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Alternative investment manager FS Investments has launched its first closed-end interval fund, FS Energy Total Return Fund, which seeks to generate an attractive total return by investing in the equity and debt securities of public and private energy and energy infrastructure companies.
FS Investments already manages more than USD5 billion of energy and power assets, with a focus on directly originated private debt investments.
“FS Investments looks for ways to help investors access alternative sources of income and growth in the market, and we believe the energy industry has great long-term fundamentals if you have the flexibility to invest
Noerr has advised Kieser Training on setting up a joint venture together with the Chinese project developer EuroSinoInvest (ESI).
The joint venture marks Kieser’s entry to the Chinese market.
The first Kieser training studio in China is soon to open in Beijing, and another 20 studios will be established in the Chinese market in the next three to five years.
Kieser Training, which focuses on health-oriented fitness training, currently operates 138 training studios in Australia, Germany, Luxemburg, Austria and Switzerland, either itself or as a franchisor.
Kieser Training has for many years relied on advice from Noerr’s
118 Group has attracted investment from Pricoa Capital Group, the private debt and risk capital investment arm of Prudential Financial’s investment management business PGIM.
118 Group was set up in 2008 by entrepreneurs Paul Spinks and Patrick Bradshaw, who will maintain significant stakes in the business.
The group is the owner of the UK’s only business database of its kind, supplying information under license to credit reference agencies, mapping companies and every major search engine.
The group also operates a B2B marketing division, trading as Market Location.
The transaction provides shareholder liquidity and enables greater ownership of
The total value of the funds business in Guernsey grew by more than GBP28 billion last year, with the net asset value of funds under management and administration up by GBP6.5 billion (2.6 per cent) during the fourth quarter of 2016, according to the Guernsey Financial Services Commission (GFSC).
This built on the GBP21.9 billion growth during the first nine months of the year to take the total value of funds business in Guernsey to GBP255.9 billion at the end of December 2016.
“It is encouraging to see strong annual growth in Guernsey’s funds sector,” says Guernsey Finance chief
LBO France has entered into exclusive negotiations for the sale of CHRYSO, one of the four main global specialty chemicals groups for construction materials.
The sale of CHRYSO would be the first for the LBO France White Knight IX fund.
CHRYSO is an international producer of additives and admixtures which improve the performance of concrete and cement, and construction systems for the repair and maintenance of buildings. Additives and admixtures are used in concrete and cement in order to improve properties such as ease of handling, setting/dying time, fluidity and resistance to mechanical damage. Formulations are manufactured for use
Collyer Bristow has acted for an entity backed by venture capitalist Jon Moulton on the acquisition of an aluminium powder coating business in Birmingham.
Ragavan Arunachalam, who led the transaction for Collyer Bristow, says: "It is a great business which our client was keen to acquire. The hard work put in by the team to get this deal done will no doubt reap dividends for our client. We have assisted the client on a number of transactions, and are looking forward to the next exciting opportunity they identify.”
Adrian Field, on behalf of the buyer, says: “Thanks to their
Progressio SGR, the Italian private equity firm, is raising a new fund, Progressio Investimenti III, in response to LP demand and a doubling of proprietary deal flow over the past five years.
Progressio will raise EUR225 million for a final close at the end of 2017, after a summer first close. As with previous funds, the money will predominantly be spent on proprietary deals and primary buyouts.
The management team, which has averaged a 6.5x entry EBITDA multiple across its portfolio of prestige domestic brands like luxury fashion retailer Moncler, high-end furniture company Giorgetti, and Sanlorenzo Yacht, is targeting
Blue River Partners, together with Eaton Partners, have co-authored a whitepaper aimed at the alternative assets industry which examines the history and impact of the outsourcing trend on today's market, and provides answers to questions frequently asked by managers.
The topics covered include: the history of outsourcing and the current market reality; evaluating whether to outsource or not, and how to choose a service provider; what can go wrong and if a company can outgrow outsourcing; if CFOs and/or CCOs are still necessary when associated functions are outsourced; and investor and regulatory responses to outsourcing.
"We obviously believe in
Gide has advised US fund KPS Capital Partners on the acquisition of Winoa, which includes WHA Holding and its affiliates, from a consortium of investors led by KKR.
Founded in 1961, Winoa, whose historic headquarters are located in Cheylas, France, is a global manufacturer of steel abrasives with over 10,000 customers worldwide across the transportation, equipment, energy and construction end-markets.
Winoa operates 11 manufacturing facilities located in Europe, North America, South America, Asia and Africa, and employs over 1,000 people worldwide.
Legal counsel to KPS Capital Partners were Nadège Nguyen (partner) and Hugo Nocerino on corporate aspects; Bertrand Jouanneau
Private equity funds continued to invest across Europe in 2016 with an 18 per cent annual growth rate in deals volume, according to data released by Clearwater International.
Clearwater’s latest Multiples Heatmap Analysis reveals that the growth in volume was accompanied by increased values, with PE funds paying on average a 10.2x EBITDA multiple in 2016, an increase from the average acquisition multiple of 10.0x in 2015.
Values peaked in the final quarter of last year at 10.6x overall average multiple.
TMT led the way in 2016 with an average multiple of 11.1x (peaking at 12.6x in Q4)
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