Deals
Palatine Private Equity has backed the secondary management buyout of social housing contractor Forrest, investing GBP16million for a significant minority stake.
The deal is Palatine’s fourth investment from its second Fund, which achieved a final close of GBP150million in June this year. The transaction sees private equity firm LDC achieve a partial exit, but leaves Palatine and LDC with a combined majority stake in the business.
Bolton-based Forrest is a leading provider of essential refurbishment and responsive maintenance services to the social housing market in the North of England. Over the last three years Forrest has established a renewables
The Russian Direct Investment Fund (RDIF) and Deutsche Bank have made a joint investment in Russia’s largest telecommunications company, Rostelecom.
The two parties will invest a total of USD237.1m on a parity basis, which will be used to further develop and strengthen the company’s market position. The transaction has received the necessary approval from Rostelecom, as well as the governing bodies of RDIF and Deutsche Bank.
As a result of the deal, the two investors will purchase 72,187,366 Rostelecom ordinary shares from its subsidiary company MOBITEL. The structure of the deal also contains agreements relating to call and put options,
Platform Acquisition Holdings is to acquire MacDermid, a provider of high value-added specialty chemicals, for approximately USD1.8bn plus contingent consideration.
Platform will be renamed Platform Specialty Products Corporation (PSP). Following the close of the transaction, PSP expects to complete a listing of its shares on the New York Stock Exchange by the end of 2013.
Platform's shares and warrants have been suspended from trading on the London Stock Exchange and it is not expected that trading will resume. It is anticipated that Platform's listing of shares and warrants on the London Stock Exchange will be cancelled on or shortly after the
Bacchus Capital Management, a San Francisco-based private equity firm providing strategic capital in the wine industry, has exited its investment in Qupe, a California Central Coast wine producer.
The firm had provided a second lien loan to the winery, which was founded by Bob Lindquist, in March of 2011.
"Bob Lindquist is a leader and innovator in the wine industry," says Sam Bronfman, Bacchus Capital co-founder and managing partner. "I am sure his wines will continue to garner the accolades for which he is known, and we wish Bob much success going forward."
"Bob has been a terrific partner," says
Advent International has exited its investment in Oxea, one of the largest manufacturers of Oxo chemicals.
Oman Oil Company (OOC), a commercial company wholly owned by the Government of the Sultanate of Oman, will acquire Oxea to strengthen its position in the chemicals sector.
The acquisition is subject to antitrust approvals and satisfaction of other conditions. The purchase price has not been disclosed.
OOC supports the Sultanate’s economic development programme “Vision 2020” which is aimed at diversifying the economy across a variety of industrial and commercial activities in Oman and abroad while decreasing dependence on oil. With
Investment firm KKR is to acquire The Crosby Group and Acco Material Handling Solutions from Melrose Industries for approximately USD1.0bn.
With roots dating back to 1885, Crosby is a provider of highly engineered solutions for lifting and rigging applications across the oil and gas, construction, mining and industrial sectors. Headquartered in Tulsa, Oklahoma, Crosby has over 1,300 employees globally and is known for its iconic brands, including Crosby, McKissick, National and Lebus.
Acco, headquartered in York, Pennsylvania, has 130 employees and provides custom-built specialty material handling equipment, including a full line of hoists, industrial cranes, monorails, carts and
Intralinks’ Q3 2013 Deal Flow Indicator (DFI) predicts an 18 per cent increase in year-over-year early-stage global M&A activity in early 2014, with particularly strong performance in Europe, Middle East and Africa (EMEA) and Latin America.
With overall deal flow only slightly below the record level seen in the previous report, indications are there is a sustained recovery underway in the global M&A market.
“We expect the growth in global M&A activity to continue unabated into 2014,” says Matt Porzio, vice president, M&A strategy and product marketing at Intralinks. “The DFI data indicates year-over-year growth in all geographies,
Electra Partners has agreed to sell its interest in feminine hygiene brand Lil-lets Group to Premier Foods, a South African manufacturer and distributor of fast moving consumer goods.
The transaction is subject to regulatory approvals in South Africa.
Allowing for the process of applying for regulatory approvals, on completion Electra Private Equity will receive gross proceeds of GBP37m. Based on the 31 March 2013 valuation of Lil-lets, this level of proceeds would imply a reduction in Electra's diluted NAV per share of 12p. This is explained by a weakening currency in South Africa.
Lil-lets is a branded
Amundi’s acquisition of Smith Breeden Associates has been finalised following completion of the customary conditions of informing regulatory authorities and gaining approval from certain clients and shareholders.
Smith Breeden Associates is now Amundi Smith Breeden.
Paris, France-based Amundi is a European asset management firm with close to EUR750bn in assets. Amundi Smith Breeden is the North American investment headquarters for Amundi.
The creation of Amundi Smith Breeden, a fully-owned and controlled subsidiary within Amundi’s fixed income organisation, is a significant step toward Amundi’s goal of creating a global fixed income platform with established regional expertise.
There
Belltown Alpha Renewables has completed the acquisition of a 10.2MWp solar project in Somerset and a 500kW wind project in Wales.
Belltown Alpha Renewables was formed in May 2013 as a joint venture between Belltown Power and Alpha Real Capital, which has committed an initial GBP50m to fund the acquisition and construction of 30MW of wind, solar PV, hydro and biomass assets in the UK.
“We are very pleased to have completed our first two transactions ahead of our business plan,” says Belltown Power chief executive Michael Kaplan. “The opportunity to build small and medium scale renewable energy
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