Deals
Ares Capital has closed its first venture finance transaction with Respicardia, an early stage company developing a medical device targeted to improve respiratory and cardiovascular health by treating central sleep apnea.
Ares Capital served as lead agent in a USD6m senior secured credit facility to provide working capital for Respicardia’s completion of its pilot study.
Respicardia is in the clinical trial phase of the development of its remede system, a fully implantable stimulation device that is designed to restore a more natural breathing pattern during sleep in patients with central sleep apnea, a widespread sleep disorder characterised by a lack
Affiliates of private equity firm Centerbridge Partners have acquired Cardinal Logistics Management, a provider of domestic delivery transportation systems.
Vin McLoughlin, chairman of Cardinal, says: "With the successful completion of this transaction, Cardinal is now better positioned than ever to serve our customers and continue our consistent long-term track record of strong, sustainable growth. The transaction also represents the start of an exciting new chapter in Cardinal’s history with the partnership and financial backing of Centerbridge."
Will Manuel, senior managing director of Centerbridge, says: "Vin, Tom, Jerry Bowman, and the rest of the Cardinal team have done an exceptional job
Hogan Lovells advised Chellomedia, the international content division of Liberty Global, Inc, on the acquisition of MGM Networks Inc from Metro-Goldwyn-Mayer Studios Inc. (MGM). The deal was announced on 1 August 2012.
Chellomedia is a leading producer and distributor of 56 television channels, including 19 joint ventures. It has acquired MGM Networks’ channels in Spain, Turkey, Israel, Benelux and Poland, India and South East Asia, in addition to the pan-EMEA Channel and its associated feeds. MGM will retain its network businesses in the US, Canada, UK and Germany, and its joint venture interests in Brazil and Australia.
Chellomedia also acquired
Nitero a developer of next-generation, 60GHz Wi-Fi solutions of mobile devices, has added Trailblazer Capital as an investment partner in its latest round of funding.
Joined by founding investors, Southern Cross Venture Partners and Austin Ventures, this round will provide capital for further development of Nitero’s solution.
"Serving as a Board member for Nitero has provided excellent insight into the capabilities of the company and the market viability of their 60GHz platform. The team has executed upon demanding development plans in a timely and capital efficient manner. We’re excited to lead this next round of financing and provide incremental industry
Kier has completed its investment in Biogen (UK) Limited, establishing a 50/50 joint venture in the UK’s leading food waste to energy business with its parent company Bedfordia Group plc.
Headquartered in Bedfordshire, Biogen designs, builds and operates large-scale anaerobic digestion (AD) plants to process food waste and produce renewable energy.
Kier’s maximum total investment is GBP24.375m (comprising a mixture of preferred and ordinary equity), of which GBP5.375m was invested on completion. A further GBP2.5m of equity will be invested in December 2012 and another GBP2.5m in July 2013. The remaining GBP14m is scheduled to be invested in instalments
A holding company owned by the Permira funds has completed the acquisition of Intelligrated, a North American-based provider of automated material handling solutions, services and products, in a transaction at a valuation in excess of USD500m.
Intelligrated designs, manufactures and installs complete material handling automation solutions for the warehousing, distribution, consumer product manufacturing, postal and parcel markets.
Solutions offered by Intelligrated include conveyor systems, sortation systems, palletizers and robotics, order fulfilment systems, warehouse control software and advanced machine controls.
The Permira funds’ investment will support the company’s growth opportunities, including further penetration of its customer base in North America, emerging
AXA Private Equity has acquired the entire share capital of frostkrone Holding alongside the company’s management, which is reinvesting.
The previous majority shareholder, Argantis Beteiligungs, a private equity firm focused on German SMEs, now fully exits from the company.
frostkrone and its subsidiary, Bornholter, produce and market frozen finger food and snack products such as mozzarella sticks, cream cheese jalapeños, chilli cheese nuggets and sushi. The company markets its products in food retail outlets and the food service sector. With its workforce of 102 employees, the frostkrone Group generated sales of approximately EUR36m in 2011.
AXA Private
The offshore M&A market increased in value at twice the worldwide average last quarter compared to the previous quarter, according to a report released by Appleby, a provider of offshore legal, fiduciary and administration services.
The latest edition of Offshore-i, the firm’s quarterly report which provides data and insight on merger and acquisition activity in major offshore financial centres, focuses on Q2 2012.
The key themes emerging from the report show that in the second quarter of 2012 the value of deals involving offshore targets increased 12 per cent, up USD3.8bn from the previous quarter. This compares to a six
Premium bar and nightclub operator Novus Leisure has been sold by majority shareholders Barclays Ventures and RBS Strategic investment Group for GBP100m to new investors LGV Capital and Hutton Collins, which have backed the existing management team.
Novus Leisure is the UK’s largest private bar and nightclub operator having a portfolio of 52 primarily London-based premium bars, including Balls Brothers and Tiger Tiger outlets and Polynesian themed nightclub Kanaloa.
Novus Leisure also operates nightlife guide website www.latenightlondon.co.uk.
Latham & Watkins represented Barclays Ventures, RBS and the Novus Leisure management team as sellers in the transaction with a deal team
Koontz-Wagner has completed the previously announced sale of its subsidiary, Koontz-Wagner Custom Controls, to Global Power Equipment Group.
Custom Controls is a manufacturer and integrator of engineered packaged control house solutions for the energy, oil and gas, and electrical industries.
Headquartered in Indiana, Custom Controls has delivered products and services to more than 1,000 customer sites in over 35 countries.
The Custom Controls acquisition will expand Global Power’s products portfolio to its current customers and supports global expansion into adjacent infrastructure products and services.
Luis Manuel Ramírez, president and chief executive officer of Global Power, says: “We are acquiring a
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