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Wasserstein & Co, on behalf of its private equity fund Wasserstein Partners III, has acquired all of the assets of Recorded Books from Haights Cross Communications (HCC), a K-12 educational and library publisher.
Northwestern Mutual and Lexington Partners are co-investing in the transaction with Wasserstein & Co.
With operations in the US, UK, and Australia, Recorded Books offers more than 13,500 exclusive unabridged audiobooks to the library, school, and retail markets. In addition, Recorded Books offers libraries more than 100,000 eBooks through its proprietary OneClick Digital platform, and 12 electronic resources including Zinio, a multi-platform distribution service for digital
American Securities, a US private equity firm, has acquired SeaStar Solutions in partnership with the company's management team from an affiliate of HIG Capital.
SeaStar is a manufacturer of precision-engineered vessel control systems and other specialised applications in marine and industrial end markets.
Financial terms of the transaction have not been disclosed.
SeaStar’s marine products include hydraulic steering, electronic steering (CAN Bus), joystick controls, mechanical steering, shift and throttle cables and controls, and replacement engine parts. SeaStar's industrial products include thermal solutions for the transportation and defence industries, and aftermarket components for outdoor power equipment.
SeaStar
Dallas-based Transition Capital Partners (TCP) has closed on the sale of its portfolio company, LT Energy Services, to B/E Aerospace, a manufacturer of aircraft cabin interior products.
The sale was part of B/E Aerospace’s previously announced acquisition of two oil field service companies for USD265m.
Houlihan Lokey served as the exclusive sell-side financial advisor to LT Energy Services and Locke Lord LLP acted as corporate legal counsel.
Acquired by TCP in April 2012, LT is headquartered in Houston and provides rental equipment and accommodation systems to major oil & gas producers. Under TCP’s ownership and direction, LT expanded
The Securities and Exchange Commission (SEC) has charged a Manhattan-based private equity manager and his firm with stealing USD9m from investors in their private equity fund.
The SEC has obtained an emergency court order to freeze the assets of Lawrence E Penn III and his firm Camelot Acquisitions Secondary Opportunities Management as well as another individual and three entities involved in the theft of investor funds.
The SEC alleges that Penn and his longtime acquaintance Altura S Ewers concocted a sham due diligence arrangement where Penn used fund assets to pay fake fees to a front company controlled by
Zopa, Europe’s largest peer-to-peer lending company, has closed a GBP15m (USD25m) funding round from Arrowgrass Capital Partners.
Zopa enables savers to receive better rates by lending money to people looking for low cost loans.
Its customers have lent over GBP455m through the platform.
Zopa will use this new round of investment to support growth and to increase awareness of Zopa’s rates and service among a wider audience of UK consumers.
Arrowgrass Capital Partners is a European focused alternative asset manager, headquartered in London, with assets under management of approximately USD4.6bn. Henry Kenner, CEO of Arrowgrass, has joined
Octopus Investments-backed UltraSoC Technologies has appointed Graham Pink to the board.
This comes a week after the appointment of Chris Gilbert as non-executive chairman.
Pink is an experienced technology entrepreneur with extensive knowledge of semiconductor IC engineering, from digital implementation, packaging and fabrication through test. Pink began his career as an engineer for Lucas Aerospace. He then spent 17 years at Cambridge Consultants where he led various projects on metering and communication products, fault tolerant computing systems and ASIC developments. In 1999 he co-founded CSR and served various roles there for the next eleven years including SVP engineering and
Diversified Foodservice Supply Inc (DFSI), a KRG Capital Partners Fund IV portfolio company, has acquired Mill Hardware & Food Service.
The addition of Mill Hardware to the DFSI portfolio adds scale to the organisation and improves the customer offering for chain restaurants and their associated franchisees.
Mill Hardware will continue to operate as a leading brand in the combined company and joins other DFSI brands AllPoints Foodservice Parts and Supplies, Franklin Machine Products (FMP), and Tundra Restaurant Supply as major brands owned by DFSI.
“Mill Hardware is recognised in the industry as a superior service provider and is
Jersey’s position as the first “third country” to offer the option of a fully-compliant AIFMD regime is set to be highlighted at Jersey Finance’s annual funds conference in London this year.
Entitled Through the Looking Glass, the event will also highlight how a growing number of managers are considering relocating to Jersey while they assess the full impact of AIFMD.
To be held on 19 March at 8 Northumberland Avenue, the first London venue to have Musion 3D hologramming, the half-day conference will feature Gillian Tett as the keynote speaker and panel moderator. Tett is a British author and
Venture capital firm General Catalyst Partners has expanded its investment team by naming internet technology and media business executive Paul Sagan as an XIR and partner.
Sagan brings a broad range of experience as an entrepreneur, having served in senior positions during the creation of several internet ventures.
XIRs are founders, CEOs and visionaries with deep domain expertise who partner with General Catalyst to identify investments in profitable companies in which they can be a catalyst for value creation and hyper-growth via a chairman or CEO role.
Sagan will focus on opportunities that capitalise on trends in big
Custom House Global Fund Services, a provider of financial services to the alternative investment sector, has opened a San Francisco office as part of its continuing expansion in the US.
Financial services veteran Gary Smith has joined Custom House as a commercial director and is responsible for continuing Custom House growth ambitions on the West Coast, opening a San Francisco office, and ongoing business development.
He will report to Scott Price, head of aales for the Americas, who is located in the company’s US headquarters in Chicago.
“Our expansion to the West Coast is part of Custom House’s
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