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PNC Riverarch Capital has led an equity recapitalisation of Custom Molded Products (CMP), a manufacturer and distributor of injection moulded plastic components used in spas, pools, and whirlpool baths.
The investment was completed with a co-investment from Florida Capital Partners.
The transaction also included a significant re-investment by the CMP cofounders, William Drury and Charles Li, who will continue to lead the business going forward.
“Our investment in CMP fits well within our strategy of identifying well-positioned companies in attractive and growing end markets,” says Michael Hand, managing director of PNC Riverarch. “We were particularly attracted to the
Abacus Group, a provider of hosted IT solutions for hedge funds and private equity funds, has expanded its application hosting service partnership network.
The Abacus partnership programme provides hedge fund and private equity firms with access to fully hosted and managed business applications on the AbacusFLEX private cloud platform.
By increasing its application hosting service, Abacus offers greater overall business and workflow efficiency to fund managers. Hosting applications in the private cloud also ensures better system resiliency, redundancy and data back-up capabilities, while providing support services from round-the-clock IT staff.
The AbacusFLEX private cloud platform enables funds to
New York private equity firm Arsenal Capital Partners has named Shawn Abrams as an operating partner in the firm's specialty industrials group.
Abrams brings 30 years of experience in the global chemicals and materials industries, most recently serving as president of Grace Catalysts Technologies.
"We have developed a powerful team of operating partners and a network of executive advisors who represent top talent within their respective fields and they bring immediate value to our investments as we grow those businesses in their targeted industries," says John Televantos, a partner who co-heads Arsenal's specialty industrials group. "Shawn is an extremely
Trilantic Capital Partners has held the closing of Trilantic Capital Partners V (North America) LP, a USD2.2bn private equity fund investing in the business services, consumer, energy and financial services sectors.
Fund V North America exceeded its initial target of USD2.0bn and the size of its previous fund of USD1.9bn.
Trilantic V North America is Trilantic's first standalone fund following its emergence from Lehman Brothers Merchant Banking in 2009.
"We saw strong interest from both current and new investors in this round of fundraising," says Charlie Ayres, chairman of the Trilantic executive committee. "We are grateful for this
US executives are confident about 2014 deal activity, but increased volumes will rely on clear signs of an improving economy and political stability, according to EY Americas transaction advisory services.
US M&A activity declined 9.2 per cent in 2013, with 7,656 deals this year compared to 8,428 last year.
Meanwhile, US deal values grew to USD838.6bn in 2013 from USD685.2bn in 2012, a 22.4 per cent increase, due to a number of headline-grabbing mega-deals.
Although there has been a drop in overall deal activity over the past 12 months, 41 per cent of US executives expect to pursue
BNY Mellon has launched a new service for fund managers that helps them identify, aggregate and manage the regulatory reporting requirements of the Alternative Investment Fund Manager’s Directive (AIFMD).
Under AIFMD, alternative investment fund managers (AIFMs) must file a specifically formatted report with their home member state’s supervisory authority, or national competent authority.
The report requirements are extensive and cover aspects of both the fund manager and the fund, such as investment strategies, exposures, portfolio concentration, total value of assets under management, principal markets and instruments in which investments are made, plus detailed information on the funds’ risk profile.
Quercus Asset Selection, a company which specialises in infrastructure investments with a focus on renewable energy, has acquired a 27.7MW solar photovoltaic project from Good Energy.
The project is already under construction and will be connected by March 2014.
The project, one of the largest in UK, will be built in Milford Haven in Pembrokeshire (Wales), for a total value of GBP30m. The asset will form part of Quercus Renewable Energy Fund II, one of the funds managed by Quercus Assets Selection.
This follows the recent acquisition of a 14MW project in Cornwall and a pipeline for 254MW.
ObserveIT, a provider of user activity recording and auditing software, has raised USD20m from Bain Capital Ventures.
Growing over 3,500 per cent in the past five years, ObserveIT’s solution is used at more than 800 corporations in 70+ countries.
ObserveIT will use the funding to expand US headquarters and overall product development, sales and marketing.
ObserveIT is the only provider of the complete visual log via a software-only solution and provides a comprehensive monitoring and insight into user activity that enables its customers to solve compliance, security and IT operational problems.
“Customers are finding that ObserveIT is
Arsenal Capital Partners, a New York-based private equity firm that invests in middle-market specialty industrial and healthcare companies, has acquired Flowchem, a specialty chemical provider to the pipeline industry.
Founded in 2001, and headquartered in Waller, Texas, Flowchem is a provider of Drag Reducing Additives (DRAs) to improve pipeline flow in onshore and offshore pipeline applications.
The company's DRAs reduce drag and turbulence in petroleum pipelines in order to increase throughput capacity and energy efficiency, providing significant cost savings to pipeline operators.
The company has two operating facilities in Texas.
"We are delighted to have the opportunity
Actis, the pan-emerging markets investment firm, has closed its third energy fund Actis Energy 3.
The fund was heavily oversubscribed, raising a total of USD1.15bn, exceeding its original target of USD750m by 50 per cent.
Actis Energy 3’s investor base includes public pension funds, sovereign wealth funds and families from the US, Europe and Asia. Discretionary co-investment capital worth USD262m is also available to the fund.
Actis Energy 3 will invest in electricity generation and distribution businesses in Latin America, Africa and Asia. The Actis energy team of 19 dedicated investment professionals has already started building the fund’s
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