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Private equity firm Harvest Partners’ portfolio company TruckPro has purchased CCI Corporation from Illinois Tool Works.
Terms of the transaction have not been disclosed.
TruckPro is one of the largest independent distributors of heavy duty aftermarket truck parts and accessories in the US. TruckPro distributes a full range of maintenance and repair products for heavy duty vehicles of substantially all makes and models. The company sells its products to a diverse, growing base of customers in numerous end markets, including small, regional and national trucking companies, private fleets, waste services companies, construction companies, municipalities, and independent repair shops.
Ares Management has appointed William Hickey, the former chairman and chief executive of Sealed Air Corp, as an operating advisor to the firm’s private equity group, where he will assist in the sourcing and evaluation of new investment opportunities.
"We are extremely pleased that Bill has chosen to partner with Ares in the next stage of his illustrious career,” say Bennett Rosenthal and David Kaplan, global co-heads of the Ares private equity group. “Bill was instrumental in the development of Sealed Air Corp. into one of the largest packaging companies in the world. His relationships and experiences will be invaluable
Drive Capital, a venture capital investment firm targeting promising companies in the Midwest, has made its first two investments – Roadtrippers, a web-based company that helps travellers plan road trips, and CrossChx, which provides patient identification and security technologies for healthcare facilities.
According to Drive Capital’s co-founders and principals, Mark Kvamme and Chris Olsen, both are consistent with the firm’s commitment to Midwest-based companies and investments.
“Aspiring entrepreneurs like Sean Lane and James Fisher represent some of the great individuals in the Midwest building world class companies," says Olsen. "We are excited to be given the opportunity to
HIG WhiteHorse, a credit affiliate of investment firm HIG Capital, has arranged and provided a GBP28.4m unitranche debt financing for Kelvin Hughes, a supplier of maritime navigational data and a designer and manufacturer of surveillance radars and navigation systems.
With the new support of HIG WhiteHorse and continued support of its majority shareholder ECI Partners, Kelvin Hughes will be further leveraging its position as a supplier of maritime navigational data and continue developing radar solutions globally.
Appu Mundassery, managing director at HIG WhiteHorse, says: “We are pleased to support Kelvin Hughes with a financing package that allows the
Alceda has applied for a licence as an Alternative Investment Fund Manager (AIFM) with Alceda Asset Management GmbH in Germany and Alceda Fund Management SA in Luxembourg.
The company’s international growth has been driven in part by the Alternative Investment Fund Managers Directive (AIFMD), which entered into force on 22 July 2013, and the growing demand for funds in a globally recognised format.
The AIFMD takes a “one size fits all” approach and encompasses AIFMs of all alternative investment funds (AIF) which are not covered by the UCITS Directive. The intention behind the directive is to create harmonised
Interest rates look set to stay at record lows until 2016 following guidance in the Bank of England’s latest inflation report. However, new Bank Governor Mark Carney added three “knockout” caveats that could trigger an earlier rate rise, although their credibility is in question. In the meantime, UK savers’ tough challenge to generate a real return on their cash savings continues, says Alan Higgins (pictured), Chief Investment Officer, UK at Coutts…
Rate rise linked to unemployment
In its latest inflation report, the Monetary Policy Committee (MPC) said that it does not intend to raise the Bank Rate from its current
Consonance Capital Partners has appointed Nancy-Ann DeParle, an expert in healthcare policy and finance, as a partner.
Consonance Capital Partners focuses exclusively on private equity investing in the US lower middle market healthcare industry.
A top official in both the Obama and Clinton Administrations, DeParle (pictured) will re-join her former partners Mitchell Blutt, Benjamin Edmands and Stephen McKenna, who worked together for over a decade at JPMorgan Partners and its successor and predecessor entities.
From 2009 to January 2013, DeParle served in the Obama White House, first as counsellor to the President and director of the White
Global ATM services provider Cardtronics has acquired Cardpoint Limited, which trades as ATM services provider Cashzone in the UK and as Cardpoint in Germany.
In conjunction with this deal, Cardtronics has launched a new corporate identity for its European operations, Cardtronics Europe, which will combine Cashzone, Cardpoint and Bank Machine, Cardtronics’ existing UK subsidiary.
From a consumer point of view, the Bank Machine and Cashzone brands remain intact in the UK, as well as the Cardpoint brand in Germany.
Cardtronics chief executive officer Steve Rathgaber says: "Cardtronics has been operating in the UK since our 2005 acquisition
INDOS Financial, an independent Alternative Investment Fund Managers Directive (AIFMD) depositary business, has selected the accountancy and business advisory firm BDO to provide advisory and SOC1/ISAE 3402 (formerly SAS70) assurance services.
Bill Prew (pictured), chief executive of INDOS Financial, says: “We have already made a significant investment developing our AIFMD depositary oversight procedures and recognise the importance of ensuring they are robust and fit for purpose. We are committed to delivering independent SOC1/ISAE 3402 assurance reporting to our clients. We selected BDO because they have significant experience of both the AIFMD and working with the hedge fund industry including hedge
Neil Williams (pictured), Chief Economist for Hermes’ Global Government & Inflation Bonds, on Bonk of England Governor Mark Carney’s forward guidance…
Governor Carney is right to be cautious about the ‘sugar-rush’ recovery so far, and keeping his stimulus options, such as QE, on the table. At first glance, though, marrying ‘forward guidance’ on rates with a 2% CPI target deferred another six-12 months to the end of 2015 will worry some he is further subordinating inflation-control to growth considerations. The MPC’s choice of unemployment as a policy-yardstick also seems as much as ‘puzzle’ as the puzzle it has posed them
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