Allocations
Italian security firm Axitea has received majority approval for a proposed deal with creditors on its EUR200 million total debt, aimed at ensuring the going concern of the business.
The deal, which subject to final court approval, will see the injection of EUR32 million of fresh finance into the business via a new vehicle, specifically created by private equity firm Stirling Square Capital Partners.
Gattai, Minoli, Agostinelli & Partners advised Axitea and Stirling Square Capital Partners on the legal profiles of the deal through a team composed of partners Riccardo Agostinelli and Sergio Fulco, and associates Riccardo Sgrò and
BioPharma Credit, a newly incorporated investment trust, has raised gross cash proceeds of USD373,265,200 from a successful placing, offer and PL subscription following a book-building process.
The company has also received an additional subscription of USD50,000,000. No further additional subscriptions are expected.
Further to the announcement released on 20 March 2017, the company has decided to satisfy in full the demand received pursuant to the tender offers and will issue 338,612,160 shares totalling USD338,612,160.
Gross issue proceeds therefore total USD761,877,360 and the company will issue 761,877,360 shares. This exceeds the company’s initial target of USD300 million.
Application
VARIV Capital, a Latin America venture capital firm, and Chilango Ventures, an investment firm with offices in San Francisco and Mexico City, have invested in MPOWER Financing.
The investment aims to help the fintech firm expand its presence in Latin America and attract a greater number of high-potential students to America’s best colleges and universities.
Latin American students already represent 25 percent of MPOWER’s outstanding loan portfolio, with Mexico representing the third-largest student population currently studying in the US through MPOWER’s financial support.
“We have worked diligently to attract sophisticated investors like VARIV Capital and Chilango Ventures who
Pamplona Capital Management, together with the existing management team, has acquired a majority interest in Legacy.com, a provider of obituary-related products and services to newspapers, funeral homes, and more than 43 million monthly visitors across the globe.
It is Pamplona’s fourth investment from Pamplona TMT I, its USD1 billion, US-based private equity fund focused on growth equity and control investments in the technology, media, and telecommunications sectors.
This investment follows more than a decade of double-digit growth at Legacy.com, driven by a surging e-commerce business, a flourishing top 40 internet web domain, and an expanding US and global presence.
Fengate Real Asset Investments has closed its new private equity fund, the LPF Equities Fund, with USD100 million in committed capital.
Its initial investment is in the Cricket Energy Group of Companies.
With the new private equity platform, Fengate will leverage strategic relationships developed through the firm's experience in the infrastructure and real estate sectors to identify businesses with strong fundamentals and attractive investment characteristics.
The new fund will target investments in mid-market, growth-oriented, operating businesses and strategic platforms across a targeted range of industry sectors in North America, in alignment with Fengate's approach and focus.
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Aspinall Capital Partners and Perscitus have completed the joint acquisition of powder coating company Vertik-Al Limited.
Led by Jon Moulton’s family office, the transaction was facilitated by debt funding from Clydesdale and Yorkshire Bank.
Under the terms of the agreement Vertik-Al and its group companies have become subsidiaries of a newly formed holding company.
Following the transaction, Graham Brown has been appointed MD of the group, while Angus Mackie has taken on the role of group financial director. Wade and Mike Lock together with Richard Gibbs will continue as directors.
Steve Aspinall, CEO and founder of ACP, says:
Private equity firm Golden Gate Capital has completed the acquisition of Cole-Parmer from private equity firm GTCR.
Founded in 1955, Cole-Parmer is a designer, manufacturer, and distributor of specialty lab equipment with particular expertise in fluid-handling, test and measurement, and electrochemistry.
The company sells its products and services to a diverse range of customers in the healthcare, biotech, pharmaceutical, environmental, and food industries, among others. The company offers a diverse range of product lines, including brands such as Masterflex, Ismatec, Oakton, and the Cole-Parmer private label, to an international network of laboratory managers and independent dealers.
Rajeev Amara,
The European merger and acquisition (M&A) climate in 2016 was similar in value and volume to 2014, a good year, but not as frothy as 2015, according to the CMS European M&A Study 2017 from law firm CMS.
The study, which analyses more than 3,200 of the firm’s non-listed European public and private company deals, shows Q4 was the best quarter for 2016, with inbound deals into Europe exceeding the previous year by 36 per cent in value terms.
Asian investors remained highly interested in European targets. Overall in 2016, Europe saw more deals than any other region including
Inbound merger and acquisition (M&A) investment into UK computer software companies has increased by 70 per cent over a two-year period, according to a report launched by Livingstone, an international mid-market M&A and debt advisory firm.
The report, The Acquirers – A Global Review, includes analysis of data from deals conducted between 2014 and 2016, across the UK, US, Europe, and Asia. The data comprises inbound deals and cross-sector investment across the business services, industrial, media and technology, consumer and pharmaceutical industries.
The findings show that inbound UK acquisitions of companies operating within the software market increased by 70
Private equity firm Warburg Pincus is to acquire a 35 per cent shareholding in Avaloq group, a fintech company specialising in banking solutions, from existing shareholders.
The transaction values Avaloq in excess of CHF1 billion. Detailed financial terms have not been disclosed.
Under the agreement, Warburg Pincus will partner with Swiss-based Avaloq to accelerate the company’s long-term growth and value creation strategy. Avaloq serves banks and wealth managers worldwide, having largely completed a transformation from a pure software company to an integrated service provider. The transaction allows the firm to rebalance its shareholding structure and bring in an experienced
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