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The ONS’ preliminary estimate of Q3 GDP showed the economy grew by a huge 1.0%, ending the UK’s longest double-dip recession since the Second World War in sensational style, says Azad Zangana, European Economist at Schroders…
Year on year growth rose from -0.5% to flat. The results are significantly stronger than the 0.6% consensus estimates, and our own estimate of 0.5%.
Within the details, the service sector made the biggest positive contribution growing by 1.3% following a decrease of 0.1% in the previous quarter. The production sector also posted an impressive 1.1% gain, although the construction sector continues to be
Navatar Group, a cloud provider for financial services, has launched a new version of Navatar Private Equity CRM, a cloud solution used by alternative assets firms worldwide.
This release adds to the existing functionality provided out-of-the-box by Navatar Private Equity CRM, completely through the cloud, and which is used by firms to manage their operations, including fundraising, investor relations, deal flow, portfolio and capital calls/distributions.
The release includes:
• Improved deal sourcing with greater tracking of lenders / financing processes
• Tracking multiple roles that contacts play at various organizations
• Handling capital calls for both large and small firms
• View contacts within
Global management consultancy firm AT Kearney has appointed Alberto Fumo as senior principal to reinforce the company’s position in private equity consultancy.
This appointment is part of the continued growth the practice has experienced, and will expand its presence in the UK and Europe.
Fumo has 14 years of private equity consulting and corporate strategy experience. During his career he has become a leading practitioner in private equity consulting gaining significant expertise in corporate merger and acquisition deals, private equity transactions, marketing strategy in consumer/luxury product goods and media/entertainment, and corporate turnaround and transformation.
Fumo says: “AT Kearney’s private
Investec Growth & Acquisition Finance has provided a debt facility to support the vendor backed management buy-out of BM Polyco, the UK’s largest professional and consumer gloves business, led by managing director Mark Holdaway.
Headquartered in Enfield, BM Polyco is the UK’s largest supplier of consumer hand protection through brands such as Bizzybee and Finesse, as well as being one of Europe’s largest professional glove makers.
Originally founded in 1979 by Leslie Blustin and Greg Murray, it has grown both organically and through a number of acquisitions including Bodyguards. It now employs 125 staff and generates over GBP55m in annual
The UK Supreme Court, in the conjoined appeals in Rubin and New Cap, has rejected the modified universalist doctrine that established common law rules as to the enforcement of foreign judgments, do not (or should not) apply to insolvency orders.
According to law firm Harneys, in giving the leading judgment and overturning the Court of Appeal, Lord Collins reaffirmed the application of the common law rules on the enforcement of foreign judgments to insolvency orders.
There is no separate rule for judgments given in insolvency proceedings. So to enforce foreign insolvency orders at common law in England, foreign officeholders will
Private equity fund Fortissimo Capital has acquired international roaming solutions provider Starhome from Comverse Technology and other shareholders.
Starhome’s roaming management tools enable wireless operators to generate high-margin revenues from Starhome’s multi-network reach; offer seamless out-of-network subscriber services; collaborate with other wireless operators; gain intelligence about their customers; and maximise network efficiency.
Starhome’s products are used by more than 200 mobile operators worldwide, including by 20 of the 30 largest operators in the world. More than 50 per cent of global roaming traffic occurs through Starhome’s technology.
The company has 220 employees, including 180 employees in Israel.
Yuval Cohen, founding
Ecorse Investments, a company indirectly owned by private equity firm Advent International, has purchased 58.61 per cent of EKO Holding Group shares, giving it control of the group.
EKO is one of the largest trading groups in Poland.
First settlements have already taken place. Ecorse now owns 28,492,014 of EKO shares. The tender offer for 100 per cent of shares remains outstanding until 29 October.
Tamas Nagy (pictured), partner at Advent International, says: “Advent is pleased with the successful purchase of a majority stake of EKO Holding by Ecorse Investments. We look forward to working together with the
Dion Global Solutions has launched its Foreign Account Tax Compliance Act (FATCA) solutions.
Comprising two integrated products, FATCA FORCE and FATCA TRAC, the Dion product suite offers a complete solution to the forthcoming FATCA regulations, and is designed to support future client classification and reporting requirements.
FATCA FORCE is a project monitoring dashboard, which enables firms to establish their operational readiness for FATCA compliance, based on all relevant IRS checkpoints. It contains work-streams to identify preparatory steps required to achieve compliance and generates evaluation reports based on a weighted combination of both empirical and subjective perception data. FATCA FORCE
Law firm Goodwin Procter has named Bradley Bugdanowitz as chair of its San Francisco office.
Bugdanowitz (pictured) is a partner in Goodwin’s business law department and a member of its private equity, technology companies and life sciences groups, focusing on merger and acquisition transactions, securities offerings and corporate governance. He joined Goodwin as a partner in 2008.
Bugdanowitz works with clients in structuring and executing minority and control investments, acquisitions and dispositions as well as public and private securities offerings. His recently completed transactions include representing JMI Equity in its investment in Paradigm; NIKE in its strategic partnership with DyeCoo
Wynnchurch Capital has partnered with existing management to make an equity investment in Loadmaster Derrick & Equipment, a provider of onshore and offshore drilling equipment.
Headquartered in Louisiana, Loadmaster has developed expertise in the design and fabrication of derricks and related equipment, which it provides to a global customer base.
Tommy Welsh and Tommy Hebert, the owners of Loadmaster, co-invested in the transaction and will continue to lead the company.
"Our partnership with Wynnchurch will enable us to pursue attractive acquisition opportunities and further develop our growing product portfolio,” says Welsh. “After considering several potential financial partners, Wynnchurch stood out
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