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Direct Lending funds are becoming an attractive “fixed income alternative” asset class for European institutional investors. The breadth of strategies ranges from high risk/high return “special situations” through to opportunistic strategies and what is referred to as the mainstream direct lending market.
Yields across all three range from six per cent to 15 per cent. As for where DL funds sit within the overall risk category for investors, they straddle syndicated loans (which typically yield between four and eight per cent) and corporate mezzanine (which yields 14 to 17 per cent).
At a breakfast briefing in its London office, Intermediate
RTI Biologics is to acquire privately held Pioneer Surgical Technology, headquartered in Marquette, Michigan.
Pioneer is a medical technology company that manufactures and distributes metal and synthetic products in the orthopedics, biologics, spine, trauma and cardiothoracic markets. The acquisition of Pioneer supports RTI’s initiatives to expand its current implant portfolio into metals and synthetics and to grow direct distribution.
“The combination of RTI and Pioneer is an exciting opportunity for both companies and their employees," says Brian K Hutchison, RTI president and chief executive officer. "This acquisition is strongly aligned with RTI’s long term strategic plan, accelerating new
The business services team at Livingstone Partners has advised Enterprise Finance on the significant minority stake investment by David Campbell, who joins the company as non-executive chairman.
Enterprise Finance, led by CEO and co-founder Danny Waters, is one of the fastest growing independent UK providers of broker services specialising in the distribution and packaging of secured loans, bridging finance and commercial mortgages.
Campbell (pictured) led the buy-out of Tilney (one of the UK’s oldest wealth management firms) with backing from private equity investor Bridgepoint, and oversaw the subsequent sale of the business to Deutsche Bank. Following the acquisition, he
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.
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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
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