Global aerospace and defence (A&D) merger and acquisition (M&A) value reached a record level in 2011, according to Mission Control, a quarterly analysis of M&A activity in the global A&D sector by PwC. Aggregate deal value reached USD43.7 billion supported by 341 deals in 2011, compared to total deal value of USD21.9 billion and 332 deals in 2010. The 2011 record surpassed the previous A&D deal record of USD42 billion in 2007.   The primary driver of deal value in 2011 was the USD16 billion transaction, the largest in sector history.  However, volume drivers were broad-based, with higher numbers for

Hogan Lovells has advised Ares Capital, Lloyds TSB, RBS and Santander on the acquisition by Duke Street Capital of a majority stake in Parabis, thought to be the first ever leveraged buy-out of a law firm in the UK. The deal was announced on Monday 6 February. Parabis is a leader in claims handling which specialises in managing long term outsourced and co-sourced contracts on behalf of major organisations. Parabis also owns Plexus law, a specialist insurance defendant entity. The Hogan Lovells team advising the banks was led by London banking partner Stuart Brinkworth, assisted by Of Counsel Jo Robinson,

Bregal Investments is forming Bregal Partners, LP, a middle-market private equity fund with USD500 million of committed capital. The fund’s investment efforts will be led by Robert Bergmann and Scott Perekslis, who will serve as Managing Partners. The fund, based in New York, will focus on control-oriented investments in North America in the following industries: consumer; food and beverage; healthcare; and, energy services. Bergmann and Perekslis are middle-market private equity veterans, having previously worked together at Centre Partners Management LLC for more than 20 years, most recently serving as Senior Partners. Louis Brenninkmeijer, co-Chairman of Bregal Investments, says: "We are

High Road Capital Partners has sold Milwaukee Gear Company for USD80 million, marking the first exit for the firm’s debut fund, High Road Capital Partners Fund I, LP. The sale generated a 2.6x gross cash-on-cash return and a 31.6% gross IRR for High Road. The firm’s July 2008 investment in Milwaukee Gear was also its first acquisition.   Milwaukee, Wisconsin-based Milwaukee Gear manufactures custom precision gears and drives used in a variety of industrial applications. The company was acquired by Regal Beloit Corporation (NYSE: RBC).   “In the three and a half years High Road owned the company, we grew

The Green Building Group, an HIG Europe portfolio company headquartered in Graz, Austria, has acquired a majority stake in Lumar IG d.o.o. (Lumar), the leading Slovenian manufacturer of prefabricated houses. As part of the transaction, Lumar’s founding owners, the Lukic family, have taken a stake in Green Building Group. Lumar will continue to manufacture from its highly efficient site in Maribor and will maintain its well-known brand under the umbrella of Green Building Group.   The Green Building Group was founded in August 2011 with the acquisitions of the Hanlo Group and HAG. The acquisition of Lumar represents a key

Mid Europa Partners has entered into a binding agreement with its partner France Telecom-Orange, for the sale of their combined 100% stake in Orange Austria to Hutchison 3G Austria (Hutchison), a subsidiary of Hutchison Whampoa Limited. Mid Europa currently holds a 65% stake in Orange Austria and France Telecom-Orange a 35% stake. The agreement implies an enterprise value of approximately EUR1.3 billion for Orange Austria. As part of the overall transaction, Hutchison will sell frequencies, base station sites, the mobile phone operator Yesss! Telekommunikation GmbH (Yesss!), as well as certain intellectual property rights to Telekom Austria Group immediately after the

Phoenix Services International, a steel mill services provider, has acquired Gagneraud Industrie SAS (GI). GI will now be known as Phoenix Services France. Headquartered in France, GI began operations in the early 1900s as a subsidiary of the Gagneraud Group, which was founded in 1880, and is the largest provider of steel mill services in France.  GI has a longstanding strong reputation for providing critical services to steel mills and for being a leading supplier of slag to the construction and building materials industries. Doug Lane, President and CEO of Phoenix, says: “The acquisition of Gagneraud Industrie SAS is an

Troika Ventures, the venture arm of Troika Dialog and venture company, has successfully achieved the first exit from its investment portfolio by selling its share in Evernote Corporation to Sequoia Capital. Troika Ventures was Evernote’s first institutional investor, which has since successfully attracted multiple investment rounds from top tier international and US venture funds, including Docomo Capital, Morgenthaler Ventures and Sequoia Capital.   “Evernote was one of the first companies that we invested in,” says Artyom Yukhin, the head of Troika Dialog’s venture division. “In addition to financing, we provided expertise and assistance at an early stage to bring the

Lyceum Capital-backed M&C Energy Group (M&C), the global energy consultancy, has expanded its US footprint and strengthened its market position with the acquisition of fellow energy consultancy Coleman Hines, headquartered in Phoenix, Arizona. The mid-market growth investor acquired M&C for £22 million in 2010 and, since then, has implemented a rigorous programme of operational enhancement and supported a number of strategic acquisitions.   The deal follows M&C opening its first US office in Atlanta, Georgia and will further help the company to expand in North America.   Coleman Hines, founded in 2000, provides energy consultancy services to a number of