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More than 200 jobs have been saved after Enact, the GBP7.5m SME fund launched by private equity house Endless, agreed to buy 35 West Cornwall Pasty Company outlets and stores, together with the brand.
The deal follows the appointment of administrators over the company.
The investment in West Cornwall Pasty Company is the first completed by Enact and comes just three months after the fund’s launch. Enact has been supported in the transaction by Sankaty Advisors.
Enact has ambitious plans for the business with significant capital to be invested in refreshing the brand, product innovation and investment in
Benefit Street Partners and its affiliates have held the final closing of Providence Debt Fund III and its parallel funds, a middle market direct lending fund.
The fund had demand surpassing its USD1.75bn hard cap.
The fund was substantially oversubscribed and exceeded its target of USD1.0bn.
BSP began raising the fund in the first half of 2013. BSP previously raised Fund II in 2010, which also focused on middle market private debt and direct lending, and Fund I in 2008.
Since the inception of this strategy in 2010 through Q4 2013, it has generated a gross internal
International aircraft leasing group Avolon’s committed fleet has reached 202 aircraft serving 47 customers globally, according to the firm’s trading update for Q1 2014.
Avolon’s committed fleet increased by 20 aircraft in Q1 2014 valued at USD1.3bn at base value, and the company has continued strong momentum during the quarter in placement of forward order book.
Avolon has sold 12 aircraft in the past 12 months, and 21 aircraft cumulatively in the past 24 months.
Meanwhile the firm has expanded its customer base to 47 airlines.
Avolon also sourced USD800m of debt commitments in Q1 2014 bringing
Sub-investment grade corporate credit specialist Alcentra, part of BNY Mellon, has invested in Menix Groupe, the holding company for healthcare firms Serf, Dedienne Santé and Global D and a manufacturer of orthopaedic and dental implants in France.
The funding takes the form of a unitranche investment provided by funds managed by Alcentra and will support the buyout by funds advised by LBO Partners in association with Turenne Investissement and Keensight Capital.
The unitranche investment will provide capital for the growth strategy of Menix.
Frédéric Méreau, executive director, European direct lending and mezzanine investments will represent Alcentra on the
Experts from across the insurance linked securities (ILS) asset class are coming together to discuss the industry’s pressing issues at a Guernsey Finance-hosted thought leadership event in Zurich.
The event, ‘ILS Insight’, takes place at the Park Hyatt Zurich on 2 July and will include two panel sessions featuring ILS experts from Guernsey, the UK and mainland Europe.
Guernsey has become a leading destination for ILS; figures at the end of last year showed that Guernsey licensed 89 new international insurers during 2013, with more than 40 of the licences structures relating to ILS.
Fiona Le Poidevin, chief
Patrick Bradley, former chief executive of Ingenious Ventures, has launched Station 12, a media and entertainment investment manager.
Station 12 will be Europe’s only investment manager to focus entirely on providing growth and expansion capital to the region’s fast-growing and disruptive media, entertainment and media technology companies.
The team will invest in companies ranging from television, film, publishing and live entertainment, through to marketing services, e-commerce, digital content, gaming, fashion and design.
The London-based fund aims to raise GBP150m, commencing its first fundraise this summer. The investment team has already identified a pipeline of potential investments, into which
Calibration services specialist Trescal has acquired Instrument Calibration Services and Test Equipment Repair Corporation, with the support of majority shareholder private investment firm Ardian.
The two companies provide calibration and repair services for a wide variety of measurement and test equipment.
This is the fourth expansion since Ardian acquired Trescal in July 2013.
Instrument Calibration Services and Test Equipment Repair Corporation — both based in Atlanta, Georgia — generated roughly USD4.2m in sales last year and have 24 employees including 18 engineers. The terms of the deals are not disclosed.
“The acquisition furthers our growth strategy in
Qiming Venture Partners has closed Fund IV at USD500m.
The fund continues Qiming's strategy of funding innovations by Chinese entrepreneurs in the information technology, consumer and internet, healthcare, and cleantech sectors.
Qiming's assets under management now exceed USD1.6bn after its debut in 2006.
Qiming's portfolio includes over 70 investments distributed among its targeted sectors. Qiming Venture Partners invests in early-stage and expansion-stage deals, with over 50 per cent of its investments in early stage companies. Qiming's initial investment in a portfolio company ranges from USD500,000 to USD30m.
Most of the LPs in Qiming IV are returning LPs
Content management and web experience management software provider Ektron has closed a growth equity funding round led by Accel-KKR.
This minority investment, the company's first institutional round, will enable Ektron to accelerate product and company expansion as enterprise demand for its content management, marketing and web experience management software offerings continues to grow.
Terms of the deal were not disclosed.
"We're entering a new era where businesses and people experience content across the web and mobile devices in entirely new ways," says Ektron president Tim McKinnon. "Ektron is at the forefront of helping to power these new
Jafco Ventures has raised USD260m for its fifth and largest fund to date, Jafco Technology Partners V.
In contrast to its prior four funds where Jafco received all of its capital from its limited partner in Japan, Jafco Co Ltd, the new fund features over 20 new limited partners consisting of institutional investors, endowments, foundations and family offices.
"The consistency of our successful exits as a firm enabled us to attract a very high quality mix of new LPs," says Joe Horowitz, Jafco's managing general partner. “But our overall performance is due in no small part to the extraordinary
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