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The UK's trade surplus in financial services is the biggest in the world, more than two and a half times bigger than the next largest surplus recorded by the US, according to figures from TheCityUK.
It is also three times higher than Luxembourg in third and Switzerland fourth.
The latest figures available show that the UK's financial services trade surplus was USD71bn in 2013, up from USD68bn in 2012. According to TheCityUK, this demonstrates the huge competitive advantage the financial and related professional services industry brings to the UK, and the importance of the industry in attracting international business
Caraustar Industries, a portfolio company of HIG Middle Market, the dedicated middle market investment affiliate of HIG Capital, is to acquire The Newark Group.
The acquisition is subject to customary closing conditions and required regulatory approvals.
Newark is a manufacturer of recycled paperboard, linerboard, industrial tubes, cores and other converted product including book covers and packaging solutions. Headquartered in Cranford, New Jersey, The Newark Group has approximately 1500 employees and operates over 20 manufacturing facilities in the US and Canada.
“The acquisition of The Newark Group is a major milestone in our growth journey,” says Michael Patton, chief
Infradebt, an Australian infrastructure debt manager specialising in customised investment strategies, has chosen SS&C's asset management platform.
Infradebt will use SS&C for the position-keeping, valuation and accounting for both traditional and non-traditional asset classes including infrastructure and complex debt instruments.
The new technology infrastructure will automate processes, reduce costs and provide flexibility and support for the firm's next phase of growth.
"After a comprehensive review of the market for a solution, SS&C stood apart from the rest and thorough testing showed they could support our requirements," says Alexander Austin, chief executive officer, Infradebt. "We were impressed with the
Private equity firm Phoenix Equity Partners has promoted David Burns and Richard Daw to managing partners of the firm, alongside James Thomas who has been a managing partner since 2001.
Sandy Muirhead, who has also been a managing partner of Phoenix throughout this period, is stepping down as a managing partner.
Burns and Daw have both been with Phoenix for 13 years and are long-standing members of the firm’s management committee. In their new roles, they will take shared responsibility with Thomas for day to day management of the firm and for its investor relations activity.
Muirhead will
European private equity fund Ambienta SGR has completed the acquisition of a 100 per cent stake in IP Cleaning, a manufacturer of machines and equipment for the professional cleaning sector.
Ambienta is investing circa EUR50 million in the company, primarily to finance the industrial revamp and the reorganisation of the company.
The agreement has been signed following exclusive negotiations that also involved current lenders UniCredit, Intesa, Ubi, Bper, Banco Popolare, IKB and MPS, who agreed to a rescheduling of outstanding debt.
IP Cleaning ranks as the number three player in the European professional cleaning market. The company manufactures
Arle Capital portfolio company Parques Reunidos, a leisure park operator, has completed its acquisition of Florida’s Miami Seaquarium.
The acquisition was funded through existing cash reserves from its US business Palace Entertainment, which owns more than 38 parks across the US.
Miami Seaquarium is the longest-operating oceanarium in the US, attracting around 650,000 visitors per annum, with a season which runs throughout the year. Positioned in Virginia Key (Miami-Dade County), the park allows visitors to view or interact with marine animals including dolphins, manatees, sea lions and hosts eight different marine animal shows each day.
The acquisition completes
Green Africa Power (GAP) has signed a five-year contract with EISER Infrastructure Partners, in collaboration with Camco Clean Energy, for the provision of fund management advice and services.
GAP, an initiative of the Private Infrastructure Development Group Trust (PIDG), will offer long term loans and contingent lines of credit to privately-owned renewable power generation projects in the most under-developed countries in Africa.
GAP will invest alongside commercial lenders and equity investors in transformational renewable energy projects in order to stimulate private investment in developing African countries. GAP will aim to influence the overall policy environment for financing of renewable
Private equity firms invested USD1,944 million across 88 Indian deals during the quarter ended June 2014, according to early data from Venture Intelligence.
The investment amount was 28 per cent lower than that invested in the same period last year (USD2,693 million across 114 transactions) and 20 per cent lower than that invested during the immediate previous quarter (USD2,436 million being invested across 109 transactions).
There were four PE investments worth USD100 million or more (with one above USD200 million) during Q2’14 compared to eight such transactions (including three over USD200 million) in the same period last year and
Venture capital firm Lux Capital has promoted Zack Schildhorn and Shahin Farshchi to partner and Adam Goulburn to principal.
“We’re incredibly proud of the growth and contributions from Zack, Shahin and Adam,” says Peter Hebert, co-founder and managing partner of Lux Capital. “Each has proven themselves over a period of years and has demonstrably added value to the firm by actively sourcing, leading and structuring new investments, observing or serving on boards, recruiting talent, managing teams of people, networking and representing Lux at industry events – all towards helping add value to our portfolio companies and working on behalf of
The Russian Direct Investment Fund (RDIF) and a consortium of international institutional investors from China, Singapore, UAE, Qatar, US, UK and Germany have invested in the Moscow Exchange.
The consortium will purchase a part of the Moscow Exchange stake being offered by the Central Bank of Russia.
RDIF has been a shareholder in the Moscow Exchange since early 2012. The fund initially purchased shares in the company prior to its IPO through a series of co-investment transactions with blue-chip investors exceeding USD1bn. These included the European Bank for Reconstruction and Development (EBRD), Cartesian Capital, BlackRock, China Investment Corporation and Kuwait
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