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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)
BakerHostetler has added partners Goodarz “Goody” Agahi and Ryan Gaglio and associates Pace McCaskill and Ron Birnkrant to the firm’s Costa Mesa office.
Agahi, McCaskill and Birnkrant join the firm’s business and corporate group and Gaglio joins the tax practice.
The team comes to BakerHostetler from Stradling Yocca Carlson & Rauth.
Agahi focuses his practice on complex business transactions, including mergers and acquisitions, leveraged buyouts, restructurings, recapitalisations and financings. He has represented clients in matters in various industries, including, among others, apparel, technology, consumer products, medical devices and pharmaceuticals. Agahi also acts as general outside counsel for clients,
Twin Brook Capital Partners, the middle-market direct lending subsidiary of Angelo, Gordon & Co, has appointed Garrett Ryan as a partner and head of capital markets, effective immediately.
At Twin Brook, Ryan will be responsible for all capital markets related activities and will be based in Chicago.
“Garrett is an accomplished executive with extensive experience originating, structuring, and overseeing the execution of middle-market leveraged transactions,” say Trevor Clark and Chris Williams, co-heads of Twin Brook. “Given the overwhelming demand we have received from our private equity clients to agent and lead their transactions, we believe the timing is right
Venture capital fund Suir Valley Ventures, which was launched in partnership with Shard Capital Partners in February 2017, has made its first investment in Immersive VR Education (IVRE), a developer of virtual reality (VR) software and immersive experiences with a specific focus on education.
Suir, together with Kernel through the Bank of Ireland Kernel Capital Venture Funds and Enterprise Ireland, have invested a combined total of EUR1 million in IVRE.
A spin-out from WIT's research-based Telecoms Software and Systems Group (TSSG), IVRE’s platform provides virtual reality content that can be used in schools, colleges, universities, research centres and corporate
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