Managers
An affiliated investment fund of private equity firm Lightyear Capital’s Lightyear Fund III, and institutional co-investors, are to make a controlling investment in Cooper Gay Swett & Crawford (CGSC).
The transaction is expected to close in the fourth quarter of 2012, subject to required regulatory approvals and closing conditions.
CGSC is one of the largest global wholesale insurance and reinsurance brokers placing over USD3.5bn in premiums for clients in the London, US, and international insurance markets. Headquartered in London and employing more than 1,400 staff across 60 offices worldwide, CGSC specialises in hard-to-place insurance policies. In 2011, CGSC reported revenues
XAnge is taking a GBP1.2m equity stake in the FX Capital group, a London-based UK company operating under the name of The Currency Cloud.
Established in 2011, The Currency Cloud is the provider of an automated, cloud-based currency conversion and international payments service.
The Currency Cloud is currently finalising the reorganisation of its equity ownership base after raising GBP4.5m in 2012. XAnge Private Equity, which is investing via its XAnge Capital 2 fund, is joining Atlas Venture, Notion Capital and Anthemis.
Hervé Schricke, chief executive at XAnge Private Equity, will sit on the board of directors, alongside Fred
Ecofin Water & Power Opportunities (EW&PO) has entered into a binding agreement to sell its 81.1 per cent holding in Ecofin Energy Resources (EER) for new shares in Amadeus Energy.
EER is EW&PO’s largest investment and is active in US unconventional oil and gas production through its Texas based wholly-owned subsidiary Lonestar Resources.
Amadeus is an Australian oil and gas company listed on the Australian Stock Exchange with virtually all of its assets in Texas. Amadeus will acquire 100 per cent of EER’s capital for newly issued shares. Following completion of the transaction, Amadeus will change its name to Lonestar
PineBridge Investments has acquired an additional 25 per cent stake in Promedica24, bringing its total holding in the company to 75 per cent.
Promedica24 is a provider of household services and care for the elderly in Poland and Germany. The company is headquartered in Poland and has approximately 4,000 employees as of 30 September 2012.
“We are excited to announce our increase in ownership in Promedica24. The company is growing very rapidly and is continuously strengthening its market position in Poland, Romania and Germany. We see further opportunities for expansion and to create long-term value,” says Artur Haze, director of
Salus Capital Partners has provided a USD65m Debtor-in-Possession (DIP) credit facility to HMX Group, a designer, manufacturer and marketer of men’s and women’s business and leisure apparel.
The DIP financing will be used by HMX Group to provide working capital as the company operates under Chapter 11 of the US Bankruptcy Code.
“We are pleased to provide a DIP facility to HMX Group that provides the company with the liquidity, time and a runway to effectuate a transaction that seeks to maximise value for all of the company’s constituencies – its employees, management, shareholders, vendors, and the estate,” says
MCG Capital has closed a USD20m investment in Midwest Technical Institute (MTI).
MCG’s investment consists of a senior secured unitranche credit facility and revolving line of credit.
MTI is a private, post-secondary school providing career education in the fields of welding, HVACR, allied health and cosmetology with five campuses across Illinois and Mississippi.
MCG’s investment is made in conjunction with the recapitalisation of MTI by Summer Street Capital, a private equity firm with more than USD550m of capital to make equity investments that typically range from USD15m to USD30m.
Northstar Offshore Group (NOG), a portfolio company of private equity firm Natural Gas Partners, has completed two shallow water purchases in the Gulf of Mexico for a combined total of USD160m.
On 11 October, NOG acquired the Creole field, located in West Cameron Blocks 2 and 3 in the shallow state waters of Louisiana. On 16 October, NOG acquired a group of shallow water properties located in the federal waters of the Gulf of Mexico’s central region.
Northstar gains a combined 27 blocks, 14 producing fields (of which seven are operated), with a combined 7.4 million barrels of oil equivalent
Private equity firm Arbor Investments, in partnership with management and chief executive Timothy Fallon, has acquired Columbus Manufacturing, a portfolio company of Endeavour Capital.
Columbus, headquartered in Hayward, California, is a branded manufacturer of retail ready, super premium, artisanal salumi and related deli meat products. Terms of the sale were withheld.
Established by the Domenici and Parducci families in 1917, Columbus’ products are exclusively sold through supermarkets, club stores and specialty grocery stores across North America. Columbus operates three manufacturing facilities in the San Francisco area occupying more than 270,000 square feet and has the capability to manufacture a wide
Main Street Capital has sold the majority of its equity interest in Laurus to a private equity investment firm, which has previously made numerous growth investments within the healthcare sector.
Main Street realised a gain of approximately USD9.9m on the deal. As a result of this disposal, Main Street has now realised a 3.4x return on its total debt and equity investments in Laurus, a developer and manager of outpatient healthcare facilities.
Main Street made its initial investment in Laurus during 2004, which consisted of a first lien, secured debt investment with equity warrant participation. Subsequent to the initial investment
The Carlyle Group has completed its acquisition of Getty Images, a creator and distributor of still imagery, video and multimedia products, in a transaction valued at approximately USD3.3bn.
With the completion of the transaction, The Carlyle Group has acquired a controlling stake in Getty Images.
Getty Images co-founder and chairman Mark Getty and the Getty family have rolled substantially all of their ownership interests into the acquisition. Getty Images management, including co-founder and chief executive officer Jonathan Klein, has invested significant equity in the company.
"We are pleased to announce the completion of this transaction in partnership with The Carlyle
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