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Ian McVeigh (pictured), co-manager of the Jupiter UK Growth Fund comments on recent developments in the UK banking sector…
We welcome the decision to push forward the return of Lloyds Banking Group to full private ownership. Lloyds Banking Group’s confident response to the Prudential Regulation Authority report on its capital position reflects a view we have had of the bank for some time, namely that its stabilisation had far outrun the alarmist rhetoric of many self-interested critics.
In analysing the effect of the various stress tests, it has been clear to us that the circumstances in which Lloyds would need
Electra Partners has acquired mixing console manufacturer Allen & Heath from D&M Holdings.
A total of GBP43m of equity and debt has been provided by Electra Private Equity and Allen & Heath’s management.
Founded in 1969, Allen & Heath designs and manufactures audio mixing consoles for live sound, such as concerts, theatres and houses of worship. Allen & Heath’s existing team and distribution networks will remain in place.
Alex Fortescue, chief investment partner at Electra Partners, says: "The ability to invest across the capital structure, in this case funding both the equity and debt instruments, is a
The Russian Direct Investment Fund (RDIF) and Mubadala Development Company, the Abu Dhabi-based investment and development company, have launched a USD2bn co-investment fund to pursue opportunities in Russia.
The definitive agreement was announced at the St Petersburg International Economic Forum 2013 by RDIF chief executive Kirill Dmitriev and Mubadala chief executive Khaldoon Al Mubarak.
The fund will predominantly focus on long-term investment opportunities across a range of industry sectors, acting as a catalyst for direct investment in Russia. The announcement is aligned with Mubadala’s plans to establish a strong presence in key international markets.
Mubadala and RDIF
A company wholly owned by funds managed by The Carlyle Group is to acquire Marelli Motori from Melrose Industries.
The transaction will be effected by the sale of Marelli Overseas Limited, the holding company of Marelli Motori, and is expected to close in August 2013.
Capital for this investment will come from Carlyle Europe Partners III, a EUR5.3bn fund that makes mid- and large-cap investments.
Founded in 1891, Marelli Motori is one of the world’s largest manufacturers of industrial generators and electric motors, serving worldwide markets for power generation, marine, oil and gas and industrial manufacturing.
BDC Venture Capital intends to invest more than CAD100m into current and future scalable energy/cleantech opportunities.
"The rising cost of energy and resources, as well as the transition to a low-carbon economy, has caused a surge in cleantech innovation in Canada, and this country has the opportunity to be a world leader in developing technologies that can help companies address global resource, productivity and efficiency challenges," says Tony Van Bommel, senior managing partner of the Energy/Cleantech (ECT) Fund. "With this financing, BDC Venture Capital will support Canadian ventures that have the potential both to commercialise scalable ECT technologies and
Mitsubishi UFJ Trust and Banking Corporation (MUTB) is to acquire alternative fund administrator Butterfield Fulcrum. Established in 1927, MUTB is a wholly owned subsidiary of Mitsubishi UFJ Financial Group (‘MUFG’), the fifth largest global bank holding company ranked by assets.
“We are delighted and honoured to become part of the MUFG family of financial companies,” says Glenn Henderson, CEO of Butterfield Fulcrum Group. “This acquisition will reinforce our ability to deliver the highest quality fund services to our clients, while significantly increasing our breadth of products and services, our geographic reach and our financial strength."
Butterfield Fulcrum will become
Kennet Partners, the technology growth investor, and Fidelity Growth Partners Europe (FGPE), the pan-European growth investor, have acquired Rivo Software, a software company based in Warwick, UK.
Rivo Software is a provider of environmental, health and safety, quality and loss prevention management software. Founded eight years ago, the company helps businesses manage compliance and business risk through its cloud-based software. The company’s products are used in 82 countries, in 32 languages by over 140,000 people. Clients include ABB, BP, Chevron, Crossrail, Siemens, Thames Water, Veolia, and many others.
Simultaneous with the acquisition, Kennet Partners and Fidelity Growth Partners
Apax Partners, Altamir, LBO France and Nixen have signed an exclusive agreement with Bain Capital for the sale of Maisons du Monde, a specialist home decoration and furniture retailer.
The transaction is expected to be completed in the coming weeks.
Apax Partners and LBO France acquired a majority stake in Maisons du Monde in April 2008 partnering with its founder and chief executive Xavier Marie, the company’s management team, and Nixen.
Over the course of the last five years, Apax Partners, LBO France and Nixen have backed the company’s growth strategy, executed by Marie and his team
A team of academics have called on the private equity industry to be more transparent after their study found that a large section of it increases unemployment while actually worsening the performance of the companies taken over.
In the first statistical analysis of the private equity’s institutional buy-outs (IBO), which made up nearly half of all public-to-private buy-outs during the researched decade, Geoffrey Wood of Warwick Business School, Marc Goergen of Cardiff University, and Noel O’Sullivan of Loughborough University, discovered that when they compared 105 publicly-listed firms that went through a buy-out between 1997 and 2006 to a control group
Highbridge Principal Strategies (HPS), a credit and private investment firm, has held the final closing of HPS Specialty Loan Fund III with total capital of over USD3bn.
The fund will invest primarily in newly issued, secured debt in refinancings, acquisitions and restructurings by middle-market companies, as well as companies in special situations.
As part of HPS’ private credit offering, the Specialty Direct Lending platform has leveraged the firm’s global scale and credit expertise, institutional infrastructure and investment strategy to establish itself as a leader in the direct lending space. The HPS Specialty Loan Fund’s dedicated investment team has
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