Allocations
The CEPRES Private Capital Market Outlook for the first quarter of 2020 using the latest data from the CEPRES Platform shows how buyout fundraising in the US declined by almost 50 per cent QoQ and 20 per cent YoY, but is still substantially above volumes during the post-GFC era of 2009 -2012. Buyout fundraising volume in Europe is in stark contrast with a sharp decline of over 70 per cent QoQ and YoY, making it the lowest quarter since late 2017.
US buyout fund net IRR returns declined sharply between 2003 and 2006, which were the vintage years immediately preceding the impending crisis
Ancala Partners (Ancala), an independent infrastructure investment manager, has agreed to buy Hector Rail AB (Hector Rail) from EQT, including its subsidiary Hector Rail GmbH, on behalf of its European Infrastructure Fund II. Completion on the transaction is expected in Q3 2020.
Hector Rail is the largest privately-owned rail freight operator in Scandinavia and one of the few running corridor traffic between Sweden and Germany. It is growing its presence in Germany, Europe’s largest freight market, where it focuses on attractive niche segments, such as energy and intermodal flows.
Founded in 2004, the company has over 100 locomotives and
Enstar Group Limited (Enstar) has agreed to a recapitalisation of StarStone US Holdings (StarStone US) led by SkyKnight Capital (SkyKnight), Dragoneer Investment Group (Dragoneer) and Aquiline Capital Partners (Aquiline).The Investors have committed USD610 million in new equity capital which, together with the rollover of Enstar’s existing ownership, and an additional equity commitment of over USD20 million from management, will increase the equity capitalisation of StarStone US to over USD850 million. Enstar will receive a combination of cash consideration and shares in the recapitalized StarStone US, valued at a modest premium to book value.
As part of the capital infusion, a new
A new survey by Intertrust, a global leader in providing tech-enabled fund and corporate solutions, reveals how Covid has impacted the decision making behind carve-outs.During a recent webinar, addressing how best to create value through carve-outs, a third (33 per cent) of industry professionals said they intended to start looking for acquisition opportunities while 11 per cent planned on initiating a strategic review of potential carve-out opportunities.
A record level of dry powder in the market is a driving factor in the expected rise in carve-outs. M&A is also likely to play a big role in the restructuring of companies
Private equity investors are still seeking new deal opportunities despite expected declines in revenue as experienced by their portfolio companies and no wider ‘return to normal’ until 2021.That’s according to a new global study on how Covid-19 has impacted private equity firms’ and investors’ forecasts and strategies from international audit and advisory firm Mazars.
Covering more than 150 investors in Europe, the Americas and Asia, the ‘Covid-19 and the world of private equity’ study sheds light on private equity and investor concerns and gauges their sense of optimism for the future.
Paul Joyce, Head of London M&A at Mazars, says:
Chiltern Capital (Chiltern) has completed an investment in Doby Verrolec Limited (Doby), a UK-based manufacturer of HVAC ductwork jointing systems and ductwork components. Doby was previously a subsidiary of Heitkamp & Thumann, a family owned industrial manufacturing group headquartered in Dusseldorf.
Based in Stanley in County Durham, Doby can trace its origins back to the 1950s and employs over 50 people at its headquarters.
Chiltern has taken a majority stake in the company and will play an active role in supporting Malcolm Moss (Managing Director) and Terry Dingley (Works and Technical Director) to accelerate growth. As part of the transaction, experienced
Investment company Kinnevik has agreed to sell 23.2 per cent of the shares in Nordic digital commerce group Qliro Group to Swedish VC fund Rite Ventures.
The deal is expected to close in the third quarter of 2020. As a partial payment for the sold Qliro Group shares, Kinnevik will receive up to 47,439 shares in MatHem, corresponding to 0.5 per cent of the total number of shares in the company.
The balance will be paid through a promissory note from Rite Ventures, which under some circumstances provides for a purchase price adjustment.
The total consideration that Kinnevik expects to
The Luxembourg-domiciled euro denominated structure closed with EUR 260 million of commitments on 27 March, surpassing its EUR200 million target.
Neuberger Berman launched the Crossroads funds of funds platform in the early 1980s, with the aim of constructing diversified private equity portfolios across asset classes, strategies and geographies.
The new fund, NB Euro Crossroads 2018, invests concurrently with the international fund; together they have commitments of over USD1 billion.
Investors include pension funds, insurance companies and family offices from continental Europe and the Nordics. “We identified demand in Europe for a Luxembourg domiciled euro denominated structure,” said Dik van Lomwel,
Kian Capital Partners (Kian), a middle-market focused private investment firm, has exited its investment in TrueLearn (TrueLearn) through a sale to LLR Partners (LLR). Terms of the transaction have not been disclosed.Headquartered in Mooresville, NC, TrueLearn is a leading provider of virtual learning and exam preparation software for physicians and healthcare professionals seeking Board licensure and accreditation. The Company relentlessly advocates for learners seeking to maximise outcomes across a multitude of healthcare fields, including medical specialties such as General Surgery, Anesthesiology, and OB/GYN, and partners with medical schools and healthcare training programs to promote the highest levels of success. TrueLearn’s
WIT Fitness, a London-based sportswear retailer, has secured an additional GBP1.5 million in follow-on funding from growth capital investor VGC Partners after growing revenues by 56 per cent in the last year.Activated by ecommerce, WIT Fitness sells high-quality branded training footwear and activewear apparel in the UK, US and Europe. It also operates a store in London St Paul’s, which houses a state-of-the-art gym. The company was founded in 2014 by former athlete Dan Williams and sports retail expert Sam Kitching.
In the last year, WIT Fitness has launched two exclusive sneaker collaborations with Adidas and Reebok; the Adipower II x WIT and WIT x Nano 9, respectively. It has also launched
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