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Wellington Financial has provided a USD2.4m venture debt financing for TIM Group, a SaaS developer of applications serving the financial services industry.
Under the terms of the venture loan facility, Wellington Financial provided a term loan of USD2.4m to TIM Group and Barclays Bank provided an additional GBP500,000 overdraft facility.
"TIM Group generates new revenue for administrators, brokers and other customers. Delivering market-beating analysis to investors, TIM Group is a trusted partner to both investors and service providers," says Craig Netterfield, senior vice president of Wellington Financial. "With significant revenue growth since 2005, TIM Group is a leader in all
Harbinger Group has formed a joint venture with EXCO Resources to create a private oil and gas limited partnership that will purchase and operate EXCO’s US conventional oil and gas assets, for a total consideration of USD725m.
Under the terms of the agreement, the partnership will own EXCO’s conventional oil and natural gas assets in West Texas including and above the Canyon Sand formation as well as in the Danville, Waskom, Holly and Vernon fields in East Texas and North Louisiana.
The more than 520 billion cubic feet equivalent (Bcfe) of estimated proved reserves are approximately 82 per cent proved
AXA Private Equity is opening an office in Beijing, the firm’s first in China.
AXA Private Equity is opening an office in Beijing, the firm’s first in China.
The move will boost the firm’s presence in Asia as it continues its international growth strategy.
AXA Private Equity opened its first Asian office in Singapore in 2005 and has since deployed USD1.3bn of capital across the region. The firm now has a total of 10 offices across Europe, North America and Asia.
The opening of the Beijing office forms an important part of AXA Private Equity’s international development strategy, as Beijing
Investcorp, a provider and manager of alternative investment products, is to acquire Scandinavia’s luxury retailer Georg Jensen for USD140m from private equity group Axcel Capital Partners.
As part of this transaction, Investcorp has teamed up with David Chu, the luxury brand entrepreneur and founder of Nautica, who will join the company on closing as chief creative director and co-chairman of the board.
Also joining the board on closing will be Guy Leymarie, former chief executive officer of DeBeers Diamond Jewellers, Cartier International and Dunhill.
Georg Jensen designs, manufactures and distributes jewellery, watches, fine silverware and high-end homeware.
Hazem Ben-Gacem, head
Private equity firm Z Capital Partners has promoted four members of its team – Martin J Auerbach, Christopher J Kipley, Rahul Sawhney and Jonathan Schmugge – to senior managing director and partner.
All four individuals were previously managing directors.
James Zenni, president and chief executive of Z Capital Partners, says: "We are pleased to recognise the achievements and hard work of these outstanding professionals. Our new senior managing directors have made outstanding contributions during their tenure with Z Capital Partners and we look forward to their continued success."
Sidewinder Drilling, a Houston-based land drilling company controlled by private equity firm Avista Capital Partners, is to acquire Union Drilling.
Sidewinder’s wholly-owned subsidiary, Fastball Acquisition, is to acquire all outstanding shares of common stock of Union Drilling for USD6.50 per share, net to the seller in cash, without interest and less any applicable withholding taxes, as of the expiration of the tender offer.
The tender offer expired at 12:00 Midnight on 2 November 2012.
The depositary for the tender offer has advised that, as of the offer’s expiration, 16,405,502 shares of common stock of Union Drilling had been validly tendered
Wall Street professionals can expect to receive flat to moderately larger year-end incentive payouts compared to the previous year, according to an annual compensation analysis released by Johnson Associates.
The analysis found that this year’s incentives results are an improvement over 2011, when incentives fell sharply throughout the financial services industry.
"The recovery in financial services continues to be a struggle, and while incentives will be modestly up, few professionals will have reason to cheer. With wide variations in outcomes, and an uncertain outlook, the bonus season will be rightfully subdued," says Alan Johnson, managing director of Johnson Associates. "Following
Humana has acquired Certify Data Systems, a specialist in health information exchange (HIE) technology.
Terms of the transaction have not been disclosed.
Hospitals, physicians and laboratories across the nation have adopted the HealthLogix Enterprise HIE platform from Certify. The platform provides two-way sharing of clinical information across disparate electronic health record systems (EHRs), connecting healthcare providers and allowing them to share relevant patient health information in real-time.
“Humana remains focused on leveraging the power of technology to provide a more coordinated patient experience for our members that will enable quality, affordable health care,” says Brian LeClaire, senior vice president and
A fund managed by Blackstone on behalf of its private equity investors, Blackstone Capital Partners V, has completed its purchase of GCA Services Group from Nautic Partners and other minority shareholders.
Credit Suisse and Morgan Stanley acted as M&A advisers to Blackstone and provided financing for the transaction. Simpson Thacher & Bartlett acted as legal counsel to Blackstone.
Robert W Baird acted as lead financial adviser to GCA and Jefferies co-advised the company. Calfee, Halter & Griswold acted as legal counsel to GCA.
The outcome of this week’s US Presidential election will hopefully provide us with a signal for the direction of economic policy in a number of key areas. The most important of these is the “fiscal cliff” – a potent combination of lower spending and higher taxes which, in the absence of action from the US Congress, will begin early next year, says Percival Stanion (pictured), head of the global multi asset group, Baring Asset Management…
According to estimates by the Congressional Budget Office, without resolution of the fiscal cliff, the US economy could contract by as much as 0.5% in
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