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The Isle of Man Government has confirmed that it will be adopting tax information sharing arrangements with the UK which will follow closely the FATCA intergovernmental agreement currently being negotiated with the US.
Chief Minister Allan Bell (pictured) says: “The nature of tax cooperation is changing and, as I made clear in my Agenda for Change speech to Tynwald in October, automatic exchange is becoming the global standard. The island already shares tax information automatically under the EU Savings Directive and has recently announced that it will do so on a wider basis with the US.
“This decision is
With the UK’s coalition completing half of its term in government, the Chancellor was under pressure to deliver more measures to stimulate growth in his Autumn Statement, says Azad Zangana, European Economist at Schroders…
Facing a faltering economy largely knocked off course by external factors, George Osborne had little room to manoeuvre, especially as the Office of Budgetary Responsibility (OBR) had judged the government to be unlikely to meet its target to have debt as a share of GDP falling between 2014/15 and 2015/16.
The main headline from today’s statement was the downgrade of the UK growth forecast from the
Affiliates of Apollo Global Management are to acquire Aurum, a luxury jewellery retailer in the UK, which includes the Watches of Switzerland, Mappin & Webb and Goldsmiths brands within its portfolio.
The acquisition is expected to close in the first quarter of 2013 and is subject to customary closing conditions.
Sanjay Patel, head of international private equity for Apollo, says: “Aurum is a leader within the luxury watch retail industry and it has established an enviable position in the UK driven by exceptional service and customer experience and strong partnerships with most of the world’s major watch brands. We look
Tristan Capital Partners has raised over EUR170m of commitments to a first closing of its real estate private equity fund, European Property Investors Special Opportunities 3 (EPISO 3).
The fund was launched to target investment opportunities being created by economic restructuring in distressed European markets where equity and debt capital are in short supply.
Ric Lewis, chief executive of Tristan Capital Partners, says: “Tristan never subscribed to the prevailing market view during the Eurozone financial crisis that predicted the end of the EU and the European monetary union. To the contrary, we believe that the severe risk aversion of many
High Road Capital Partners has completed the acquisition of Accurate Component Sales, the ninth platform company for its debut fund, High Road Capital Partners Fund I.
Based in New Brighton, Minnesota, Accurate is a distributor of industrial fasteners, hardware and components to manufacturers in the upper Midwest.
“Accurate’s consultative and service-oriented model helps small- and mid-sized manufacturers improve and streamline their production operations,” says Jeffrey M Goodrich (pictured), High Road partner. “Accurate is well positioned to benefit from US manufacturing growth and the trend toward tighter supply chain integration.”
Accurate’s co-founder and chief executive Jerry Moehnke will continue
Ongoing access to capital and financing, strengthened balance sheets and divestiture activity will continue to fuel deal activity in 2013, according to PwC US.
An acceleration of deals taking place during the final months of 2012 may result in a lull in activity during the first quarter; however, these sound deal fundamentals are creating optimism that the balance of 2013 will be a stronger year for US mergers and acquisitions (M&A).
According to PwC’s US M&A outlook, dealmakers remain hyper vigilant on diligence during the M&A decision making process, analysing each outcome and the various impacts on investment and return
Actis, the pan-emerging markets private equity firm, has completed a partial exit from XP Investimentos, the largest independent brokerage in Brazil.
Actis is selling about half of its original stake to private equity firm General Atlantic.
Actis invested USD58m in XP in November 2010. With Actis’s backing the company has more than doubled in value, diversified into new product lines, and made five acquisitions; client numbers have increased twofold to 70,000 active customers. Actis brought in non-executive director Mark Collier, formerly president of Charles Schwab Europe and co-chief executive of Schwab International, to strengthen the board. Despite the challenging
Private equity firm PAI Partners has completed the purchase of a 78.6 per cent stake in Marcolin, an Italian eyewear manufacturer, in a proprietary primary LBO transaction in one of its core investment sectors.
The purchase has been carried out by Cristallo, a company indirectly controlled by certain investment funds managed by PAI Partners, which has purchased a stake of 48,842,131 shares representing 78.6 per cent of the share capital of Marcolin at a price of EUR4.25 per share for an aggregate total price of EUR207,579,056.75 from the parties to Marcolin’s shareholders’ agreement (Marcolin family and Della Valle brothers) and
Albion Ventures has sold its six cinema investments for approximately GBP12.5m.
Funds managed or advised by Albion Ventures initially invested GBP1.2m alongside UK art-house cinema operator City Screen to develop the Cambridge Arts Picturehouse in 1999.
Albion subsequently invested further funds to develop the Picturehouse at FACT in Liverpool in 2002, the Greenwich Picturehouse in 2004, The Ritzy in Brixton and the Exeter Picturehouse in 2005 and Cinema City in Norwich in 2007, with additional funds invested in 2009 to enable the cinemas to become fully digital.
The investments were sold as part of the sale of the City Screen
Platte River Equity has held the closing of its third private equity investment fund, Platte River Equity III.
Platte River launched fundraising in June of this year with an initial target of USD350m and closed Fund III at its hard cap of USD405m.
Platte River’s investor base is comprised of a diverse group of institutional investors, including endowments, pension funds, private foundations, funds of funds, family offices and high net worth individuals. The firm’s principals are the largest collective investor in each of Platte River’s funds, having committed in excess of USD100m since the firm’s inception.
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