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The total value of private equity business in the international finance centre of Guernsey has surpassed GBP100 billion for the first time.
Figures from the Guernsey Financial Services Commission show that the net asset value of private equity funds under management and administration in the island grew by GBP25 billion over the course of 2016 to stand at GBP110.3 billion at the end of December.
Substantial launches during the course of last year by big ticket private equity promoters including Permira, Apax Partners, Cinven, Macquarie, Partners Group and Inflexion all contributed to the record-breaking high.
Guernsey Finance chief
Hatteras Funds, a provider of alternative investment solutions for financial advisors and their clients, has formed a partnership with private capital firm Portfolio Advisors to serve as sub-adviser for the Hatteras Core Alternatives Fund.
In 2003, Hatteras Funds created the Core Alternatives Fund to deliver the potential return enhancement produced by a diversified, seasoned evergreen private investment programme complemented by the risk mitigation benefits of a portfolio of hedge funds.
Hatteras Funds recently communicated with advisers and investors that the core fund’s sub-adviser change was a necessary step to improve the fund’s performance and fulfil its commitment to investors.
Oakley Capital Investments’ Oakley Capital Private Equity III (Fund III) has completed a deal to acquire the assets and operations of Plesk, at an enterprise value of USD105 million, as a carve out from the Parallels Group.
Fund III has invested USD27.4 million for a 51 per cent controlling stake in the business. The company’s indirect contribution through its interest in Fund III is approximately GBP10 million.
First released in 1999, Plesk is one of the most widely used control panels and software platforms for simplifying the lives of Web Professionals. Plesk’s web-server management tools secure and automate server
Private equity investment firm HIG Capital has agreed to acquire a majority stake in CONET Technologies, an IT consulting, IT systems integration and software development company headquartered in Hennef (Sieg), Germany.
The CONET management team, headed by CEO Anke Höfer, will continue to lead the company.
Founded in 1987, CONET offers a range of services and solutions in software development, SAP consulting, IT infrastructure and IP-based communications. The company is a highly reliable partner to many German and Austrian blue-chip customers in the public and private sectors.
HIG will support CONET’s management team as shareholder and through its
Akin Gump has appointed Michael Joyce as a partner in its global energy and transactions practice in Singapore.
Joyce comes to Akin Gump from Norton Rose Fulbright, where he was head of the oil and gas group for Australia.
He has relocated from Sydney, Australia, back to Singapore where he was based earlier in his career.
Joyce has more than two decades of experience advising private sector and government clients on matters involving natural gas and oil value chains. This includes acquisition of upstream assets and operational oil and gas field businesses; negotiation of joint operating agreements, farm-in
Private equity firm Vector Capital is to sell 20-20 Technologies (2020), a provider of interior space planning software solutions, to Golden Gate Capital.
Terms of the transaction have not been disclosed.
Founded in 1987 and headquartered in Laval, Quebec and Westwood, MA, 2020 is the only global provider of applications, solutions and content for interior space planning, omni-channel retail and furniture manufacturing.
2020 customers include many of the world’s largest home improvement retailers and manufacturers, as well as tens of thousands of local, independent kitchen and bathroom dealers.
Vector Capital partnered with founder Jean Mignault to take
Lux Global Label Company, a newly formed holding company backed by private equity firm Resilience Capital Partners, has purchased certain assets from National Label.
As part of the transaction, Resilience will commit significant financial capital to the new company. Resilience has assembled a team of industry veterans to strengthen the new company’s operations and industry stature.
In connection with the agreement, Resilience has partnered with LBC Credit Partners, a provider of middle-market financing solutions, and The Kennedy Group, a supplier of labelling, packaging and identification solutions.
“The financial and operating investments that Resilience Capital Partners is making will
Kirkland & Ellis is advising Bank of America Merrill Lynch, as financial adviser, in connection with Hillhouse Capital and CDH led funds’ proposed privatisation of Belle International by way of a scheme of arrangement.
Belle International is engaged in manufacturing, distribution and retailing of shoes and footwear products, and the sales of sportswear and apparel products.
At a cancellation consideration of HKD6.30 per share, the total share capital of the company is valued at HKD53.1 billion (USD6.8 billion). The transaction was announced on 28 April 2017.
The Kirkland team is led by Hong Kong corporate partners Nicholas Norris
HIG Capital’s portfolio company Cerca Trova Restaurant Concepts, formerly known as T-Bird Restaurant Group, has acquired 45 corporate-owned Outback Steakhouse restaurants from its franchisor, Bloomin’ Brands.
The acquisition includes all stores in Arizona, Colorado, Nevada and New Mexico.
Headquartered in San Diego, California, Cerca Trova is now the exclusive franchisee of Outback Steakhouse in Arizona, California, Colorado, Nevada and New Mexico, and remains the largest domestic franchisee of Bloomin’ Brands, operating over 100 Outback locations across the western region (approximately 15 per cent of all the Outback locations in the US).
“We are excited to extend our presence
ICSH Parent, the parent company of Industrial Container Services, has been acquired by funds advised by private investment firm Centerbridge Partners, from affiliates of Aurora Capital Group.
With 49 facilities across the US and Canada, ICS collects, reconditions and distributes over 10 million steel, poly and intermediate bulk containers annually.
It is the only company capable of offering comprehensive services, including pickup and reconditioning of containers of all major packaging types, new container manufacturing and distribution, to customers nationally.
"We are excited to partner with Centerbridge," says Charles Veniez, chief executive officer and president of ICS. "Going forward,
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