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Morgan Lewis has added partner Rick Denhup, a veteran finance lawyer who has advised banks and other financial institutions for nearly 20 years, to its New York office.
Denhup focuses on representing financial clients in a range of matters, including asset-based loans (ABLs), cash flow credit facilities, and leveraged finance. Much of his work involves first- and second-lien loans, recapitalisations, cross-border transactions, debtor-in-possession financing transactions, restructurings, and workouts.
“Adding Rick to our elite finance team further strengthens our exceptional services for large and alternative lenders,” says Firm Chair Jami McKeon. “His outstanding reputation in the financial services industry is
Takeaway.com, an online food delivery marketplace in Continental Europe, is to acquire 10bis in Tel Aviv from TA Associates and its founder Tamir Carmel for a cash consideration of approximately EUR135 million.
The Transaction strengthens Takeaway.com’s tech leadership in food delivery.
Founded in 2000, 10bis (the “Business”) operates a leading online food marketplace that provides employee meal benefits plans to corporations. Its unique technology allows businesses to replace their canteens with not only a delivery service, but also with local restaurants. 10bis serves thousands of corporations, representing hundreds of thousands of employees. While Takeaway.com is predominantly a B2C brand, 95 per cent of
Funds managed by Foresight Group have provided an additional GBP10 million extension to bolster an original GBP40 million secured loan note facility which was agreed in September 2017 for Reward Finance Group Limited (Reward).
Leeds-headquartered Reward is an independent lender which provides secured loans to UK-based SMEs seeking more flexible finance, more promptly than mainstream lenders can deliver. Reward’s bespoke funding solutions take multiple assets as security, enabling the Company to provide short to medium term loans or invoice discounting facilities to support companies in a variety of different situations.
Since the original loan facility from Foresight was agreed
Lovell Minnick Partners (LMP), a private equity firm specialising in financial and related business services companies, is to acquire National Auto Care Corporation (NAC), a provider of automotive protection products. Financial terms of the transaction have not been disclosed.
NAC, established in 1984 and acquired by Trivest Partners in 2012, is headquartered in Jacksonville, Florida. NAC is one of the longest operating providers of products such as vehicle service contracts, guaranteed asset protection, limited warranty, tire, wheel and a full suite of ancillary protection products nationwide.
Through its independent agents, NAC supports over 2,300 partners that distribute its products.
Foresight portfolio company, The Naked Deli, has opened its first airport outlet at Newcastle International Airport.
Launched in 2014, The Naked Deli offers a health-conscious and clean-eating experience and provides a range of gluten and dairy-free, vegan and paleo dishes. With a keen focus on locally-sourced foods, The Naked Deli uses high quality meats, responsibly sourced fish, and organic eggs and dairy.
Foresight recently invested GBP2.5 million into The Naked Deli, providing growth capital to bolster systems and infrastructure and continue the rollout of additional sites around the UK. Foresight also introduced John Upton, ex MD of LEON, who
Evotec AG has completed the repayment of 50 per cent of its EUR140 million debt bridge facility within the first year of it being granted for the acquisition of Aptuit in 2017.
Effective August 2017, Evotec acquired Aptuit, a partner research organisation for integrated outsourced drug discovery and development, for EUR253.2 million in cash. This acquisition was financed through existing cash reserves and a new EUR140 million senior debt bridge facility.
The repayment of EUR70 million within the first year of the loan period was made possible through the strong cash inflow from Evotec’s operational activities in the first
Molson Construction Equipment, the UK’s largest distributor of capital equipment, has received a GBP6.3m investment from BGF to support its growth strategy.
Headquartered in Bristol, Molson will use the investment to build a new national parts centre and additional depots across the UK.
Founded in 1996 by Jonathan Wilson and Robin Powell, the business provides sales and aftersales services for heavy construction equipment – such as excavators, material handlers, crushers and loaders – to the construction, quarrying and waste management industries.
Molson has grown organically and through acquisition and now operates from depots in Bristol, Warrington, London, Kent,
Wendel has received a firm offer from Aptar Group to acquire all share capital of CSP Technologies (CSP), a provider of custom polymeric solutions and specialty protective packaging, for an enterprise value of USD555 million or approximately 13 times Adjusted EBITDA.
Subsequently, Wendel has entered into an exclusivity period with Aptar Group to finalize the transaction, which should close in the fourth quarter of 2018, subject to customary information procedure and conditions including regulatory approvals.
In January 2015, Wendel invested USD199 million of equity in CSP, and thereafter invested an additional USD29 million to finance its acquisition of Maxwell
Three Hills Capital Partners (THCP) is to sell its investment in sports technology company Genius Sports Group (GSG) to funds advised by Apax Partners.
Founded in 2000 and headquartered in London, Genius Sports Group is an industry-leading software business to the sports media and regulated sports betting sectors, specialising in the capture and distribution of real-time sports data.
THCP invested in Genius Sports Group in 2015 via a combination of debt and equity: through the provision of a GBP17million loan as sole lender to the company and the holder of a minority equity position of circa 20 per cent.
Berlin-based startup Grover, which offers pay-as-you-go subscriptions as an alternative to technology product ownership, has raised EUR37 million in Series A funding, one of the largest Series A rounds in Europe.
The round was led by circular economy specialist Circularity Capital LLP, and supported by fintech investor Coparion, Samsung NEXT and Varengold Bank as well as existing investors including Commerzbank’s Main Incubator and June Fund. The round consists of EUR12 million from equity investors and EUR25 million in debt capital. The new EUR25 million debt facility replaces the previous facilities, representing the total debt capital base for asset investment.
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