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D’Ieteren is to acquire a 41 per cent stake in Milan-listed Moleskine from reference shareholders Appunti (Syntegra Capital) and Pentavest (Index Ventures), at EUR2.40 per share, valuing the company equity at EUR506 million.
After closing of the acquisition, which is subject to German anti-trust clearance, D’Ieteren will launch an unconditional mandatory takeover offer on the remaining shares at the same price (EUR2.40 per share) with no minimum threshold of ownership in the course of Q4 2016.
If the applicable threshold is reached, D’Ieteren intends to delist Moleskine from the Milan stock exchange. This remaining investment will be financed through
Listed private equity (LPE) funds have been trading at wide discounts to net asset value of more than 20 per cent, despite good investment performance over the last five years, according to research by international equity research and investor relations firm, Edison.
The first in Edison's series of in-depth reports on the LPE sector, examining key opportunities and issues for investors, reveals that recent corporate activity underpins a potential value case, with the market starting to understand the mis-match between low LPE valuations and strong investment performance.
The report highlights that LPE funds are easily accessible and open up
Noerr has advised the Dresden-based solar enterprise Heliatek on a Series D funding and the conclusion of a loan agreement with the European Investment Bank (EIB).
The total volume – including public subsidies – comes to around EUR80 million.
The funding consists of equity capital of EUR42 million, a loan for EUR20 million and around EUR18 million in public subsidies.
The investors in this funding round, which is one of the largest in the greentech sector over the past few years and was led by innogy SE, included ENGIE, BNP Paribas and CEE Group as well as the
Rothschild & Co, an independent financial advisory group, has opened an office in Chicago.
Investment banker Eric Hirschfield has joined Rothschild Global Advisory as a managing director and will head the new office.
Hirschfield, who has 28 years' experience as an M&A professional, joins Rothschild & Co from Goldman Sachs where he was a managing director.
Located at 77 West Wacker Drive, the Chicago office will serve Rothschild & Co's global client base, with investment banking expertise in over 50 offices in 40 countries. A core team of bankers has already joined Hirschfield in the Chicago office.
James (Jimmy) Neissa, head of
The Tikehau IM-managed Novi 1 fund has provided EUR15 million of a global EUR30 million financing for the Dietrich Carebus Group.
The fund subscribed to the entire EUR10 million convertible bond issue and underwrote EUR5 million of the total EUR20 million senior bond issue.
Founded in 1920, Dietrich Carebus Group is the third largest market participant in France for coach and bus distribution as well as after-sales services. The group is the exclusive distributor for Chinese coach and bus manufacturer Yutong and the Turkish company Temsa. For the fiscal year ended 30 September 2015, the group generated revenues of
NewAlpha Asset Management, which launched the first French venture capital fund dedicated to Fintechs in November 2015, has made a EUR2.5 million investment in Unilend.
The investment provides Unilend with financial resources as it looks to move into the next phase in its development.
Working alongside the founders of Unilend, NewAlpha joins a shareholder base comprising Ventech, Bpifrance and 360 Capital Partners.
A French pioneer in peer-to-business lending for SMEs, Unilend lets borrowers access a new form of direct and unsecured funding via loans granted by individual and institutional investors. In so doing, these investors can diversify their
Energy-focused private equity funds manager TPH Partners has formed a partnership with Antioch Energy, an Oklahoma City oil and gas exploration and production company.
With roots dating back three generations in oil and gas, Antioch Energy is led by Kevin Dunnington, chief executive officer, and Nathaniel Harding, president.
Antioch Energy changed its name from Harding & Shelton Exploration when the formative transaction closed earlier this month.
“Everyone on our management team has run their own independent oil and gas company and brings a tremendous amount of experience, technical expertise and knowledge to the table,” says Harding. “Add to
The Maltese Notified Alternative Investment Fund (NAIF) fills a gap in Europe's fund market. According to Dr Stefania Grech, Financial Services Associate, Chetcuti Cauchi Advocates, an unregulated fund was the one product missing in the Maltese Fund Industry. "Now, from a European perspective, there is no discrimination when it comes to the creation of an unregulated vehicle, offshore versus onshore.
"The NAIF regime could create an opportunity for investment managers to set up an onshore European structure to market to European investors. This could be done pari passu to the offshore fund, creating the possibility for fund managers to have
Malta has been quite innovative in providing certain infrastructure for the securitisation cell company (SCC) and securitisation in general. According to the MFSA, 30 securitisation vehicles have launched so far this year, and Sparkasse Bank Malta, plc. has been a beneficiary of this phenomenon.
As Paul Mifsud, Managing Director at Sparkasse Bank confirms: "We are seeing a good level of uptake in this area and the bank is well positioned to add value to this structure by being able to give the debt security within a segregated cell a degree of transferability and mobility by having it dematerialised and held
On 10 June 2016, Malta burnished its reputation when the Malta Financial Services Authority (MFSA) launched the Notified Alternative Investment Fund (NAIF) regime through the publication of the Investment Services Act (List of Notified AIFs) Regulations in the Malta Government Gazette.
This sets the scene for fund promoters to launch AIFs through Malta by means of a light touch notification process without having to go through a full licensing process with the MFSA. Rather, the NAIF may be launched by full-scope AIFMs authorised by the MFSA under the Investment Services Act, who will shoulder the responsibility of oversight and compliance.
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