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P&P Water Holdings (Greece), an affiliate of Paine & Partners Capital Fund III, has completed the acquisition of majority ownership of Eurodrip, a manufacturer and supplier of drip irrigation solutions.
As part of the investment, which was previously announced in October 2012, Water Holdings purchased all of the shares of Eurodrip currently held by Aquanova International Holdings, a company controlled by Global Capital Investors II, a private equity fund advised exclusively by Global Finance, as well as Bellaria Holding, which together represent approximately 67.5 per cent of the company’s outstanding shares, for a price of EUR1.53 per share.
In addition,
Panoramic Growth Equity’s renewable energy distribution specialist business, Solfex Energy Systems, has been sold to Travis Perkins.
The sale represents the first exit from the Panoramic Enterprise Capital Fund I, which held its final close in September 2010 and was oversubscribed at GBP34m.
The sale has generated an IRR of 62 per cent for Panoramic, in just 16 months since it invested GBP1.25m into the business in September 2011. This return is expected to increase to an IRR of 120 per cent following the earn out period. With Panoramic’s backing Solfex has seen its profitability increase substantially and turnover
The European Bank for Reconstruction and Development (EBRD) has launched a USD1bn seven-year global bond issue, the borrower’s first ever benchmark offering in this maturity.
This transaction responds to global investor demand for the highest quality fixed-income investments, against the continued overall flight to quality and the backdrop of appetite for yield and widening swap spreads at the time of announcing the trade.
Demand for the triple-A borrower’s latest issue was significant at the indicated price of five basis points above mid-swaps, with no pushback on level from accounts. This enabled EBRD to price its deal flat to Asian Development
Merger and acquisition (M&A) activity in the US oil and gas industry hit a 10-year high during the fourth quarter of 2012 with 75 deals, according to PwC US.
A number of factors drove this activity, including private equity (PE) interest, foreign buyers, shale plays, and companies looking to get deals done before the end of the year with the looming fiscal cliff and proposed tax changes.
In fact, that flurry of fourth quarter activity pushed overall deal volume in 2012 to a 10-year high at 204 transactions (for deals valued at over USD50m), representing USD146.2bn – the second highest
SB Israel Telecom, an affiliate of Saban Capital Group, has closed its purchase of the controlling interest in Partner Communications Company from Scailex Corporation.
Partner, a provider of communications services in Israel, including cellular, internet and fixed telephony, operates the orange and 012 Smile brands in Israel.
The transaction includes the assumption of debt owed by Scailex to Advent Investments, a subsidiary of Hutchison Whampoa.
Haim Saban, chairman and chief executive officer of Saban Capital Group, says: “We have great confidence in the Israeli economy and we are very impressed with the quality of management, entrepreneurial spirit and strength of
Oceans Healthcare, Louisiana’s largest provider of psychiatric facilities for geriatric patients, has closed a USD17m round of strategic growth equity financing from General Catalyst Partners.
The financing will be used to capitalise the organisation as a foundation for its geographic expansion.
As part of the transformation, Charlie Baker, former chief executive of Harvard Pilgrim Healthcare, one of the country’s top-rated health benefits companies, will join Oceans as chairman of the board.
David Fialkow, Brian Shortsleeve, Gabe Ling, and Charlie Baker, all of General Catalyst Partners, will join Oceans’ board of directors. Co-founders Jason Reed and Nick Guillory, founded Oceans in
Unilever Ventures has sold its stake in BAC to Nasdaq-listed Life Technologies, which had revenues of USD3.7bn in 2011, in a deal advised on by mid-market advisory firm Clearwater Corporate Finance.
Netherlands-based BAC specialises in the discovery, development and manufacture of protein purification products. The company has been acquired by global biotechnology business Life Technologies for an undisclosed sum.
The acquisition will expand Life Technologies’ capabilities and product offering in the growing market of biopharmaceutical research and manufacturing.
The team at Clearwater comprised partner Philip Nuttall and senior healthcare analyst Ramesh Jassal, with support of director Nick Horrocks,
Hamilton Portfolio, a private equity firm founded by entrepreneur John Boyle, has concluded the sale of UK expense management firm Global Expense for GBP14m to the American technology company Concur.
Global Expense manages the expenses process for leading companies in the UK, including British Airways, Sainsbury’s, Fujitsu and Asda. The company is headquartered in London with a processing centre in Kent.
Hamilton Portfolio is Global Expense’s largest shareholder and invested GBP1.6m over a 10-year period.
Boyle says: “This is a successful example of venture, not vulture capitalism. Hamilton has been deeply involved in the management and operation of Global Expense
Private equity investment firm Rockpool Investments has launched a new GBP5m EIS-compliant investment opportunity in on-site utility provider Basalt Global.
This is the latest in a wave of EIS qualifying deals that Rockpool has offered to investors since changes to the EIS rules were made in April 2012, making the scheme more attractive to investors.
Basalt Global operates a network of energy-efficient power plants in hotels, hospitals and other buildings. Its power plants are fuelled by natural gas, and generate electricity and hot water at high energy efficiency. Basalt Global’s customers typically commit to buy power for 10 years,
NewVoiceMedia, a provider of Cloud contact centre services, has secured USD20m funding from new investors Highland Capital Partners Europe and MMC Ventures, as well as existing shareholders Notion Capital and Eden Ventures.
NewVoiceMedia’s cloud service is instantly deployable and provides patented routing capabilities designed to enhance the customer experience. The company is growing by more than 200 per cent a year and now serves more than 8,000 agents in 30 countries including Parcelforce, PhotoBox, QlikTech and SHL.
The additional investment will help accelerate the company’s global ambitions including opening new offices in North America, where the solution is already widely
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