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Wabtec Corporation is to merge with GE Transportation, a unit of General Electric Company (NYSE:GE). The combination will make Wabtec a Fortune 500, global transportation leader in rail equipment, software and services, with operations in more than 50 countries.
Under the agreement, which has been approved by the Boards of Directors of Wabtec and GE, GE will receive USD2.9 billion in cash at closing and GE and its shareholders will receive a 50.1 per cent ownership interest in the combined company, with Wabtec shareholders retaining 49.9 per cent of the combined company. The transaction is expected to be tax free
Ropes & Gray has advised private equity firm Epiris on its acquisition of The Club Company, a UK-based country club operator, from a company affiliated with Lone Star Funds.
Financial terms of the transaction have not been disclosed.
The Club Company operates 13 country clubs predominantly located in central and southern England. The clubs have over 40,000 members and offer a range of facilities, including championship-standard golf courses, state-of-the-art health and fitness facilities, swimming pools and tennis courts, as well as bars, restaurants and accommodation.
The Ropes & Gray team was led by private equity partner Phil Sanderson
Ropes & Gray has advised Nordic Capital, a private equity investor in the Nordic region, on the successful closing of its ninth fund. The oversubscribed fund, which raised EUR4.3 billion, exceeded its EUR3.5 billion target by 23 per cent in seven months.
The fundraising – Fund IX – enjoyed a re-up rate of over 70 per cent from investors in predecessor funds, while also attracting commitments from a number of new investors. LP commitments represented a well-diversified institutional mix with Fund IX investors including public and private pension funds (circa 35 per cent), sovereign wealth funds (circa 20 per cent),
Action sports protection brand Ruroc has received a GBP3 million investment from BGF, adding further firepower to its international growth plans.
The Ruroc range – which includes its signature full-face helmet with detachable face mask and the world’s first fully ventilated magnetic lens goggles – is gaining rapid traction across the globe as the go-to brand for action sports protective gear. Over the past 8 years Ruroc’s high-quality, high-specification designs have had a constant presence in the pit lanes of the Formula 1, NASCAR, Aussie V8 and MotoGP competitions.
Headquartered in Gloucestershire, Ruroc currently exports to more than 80
Inflexion Private Equity Partners (Inflexion) has held the final close of Inflexion Buyout Fund V (Buyout Fund V) and Inflexion Partnership Capital Fund II (Partnership Capital Fund II), securing commitments of GBP1.25 billion and GBP1 billion respectively.
Both Funds were oversubscribed and closed at their respective hard caps within just four months of launch, after receiving strong support from existing investors and attracting new investors from the US, Europe and Asia. The investors committing to the Funds comprise leading institutional investors, including state and corporate pension plans, insurance companies and sovereign wealth funds. In keeping with previous fundraisings, Inflexion closed
Creative industries specialist, Edge Investments (Edge), has invested in a significant shareholding in Hoop, a fast-growing marketplace which helps families find and book organised local activities for children and the organisers of those activities to increase their profitability.
From local baby and toddler groups to swimming lessons, from drama classes to creative workshops, Hoop makes it easy to discover and book fun activities for families, enabling the predominantly smaller businesses which put on these activities to attract new customers, handle bookings and payments more efficiently and grow.
The GBP4 million Series A round was led by Edge and includes
Carey Olsen’s investment funds team in Jersey has advised the South-east Asia focused AVI Frontier Fund I on its second close and investment into Techcombank’s landmark listing on Vietnam’s Ho Chi Minh Stock Exchange.
The new funding round follows the fund’s successful first close last July and subsequent exit from its first investment, which returned 37 per cent gross to investors in six months.
Partner Chris Griffin led the Carey Olsen team advising AVI and was assisted by associate Katrina Lindsay.
Griffin says: “It’s good to see AVI using the ever-popular and flexible Jersey Private Fund regime to
Maranon Capital has acted as Joint Lead Arranger for a senior credit facility to support Comvest Partners’ acquisition of Engage2Excel (E2E).
E2E, headquartered in Statesville, North Carolina, is a leading provider of employee recognition, sales incentives, talent acquisition and consumer loyalty solutions and services. E2E’s solutions focus on attracting, retaining, and engaging both employees and customers to increase productivity and profitability.
E2E maintains relationships across a diversified client base ranging from Fortune 100 companies to small and medium-sized businesses.
Private equity investor PAI Partners (PAI) is to acquire M Group Services, a service provider to the regulated infrastructure markets in the UK and Ireland, from First Reserve, a private equity firm exclusively focused on energy.
Jim Arnold, Chief Executive of M Group Services, says: “Over the past two years, First Reserve’s strategic investment in our group has enabled the successful delivery of our business strategy. This has resulted in continued profitable growth. We have broadened the markets in which we operate, we have diversified our service offering and we have created a strong foundation for future continued success across
Funds advised by private equity advisory firm Apax Partners have agreed to sell their ownership stake in GlobalLogic Inc to Partners Group, a private markets investment manager, which is acting on behalf of its clients in the acquisition.
The transaction values GlobalLogic, a leader in digital product engineering services, at over two billion dollars. Following the acquisition, Partners Group becomes an equal shareholder with existing investor Canada Pension Plan Investment Board (CPPIB).
With over USD500 million in revenue, and a 20 per cent-plus organic growth rate, GlobalLogic has more than doubled in revenue and EBITDA since the Apax Funds
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