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Enstar Group and Stone Point Capital have completed the acquisition of Torus Insurance, an A-rated global specialty insurer with six wholly owned insurance vehicles.
The purchasing entity is indirectly owned 60 per cent by an Enstar subsidiary and 40 per cent by Trident V and its affiliated co-investment funds, which are managed by Stone Point.
Enstar contributed approximately USD45.2m in cash and 1,898,326 of its ordinary voting shares and 714,015 newly created non-voting preferred shares towards the purchase price and related transaction expenses, with the Trident V funds contributing approximately USD260.8m in cash through their equity co-investment.
Dominic
Cinven has completed its acquisition of German life insurer Heidelberger Leben for a total consideration of EUR300m.
On 27 March 2014, the Heidelberger Leben Group announced that it had reached agreement to acquire Skandia Germany and Skandia Austria for EUR220m from Old Mutual plc.
The combination of Heidelberger Leben and Skandia Germany and Austria will create a strong basis for further consolidation with approximately EUR10bn assets under management and approximately one million policies. The group will invest substantially in its IT systems and operating platform to lower administration costs and further improve customer service levels for policyholders in Germany
Private equity fundraising has got off to a strong, if not spectacular, start in 2014,with USD67.8bn raised from investors through the final close of 135 private equity funds globally, according to data from PEI.
By comparison, USD78bn was raised by 162 funds in the equivalent period in 2013, when more capital was raised than in any year since the financial crisis.
With around 15 per cent more Q1 fund closes likely to be announced over the coming days, the final figure collected is likely to end close to last year’s Q1 total.
There are currently 1,842 private equity
David Lonsdale has been promoted to partner at London-based private equity firm August Equity.
Lonsdale (pictured) joined August Equity in 2008 and most recently led the investment in Westpoint, the UK’s largest farm and production animal veterinary group which provides support services to the UK livestock and food industries.
He also holds board seats at Independent Vetcare and FSP.
August Equity managing partner Philip Rattle says: “We are committed to build and develop the team at August Equity by promoting partners from within. David’s promotion is a recognition of both his outstanding investment skills and also his contribution
Rockpool Investments has invested GBP10m in Aegis Data, a data centre park in the UK.
This is the largest investment Rockpool has made since it opened for business in 2011 and it brings the total invested by Rockpool to GBP50m.
It is also the first time Aegis Data has raised outside funding – made up of EIS qualifying shares and a secured loan.
Specifically, this investment will enable Aegis Data to complete the fit-out of Aegis One, a 30,000 square foot state of the art data centre facility on Aegis Data’s brand new 10 Megavolt Amperes (MVA) Surrey Data Park
DVN (Holdings) Limited’s wholly owned subsidiary, Frontier Services Limited, is to acquire Phoenix Aviation, a company incorporated in Kenya, for a total consideration of USD14m .
This landmark transaction for DVN was the subject of a formal Stock Exchange of Hong Kong announcement yesterday. Through the transaction, Phoenix will become a subsidiary of DVN.
The acquisition of Phoenix and its aviation assets accelerates DVN's objective to become the premier pan-African secure logistics and transportation provider to multinational and local corporations active in exploration and mineral resources operations, as well as to governmental and non-governmental organisations.
Phoenix has operated
Funds advised by Triton are to acquire the auxiliary components business of Alstom’s Thermal Power division for an enterprise value of around EUR730m.
The transaction was approved by the board of directors of Alstom on 31 March. The transaction is expected to close before the end of first half of fiscal year 2014/15.
The auxiliary components business is part of the steam segment within Alstom’s Thermal Power division and is active both in the new equipment market and aftermarket services across three product lines: air preheaters and gas-gas heaters for thermal power plants, heat transfer solutions for a variety
Accel-KKR has completed fundraising for Accel-KKR Structured Capital Partners II with USD325m in committed capital, exceeding its target.
The new fund continues the predecessor fund's focus on making minority equity investments in growing technology companies via senior equity and other structured securities.
Accel-KKR raised its first Structured Capital Fund, with USD180m in capital commitments, in 2011.
The firm is also investing out of its fourth buyout fund, Accel-KKR Capital Partners IV, a fund with over USD800m in capital commitments that was raised in 2012.
Accel-KKR, founded in 2000, invests in middle market software and technology enabled service
New York-based private equity firm GenNx360 Capital Partners has invested in Novel Ingredient Services, a specialty nutraceutical ingredient services supplier, in partnership with management.
Headquartered in West Caldwell, New Jersey, Novel was founded in 1995 and serves more than 400 customers in multiple product segments including sports nutrition, herbs and botanicals, meal replacement, and specialty supplements.
The transaction represents the second investment for GenNx360 Capital Partners' Fund II. Terms of the transaction were not disclosed.
Novel has experienced significant growth and has identified the opportunity to expand its services and capabilities to both its existing markets and complementary
Venture capital firm DFJ Esprit has launched an EIS fund which will back promising, fast growing UK start-ups while offering generous tax reliefs to investors through the Enterprise Investment Scheme (EIS).
EIS is the UK Government’s flagship tax initiative aimed at boosting investment in start-up and SME businesses. It offers 30 per cent income tax relief on qualifying investments, with no capital gains tax to pay on the proceeds.
Previous DFJ Esprit investments that have been part of its EIS co-investment scheme include Horizon Discovery, a Cambridge-based life sciences company which has announced its intention to seek an IPO;
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