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Funkwerk has sold its subsidiary Funkwerk Dabendorf to the novero Group with effect from 1 October 2012.
The subsidiary handles the key operations of the automotive communication division.
The purchase agreement was signed yesterday. The business premises belonging to Funkwerk Dabendorf in Dabendorf/Zossen and the company’s 100 per cent share in Funkwerk eurotelematik are not included in the sale.
A team from CMS Hasche Sigle led by lead partner Eckhart Braun advised Funkwerk on all legal aspects of the sales process.
The sale of the Zossen-based company is another strategic milestone for Funkwerk in its restructuring process. It also represents
Towry Group, a portfolio company of Palamon Capital Partners, has concluded a transaction with Macquarie Bank and Royal Bank of Scotland, to provide a GBP47.3m financing package.
The proceeds of the debt issuance, which comprised GBP42.5m of senior and junior loans provided by Macquarie and GBP4.8m of additional senior debt provided by RBS, one of Towry’s existing lenders, were used to replace a mezzanine debt facility.
Towry is a growing independently-owned wealth advice business in the UK with GBP4.6bn of assets under management. Since Palamon’s initial investment in 2003, revenue has grown more than 35 per cent per year.
Canaccord Genuity has issued GBP100m listed sterling bonds for Raglan Finance, a financing vehicle established for Raglan Housing Association.
The bonds are being issued at a price of par, on a partly paid basis. They carry a coupon of 5.034 per cent and have a final maturity on 20 September 2042.
Canaccord arranged the bond and placed GBP50m with Pension Insurance Corporation, with GBP50m bonds retained by Raglan for future sale.
The pricing, purchase and sale of the bonds were negotiated earlier in the summer.
The bond was designed to meet certain regulatory and actuarial requirements of
Assets under management in Swiss investment funds reached CHF699bn in August, an increase of CHF4.8bn month-on-month, according to the Swiss Funds Association.
At the end of August 2012, the total volume of assets in the investment funds covered by the statistics compiled by Swiss Fund Data and Lipper stood at around CHF699bn, compared with CHF694.2bn in July.
Of this figure of just under CHF700bn, Swiss funds for institutional investors accounted for CHF273.3bn.
“There was a relatively stable development in the month under review. The equity markets showed more of a sideways trend. Currency effects – which were still having a
Australia’s hedge fund industry is now bigger than either Hong Kong or Singapore as institutional money migrates to alternative managers reported FINalternatives this week. Apparently the 63 hedge funds in the Triple A Partners/Basis Point Consulting Hedge and Boutique Fund Directory manage USD45billion of assets.
This compares with USD37billion in Hong Kong and USD21billion in Singapore. With strong inflows from Australia’s superannuation funds the country’s hedge fund and boutique asset management community now manages a combined AUM of USD216billion. At the last count, the Asian hedge fund industry (not including Australia) was estimated to be USD140billion according to AsiaHedge.
Australia’s
The UK Government has developed a set of proposals with London Stock Exchange to attract entrepreneurs and high growth companies to the UK.
Proposals will include a planned new route to the UK IPO market for high growth companies, which is likely to feature reformed rules on free float, eligibility criteria and reporting requirements.
This will ensure that the needs of businesses – particularly internet and technology companies – and their investors are met.
Acting as a “launch pad” for companies seeking a full Premium listing, this is aimed, in particular, at European mid-sized high growth business which are currently
iLevel Solutions, a provider of private equity software and reporting solutions, has formed a strategic partnership with Hamilton Lane, an independent financial institution that provides discretionary and non-discretionary private equity asset management services, to expand the existing iLevel platform to encompass the data needs of limited partners.
"The vision at iLevel has always been to provide the platform to the alternative asset market that integrates all information for general partners and limited partners to monitor investments, prepare and report valuations, and exchange information. Our expansion from covering the specific data needs of general partners to covering those of the limited
Newco Energy Acquisition Holdings (NEAH Energy), an energy-related asset and services acquisition firm, has appointed Kevin Stringer as chief financial officer and member of its advisory board.
Stringer currently provides guidance on a broad array of corporate finance, business strategy, and governance issues to institutional investors and private equity clients engaged in emerging and frontier markets.
Stringer is a seasoned finance professional, progressively building expertise over a career focused on providing advisory and transactional services to clients in both the public and private sectors. His experience in foreign markets includes valuation and due diligence of closely held companies for clients
Capital Dynamics has closed an investment in Curves International, alongside lead investor North Castle Partners.
Curves is the largest health club franchisor in the world with over 1.5 million active members and 7,300 clubs located in 90 countries. Focused predominantly on fitness and women’s health, Curves features a business model built on a franchise system with geographic and product diversification.
The investment was a globally co-ordinated effort. Capital Dynamics’ London, New York and Silicon Valley offices, together with its Tokyo office, worked in close collaboration with US-based North Castle Partners to complete the transaction.
“We have a strong
A fund managed by Blackstone on behalf of its private equity investors, Blackstone Capital Partner VI, is to acquire acquire Vivint from its existing shareholders, including Goldman Sachs, Peterson Partners, Jupiter Partners and other minority shareholders for in excess of USD2bn.
Vivint is the largest home automation services company in North America and second largest residential security services provider.
As part of the transaction, Blackstone will acquire Vivint Solar and 2GIG Technologies from its respective shareholders. Vivint Solar is a provider of solar solutions that leverages the power purchase agreement (PPA) model to offer affordable solar power to residential
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