPI index from BDO Corporate Finance.
The index tracks the relationship between the enterprise value (EV) to earnings before interest tax depreciation and amortisation (EBITDA) multiple paid by trade and private equity buyers when purchasing UK private companies.
Despite widespread expectations that the growing confidence witnessed
Funds advised by Oaktree Capital Management have acquired all the shares in Railpool and Railpool Holding from HSH Nordbank and KfW IPEX-Bank.
The purchase price has not been disclosed.
A team from CMS Hasche Sigle led by Hamburg-based partners Dr Ludwig Linder and Dr Henrik Drinkuth advised HSH Nordbank and KfW IPEX-Bank on all aspects of the sales process relating to the Railpool Group. The firm has provided support to both banks on several occasions in recent years in relation to transactions and financing.
Railpool is a fast-growing company in the railway sector which has been leasing rail
e-Go aeroplanes, the UK’s first manufacturer of lightweight carbon fibre aeroplanes, has raised GBP950,000 in a second round of finance, surpassing its target of between GBP650,000 and GBP800,000.
This latest funding round follows the e-Go prototype’s first successful flight on 17 October 2013.
All existing investors are contributing again. In addition, a number of new supporters have joined, both directly and through the crowdfunding platform SyndicateRoom. The government-backed Angel CoFund is also making a significant investment.
Twenty investors backed e-Go aeroplane’s launch in 2011, among them UK aerospace leader Marshall of Cambridge. Now a further 60 investors have
Sunrun has raised USD150 million in equity financing, the largest private equity raise for a private residential solar company in the US.
A public institutional investor led the round with a USD100 million investment.
Existing and new investors provided the remaining USD50 million.
Sunrun will use the funds to broaden its reach to consumers and continue developing tools and technologies.
"Sunrun is adding 15 customers every working hour through our deliberate approach to sustainable growth that never compromises the customer experience. But, we are still in the first inning of a decades-long industry growth story," says Lynn
An affiliate of Equicapita Income Trust, a private equity fund, has acquired 100 per cent of the shares of Levy's Machine Works.
Based in Calgary, Alberta, Levy's is a custom design and speciality manufacturing company.
Founded in 1980, Levy's has been servicing a diverse customer base in the energy, electronics, medical, agriculture, aviation and instrumentation sectors for over 30 years.
The Levy's transaction closed on 7 May 2014.
Equicapita retained Ernst & Young and Burstall Winger Zammit as advisors. Ernst & Young provided accounting and financial due diligence support and Burstall provided legal due diligence and structuring
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