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Private equity firm The Sterling Group’s affiliated investment fund, Sterling Group Partners III, has completed the acquisition of ROM Corporation and Specialty Manufacturing Inc (SMI).
The businesses have been combined through its holding company, Safe Fleet Acquisition Corp. The investment is Sterling’s fifth investment in its third fund, a USD820m fund raised in 2010. The companies were formerly owned but independently operated and financed by Century Park Capital Partners.
Headquartered in Belton, Missouri, the newly combined company provides safety and productivity-oriented components to the emergency vehicle, truck and trailer, utility vehicle, school bus, and transit bus end markets.
ACTIVE Network is to be acquired by private equity firm Vista Equity Partners in an all cash transaction valued at approximately USD1.05bn.
Under the terms of the agreement Vista will commence a tender offer to acquire all of the outstanding shares of ACTIVE’s common stock for USD14.50 per share in cash, representing a premium of approximately 111 per cent to ACTIVE’s year to date average closing stock price.
The ACTIVE board of directors unanimously recommends that ACTIVE stockholders tender their shares in the tender offer.
"This announcement represents a very positive event for our stockholders and allows
The European Securities and Markets Authority (ESMA) has published final guidelines on the reporting obligations for alternative investment fund managers (AIFMs).
ESMA’s guidelines, which relate to the Alternative Investment Fund Managers Directive (AIFMD), will require AIFMs – including hedge funds, private equity and real estate funds – to regularly report certain information to national supervisors.
The guidelines clarify provisions of the AIFMD on required information, which will help to have a more comprehensive and consistent oversight of AIFMs’ activities. ESMA has also published an opinion that proposes introducing additional periodic reporting including such information as Value-at-Risk of AIFs
PowerbyProxi, developer of a wireless power system, has received USD4m in funding from Samsung Ventures Investment Corporation (SVIC).
Michael Pachos from SVIC joins PowerbyProxi’s board.
This brings the total value of the company’s Series C financing to over USD9m following an announcement earlier this year that PowerbyProxi had raised USD5m from TE Connectivity and existing investor Movac.
SVIC is the investment arm of the Samsung Group, a global player in areas that range from mobile devices and flat-panel displays to chemicals and life insurance. This investment marks its first in the wireless power industry.
"Receiving this
BNP Paribas Securities Services has appointed Florence Fontan as head of the asset manager client segment.
Fontan (pictured) has overall responsibility for strategy, business development, products and services to the custodian bank’s asset manager clients and prospects.
Fontan reports to Charley Cock, head of client development, and Philippe Ricard, head of asset and fund services.
Fontan says: “I am pleased to take on this new position at this pivotal time in global finance. Asset managers, now more than ever, need support around fund administration and distribution. They need to outsource certain activities to focus on their core
Aggregate transaction value in the French SME space recorded a 52 per cent drop from 2011 to 2012 as the number of foreign buyers fell, research from S&P Capital IQ has revealed.
When singling out M&A transactions where French small and medium-sized enterprises (SMEs) are the targets, the level of activity has been much less volatile than in the broader market, with a fall in transaction volumes of only four per cent from 2011 to 2012, compared with 47 per cent for larger non-SME companies. However, the aggregate transaction value in the SME space recorded a 52 per cent
The TCW Group has acquired Los Angeles-based Craton Equity Partners, a private equity firm that specialises in socially responsible investing.
Terms of the transaction were not disclosed.
Founded in 2006, emerging manager Craton Equity provides growth capital to venture-backed companies within the sustainability, resource efficiency and carbon-reducing technology sectors. The firm has USD241.5m in assets under management and typically invests in companies with low-capital requirement business models that generally operate independent of any tax credits and government subsidies.
“The acquisition of Craton Equity further expands our alternative asset management platform at a time when institutional investors are
Stephen Cohen, Head of Investment Strategy at iShares, looks at the future for emerging markets…
It’s been a tough year for emerging markets. Emerging equities have underperformed developed equities for the last two years, while EM debt has struggled during the Indian Summer. The outlook has recently begun to turn supported by the Fed’s “no-taper-just-yet” decision. Broad emerging market equities are also now at a significant value discount to developed equities. So where do emerging markets go from here?
Recent liquidity challenges have reminded everyone that looking at the fundamentals of each country is important. Differentiating between countries is key
The US Securities and Exchange Commission has charged three auditors for violating federal securities laws or failing to comply with standards during audits and reviews of financial statements for publicly traded companies.
The actions are part of the agency’s ongoing effort to hold gatekeepers accountable for the important roles they play in the securities industry. Internally designated “Operation Broken Gate,” the enforcement division’s efforts seek to identify auditors who fail to carry out their duties and responsibilities consistent with professional standards. Gatekeepers that fail to comply with professional standards put investors at risk due to the possibility of undetected
The timing of the Debt Forum event to be held in London on 13 November coudn’t be better, according to Hedgeweek’s James Williams.
Sponsored by BNP Paribas, this inaugural event for Europe’s CLO and Direct Lending Sector will feature extensive coverage on how the European CLO landscape is changing, assessing the issuance pipeline in 2013, outlook for issuance in 2014, structural and legal considerations, ratings methodology for CLOs, and, critically, CLO performance: how have they performed on a relative basis compared to other asset classes? In addition to developments in the CLO market the event will explore why Direct Lending funds are
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