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New measures to update the merger system and better protect national security have been set out by UK Business and Energy Secretary Greg Clark.
The new proposals include enabling the Government to intervene in mergers that raise national security concerns, even when they involve smaller businesses. These changes are targeted at key areas, specifically companies that design or manufacture military and dual use products, and parts of the advanced technology sector.
In these areas, currently the Government can only intervene in mergers involving companies with a UK turnover of more than GBP70 million or where the share of UK
San Francisco Equity Partners (SFEP), a private equity firm focused exclusively on expansion-stage companies in the consumer industry, has appointed Chris Sargent as a Vice President, based in San Francisco.
Sargent will focus on sourcing new investment opportunities, due diligence, deal execution, and working with SFEP’s portfolio companies on operational initiatives.
Sargent joins SFEP from Sawaya Segalas, a New York based investment bank exclusively focused on the consumer products sector. Mr. Sargent had a 10-year career at Sawaya Segalas, where he focused on M&A transactions in the personal care, beauty, personal health and wellness, household products and food and
Ruby Tuesday is to be acquired by a fund managed by NRD Capital (NRD), an Atlanta-based private equity firm that specialises in franchised and multi-location business investments.
Under the terms of the agreement, NRD will acquire all of Ruby Tuesday’s common stock for USD2.40 per share in cash and will assume or retire all debt obligations for a total enterprise value of approximately USD335 million, excluding transaction expense. The purchase price represents a premium of approximately 37 per cent over Ruby Tuesday’s closing share price on 13 March, 2017, the day before the Company announced its intention to explore strategic
Private equity firm LeapFrog has sold its 20 per cent minority stake in Mahindra Insurance Brokers Ltd (MIBL), to XL Catlin, a subsidiary of XL Group.
MIBL is a subsidiary of Mahindra & Mahindra Financial Services Ltd.
Since inception in 2004, MIBL has serviced over eight million insurance cases, safeguarding the livelihoods of millions across rural India by protecting their assets and loans taken for buying tractors and vehicles.
Ramesh Iyer, Vice-Chairman & Managing Director, Mahindra Finance, President – Financial Services Sector and Member of the Group Executive Board of the Mahindra Group, says: “Mahindra Finance is one
Global investment bank GCA Altium has acted as exclusive financial adviser to Mobysoft, a provider of predictive analytics software to the UK social housing market, on its minority investment from private equity house Livingbridge.
The deal represents GCA Altium’s 36th global transaction in the technology sector within the last two years (and 15th software transaction since the start of 2017), firmly positioning the business as the world’s largest tech-focused investment bank.
Mobysoft’s core product, RentSense, is a Software as a Service (SaaS) based predictive analytics tool which helps social housing landlords manage arrears collection more efficiently. Using a range
Cathay Innovation has invested in Beijing-based autonomous driving start-up Momenta, as part of a USD57 million Series B financing. GGV Capital also participated in this round.
The financing was was led by Nio Capital with participation from Daimler AG, Shunwei Capital, Sinovation Ventures and Unity Ventures. Momenta is the first-ever investment for Mercedes-Benz parent Daimler AG in a Chinese self-driving company. Cathay Innovation’s LPs also include world renowned tier-one companies that have shown great interest in self-driving technologies.
Founded in early September of 2016, Momenta is building the “brains” for autonomous vehicles. Its deep-learning based software in perception, HD
Castanea Partners has made a minority investment in Tatcha, a luxury skincare brand with a collection of products inspired by timeless Japanese beauty rituals.
Founded by Victoria Tsai in 2009, Tatcha offers a line of serums, moisturizers, mists, exfoliants, and cleansers. The Tatcha name is derived from tachibana, the classical Japanese art of flower arranging that features a single “standing flower”, representing the beauty of simplicity. This philosophy drives the company’s approach in creating pure, naturally-powered formulas. Tatcha’s collection is distributed through the company’s website, Sephora North America, QVC, and other domestic and international wholesale and specialty retail stores.
Law firm Howard Kennedy has strengthened its offering to clients following the recruitment of leading renewable energy expert and new partner Jonathan Cohen.
Cohen joins the firm on 16 October from legal giant Eversheds Sutherland, where he led the distributed energy and energy storage groups.
Cohen is an industry recognised lawyer with vast experience in the renewables and energy sectors. He has worked on and led many high-profile transactions in the energy sector both in the UK and internationally and across all clean technologies, including offshore and onshore wind, solar PV, CHP, district heating, geothermal and energy storage. He
Illumina Ventures, an independent, early-stage venture capital firm, has raised USD230 million for its first fund. Illumina Ventures was launched in the summer of 2016 with an initial USD100 million investment from Illumina.
The balance of the funds has been raised from a mix of corporate, institutional, sovereign, and individual investors.
Illumina Ventures was founded by Nicholas Naclerio, PhD, who was formerly SVP of corporate and venture development for Illumina, where he was responsible for Illumina’s corporate strategy, business development, acquisitions, spin-offs, and venture investing. The new firm is managed independently from Illumina and is focused exclusively on genomics and precision
By Piers Alexander (pictured), Conyers, Dill & Peraman – There’s a reason that the Cayman Islands is one of the world’s biggest and most attractive hubs for offshore financial businesses. Not only does it provide a stable, tax-neutral platform but also offers a sound legislative and judicial system, confidentiality, a leading banking sector and legal and financial professional and support services.
As issues of high taxation, complex financial laws and economic and political instability continue to affect the onshore world, the attractiveness of the Cayman Islands as a location for establishing private equity funds increases.
To help fund managers decide
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