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Tiptree Financial is to sell its subsidiary Philadelphia Financial Group to funds managed by the tactical opportunities group of The Blackstone Group for approximately USD155 million in cash plus additional consideration of approximately USD10 million to be paid over two years.
The transaction, which including both Tiptree’s third party administration and life insurance operations, is subject to customary closing conditions including regulatory approval and is expected to close in the third quarter of 2015.
Houlihan Lokey Financial Advisors acted as financial advisor to Tiptree and rendered a fairness opinion to its board of directors in conjunction with this transaction.
The opportunities for private sector-led growth in Africa, the benefits of private equity buyouts as attractive entry strategies, and the focus of strategic investors in Africa were key themes discussed by Honore Dainhi, the president of Supreme Group’s Commercial Division, during a keynote speech at the Private Equity in Africa event that was held recently in London.
The overriding theme of the conference was a debate around the role of private equity in the African growth story, and to what extent it will generate enhanced returns over the medium to long term as the markets mature and new market dynamics
Ashurst has advised the credit business of Kohlberg Kravis Roberts (KKR) on the acquisition of the entire share capital and voting rights of Pont-sur-Sambre Power and Toul Power, two combined cycle gas turbine power plants in France.
The plants were acquired from Verbund AG, a power transmission and trading company.
The transaction is subject to regulatory approval.
The transaction was led by Paris-based corporate partner Bertrand Delaunay, assisted by associate Séverine Gallet.
A total of 298 European private equity transactions in Q3 represented a meaningful reduction in volume over the prior quarter, impacted by a decrease in both buyouts and early stage transactions, according to SL Capital Partners.
Value held up relatively well given the reduced volumes and, although the EUR19.0bn transacted was a 19.7 per cent reduction on the prior quarter, the overall performance was much higher than Q3 2013 and 2012 and average deal size remained stable.
The European private equity market continues to move in a general upward trend, although continuing to experience a high level of volatility
Independent corporate and fund services provider Crestbridge has seen the value of funds it administers grow from GBP1.84 billion in June 2013 to GBP15.06 billion in June 2014, representing an increase of more than 700 per cent.
Contributing to this growth were a number of key business wins for the firm. These included establishing and providing administration services to the Jersey-domiciled Kennedy Wilson European Real Estate fund, which raised GBP1 billion and became the second largest real estate IPO in LSE history, and being appointed to provide a range of administration and oversight services to a number of Jersey-domiciled asset
Personal Capital, a digital wealth management firm, has raised USD50 million in a Series D funding round led by Corsair Capital, as well as BBVA Ventures and USAA.
Existing investors IVP, Venrock and Crosslink also participated. Jeremy Schein of Corsair will join Personal Capital’s board.
“We’re leading the transformation of financial services from physical to virtual delivery,” says CEO Bill Harris. “This infusion will help accelerate our already-rapid growth – we’ve seen revenue increases of 10 per cent or more each month for the past seven quarters.”
Over 600,000 American families use Personal Capital’s personal finance apps to
Mooreland Partnerrs has expanded its European-based senior banking digital media and internet team through the appointment of Seth Kundrot, who has joined the London office as an executive director.
"Digital media and Internet currently account for the largest share of US investment value in Europe across the technology sector, and adding an experienced senior banker based in our London office focused exclusively on this area allows us much closer coverage of this sector," says Holt Thrasher, managing director and founder of Mooreland Partners. "Since establishing our London office in 2005, Europe has accounted for roughly half of our M&A transaction
London listed private equity fund JZ Capital Partners, an investor in US and European micro cap companies, has now seen NAV growth in 20 of the past 22 quarters.
The firm’s NAV totalled USD657.4 million at 31 August 2014 (FYE 28/02/14: USD666.5 million), with pre-dividend NAV per share of USD10.27 (FYE 28/02/14: USD10.25). A distribution of 16 cents per share was paid in June 2014, while an interim dividend of 15 cents per share was paid for the period (H1 2013: 14.5 cents per share).
The firm saw USD96.4 million of proceeds during the period, primarily from the following realisations:
Platinum Equity has acquired a majority interest in ground engineering firm Grupo Terratest.
Financial terms of the transaction have not been disclosed.
Headquartered in Madrid and providing services around the world, Terratest is a specialised international contractor providing foundation work, ground improvement and micro-tunnelling services for large-scale infrastructure projects and industrial, commercial and residential construction.
Platinum Equity is a global private equity firm currently investing from a USD3.75 billion buyout fund focused on acquiring businesses that can benefit from the firm's operational expertise.
"Terratest is a leader in its industry with a well-recognised brand, strong management, talented
Confluence is to provide Mitsubishi UFJ Fund Services with a range of reporting solutions for its new Annex IV reporting services for alternative investment fund managers (AIFMs).
The new services allow AIFMs that are managing or marketing alternative investment funds (AIFs) in the EU to submit Annex IV reports to their relevant National Competent Authority (NCA), as required by the Alternative Investment Fund Managers Directive (AIFMD).
Annex IV reporting is one of the principle concerns of managers and funds in complying with the requirements of AIFMD. Involving 300 plus data points from fund, portfolio, manager and risk systems, the preparation
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