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Venture capital trusts managed by NVM Private Equity have launched a linked top-up offer for subscription to raise up to GBP4m for each fund.
Northern Venture Trust was launched 17 years ago and has net assets of GBP63m. Northern 2 VCT was established 13 years ago and has net assets of GBP57m. Of over 100 VCT share classifications listed on the London Stock Exchange, both funds rank in the top 12 in terms of total return since inception.
Tim Levett (pictured), chairman of NVM Private Equity, says: “Northern Venture Trust and Northern 2 VCT are both established funds, each holding
Main Street Capital has closed two transactions, including a new portfolio investment and the partial exit of an existing portfolio investment.
The new portfolio investment includes USD40.5m of invested capital in Quality Lease and Rental Holdings, the parent company of Quality Lease Service and Quality Lease Rental Service.
Main Street’s investment consists of USD38m in senior, secured term debt in Quality and a USD2.5m direct equity investment in Quality’s parent holding company. Founded in 1989, Quality is headquartered in El Campo, Texas and provides drill site services and equipment rentals to the upstream oil and gas industry. Main Street partnered
Heritage International Fund Managers (Malta) has appointed Nicholas Warren as head of office.
Locally educated at St Edward’s College and the University of Malta, Warren will be responsible for the client service delivery and day to day operations as well as assisting with business development initiatives and growing the business in Malta.
Warren has worked in the financial services industry since 2004 initially with Deloitte & Touche in Luxembourg moving on to take a role within the regulatory unit of the Malta Financial Services Authority.
Warren joined a Tier 1 law firm responsible for providing counsel to international clients on
Prupim has confirmed the purchase of the 381-space Carlton Street Car Park, phase two of McLaren Life’s 275,000sq ft regeneration development at Dolphin Square in Weston-Super-Mare, for the sum of GBP9.5m.
The property is held on a 200-year lease from North Somerset District Council and is underlet to North Somerset District Council on a new 45-year lease.
The multi storey car park was constructed and operated by McLaren Life until it was leased to the council and acquired by Prupim.
Demolition of phase three has commenced and will see the development of over 200,000 sq ft of retail and leisure,
Plastics specialist Wells Plastics has received a GBP1.5m follow-on investment from private equity house Key Capital Partners and current shareholders.
Staffordshire-based Wells Plastics will use the additional funding to invest in new machinery to increase production capacity and offer more flexible production. Following the funding, the business is planning to increase output by around 25 per cent to support its growth plans.
Reverte, Wells Plastics’ line of oxo-biodegradable and degradable additive masterbatches and compounds, is one factor driving the increase in demand. After recent contract wins with a number of blue chip companies, sales volumes of Reverte have increased
Akin Gump Strauss Hauer & Feld has promoted 11 attorneys to the partnership, effective 1 January.
The new partners are:
Carlos M Bermudez, partner, in the firm’s corporate practice in Los Angeles. Bermudez represents a diverse array of clients, including publicly and privately held companies and private equity funds, in acquisitions, mergers, corporate finance, securities and general corporate matters. In 2012, Bermudez was named by M&A Advisor as one of the top 40 Under 40 M&A Advisors on the West Coast.
Stacey R Eisenstein is in the firm’s labour and employment practice in Washington, DC. Eisenstein works with employers in
Galena Asset Management, which offers investment opportunities through specialised commodity funds, has closed the first tranche of its Private Equity Resource Fund at USD275m.
The fund will invest in equity and debt of small to medium-sized metals and mining companies in development or production stages.
Galena Asset Management will leverage parent company Trafigura’s expertise and track record in investing in junior mining companies.
“Access to a global network able to source opportunities and the ability to rely on solid in-house investment, technical and financial expertise represents a great advantage for investors in the new fund,” says Maximilian Tomei, head
Sidley Austin has appointed Michael J O’Brien as a partner in its New York office.
O’Brien will be a member of the firm’s M&A and private equity group.
O’Brien focuses his practice on mergers and acquisitions, private equity and joint venture transactions. For over 30 years, O’Brien has provided strategic counsel to clients including private equity firms and financial institutions on both public and private investment transactions. He has also represented public and private companies in domestic and international joint ventures, financing transactions and corporate and securities matters. His private equity experience ranges from advising clients on start-up capital
OFI InfraVia’s first infrastructure fund, InfraVia, has completed the acquisition of a 55 per cent interest in ADTiM previously owned by ETDE, Axione and Eiffage.
The remaining 45 per cent interests are held by Caisse des Dépots (30 per cent) and ETDE/Axione (15 per cent).
Senior project financing debt has been has also been successfully raised from groupe Crédit Agricole to finance the acquisition.
ADTiM is the owner and operator a fibre optic network operating under a 25-year concession with the departments of Drome and Ardeche. Axione (a subsidiary of bouygues Construction SA) will remain in charge of operating and
SR Labs, a provider of electronic-trading solutions for the global financial services industry, has completed a USD53m investment from Insight Venture Partners.
SR Labs plans to use the capital to expand its sales and marketing operations, to accelerate its growth outside of North America, and to continue to fund product innovation.
To further those goals, SR Labs has opened a new development centre in Pune, India, to support its customers in Asia Pacific and Europe, where systematic trading is growing rapidly.
Srinivasan Ramiah, founder and chief executive of SR Labs, says: "We are excited to have Insight as a partner.
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