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Entrepreneur and philanthropist Dr BR Shetty is teaming up with equity partners associated with UAE investment firm Centurion Investments to acquire Travelex from Apax Partners.
Following completion of the transaction Lloyd Dorfman will be founder and president of Travelex and remain a shareholder. Peter Jackson, chief executive officer of Travelex, together with the existing management team, will continue to lead the company.
Dr Shetty’s principal investment portfolio includes significant holdings in nmc Health plc, UAE Exchange and Neopharma, as well as investments in hospitality, food and beverage businesses.
Centurion is an investment vehicle based in Abu Dhabi, owned and controlled
Clearstream has issued the Domestic Markets Monitoring Report to support depositary banks in managing their new obligations as stipulated by the Alternative Investment Fund Manager Directive (AIFMD).
AIFMD enters into force on 22 July 2014, imposing tight restrictions on the regulation and supervision of AIFMs to ensure greater market transparency and increased investor protection.
The directive directly affects depositary banks offering custody services on behalf of alternative investment funds. These institutions will be required to provide a general oversight of the fund’s investment activities to keep custody risk in a market or a sub-custodian under control. In the event
Ogier Fiduciary Services in Jersey has promoted Charles Le Cornu to director and appointed two new directors, Simon King and Jon Barratt, to the funds and real estate teams respectively.
Le Cornu joined Ogier in 2006 and has 10 years’ experience in the offshore financial services industry specialising in investment fund accounting and administration. He has particular experience with private equity, venture capital and mezzanine funds. Prior to joining Ogier in 2006, Le Cornu trained with KPMG and is a member of the Institute of Chartered Accountants in England and Wales.
King joins the funds team from State Street
Private equity investment firm Auda has opened an office in Shanghai and appointed Jacob Chiu as a managing director and head of the firm’s Asian business.
Shanghai will be the fifth office for Auda worldwide and the firm’s second in Asia.
Auda has had an office in Hong Kong since 2007.
“The Auda Shanghai office will facilitate our expanding investment research efforts in China, Asia’s largest private equity market,” says Ernest Boles, Auda’s chief executive officer. “We are fortunate to have been able to recruit Jacob Chiu, one of the most experienced private equity fund investors in the
The Manchester office of mid-market private equity house LDC has backed the management buyout of Stroma, in a deal led by mid-market financial advisory group Altium.
The value of the deal has not been disclosed.
Based in Castleford, Stroma was established in 2002 by Matt Ferguson, Rob Coxon and Steve Turner.
The business now employs over 200 people across two divisions: Stroma Certification, a provider of training, accreditation and software products used throughout the UK energy assessment market; and Stroma Technology, a provider of energy-related technical consultancy services including assessment and advice relating to the energy performance of
Lynx Equity Limited has acquired Winfield Wood & Lath Limited, a British Columbia-based sawmill and lumber wholesaler.
Winfield joins Lynx’ expanding portfolio of over 30 companies as the first Western Canadian acquisition.
As it shifts its focus away from primarily Ontario-based acquisitions, Lynx has opened its second Canadian office, located in Calgary.
“Winfield has established an outstanding reputation in its industry through its ability to meet last minute orders and customise products for its customers. This, along with its consistent earnings, strong business model and solid position in the market place, make Winfield a natural fit for the
Private equity house Bowmark Capital and the private equity fund of the Rothschild Group, Five Arrows Principal Investments, have acquired Autodata Publishing Group for a reported enterprise value of GBP143 million.
Livingstone advised the shareholders of Autodata on the transaction.
Autodata, founded in 1975 by Richard Atherton and Dietmar Otto, is headquartered in Maidenhead and employs approximately 190 staff.
The company is a provider of technical information to the automotive aftermarket, publishing technical information on 17,000 vehicle models from 80 manufacturers. Its products provide over 80,000 professional workshops with access to a suite of up-to-date technical data and
Steven Novick has left Crescent Capital Group to start a new retail business based in London, according to his LinkedIn page.
Until April Novick was a managing director at Crescent and head of Europe, Middle East, Africa and Asia Pacific business development and investor relations for the credit investment firm, based in Los Angeles.
He also co-founded Crescent's first non US-focused credit fund, known as Crescent European Specialty Lending. The fund has a target of EUR500 million.
Novick joined the firm in 2011 and over the last two years raised almost USD1 billion in capital from investors across Europe, Middle
HarbourVest Partners (Europe) Limited has been authorised by the UK’s Financial Conduct Authority (FCA) as an alternative investment fund manager (AIFM).
The Alternative Investment Fund Manager Directive (AIFMD) entered into force on 22 July 2013 and covers the management, administration and marketing of alternative investment funds within the European Economic Area.
The regulations impose conduct and prudential requirements on the investment managers of such funds.
George Anson, managing director at HarbourVest, says: “We are proud to be one of the first global private equity firms to obtain AIFM authorisation. HarbourVest has a long-standing commitment to Europe, as we
The Russian Direct Investment Fund (RDIF) and Macquarie Russia & CIS Infrastructure Fund (MRIF) are to develop a “smart grid” programme alongside the Russian power transmission and distribution company, JSC Russian Grids.
One of the main focuses of the project will be to reduce electricity losses through measures such as updating billing systems. The programme to develop “smart grids” will gain strong governmental support and will be the first RDIF project partially funded by the National Welfare Fund (NWF).
The parties will look at ways to introduce smart metering technology across Russia. Similar technology has been widely adopted around
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