Managers
Sun Capital Partners’ portfolio company Sonneborn, Inc. (“Sonneborn”) has been sold to One Equity Partners. Terms of the transaction have not been disclosed.
Sonneborn, based in Parsippany, NJ, was acquired from a large publicly-traded company in June 2005 in a corporate carve-out transaction. Upon acquisition, a series of initiatives were implemented to improve manufacturing productivity and cash management, streamline corporate infrastructure, optimise the product offering, and reduce costs by developing non-traditional raw material sources. A disciplined approach was taken to supply agreements and the termination of unfavourable supply agreements generated substantial savings.
In 2010, Sonneborn completed the acquisition of the
Genta Incorporated has entered into definitive agreements with institutional investors in a private placement to sell Senior Secured Convertible Notes for up to USD12.0 million in aggregate gross proceeds before fees and expenses.
The transaction is expected to close with initial gross proceeds of USD2.0 million on or about 30 March, 2012, subject to satisfaction of customary closing conditions. Proceeds of the financing will be used to initiate late-stage, randomised clinical trials with tesetaxel in two major oncology indications: gastric cancer and breast cancer. Tesetaxel is the leading oral taxane in clinical development.
"We greatly appreciate the investors’ continued interest
GCP Capital Partners has acquired Garrets International Limited, a leading international provider of marine catering management for the commercial shipping industry.
Derrick Samms founded Garrets in 1991 and has since pioneered the market for outsourcing of catering services for the merchant navy. Garrets provides its customers with a range of services including provisions supply, stock keeping, quality control and chef training and support.
The business has grown rapidly over recent years and today manages a fleet of 750 vessels from its head office in Romford, making it the clear market leader. The company was recently featured in the Sunday
Mergers and acquisitions in the US financial services industry could increase in both number and value of deals, if markets improve and European banks sell noncore business units, PwC says in a new report.
M&A prospects remain uncertain, however, after deal volume fell in 2011 due to the European debt crisis, volatile stock and bond markets, uncertainty around government regulations and a pullback in financing, according to PwC’s report, "Balancing uncertainty and opportunity: 2012 US Financial Services Insights" (www.pwc.com/us/fsdeals2012).
US banking, insurance, asset management and other financial service companies announced 756 deals last year. The figure represents a 10 per
Maven’s Manchester team has led the MBO of Vodat International Limited (Vodat) from its founder Mike Bielinski in a GBP5m transaction.
Vodat provides managed network and communications solutions to business customers, with a particular focus on the UK retail sector in which it has a leading market presence.
Cheshire based Vodat was established in 2002 by the current CEO and senior management team, and has achieved year on year sales and profit growth, increasing sales by over 50% since 2008. The business has a current customer base covering over 7,000 live sites and places a strong emphasis on ensuring excellent
IFG Group has signed an agreement for the sale of its entire International Division (Segment) to AnaCap Financial Partners II LP.
The purchase price is GBP70 million (EUR84 million) which will be paid in full on the completion of the sale. The purchase price shall be subject to an adjustment upon finalisation of the completion accounts. The sale is subject to certain conditions including shareholder and regulatory consent. The EGM, at which an ordinary resolution approving the sale shall be voted upon by the shareholders, shall be held in advance of the AGM on 27th June 2012. A circular incorporating a
Veracity Payment Solutions has secured an USD80m commitment from Boston-based Great Hill Partners, a private equity firm that manages over USD2.5 billion in capital.
While a portion of the committed funds was used to buyout an existing investor, the vast majority will be used to fund Veracity’s US and European acquisition strategy. Great Hill was the sole investor in the all equity transaction, with Veracity’s founders, current management team and GTX Partners retaining a significant ownership position.
Founded in late 2007 by Joe Cohane, Stephanie Sharp and Grant Putre, Veracity provides credit card, debit card and ACH processing solutions primarily
Morgan Stanley Global Private Equity has formed a strategic partnership with OSF Merchant Banking to pursue investment opportunities in Brazil. Based in São Paulo, OSF is a fund manager that offers international and local qualified investors customized alternative investment advice.
“Brazil has entered a cycle of abundant opportunity and unprecedented capital flow. Private equity firms are now presented with the challenge of identifying and structuring investments in a very competitive environment that does not typically rely on leverage as a fundamental piece in transaction finance,” says Hans J Apostel, a founding partner of OSF and head of its investment committee.
GSO Capital Partners, the credit division of Blackstone (NYSE: BX), has announced the final closing of its second mezzanine fund, GSO Capital Opportunities Fund II, with total commitments of USD4 billion, making it among the world’s largest mezzanine funds and the largest mezzanine fund to be raised following the financial crisis of 2008.
GSO will invest the Fund across a broad range of sectors and geographies, with a particular focus on the US and Europe.
The fund’s size and scale allows it to focus on the underserved upper middle market, while its flexible structure enables GSO to be creative in
Cancer Research Technology, Cancer Research UK’s commercial arm, and the European Investment Fund (EIF), have joined together to create a GBP50 million investment fund to bridge the funding gap in the UK between cancer drug discovery and early development.
The CRT Pioneer Fund will seamlessly take potential cancer drugs from discovery through to entry to Phase II clinical trials. It is a bold step to fund the most innovative oncology research and to plug a large gap in the UK funding of drug discovery.
CRT and the EIF will make equal contributions to the CRT Pioneer Fund. The fund has
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