Managers
Investcorp, a provider and manager of alternative investment products, has completed the sale of SourceMedia to Observer Capital. Terms of the transaction have not been disclosed.
Investcorp originally acquired SourceMedia, inclusive of its Accuity affiliate, from the Thomson Corporation in 2004. Through Investcorp's stewardship, SourceMedia made significant investments and changes to the business that advanced its digital-first strategy, significantly diversifying its revenue mix to incorporate digital media, marketing services, events and new categories such as research. In addition, Investcorp spun out Accuity, and worked with its management to position the business as the leading US provider of payment efficiency and
Fortress Investment Group has held the successful close of Fortress Worldwide Transportation and Infrastructure Investors (FTAI) at its cap of USD995 million in total commitments.
FTAI was originally raised as a USD395 million fund; this was followed by a subsequent “top up” private capital raise of USD600 million of additional capital commitments.
FTAI brings together a diverse mix of high yielding transportation assets and value-add infrastructure projects. Its portfolio includes aviation, shipping, offshore energy and rail assets and infrastructure, including airplanes, jet engines, shipping containers, intermodal equipment, offshore energy vessels, as well as railway lines, railcars and terminals.
“The environment
Los Angeles-based private equity firm Vance Street Capital and its affiliates have acquired Eirtech Aviation, a specialist aviation coating services company headquartered in Shannon, Ireland.
Eirtech will be combined with existing Vance Street portfolio companies, Leading Edge Aviation Services and Associated Painters, to form International Aerospace Coatings.
The combined entity creates a global provider of aviation coating services, including exterior and interior aircraft painting, aircraft refurbishment and provision of aircraft graphics.
The principals of Eirtech Aviation will maintain a substantial ownership stake in the combined business. Terms of the transaction have not been disclosed.
The newly merged
The sale of two portfolio companies – Precision Dermatology, and CardioMEMS – has seen the limited partners of private equity firm Boston Millennia Partners realise USD10.5 million.
With the receipt of Hart-Scott-Rodino clearance, the acquisition of Precision Dermatology by Valeant Pharmaceuticals, for USD500 million, closed on 7 July.
On 30 May, Boston Millennia Partners’ portfolio company CardioMEMS, whose lead product is a significant advancement in the treatment of heart failure, was sold to St Jude Medical pursuant to a transaction valued at USD463 million.
Precision was spun out of Collegium Pharmaceuticals, a specialty pharmaceuticals company, for which Boston
Ipreo Holdings has been acquired by private equity funds managed by Blackstone and the Goldman Sachs merchant banking division.
The business has been acquired from affiliates of Kohlberg Kravis Roberts (KKR). Terms of the transaction have not been disclosed.
"Ipreo is an extraordinary company with tremendous potential for growth," says Martin Brand, senior managing director of Blackstone. "We are pleased to partner alongside management and Goldman Sachs to position Ipreo for continued innovation and success."
"Ipreo has a long track-record of impressive performance across all the markets it serves. We are excited to help the company achieve new
Technology investment specialist Mercia Fund Management is launching a fund offering tax-efficient investment in the UK’s fast-growing digital economy.
The Mercia Digital Fund will use the hybrid structure of Mercia’s previous three tax efficient funds, combining the Enterprise Investment Scheme (EIS) and Seed Enterprise Investment Scheme (SEIS), to invest in a diversified portfolio of innovative digital companies with high growth potential.
Key sub-sectors within digital that the fund will target include:
· Fintech – financial technology – in which global investment has more than trebled during the past five years
· The Internet of Things (IoT) – focused around the
Middle market private equity firm Calera Capital has partnered with management to acquire United Site Services (USS), a provider of portable sanitation, temporary fencing and related site services.
USS has over 1,500 employees across 60 branch locations in the US.
James Farrell of Calera Capital says: “CEO Ron Carapezzi and the USS management team have developed USS into a true industry leader. The company has significant momentum and we are excited to support Ron and his team in continuing USS’s impressive history of outperformance.”
“We are extremely pleased to be partnering with Calera Capital to take the USS
A consortium of Duke Street, Partners Group and Tikehau are to acquire Voyage Care on behalf of their clients from HgCapital, in a GBP375 million transaction.
Voyage Care, headquartered in Lichfield, UK is a provider of specialist residential services and supported living for people with learning disabilities, associated physical disabilities, autistic spectrum disorders, acquired brain injuries or other complex needs.
Under HgCapital ownership, Voyage has grown to a business with approximately 8,500 employees, supporting over 2,000 people across 290 care homes as well as supporting approximately 1,000 individuals in supported living and their own homes.
“We are very
Ogier Legal has acted as Guernsey legal adviser to Mid Europa in the establishment of Mid Europa Fund IV, which closed at EUR800 million.
Mid Europa Fund IV is a Guernsey authorised closed-ended investment scheme established primarily to make controlling investments in market leading companies in Central and Eastern Europe and Turkey.
William Simpson (partner) and Bryon Rees (managing associate) led the Ogier Legal Guernsey team and worked with lead counsel Kirkland & Ellis International on the transaction.
Thierry Baudon, Mid Europa's managing partner, says: "We are delighted with the outcome of the fundraising for Fund IV which
Jamieson Corporate Finance, a management advisory firm, has established a Spanish joint venture, Jamieson & Basabe SL.
The new business will be headed up by José Basabe, who will be responsible for sourcing and executing management advisory mandates in the Spanish market.
Basabe is a seasoned financier with more than 20 years’ experience in private equity and investment banking. Since 2010, he has been working as an independent consultant advising on corporate strategy and restructuring. Prior to this, Basabe spent eight years with ABN AMRO Capital as co-head of the Spanish private equity team. Between 1988 and 2001, he
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