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European private equity firm Cinven has exceeded its target and held a final close for its fifth European buyout fund at EUR5.3bn.
This follows a close in March 2013 at EUR5bn.
The fund remains the largest pool of capital currently dedicated exclusively for European buyouts. It has already made investments in three businesses – two business services companies, Pronet and Prezioso, based in Turkey and France, respectively; and UK-based healthcare business, AMCo.
In addition, Cinven’s Fourth Fund has completed the IPO and partial realisation of Partnership Assurance Group, a provider of non-standard annuities, which offers better terms
OMERS Private Equity (OPE), the private equity investment arm of the OMERS pension plan, in equal partnership with Alberta Investment Management Corporation (AIMCo) on behalf of certain of its clients, have signed a definitive agreement to acquire Vue Entertainment from Doughty Hanson and management for an enterprise value of GBP935m (CAD1.48bn).
Vue is an operator of multiplex cinemas in the UK, Ireland, Germany, Denmark, Portugal, Poland, Latvia, Lithuania and Taiwan. The transaction is expected to close by late July 2013.
Over the last three years, Vue has doubled the number of cinemas under its ownership from 70 to
Middle market investment bank Harris Williams & Co has opened an office in Germany.
The Frankfurt office is led by managing director Jeffery Perkins who has broad experience across many industries.
The new office, which will focus on M&A transactions across Europe, will strengthen the firm’s cross-border deal flow, its access to buyers across continental Europe and its ability to bring US buyers to European sellers. This is the firm’s second European office opened in three years; in December 2009, Harris Williams opened its London office led by Thierry Monjauze.
Harris Williams is one of the largest
Alia Yousuf, Head of Emerging Markets at ACPI Investment Managers comments on the ongoing unrest in Turkey…
The situation in Turkey is extremely fluid and we are monitoring it very closely. We see the unrest as an internal political issue rather than something that would cause us to change our economic forecast for the country.
We are comfortable with the credit matrices of the corporate and banking sector to withstand current market moves on the back of negative sentiment, however we cannot rule out further volatility in the near term given the political situation.
As was shown by
Domain Associates, a US venture capital firm investing in life sciences technologies, has promoted Nimesh Shah to partner.
Shah (pictured) joined Domain in 2006.
"Nimesh has been instrumental at Domain in driving opportunities in the rapidly evolving medical device space," says Brian Dovey, partner at Domain Associates. "He brings a depth of knowledge to and works closely with our entrepreneurs and management teams to build the next generation of great device companies."
"Working with entrepreneurs means that you are working with people who are passionate about what they do," says Shah. "It’s hard not to be equally infected
Dataminr has raised a USD30m venture capital round of funding led by Venrock and Institutional Venture Partners (IVP).
Dataminr is a New York-based real-time information discovery company.
Dataminr’s real-time analytics engine transforms raw social media streams into actionable signals, providing enterprise clients with one of the earliest warning systems for relevant information, noteworthy events, and emerging trends.
Ted Bailey, founder and chief executive of Dataminr, says: “We are extremely pleased to have secured this new round of capital and the endorsement of such prestigious firms as Venrock and IVP. The competitive advantage of time and unique information that
Ogier has advised European private equity firm Cinven and annuity provider Partnership Assurance on Partnership’s recent premium listing on the main market of the London Stock Exchange.
The GBP1.54bn market capitalisation implied by the offer price would be enough to include it in the FTSE 250 index, which comprises the 250 most highly valued companies outside the FTSE 100. The IPO comprises the sale of a portion of Partnership’s existing ordinary shares held by funds managed and advised by Cinven and management, and an issue of new ordinary shares by Partnership.
The Jersey aspects of the IPO transaction
Jersey’s finance industry reported a positive first quarter for 2013 right across its different sectors, with the levels of bank deposits rising and the value of funds being administered increasing to their highest level in four years.
In the first quarter of 2013, bank deposits grew for the second consecutive quarter, increasing by GBP3bn, with sterling deposits representing 36 per cent and currency deposits 64 per cent of the total amount.
Within the funds sector, the total net asset value of funds under administration in Jersey surpassed the GBP200bn barrier for the first time since March 2009, showing a
Northzone has sold portfolio company Energy Micro to Nasdaq-listed Silicon Labs for USD170m.
The entity’s combined portfolio of products will continue to power the Internet of Things, smart energy and portable electronics.
Northzone, together with Investinor, has been an investor in Energy Micro since March 2010, and has achieved a 50 per cent IRR multiple on its investment in the late stage semiconductor provider.
Torleif Ahlsand, general partner in Northzone, has been chairman of Energy Micro since the initial investment. Northzone invested in the company with Investinor while Energy Micro was in the process of developing the
On 7 June 2013 the Guernsey Financial Services Commission (GFSC), the island’s financial services regulator, issued Guernsey’s domestic Alternative Investment Fund Managers Directive (AIFMD) marketing rules, together with a notification form, and has confirmed it is able to accept applications prior to 22 July 2013.
This highlights a “business as usual” approach from the GFSC, upheld by the wider Guernsey investment funds industry.
The GFSC has also provided a set of frequently asked questions (FAQs) which will be updated as the EU-wide implementation of AIFMD unfolds.
Amending its domestic rules and the provision of guidance signals that
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