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UK fund providers will have until 15 September 2019 to submit a ‘Brexit licence’ to the Luxembourg regulator to continue trading in the Grand Duchy.
The Commission de Surveillance du Secteur Financier (CSSF) is warning that unless firms submit a notification to them by that date, they will be considered as ‘third-country entities’. This would result in a loss of passporting rights and sanctions, should they continue to pursue regulated activities in Luxembourg following a no-deal Brexit.
All UK firms authorised under The Capital Requirements Directive (CRD), Markets in Financial Instruments Directive (MiFID II), Payment Services Directive (PSD2), or
Chicago-based private equity firm CORE Industrial Partners (CORE) has acquired Fleco Industries (Fleco), a provider of lighting solutions through multiple brands, including Saylite, Texas Fluorescents Reinvented, Mobern, Lights Fantastic, Lights Fantastic Pro, Lite and LFP Lighting.
Headquartered in Carrollton, Texas, Fleco, which will transition its overall corporate name to Saylite, has two manufacturing locations and four state-of-the-art lighting experience showrooms that provide innovative lighting solutions for a variety of applications. The Company offers one of the most comprehensive selections of LED-based products in the industry, as well as controls and other related lighting products for the commercial, industrial, and premium
Oberberg Gruppe, a portfolio company of private equity firm Trilantic Europe has made its second and third bolt-on acquisitions under Trilantic Europe’s ownership with the purchase of Panorama Kliniken (including Privatklinik Hubertus and Panorama Fachklinik) and Jägerwinkel Privatklinik.
Oberberg is an operator of psychiatry, psychosomatic and psychotherapy acute clinics in Germany with a focus on treatments for depression and addiction. Including the newly acquired entities, the Group has grown from nine clinics at the time of Trilantic Europe’s investment in December 2017 to 13 clinics with over 800 beds in total. Oberberg continues to differentiate itself through a unique therapy
Angelo, Gordon, a USD34 billion alternative investment firm focused on credit and real estate investing, has appointed Michiel von Saher as a managing director based in London.
In this role, Mr von Saher is responsible for leading European performing credit research and identifying credit investment opportunities across the region. He will work alongside Managing Director and Portfolio Manager Steven Paget, who joined the Firm in 2018 to lead the build out of Angelo Gordon’s European Performing Credit business with Global Head of Performing Credit Maureen D’Alleva and Head of Europe Daniel Pound.
“Michiel is an industry veteran whose decision
Papier, a direct-to-consumer personalised stationery brand, has secured USD11 million in a Series B funding round led by venture capital firm Beringea.
The investment will enable Papier to accelerate its growth in the US, which already accounts for 15 per cent of the brand’s total revenues, as well as building on its collection of leading design collaborations and expanding its range of innovative products.
Existing investors Felix Capital (backers of Farfetch, Goop and Mejuri), JamJar Investments (the venture capital fund run by the Innocent Drinks founders) and Downing Ventures also participated in the round, which brought the total funds
Healthtech M&A activity saw an increase in the first half of 2019 with a healthy 100 deals inked (11 per cent more than in 2H 2018) and around USD8.3 billion in disclosed transaction value throughout the period, according to Hampleton Partners’ atest global Healthtech M&A Market Report.
Trailing 30-month median valuation multiples reached the highest levels in years, with EV/EBITDA climbing to 17.7x after the low of 13.7x in 2H 2018, and EV/S reaching 3.4x – a new record for healthtech.
Jonathan Simnett, director and healthtech specialist, Hampleton Partners, says: “M&A activity in the healthtech sector underlines a pressing
Attention all those currently in fundraising mode: this week’s newsletter has news of an upcoming webinar on 18 September focusing on industry best practices. Joining the discussion will be a selection of established and emerging managers including: Osman Qureshi, Managing Partner & Co-Founder First Alpha Energy Capital; Tatyana Kratunova, Product Strategy PE, FIS; Robert Spittler, Managing Director of the Silverfern Group and Ryan Parker, CFO, Mercato.
To find out what lessons they’ve learned from previous fund launches, what some of the best practices are for attracting the right LPs, and what role technology can play to improve the fundraising process,
London-based energy investment firm Exergy Capital has appointed Bob McGuire as a Senior Adviser to the firm.
McGuire, who joined Exergy in July, has previously held roles as head of Goldman Sachs’ and JPMorgan’s European energy and power groups, head of UK investment banking at JPMorgan and managing director and head of Europe at US private equity firm CCMP Capital. Most recently, he founded Longwing Partners in 2017, a China-focused financial advisory firm. In addition to his leadership positions at market-leading global investment banks and in the private equity industry, McGuire has gained extensive board experience in his distinguished career.
Avista Capital Partners (Avista), a private equity firm focused on growth-oriented healthcare businesses, has acquired GCM Holding Corporation (GCM) from May River.
Based in Silicon Valley, GCM is a leading outsourced manufacturer of high-precision components and assemblies, providing an integrated platform of manufacturing solutions primarily for the MedTech industry, as well as select Diversified Industrial end markets. Within MedTech, the Company manufactures products for high-growth segments such as robotic assisted surgery, radiotherapy, diagnostic technology, and other vital equipment.
GCM maintains strong and long-tenured relationships with many market-leading OEMs who value the Company’s strong capabilities in highly engineered and difficult
Ford Financial Fund has held the the closing of Ford Financial Fund III with over USD1 billion in commitments. Ford Financial Fund is a private equity fund focused on investments in community banks.
The fund is co-managed by Gerald J Ford and Carl B Webb, who are among the nation’s most experienced and successful investors in and operators of a broad range of financial services companies. The General Partner committed USD155 million of its own capital across Fund II and Fund III, which are both fully invested in Mechanics Bank. Fund II closed in May 2013.
Fund III closes in
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