Deals
European private equity firm Cinven has reached an agreement to acquire a majority stake in Heidelberger Leben, a provider of retirement and life insurance products in Germany.
Heidelberger Leben will become a consolidation platform for life insurance portfolios in Germany. It is being acquired from Lloyds Banking Group for a total consideration of around EUR300m.
Heidelberger Leben has a portfolio of around 600,000 policies, mainly unit-linked, and EUR5.2bn of assets as at 31 December 2012. It is headquartered in Heidelberg, Germany and employs around 300 people.
Cinven identified the German life insurance sector and Heidelberger Leben as
Funds advised or controlled by Kohlberg Kravis Roberts (KKR) are acquiring a significant minority stake in RigNet from Cubera, an investment firm specialising in the Nordic private equity market.
Upon closing of the acquisition of 4.75 million shares, which is subject to customary approvals, KKR will become RigNet’s largest shareholder, holding a 27 per cent stake in the company.
RigNet is a provider of managed remote communications solutions, systems integration and collaborative applications to the global upstream energy sector. Operating across the life of the field, RigNet serves offshore and onshore drilling rigs, production facilities and energy maritime
Nordco, a provider of rail-related products and services, has been acquired by Greenbriar Equity Group, a New York-based private equity firm focused exclusively on the global transportation industry.
Terms of the transaction have not been disclosed.
Nordco will immediately become a majority-owned Greenbriar portfolio company.
The Nordco family of companies provides an extensive selection of products and services that enable rail-related industries to build, improve, maintain and inspect their track infrastructure and reposition rolling stock. Nordco, headquartered in Oak Creek, Wisconsin, is North America’s largest supplier of new, rebuilt, and used maintenance-of-way equipment with a broad product
Funds advised by CVC Capital Partners have acquired a controlling stake in Skrill, a provider of alternative payment solutions to the online industry, from a consortium of investors led by Investcorp, who will remain as a shareholder.
Founded in 2001, Skrill is one of Europe’s largest online payment systems and among the world’s largest independent digital wallet providers with over 35 million account holders and 150,000 merchants using its payment gateway solution. The Skrill Digital Wallet enables any customer to make online payments conveniently and securely, as well as to send and receive money online cost-effective. In addition, Skrill
Adventoris, the Huddersfield-based software development company, has raised GBP600,000 that will enable the company to launch its new business software in the UK.
Founded in 2012 by its chief executive James Clarkson and chief operating officer Tim Longton, Adventoris has developed an online cloud-based enterprise software called SwiftCloud. The platform will be delivered as Software as a Service (SaaS) and will be launched in November.
Although the company will wait until launch to release full details, Adventoris has developed the SwiftCloud platform on Oracle technology. The platform will then be accessed by users on tablet and smart phone devices via
CarProof, the Canadian vehicle history report provider, has sold a minority stake in the company to Hellman & Friedman, a San Francisco-based private equity investment firm with offices in London, New York and San Francisco.
"Hellman & Friedman is thrilled to invest in and partner with CarProof," says Ed Woiteshek from Hellman & Friedman. "We recognise that the vehicle history report industry is one with very strong potential and see this partnership as an incredible opportunity for both companies. We are enthusiastic about CarProof’s strategic vision for the future and are excited to support the company in its next
Private equity firm Encore Consumer Capital has completed the sale of its portfolio company Juice Tyme, a manufacturer and marketer of shelf-stable, bag-in-box juice and beverage concentrates for use in foodservice dispensing machines, to Highlander Partners.
Scott Sellers, managing director of Encore Consumer Capital, says: “This is a bittersweet day for Encore. We are pleased with the successful exit of Juice Tyme and feel that Highlander will be a great partner to carry the company forward. However, we will miss working with Juice Tyme’s talented and dedicated management team. It has been a pleasure working with them as they
RJD Partners has completed the sale of its investment in Ipes, an independent provider of fund administration and outsourcing services.
The transaction values Ipes at GBP50m, giving a return to RJD of 3x its original investment.
Exchange of contracts took place in April, with final completion now occurring following the receipt of regulatory approval in the four financial centres in which Ipes operates.
Ipes is the fourth successful realisation from RJD’s second fund, RJD Private Equity Fund II, which closed in July 2007. The first three realisations were Teaching Personnel, TransLinc and Raphael Healthcare.
RJD backed
Ogier has advised OMERS Private Equity, in equal partnership with Alberta Investment Management Corporation (AIMCo), on its successful bid for Vue Entertainment from Doughty Hanson and management for a value of GBP935m (circa USD1.48bn).
The acquisition was financed by the issue of GBP300m fixed rate notes, EUR290m floating rate notes, a GBP50m revolving credit facility and shareholder loans and equity.
Vue is an operator of modern multiplex cinemas in the UK, Ireland, Germany, Denmark, Portugal, Poland, Latvia, Lithuania and Taiwan.
Working alongside Allen & Overy (Gordon Milne and Joanna Elvidge), cross-departmental teams at Ogier in Jersey played a
Private equity firm Parthenon Capital Partners has completed its acquisition of Bracket from Express Scripts Holding Company.
Bracket, a specialty services provider, assists pharmaceutical companies and CROs maximise clinical data integrity and ultimately achieve greater certainty in trial outcomes with a unique range of solutions that span both eClinical and Scientific Services. With more than a decade of experience, Bracket’s team of experts has worked on more than 1,100 successful trials across 47 therapeutic areas with a particular emphasis on the central nervous system.
“As an independent company, Bracket will now have the autonomy, flexibility and resources to
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