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Middle market private equity firm Stellex Capital Management (Stellex) has held the closing of its debut fund, Stellex Capital Partners (the Fund), with aggregate commitments of USD870 million, exceeding the Fund’s USD750 million target.
Stellex has a flexible investment strategy that executes deep value control-oriented middle market investments through structured private equity buyouts or purchases of secondary market debt. Stellex’s target investment size is USD25 million to USD100 million, with additional capacity as needed. Stellex primarily focuses on manufacturing and service businesses within sectors such as automotive, aerospace, building products, defense, industrial equipment, metal fabrication and transportation.
To date,
MidOcean Credit Partners, an affiliate of MidOcean Partners, a premier New York-based alternative asset manager, has closed a USD600 million collateralised loan obligation (CLO), MidOcean Credit CLO VII.
The transaction was led by Goldman Sachs & Co.
The CLO will be backed by a portfolio of primarily senior-secured leveraged loans and will have a four-year reinvestment period and a two-year non-call period. The transaction is MidOcean’s first CLO structured to comply with US risk-retention rules.
Jim Wiant (pictured), Managing Director at MidOcean Credit Partners, says: “The successful closing of CLO VII, MidOcean’s largest CLO to date, demonstrates our
The Luxembourg Stock Exchange (LuxSE) has listed the first ever Reserved Alternative Investment Fund (RAIF). The new RAIF was brought to market by Finexis and has been listed on the Euro MTF market.
RAIFs are a new type of vehicle that combine the characteristics and structures of specialised investment funds (SIFs) and investment companies in risk capital (SICARs) qualifying as Alternative Investment Funds (AIFs). However, unlike traditional AIFs, RAIFs are not subject to approval from Luxembourg’s regulator, the Commission de Surveillance du Secteur Financier, also known as the CSSF.
The Law of 23 July 2016, which came into effect
The London Stock Exchange has seen nine fund IPOs on its markets to date in 2017, raising GBP1.4 billion. London listed funds have also raised GBP3.6 billion in further capital in the first half of the year.
London continues to be an attractive market for international fund managers, particularly from the United States. Since the start of the year, US fund managers have listed funds worth over GBP3.5 billion in London.
Most notable is the increasingly diversified nature of the funds, from microcap, supporting SMEs, and real estate specific funds for social housing, private rented sector and
AxiomSL, a provider of risk data management and regulatory reporting technology for the financial services industry, has secured a strategic investment from growth equity firm TCV.
This investment represents AxiomSL’s first institutional financing, having bootstrapped to scale since its founding in 1991. TCV’s investment will enable the company to accelerate growth and cement its position as the financial industry standard for risk and regulatory compliance data management. As part of the investment, the AxiomSL board of directors will benefit from the expertise of Rick Kimball, Founding General Partner at TCV, and Nari Ansari, Principal at TCV.
“We selected TCV
Private equity investment firm HIG Capital (HIG) has sold its portfolio company Comverge through the sale of its parent company, Peak Holding Corp, to Itron in a cash transaction valued at approximately USD100 million.
Comverge is a leading provider of demand response, energy efficiency, customer engagement and distributed generation solutions to utility customers. Leveraging a broad suite of demand management products, Comverge provides all of the products and services needed to operate a demand response program, allowing utilities to better manage energy load and helping customers consume energy more efficiently.
Through the acquisition of Comverge in May 2012, HIG
An affiliate of HIG Europe (HIG) has acquired a controlling stake in Santa Lucia Pharma Apps (SLPA), an Italian provider of advanced services to hospitals.
SLPA offers integrated turn-key solutions to hospitals for the traceability and management of unit dose drugs and medical devices. SLPA solutions, which include proprietary software, patented robotic technologies and specialist support services, enable drugs and medical devices management from digital prescription to automated personalised unit dose treatment, up to software controlled administration to patients. Complete traceability of medications and medical devices allows significant reduction in errors in therapy management and in related waste, resulting in
Exiting shareholders Golden Partner and its affiliates have subscribed to an additional CHF3.5 million shares in energy storage solutions specialist Leclanché.
At the same time key shareholders Bruellan and Trialford have converted their respective CHF1 million and CHF0.5 million convertible notes into equity.
Leclanché says it is now working with its existing shareholders to raise the required capital to finance its growth plan, following two successful years of expansion. Funding options include a rights issue, private placement with institutional shareholders and a dual-listing on a North American exchange. As per Leclanché’s announcement on 7 June, exploratory discussions to list
OMERS Private Equity is to acquire a minority stake in National Veterinary Associates (NVA).
The transaction is in partnership with NVA’s leadership team and funds affiliated with Ares Management (NYSE:ARES), which will continue as the majority equityholder of NVA. Financial terms of the transaction were not disclosed. The transaction is expected to close during the third quarter of 2017, subject to certain closing conditions.
NVA is the largest independent owner-operator of veterinary hospitals, pet boarding and daycare centres in the United States, Canada, Australia, and New Zealand with 502 locations and more than 1,800 affiliated veterinarians. NVA partners with
Palatine Private Equity has invested in TTC Group, a provider of road user and cycling education courses in the UK.
The transaction was introduced by EY Corporate Finance in Birmingham who advised the shareholders. The deal sees Palatine back current MD, Jim Kirkwood and his team, and is the second investment from Palatine’s Midlands office within 18 months of opening.
TTC, founded in 2000 by Graham and Jenny Wynn, provides national speed awareness courses as well as a full suite of other driver training, compliance and education courses across the UK. Having won its first police force contract in
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