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Scronce & Associates is a new private equity group that invests in small to mid-size privately owned entrepreneurial companies located in the southeast US with revenues from USD1m to USD15m that are in transition and need both financial and business support.
Tim Scronce (pictured), president/chief executive of Scronce & Associates, says: "With revenues in this range, many banks and private equity companies are reluctant to provide capital due to size or insufficient assets to raise debt. In today’s uncertain economic environment, banks have tightened their lending criteria and many private equity firms will only invest in larger ventures."
Icelolly, a UK online holiday price comparison provider, has completed a GBP17m management buyout backed by Palatine Private Equity.
Bradford-based Icelolly is a holiday price comparison provider with the main brand being Icelolly.com. The Icelolly.com holiday price comparison website offers around 40 million holiday packages from over 50 UK-based tour operators. The business also trades as an online travel agent via a series of brands, as well as selling advertising space via its site traffic and email database.
The company has enjoyed year-on-year growth since it was founded in 2005 and is expected to generate record turnover and
The Riverside Company has acquired Rutland Plastics, a provider of screen printing inks for the apparel industry and plastisol compounds used in coating, moulding and other applications for automotive and industrial customers.
Rutland has more than 1,100 active ink customers globally. The company’s customers and end-users range from global apparel leaders and large ink distributors to local print shops. Rutland was founded in 1962 and is based in Pineville, North Carolina.
“Rutland’s deeply loyal customers are a testament to the company’s premium products and strong technical support and customer service,” says Riverside partner Tim Gosline. “The company serves
Jarden Corporation is to acquire Yankee Candle Investments from a fund managed by private equity fund Madison Dearborn Partners for approximately USD1.75bn in cash.
The transaction will extend Jarden’s portfolio of consumer brands in niche, seasonal staple categories, while creating opportunities in cross-selling, broadening the global distribution platform, and deepening Jarden’s talent bench.
Upon closing the transaction, Jarden would have pro forma net sales and adjusted EBITDA of approximately USD7.7bn and USD1.0bn, respectively, for the 12 months ended 30 June 2013. As an addition to Jarden’s branded consumables segment, Yankee Candle will further balance Jarden’s portfolio, expanding this
Platinum Equity has closed Platinum Equity Capital Partners III, a buyout fund focused on investing in businesses that can benefit from Platinum’s operational expertise.
The fund closed on its target size of USD3,750,000,000 in capital commitments. It is the successor to a USD2,750,000,000 fund that closed in 2008 and a USD700,000,000 fund that closed in 2004. Prior to the first fund, Platinum invested more than USD525,000,000 in founders capital.
"We are excited about the continued support for our firm’s growth and its future," says Tom Gores, founder and chief executive officer of Platinum Equity. "Our job will be
Blackstone Advisory Partners has appointed Karl Knapp as a senior managing director based in New York to head up the group’s global industrials practice.
Knapp brings over 20 years of dedicated industry experience, most recently as the head of the global industrials group at UBS and a vice chairman of UBS’ investment banking division.
Transactions led by Knapp include: advising Anglo-American Corporation on its USD8bn demerger of its paper and packaging subsidiary, Mondi; Stora-Enso on the sale of its North American Papers Division for USD2.5bn; International Paper on its USD4.3bn acquisition of Temple-Inland; and, most recently, advising Koch
Private equity firm Aquiline Capital Partners has completed its previously announced acquisition of Genworth Wealth Management for USD412.5m from Genworth Financial.
The acquisition includes both of Genworth Wealth Management’s businesses: Genworth Financial Wealth Management (GFWM), an investment management and services platform, and Altegris, a provider of liquid alternative investments.
Private equity and venture capital funds based in the US kicked off the first quarter of 2013 with positive, single-digit returns that were higher than the previous period.
In the midst of a strong first quarter for public equities, however, both alternative asset classes underperformed the public markets, according to benchmark indices published by Cambridge Associates.
The Cambridge Associates LLC US Private Equity Index rose 4.5 per cent for the period ending 31 March 2013, which was a 1.0 per cent improvement over its performance the prior quarter. For comparison, the S&P 500 index rose 10.6 per cent
Scotland’s largest independent brewery BrewDog has officially broken its own crowdfunding record, raising GBP3m in two months through selling shares to beer fans with its “Equity for Punks” scheme.
The record-breaking start to the campaign takes the brewery three quarters of the way to reaching its GBP4m target in less than a third of the time it allocated to the programme.
The company – Britain’s fastest growing food and drinks brand – made 42,000 shares available to anyone to buy online at GBP95 each, ignoring traditional methods of funding to support its growth. Unlike many crowdfunding programmes that
Private equity fund Estancia Capital Partners has acquired a minority interest in Equinoxe Alternative Investment Services, joining XL Group as a strategic investor in the firm.
Terms of the transaction were not disclosed.
Equinoxe is a boutique full-service alternative investment fund administration company founded by a group of hedge fund administration professionals, with over USD12.5bn of assets under administration (AUA) currently from over 150 alternative investment funds.
"Equinoxe is a premier service provider within the global alternative investment fund administration space led by a proven management team that has previously successfully built two similar service businesses," says
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