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Carey Olsen has acted in a significant acquisition and financing deal by Goldman Sachs and affiliates to buy UK motor insurance company Hastings Insurance Group.
With 1.3 million customers, the group’s brands include Hastings Direct, People's Choice, Insure and Renew. The acquisition will be financed through a mix of equity and a bond issuance putting the group's value at around GBP700m.
The team from Carey Olsen advised Hastings on the Jersey legal aspects of the transaction. Corporate partner James Mulholland led the team which included partners Mike Jeffrey (mergers and acquisitions) and Simon Marks (financing), senior associates Matthew Ecobichon
Private equity firm High Road Capital Partners has held the final closing of High Road Capital Partners Fund II, with a hard cap of USD320m in total commitments, well in excess of its USD200m target.
“We are very grateful for the tremendous support and trust from existing and new investors. We have a diverse group of notable limited partners who share our belief that the smaller end of the middle market represents a great opportunity to create value and deliver exceptional returns,” says Robert Fitzsimmons, co-founder and managing partner of High Road Capital Partners.
High Road’s capital base comprises
With Guernsey’s new opt-in AIFMD equivalent regime effective from 2 January 2014, Fiona Le Poidevin, chief executive of Guernsey Finance, explores how the island offers optionality and substance to fund managers.
There is no escaping from the fact that the EU’s AIFMD presents one of the biggest regulatory challenges the European orientated investment management community has seen in recent times.
Indeed, the upcoming 12 to 18 months will prove pivotal in determining the implementation of the AIFMD and the implications for investment houses and their client bases, particularly as European Economic Area (EEA) member states begin to interpret the
Altius Holdings, the parent company of Altius Associates Ltd, has appointed Joseph Crumbling to the board of directors.
The appointment was confirmed at a meeting of the board on 5 December 2013.
Crumbling is a vice president of T Rowe Price Group and T Rowe Price Associates. His role is that of assistant to the president. Prior to this position, he served as a general manager in both the third party distribution and investment operations divisions of T Rowe Price. Before joining the firm in 1993, he was director of operations for the Baltimore and Harrisburg offices of Coopers
Glennmont Partners, one of the largest infrastructure vehicles dedicated to clean energy across Europe, has secured a EUR50m investment in its second fund by the European Investment Bank (EIB).
The investment is the single largest clean energy equity investment made by EIB this year.
Clean energy investment is a key focus for the EIB as it works to support the European Union’s stated policy objective to cut greenhouse-gas emissions across Europe by 20 per cent over the next six years. In recent years the EIB’s annual lending in this sector has increased substantially reaching EUR3.3bn in 2012.
As
Following its angel funding round earlier this year Gousto, the recipe box delivery business that appeared on Dragon's Den, has now closed a USD2m investment led by venture capital fund MMC Ventures.
Existing investors, including the Angel CoFund, also participated.
The funding will be used to further strengthen the product and to fast-track the business.
The online food market is worth GBP7bn today and is forecast to grow to GBP18bn by 2018. Founded by Timo Schmidt and James Carter last year, Gousto delivers organic, local produce, in perfect portion sizes, with easy-to-follow step-by-step recipes – eliminating food waste
Alkhabeer Capital has acquired a majority shareholding in Express Publishing and Investment Limited.
The acquisition marks Alkhabeer Capital Private Equity’s second transaction in the UAE’s industrial sector.
Alkhabeer Capital aims to expand the value of its private equity investments through facilitating and leading the growth of its portfolio companies in Saudi Arabia.
Express Group was founded in the UAE in 1990 and has a 20 year track record as a provider of corrugated and flexible packaging products. The company consists of two businesses: Express Pack Print, a manufacturer of corrugated packaging products for industrial use and consumer products;
Compliance levels in the private equity industry improved in 2013, according to the Guidelines Monitoring Group.
As in previous years the group reviewed a sample of portfolio companies to assess compliance with the enhanced disclosure requirements set out in the Walker Guidelines.
Compliance levels improved in 2013 and of the sample of 30 portfolio companies reviewed by the group, 29 met the enhanced disclosure requirements. This is an encouraging progression compared to prior years, particularly in the context of higher standards seen in the FTSE 350 – the benchmark against which compliance is measured.
The number of portfolio
Growth market investor The Abraaj Group has completed 15 exits through its funds in 2013.
The most recent deals include:
• The sale of Abraaj’s 50 per cent shareholding in Turkish health insurance company Acıbadem Sağlıkve Hayat Sigorta to Khazanah Nasional Berhad, the Government of Malaysia's strategic investment fund;
• Abraaj’s full exit from its investment in GEMS Education, one of the world’s leading K-12 education providers;
• The exit from Tunisian pharmaceutical company Opalia Pharma via the sale of its shareholding to Recordati, an international pharmaceutical company listed on the Italian stock exchange;
• The exit of Abraaj’s investment in Thai restaurant
Mid-market private equity specialist Graphite Capital has backed the management buy-out of City & County Healthcare Group (C&C), the UK’s fourth largest home care provider, from Sovereign Capital Partners.
This is the first investment made from Graphite’s new GBP500m fund, Graphite Capital Partners VIII, which closed in October.
C&C provides high quality home care assistance, primarily for the elderly. It also provides specialist care services for young people and adults with more complex or long term conditions such as learning disabilities, mental health needs and brain injuries. Operating from 64 branches across England, Wales and Northern Ireland, C&C’s carers
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