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Private equity investment firm HIG Capital has sold Safe-Guard Products International to an affiliate of Goldman Sachs, a global investment banking, securities and investment management firm.
Based in Atlanta, Georgia, Safe-Guard is a provider of finance and insurance (F&I) products to the automotive industry.
“HIG has been a tremendous partner to Safe-Guard and has been instrumental in helping us develop and execute our growth strategy,” says Randy Barkowitz, chief executive officer of Safe-Guard. “Over the last five years, we’ve invested in our team, our infrastructure and our program offerings, and Safe-Guard is now the clear ancillary F&I industry leader.”
“We
Guernsey is well on the way to introducing a funds regime which is compliant with the EU’s proposed Alternative Investment Fund Managers Directive (AIFMD).
The final Level 2 rules for the detailed implementation of AIFMD were published on 19 December 2012.
However, Guernsey has already begun drafting new regulations to create a regime which is compliant with the AIFMD rules. It is anticipated to be in place from as early as July 2013, which is the deadline for the AIFMD rules to be transposed into local law.
Guernsey will offer two parallel regulatory regimes for investment funds as the way
Private equity firm Cinven’s investment subsidiary, BCV Investments, is to sell the aviation business of portfolio company Avio, which designs, manufactures and services components for commercial and military jet engines, to GE for a total consideration of EUR3.3bn.
Avio will retain full control of its space unit and will remain owned by BCV. Cinven and Finmeccanica own BCV.
Headquartered in Turin, Italy, Avio is a global business which operates in four continents and employs about 5,300 people. In 2011, the group generated revenues of over EUR2bn (up 15.6 per cent on the prior year) and EBITDA of EUR383m (up
By Pete Ort, Curalea Associates –
Another year now ending, goodbye to twenty twelve,
Into events that have unfolded, let us briefly delve.
Some things didn’t change, the status quo remaining,
Middle Eastern fighting, and tireless campaigning.
More borrowing and spending, debt burdens they did widen,
Thanks to our spendthrift leaders, Barack Obama and Joe Biden.
Not to be outdone, in the massive spending spree,
Was the Federal Reserve, launching unlimited QE.
What failed in the past year, amidst all the to and fro?
Exhibit A in that sad bucket, must be the Facebook IPO.
Another bust of large proportions,
The establishment of a regulated alternative investment industry in Europe took a major step forward with the publication of the European Commission’s so-called “Level 2 measures” to supplement certain elements of the Alternative Investment Fund Manager Directive (AIFMD), says the Association of the Luxembourg Fund Industry (ALFI).
Marc Saluzzi (pictured), chairman of ALFI, says: “The publication of the ‘Level 2’ measures finally allows a three year-long painful legislative process to near completion. The development of a regulated alternative investment fund industry in Europe is nearing reality.”
The measures published cover:
• Cconditions and procedure for the determination and authorisation
Albion Ventures has invested GBP2.6m in Proveca, a pharmaceutical company that develops innovative and technically complex new pharmaceuticals largely for children.
Proveca, which was established in 2010 by Simon Bryson and Dr Helen Shaw, focuses on the re-engineering of existing generic medicines to make them appropriate for use by young people, many of whom will have chronic conditions which require on-going drug regimes.
The company is currently developing medicines for children in the fields of cardiology, neurology and pain management.
Dr Andrew Elder, partner and head of healthcare at Albion Ventures, says: “Healthcare is an important area within Albion’s
Waud Capital Partners’ portfolio company ProNerve has acquired PhysIOM Group, one of the largest providers of intraoperative neuromonitoring (IONM) services in the western and southeastern US.
Headquartered in Colorado, PhysIOM serves over 290 hospital clients across 33 states.
PhysIOM represents ProNerve’s third acquisition in 2012 and establishes the company as a national provider of IONM services and the market leading provider of IONM services in the western US.
“Having a stated objective of building the leading provider of IONM services in the western US, we are thrilled to complete this business combination,” says David Neighbours, partner at Waud Capital Partners.
Aston Hill Financial has completed its purchase of Citadel Securities, a provider of investment advice and services to private and institutional investors.
The deal was previously announced on 15 November.
Aston Hill is a diversified asset management company with a suite of retail mutual funds, closed end funds, private equity funds, hedge funds and segregated institutional funds. The company is also engaged in the administration of Argent Energy Trust. Aston Hill has offices in Calgary, Toronto and Halifax.
Citadel Securities is a full service investment dealer with its head office located in Halifax, Nova Scotia. It is a member of
Gulf Oil Corporation, part of the Hinduja group, has completed its USD1.045bn acquisition of Houghton International, a metalworking fluids and lubricants company.
Houghton was purchased from a US-based private equity fund AEA Investments, as announced on 7 November 2012.
Wellspring Capital Management has sold its portfolio company Cleaver-Brooks, a provider of boiler room solutions, to Harbour Group.
Terms of the transaction have not been disclosed.
Since acquiring Cleaver-Brooks in June 2008, Wellspring and management worked closely to leverage the company’s position and optimise the value of its integrated product line. In 2011, Cleaver-Brooks acquired Cheminee Lining, a Montreal-based specialty designer and manufacturer of stack systems.
William F Dawson, Jr (pictured), a managing partner of Wellspring, says: "Under our ownership, Cleaver-Brooks capitalised on attractive industry dynamics to significantly grow both organically and through strategic acquisition. In particular, we worked with
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