Deals
Quercus Asset Selection, a company which specialises in infrastructure investments with a focus on renewable energy, has acquired a 27.7MW solar photovoltaic project from Good Energy.
The project is already under construction and will be connected by March 2014.
The project, one of the largest in UK, will be built in Milford Haven in Pembrokeshire (Wales), for a total value of GBP30m. The asset will form part of Quercus Renewable Energy Fund II, one of the funds managed by Quercus Assets Selection.
This follows the recent acquisition of a 14MW project in Cornwall and a pipeline for 254MW.
ObserveIT, a provider of user activity recording and auditing software, has raised USD20m from Bain Capital Ventures.
Growing over 3,500 per cent in the past five years, ObserveIT’s solution is used at more than 800 corporations in 70+ countries.
ObserveIT will use the funding to expand US headquarters and overall product development, sales and marketing.
ObserveIT is the only provider of the complete visual log via a software-only solution and provides a comprehensive monitoring and insight into user activity that enables its customers to solve compliance, security and IT operational problems.
“Customers are finding that ObserveIT is
Arsenal Capital Partners, a New York-based private equity firm that invests in middle-market specialty industrial and healthcare companies, has acquired Flowchem, a specialty chemical provider to the pipeline industry.
Founded in 2001, and headquartered in Waller, Texas, Flowchem is a provider of Drag Reducing Additives (DRAs) to improve pipeline flow in onshore and offshore pipeline applications.
The company's DRAs reduce drag and turbulence in petroleum pipelines in order to increase throughput capacity and energy efficiency, providing significant cost savings to pipeline operators.
The company has two operating facilities in Texas.
"We are delighted to have the opportunity
Carey Olsen has acted in a significant acquisition and financing deal by Goldman Sachs and affiliates to buy UK motor insurance company Hastings Insurance Group.
With 1.3 million customers, the group’s brands include Hastings Direct, People's Choice, Insure and Renew. The acquisition will be financed through a mix of equity and a bond issuance putting the group's value at around GBP700m.
The team from Carey Olsen advised Hastings on the Jersey legal aspects of the transaction. Corporate partner James Mulholland led the team which included partners Mike Jeffrey (mergers and acquisitions) and Simon Marks (financing), senior associates Matthew Ecobichon
Glennmont Partners, one of the largest infrastructure vehicles dedicated to clean energy across Europe, has secured a EUR50m investment in its second fund by the European Investment Bank (EIB).
The investment is the single largest clean energy equity investment made by EIB this year.
Clean energy investment is a key focus for the EIB as it works to support the European Union’s stated policy objective to cut greenhouse-gas emissions across Europe by 20 per cent over the next six years. In recent years the EIB’s annual lending in this sector has increased substantially reaching EUR3.3bn in 2012.
As
Following its angel funding round earlier this year Gousto, the recipe box delivery business that appeared on Dragon's Den, has now closed a USD2m investment led by venture capital fund MMC Ventures.
Existing investors, including the Angel CoFund, also participated.
The funding will be used to further strengthen the product and to fast-track the business.
The online food market is worth GBP7bn today and is forecast to grow to GBP18bn by 2018. Founded by Timo Schmidt and James Carter last year, Gousto delivers organic, local produce, in perfect portion sizes, with easy-to-follow step-by-step recipes – eliminating food waste
Alkhabeer Capital has acquired a majority shareholding in Express Publishing and Investment Limited.
The acquisition marks Alkhabeer Capital Private Equity’s second transaction in the UAE’s industrial sector.
Alkhabeer Capital aims to expand the value of its private equity investments through facilitating and leading the growth of its portfolio companies in Saudi Arabia.
Express Group was founded in the UAE in 1990 and has a 20 year track record as a provider of corrugated and flexible packaging products. The company consists of two businesses: Express Pack Print, a manufacturer of corrugated packaging products for industrial use and consumer products;
Growth market investor The Abraaj Group has completed 15 exits through its funds in 2013.
The most recent deals include:
• The sale of Abraaj’s 50 per cent shareholding in Turkish health insurance company Acıbadem Sağlıkve Hayat Sigorta to Khazanah Nasional Berhad, the Government of Malaysia's strategic investment fund;
• Abraaj’s full exit from its investment in GEMS Education, one of the world’s leading K-12 education providers;
• The exit from Tunisian pharmaceutical company Opalia Pharma via the sale of its shareholding to Recordati, an international pharmaceutical company listed on the Italian stock exchange;
• The exit of Abraaj’s investment in Thai restaurant
Mid-market private equity specialist Graphite Capital has backed the management buy-out of City & County Healthcare Group (C&C), the UK’s fourth largest home care provider, from Sovereign Capital Partners.
This is the first investment made from Graphite’s new GBP500m fund, Graphite Capital Partners VIII, which closed in October.
C&C provides high quality home care assistance, primarily for the elderly. It also provides specialist care services for young people and adults with more complex or long term conditions such as learning disabilities, mental health needs and brain injuries. Operating from 64 branches across England, Wales and Northern Ireland, C&C’s carers
Private equity provider LDC has completed its exit from Leasedrive, the UK’s largest independent privately-owned vehicle management group.
Following the exit, LDC has subsequently re-invested in Leasedrive, retaining an interest in the business as part of a new deal with HgCapital, which has acquired a controlling stake.
LDC originally invested in Leasedrive in August 2008.
Headquartered in Wokingham, Leasedrive Group was established in 1983, a BIMBO transaction was completed in May 2003 and Leasedrive was merged with Velo in 2007, to form one of the largest independent privately-owned vehicle management groups in the UK. The business provides a
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