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Angelo Gordon’s private equity group has partnered with management to purchase ClearBalance Holdings.
The investment will help expand the company’s ClearBalance patient-friendly loan programme, which provides healthcare patients with interest-free loans to pay their healthcare bills in manageable monthly instalments.
ClearBalance was founded in 1992 and held by its current ownership group since 2003. The San Diego-based company has funded more than USD500m in patient loans, and services more than 250 healthcare providers nationwide with more than 1.8 million patient accounts. Hospitals and other healthcare providers partner with ClearBalance to offer an interest-free revolving line to all patients regardless of
Southport Lane Management, a private equity fund manager based in New York, has agreed to invest USD20m to support the continued expansion of the Capital Guardian wealth management business.
Capital Guardian was selected by Southport Lane for its combination of strong management, global platform, and focus on the adviser experience.
The investment will expand Southport Lane’s global asset management footprint.
Alan Boyer, chief executive of Capital Guardian, says: “We are excited to partner with a group whose key individuals have deep roots in the wealth management sector and truly understand the challenges facing our industry. Furthermore, they have demonstrated the
Private investment firm Cerberus Capital Management is to sell its stake in Freedom Group, the manufacturer of the AR-15 rifle used in the attack at a primary school in Newtown, Connecticut last week that left 20 children and seven adults dead.
Affiliates of Cerberus made their investment in Freedom Group back in 2006, but the firm has bowed to pressure to sell from several large institutional investors, including the California State Teachers’ Retirement System (CalSTRS).
In a statement Cerberus said that the “tragedy was a watershed event” and that while it was not the firm’s role to “attempt to shape
For the second consecutive year, NYSE Euronext raised more proceeds from initial public offerings (IPOs) than any other global exchange group in 2012 with USD36bn in total global proceeds raised from 117 IPOs.
In the US, the New York Stock Exchange (NYSE) and NYSE MKT combined led the market with 79 IPOs and 16 transfers. In Europe, NYSE Euronext welcomed 25 new listings, with approximately EUR2.7bn (USD3.5bn) in proceeds raised.
"Issuers successfully raised more IPO capital on NYSE Euronext markets than any other exchange in 2012, despite the lingering uncertainty that weighed on the global economy," says Scott Cutler, EVP,
Total volume and proceeds raised in the 2012 IPO market increased over 2011, despite the slowdown in activity during the fourth quarter, according to IPO Watch, a quarterly and annual survey of IPOs listed on US stock exchanges by PwC US.
Following a strong performance in October, the market pulled back as companies waited for clarity on US fiscal policy.
For the full year, the IPO market saw 138 companies completing their IPOs as of 13 December, 2012, raising total proceeds of USD40.7bn, compared with 134 companies that had completed their IPOs for all of 2011 raising USD35.5bn, according to
Alternative asset manager The Carlyle Group has completed the sale of Metaldyne, a manufacturer of metal-based components for light vehicle engine, transmission and driveline systems, to an affiliate of American Securities.
Financial terms of the transaction have not been disclosed.
Carlyle Strategic Partners II, a USD1.35bn distressed investment fund, led a group of creditors in the purchase of Metaldyne in October 2009, and partnered with Metaldyne’s management on the company’s successful recovery. Since Carlyle’s acquisition, Metaldyne has grown revenue by approximately 70 per cent and employment by approximately 30 per cent.
Michael Stewart, Carlyle managing director and co-head of Carlyle
Private equity investor the Abraaj Group has exited its investment in the restaurant chain Hot Pot, through an initial public offering on the local Thai stock exchange that was more than three times oversubscribed.
The Abraaj Group first invested in the restaurant chain in 2006. Since then, the restaurant chain’s revenues have grown at a compound annual growth rate of approximately 25 per cent and restaurant branches have expanded from 58 to 126.
The IPO is another successful exit for Abraaj’s first South East Asia Fund. Earlier this year, the group sold its stake in Yupi, a leading Indonesian confectionary
The EVCA has welcomed the publication of the Level Two Delegated Acts for the Alternative Investment Fund Managers’ Directive (AIFMD), saying that they are “important step towards giving European private equity fund managers and their investors legal certainty”.
EVCA secretary-general Dörte Höppner (pictured) says: “Policymakers have listened and recognised the benefits that private equity brings through long-term investment in building better businesses, including financing about 5,000 European companies per year, of which 83 per cent are SMEs, and investing EUR233bn in Europe since 2007.
“This regulation recognises private equity as a mature and established asset class and although it could be
JZ Capital Partners achieved a total shareholder return (share price increase plus dividends paid) of 27 per cent for the period 1 September 2012 to 30 November 2012, according to the firm’s latest interim management statement.
The company also saw a 22.4 per cent increase in the share price from GBP3.51 to GBP4.30, while NAV stands at USD612m (HY12:USD610m), with a NAV per share of USD9.41 (HY12:USD9.38).
A dividend of 14c per share was paid on 5 November 2012
David Zalaznick, founder and investment advisor of JZCP, says: “JZCP has achieved a 27 per cent total return during this
MMC Ventures has enjoyed a record year making a total of 12 investments in fast-growing UK businesses.
MMC has backed six new companies while continuing to support its existing portfolio.
The whole portfolio raised over GBP36m in total this year, of which GBP14m came from MMC.
According to UK Funders, Q3 2012 early-stage investment activity in the UK fell to a total of GBP117m. Including co-investment, MMC’s portfolio raised a total of GBP21m during Q3, which suggests up to 18 per cent of the market.
MMC led a USD8m fundraise at iJento, a leader in digital and multichannel
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