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Fortress Investment Group Principal and Director Robert Kauffman has elected to retire from the company and its Board of Directors after a 15 year career at the firm.
With Co-Chairman and Director, Wesley Edens, and interim CEO and Director Randal Nardone, Kauffman co-founded Fortress in 1998. He has held a range of leadership roles at Fortress, including responsibility for the management of the firm’s European private equity investment operations and, most recently, board-level oversight of Logan Circle Partners, the company’s long-only fixed-income business. Kauffman’s retirement is effective immediately.
In conjunction with Kauffman’s announced retirement, Fortress will redeem or purchase all
A KPMG International survey of more than 70 alternative investment fund managers reveals that nearly half have not taken any concrete steps to analyse the impact the Alternative Investment Fund Managers Directive (AIFMD) will have on their businesses, or to make changes to their operations.
The European Commission has adopted the implementing rules for the Directive, which will now be subject to a three- or six-month scrutiny period by the European Parliament and the Council, and will enter into force, provided that neither co-legislator objects, at the end of this period.
The Directive may have long-term implications for investment managers
The European Securities and Markets Authority (ESMA) has launched a consultation on guidelines on key concepts of the Alternative Investment Fund Managers Directive (AIFMD).
The Directive provides the legal framework for both alternative investment funds (AIFs) and their managers (AIFMs).
ESMA’s draft guidelines are aimed at clarifying the rules applicable to hedge funds, private equity and real estate funds. These proposals help to clarify what entities fall under the remit of the AIFMD, thereby providing for consistent application of the provisions throughout the EU. In order to achieve this, the guidelines set out the criteria for what is considered
Focus Media has entered into a definitive agreement and plan of merger with Giovanna Parent Limited and Giovanna Acquisition Limited, by which Parent will acquire Focus Media for USD5.50 per ordinary share of the company or USD27.50 per American depositary share, each representing five shares.
This amount represents a premium of 17.6 per cent over the company’s closing price of USD23.38 per ADS on 10 August 2012, the last trading day prior to 13 August, the date that the company announced it had received a "going-private" proposal, and a premium of 36.6 per cent and 33.9 per cent to the
Funds advised by Apax Partners have reached an agreement to sell LR Health & Beauty Systems to a consortium consisting of private equity firms Bregal Capital and Quadriga Capital.
LR markets cosmetics, personal hygiene products, dietary supplements, perfumes and jewellery through the direct sales channel.
The new shareholders will support LR Group in expanding its national and international activities. The transaction is subject to approval by the relevant anti-trust authorities. The parties agreed not to disclose the sale price.
"LR Health & Beauty has a unique business model within the direct sales market. From the beginning the management-team, headed by
Business Growth Fund (BGF), established to help the UK’s fast growing smaller and medium sized businesses, has invested GBP2.5m of growth capital for a minority stake in Manchester-based Boost Juice Bars UK, a growing chain of retail stores specialising in the sale of freshly made smoothies and juices.
Boost currently operates 10 stores across the UK including Manchester’s Trafford Centre and Piccadilly train station, London’s Westfield White City and Westfield Stratford, Meadowhall Sheffield and Bristol’s Cribbs Causeway.
Operating in the fast growing wellness category, Boost provides a healthy alternative to soft drinks, on-the-go meals and sweets. Nutritional and health
Jersey is ideally placed to embrace the requirements of the Alternative Investment Fund Managers Directive (AIFMD), according to Jersey Finance and the Jersey Funds Association, following the publication of the European Commission’s Level II implementation rules this week.
Acknowledging publication of the long-awaited rules, both Nigel Strachan, chairman of the Jersey Funds Association, and Heather Bestwick (pictured), deputy chief executive, Jersey Finance, re-emphasised that it would be business as usual for funds business in Jersey throughout 2013 and beyond.
As it has previously stated, Jersey, as a non-EU “third-country” for the purposes of the Directive, will not need to comply
The Alternative Investment Market (AIM) looks primed for a strong start to 2013 following a robust year in 2012, according to analysis by Deloitte, the business advisory firm.
To the end of November in 2012, there had been 65 admissions to AIM, London’s junior stock exchange.
Richard Thornhill, capital markets partner at Deloitte, says: “Although the number of admissions lags behind the comparative periods in 2010 and 2011, which saw 88 and 86, respectively, it demonstrates that there is still a consistent baseline of activity on AIM. If you look behind the numbers there are good reasons to be
PAI Partners has signed an agreement to acquire IPH Group, a European industrial supplies distribution business, from Investcorp for an undisclosed amount.
The business services sector is a core area of investment focus and expertise for PAI. The firm’s previous investments in this sector include SPIE, Kiloutou, Kwik-Fit, FTE Automotive and Xella.
PAI, whose recent investments include Marcolin, an Italian eyewear manufacturer, Swissport, a provider of ground and cargo handling services, The Nuance Group, a duty-free airport retailer, Kiloutou, the number two equipment rental business in France, and Hunkemoller, a lingerie retailer based in The Netherlands, will look to grow
Propel Equity Partners, a private equity firm focused on investing in consumer brands, has acquired Fundex Games, a maker of popular games.
The assets of Fundex Games will be incorporated under the Ideal and POOF brands of POOF-Slinky, makers of iconic toys under the Slinky, POOF, Ideal, and Scientific Explorer brands, among others. POOF-Slinky. was acquired by Propel Equity Partners in July 2012.
“Fundex Games has a wide array of board, card, outdoor and dice games, as well as toys, that fit perfectly under our existing brands” says Michael Cornell, partner, Propel Equity Partners. “This acquisition is a good next
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