Allocations
Private equity funds in the US raised nearly as much capital in the first three quarters of 2012 as during the entire 2011 calendar year, according to Dow Jones LP Source.
In addition, 2012 commitments from limited partners in Europe are on track to surpass 2011 fundraising.
During the first three quarters of 2012, US private equity firms raised USD130.1bn for 326 funds, a 36 per cent increase in capital raised despite 19 fewer fund closings as compared with the first three quarters of 2011, and nearly matching the USD131.5bn total capital raised during 2011.
In the third quarter
JZ Capital Partners (JZCP), the London listed private equity fund which invests in US, European and Latin America micro cap companies, deployed a total of USD130.8m across 17 new investments during the six months to the end of August 2012.
JZCP made USD85.7m of new investments across all industry verticals in the US micro-cap portfolio, increasing the size by 41 per cent to USD289m.
Investments in the European Micro Cap Fund (EMF) meanwhile, reached USD81.3m representing 14 per cent of total assets, following EMF’s EUR13.5m investment in Oro Direct – a precious metals trading business in Spain.
JZCP also completes
FSAstore.com, an e-commerce site exclusively stocked with Flexible Spending Account (FSA) eligible products and services, has closed its second round financing of more than USD2m.
The financing, led by Originate Ventures, includes investment from previous investors Point Judith Capital and Columbia Business School Lang Fund, as well as additional angel investors.
The funding will be used to accelerate sales, marketing and development initiatives, as the company continues to expand to meet growing consumer demand for its products and services.
FSAstore.com enables consumers with Flexible Spending Accounts to use their tax-free dollars to purchase more than 6,000 healthcare products and browse
An affiliate of private equity investment firm Paine & Partners has entered into a definitive agreement with Aquanova International, a company controlled by Global Capital Investors II, a private equity fund advised exclusively by Global Finance, as well as with Bellaria Holding, for the sale and purchase of majority ownership of Eurodrip.
Under the agreement, the Paine & Partners affiliate would purchase all of the shares of Eurodrip currently held by Aquanova International and Bellaria, which represent approximately 67.5 per cent of the company’s outstanding shares, for a price of EUR1.53 per share.
The purchase price represents a premium of
3i-backed SLR Management, the international environmental consultancy, has acquired GSS Environmental, an Australian provider of environmental consulting and project management services to clients in the mining, minerals, land development and natural resource sectors.
GSS Environmental is a top three environmental consultant to the coal extraction industry in Australia, having advised on approximately 60 per cent of Australia’s coal mines, which counts BHP Billiton, Rio Tinto and Xstrata amongst its clients. With turnover for the period ended 30 June 2012 of GBP5m, it has 50 employees operating from offices in Newcastle, in New South Wales, and Mackay, in central Queensland.
The
Palatine Private Equity portfolio company Air Energi Group has completed a management buyout led by LGV Capital.
The deal sees LGV acquire a majority interest in the business. HSBC provided a senior debt package and various increased working capital facilities globally.
Palatine Private Equity, Air Energi Group’s previous investor, has exited the business after three years. During the period of their investment, the business has more than doubled net profitability.
Ian Langley, Air Energi Group chairman, says: “We are very pleased to complete this buyout transaction following a positive investment experience for Palatine and all of the shareholders in the
Graphite Capital, a UK mid-market private equity specialist, has sold NES Global Talent, the international technical recruitment group, to funds advised by AEA Investors for GBP234m.
NES places highly skilled contract engineers and project managers with blue chip, multi-national clients, principally in the oil and gas industries, and also in the power and infrastructure sectors.
Graphite backed a management buyout of the business, led by Neil Tregarthen, in September 2006 at an enterprise value of GBP70m.
NES has grown EBITDA organically every year since the MBO despite the difficult economic climate. Net fee income has more than doubled
Econocom, a European business-to-business IT and communications technology infrastructure management provider, has acquired 100 per cent of the shares of Cap Synergy.
Cap Synergy, known in the field of IT security and which generates a turnover of nearly EUR10m, brings to Econocom its portfolio of clients consisting of medium and large public and private-sector companies, including Accor, the French Ministry of the Economy and Finances, and RATP Dev.
This acquisition helps the company meet its objective of positioning itself as a strategic business partner offering total IT solutions, particularly in the protection of sensitive data, an expertise gained with the
Private Advisors has acquired the investment advisory business of Cuyahoga Capital Partners, a Cleveland, Ohio-based independent secondaries-focused private equity firm.
As part of the transaction, Cuyahoga Capital’s investment professionals will be joining Private Advisors’ private equity team and will be focused upon the deployment of their latest secondaries fund, which recently held its final close above its USD125m target.
Cuyahoga Capital is focused on value-oriented, secondary private equity investing. The firm manages approximately USD817m, which includes approximately USD203m across its four secondary private equity funds, USD65m in one primary private equity fund of funds and USD549m in advisory relationships.
Private
Houston-based private equity firm Rock Hill Capital Group has closed on a majority recapitalisation of Big Lake Services, a West Texas oilfield services provider operating throughout the Permian Basin.
Big Lake, founded in 2006 by chief executive Casey Davidson, has a management team with over 150 years of Permian Basin experience. The company provides maintenance, completion and workover services to some of the most prolific exploration and production companies in West Texas, many of which have been customers since Big Lake’s inception.
Since the company’s founding, management and key personnel have grown the business from three workover rigs to 22
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