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HgCapital’s Parts Alliance has partnered with automotive parts business Andrew Page (AP) to acquire the business’s assets of Unipart Automotive, a UK supplier of car parts and workshop consumables.
The deal, which is for an undisclosed sum, means that HgCapital’s Parts Alliance will acquire a total of 12 of the former Unipart Automotive 33 branches, with Andrew Page to acquire the remaining 21 branches, securing 350 jobs.
The Parts Alliance is a central organisation for the UK automotive parts market based in Solihull, West Midlands. It employs over 60 people on behalf of its 12 member companies, who manage
The African Private Equity and Venture Capital Association (AVCA) has appointed Dr Dorothy Kelso as director, head of strategy and research.
Kelso, a Ghanaian native, joins AVCA with 15 years of research, strategy and private equity experience gained at organisations including EY, Coller Capital, IE Consulting, the IMF and Incisive Media.
Most recently, Kelso was an associate director in the private equity strategic market intelligence team at EY in London, and a core member of the EY team who worked with AVCA to produce the annual AVCA and EY African Private Equity Exits Study.
Prior to EY, Kelso
TowerPoint Capital has entered into an agreement with AllianceBernstein Private Credit Investors to facilitate its ongoing acquisition of assets and accumulate diversified portfolios in the US, Canada and Puerto Rico.
"We are thrilled with the opportunity to have AllianceBernstein as our exclusive financial partner and to have access to their significant financial and intellectual resources," says Jesse Wellner, chief executive officer of TowerPoint. "The backing of AllianceBernstein, a leading asset manager, further validates our relevance in the marketplace and underpins our growing momentum. Both TowerPoint and AllianceBernstein share common views regarding the attractiveness of the wireless infrastructure industry and are committed
ACON Equity Partners III has completed the purchase of Injured Workers Pharmacy (IWP) from Audax Group and Parthenon Capital Partners.
IWP is a specialty pharmacy serving patients in the USD8 billion workers' compensation, automobile personal injury protection and personal injury pharmacy markets in the US.
As part of this transaction, ACON partnered with Patrick Keefe and Tracy Finn, two former senior executives of Omnicare, a provider of long-term care and specialty pharmacy services.
Also joining ACON in the transaction is Triton Pacific Capital Partners, a private equity healthcare services investor.
The company will continue to be led
Private equity funds controlled by Blackstone are to recapitalise Service King Collision Repair Centers, one of the largest independent US chains of automobile body repair centres.
The Carlyle Group, together with its co-investors and the management and employees of Service King, will retain a significant minority stake in the company.
Terms of the transaction, which is expected to close during the third quarter, were not disclosed.
Established in 1976 and headquartered in Dallas, Texas, Service King now operates 177 locations across 20 states, having grown under Carlyle’s ownership from 47 locations in Texas.
“We are grateful for
European mergers and acquisitions (M&A) activity has picked up substantially in 2014 and already looks set to surpass the 10-year European average for the first time since 2007, says Standard & Poor's Ratings Services.
With around USD373 billion booked in 2014, deal flow is comfortably exceeding 2013's relatively subdued totals.
"The risk aversion triggered by the financial crisis, which steered companies toward organic expansion, is beginning to fade as belief resurfaces that growth is returning," says Taron Wade, director at Standard & Poor's. "Low financing costs, the availability of debt, and the rise in acquirers' market caps are enabling
Luxembourg financial services regulator CSSF has received a total number of 773 AIFM-related applications – 215 requests for authorisation and 558 requests for registration.
Following the processing of the 215 requests for authorisation, 151 entities have been approved as AIFM by the CSSF as at 22 July 2014.
Among these 151 approved entities, 74 entities are on the official list of authorised AIFMs.
The CSSF says a certain number of those applications for authorisation, where the approval process is still ongoing, are linked to entities which were not active in the field of alternative investment funds before the
As investors gain more confidence in the global economy, the wheels of the Chinese inbound and outbound M&A industry are expected to turn continuously for the rest of 2014.
Vivian Lam, partner, corporate department at Paul Hastings, says: “The slowdown of the Chinese economy will not have a negative impact on Chinese companies going abroad. On the contrary, more state-owned and privately-owned companies will be encouraged to go offshore to find global opportunities.
“They will make the decisions from a commercial perspective rather than from a political standpoint. The industries they are interested in will be more diversified, such
Alter Domus, a provider of fund administration and fund services, has adopted Thomson Reuters FATCA solution across its services platform to improve client identification and on-boarding.
The Foreign Account Tax Compliance Act (FATCA), which came into effect on 1 July 2014, is intended to reduce the levels of tax avoidance by US citizens and entities through foreign financial institutions (FFIs).
“We are delighted to be working with Thomson Reuters to provide a FATCA solution that helps our clients through the initial stages of identity and on-boarding, to the concluding compliance and reporting process,” says Benoit Dewar, head of FATCA
Abacus Group, a provider of hosted IT solutions for hedge funds and private equity funds, has hired Jonathan Bohrer as chief financial officer, effective 30 June.
Bohrer will be based in New York and will report to Chris Grandi, chief executive officer of Abacus Group.
Bohrer brings over 18 years of experience in finance and operations across a diverse set of industries. As CFO, he will oversee the company’s financial and accounting activities along with other administrative and operational functions including human resources, real estate and legal.
Most recently he served as managing director of finance at ConvergEx
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