Deals
The Russian Direct Investment Fund (RDIF) and Baring Vostok Private Equity Fund V (BVPEF V) have made a joint investment of USD48m into newly issued shares of Tigers Realm Coal (TIG).
TIG has coking coal assets in the Chukotka province in Russia’s Far East.
RDIF will invest a total of USD14.9m with BVPEF V contributing USD33m. Additionally, the current shareholders of TIG will have the right to invest up to USD8.7m.
Following completion, RDIF will become an 11 per cent shareholder in TIG.
The funds will be used by TIG to complete a Bankable Feasibility Study (BFS)
Strong momentum in the merger and acquisition (M&A) market during the second half of 2013 is expected to continue into 2014, according to PwC US.
Improved stability and early signs of growth in other key global markets have contributed to an increasing level of business confidence and sharpening focus on finding opportunities for growth, setting the stage for positive M&A momentum, according to PwC’s year-end M&A outlook.
PwC notes that the average monthly deal volume continued to pick up through the latter part of 2013. According to data compiled by Thomson Reuters and analysed by PwC, average monthly deal
Cleary Gottlieb is representing the buyer group, consisting of Dr Wanchun Hou, chairman of the board of directors, and Qiang Li, chief executive officer, in the going-private transaction of Trunkbow International Holdings Limited.
The merger agreement was executed and announced on 10 December 2013.
The merger will be financed by cash equity financing provided by the buyer group and the rollover of existing equity in the company beneficially owned by the buyer group. The closing is expected to take place around the end of first quarter of 2014, subject to the approval of shareholders and other customary closing conditions.
SunTrust Banks is to sell the company's asset management subsidiary, RidgeWorth Capital Management, to RidgeWorth employees and an investor group led by a private equity fund managed by Lightyear Capital.
"Lightyear Capital is an experienced partner that will help RidgeWorth build on its success in growing third-party assets, and we look forward to continuing our relationship with RidgeWorth as an independent asset management business," says Mark A Chancy, wholesale banking executive at SunTrust.
SunTrust will continue to offer a wide variety of asset management solutions to help its institutional and individual clients with their investment needs.
The sale
Ardian has acquired Bank of America Merrill Lynch's interest as financial sponsor of F2i, a specialist in strategic infrastructure investments in Italy.
The deal, which bolsters Ardian’s collaboration with F2i, was closed yesterday in Milan.
Ardian (formerly AXA Private Equity), through its secondary fund expertise, has acquired units in the F2i Fund (First Fund) with a total commitment of EUR150m. As part of the transaction, Ardian will also acquire 9.9 per cent of the F2i SGR’s share capital, becoming a sponsor for F2i. Ardian will also hold a seat on F2i’s board.
The deal furthers F2i’s investment in
Actis, the pan-emerging markets investor, is to sell its majority shareholding investment in Sterling Hospital, a healthcare provider in Gujarat.
Actis invested in the Indian healthcare chain in 2006. Its goal was to build a high quality regional business providing sophisticated medical services including oncology, neurosurgery and transplant surgery to patients across Gujarat.
Actis is now selling its 82 per cent shareholding to Addlife Investments, a company promoted by Girish Patel, the current chairman of Sterling. Patel will remain as the chairman and continue to build the business and growing its operations in Gujarat and beyond.
Over the period
CVC Capital Partners, through certain of its funds as shareholders of Post Invest Europe, has sold 39,328,287 shares in the Belgian postal group bpost.
The sale represents approximately 19.7 per cent of bpost’s outstanding share capital and substantially all of the holding of the Post Invest Europe in bpost.
The sale was conducted by way of an accelerated bookbuilding. The placing price for investors was EUR14.75 per share. Nomura International and UBS acted as joint bookrunners on the sale. KBC Securities acted as lead manager.
The temporary suspension of the shares of bpost will be lifted.
Morgenthaler Private Equity (MPE) has sold Avtron Aerospace to CapitalWorks, a Midwestern and family-focused private equity firm based in Cleveland, Ohio.
Avtron Aerospace is a designer and manufacturer of electrical, electronic, and hydraulic aircraft component test solutions for the global commercial and military aerospace markets.
The company's products and solutions serve blue chip customers across the entire aerospace supply chain including aircraft manufacturers, aircraft component OEMs, commercial airlines, independent MRO providers, and foreign and US military forces.
Terms of the transaction have not been disclosed.
John Pesec, president and CEO of Avtron Aerospace, says: "I personally want
The wealth advisory business of asset management firm Salient Partners has acquired Houston-based Teton Strategic Investments, to offer selective private equity opportunities to high-net-worth clients.
The acquisition enhances the process around Salient's systematic evaluation and due diligence of PE offerings, and enables the firm to use its existing pipeline to secure new options that fit the needs of its clients.
In addition to vetting the deals for quality, Teton will bring new scale to Salient, granting access to deals that were previously inaccessible to many clients who lacked the millions of dollars required to participate. Now, Salient can pool
Investec Growth & Acquisition Finance has provided a financing facility to support the management buyout of City & County Healthcare Group (C&C), the UK’s fourth largest home care provider.
The facility has been provided to Graphite Capital, a UK mid-market private equity specialist, to underwrite its backing of the MBO from Sovereign Capital Partners.
Investec fully underwrote the finance package pre deal, providing security of funding for Graphite. The Investec team then successfully syndicated two thirds of the financing to HSBC and Lloyds (a third each) highlighting the strength of the credit.
The facility is made up of
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