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Darden Restaurants has completed the acquisition of Yard House USA for USD585m in an all-cash transaction from private equity firm TSG Consumer Partners, management and investors.
This follows the agreement that was announced on 12 July 2012. The total transaction price includes approximately USD30m of cash tax benefits that are expected to be realised by Darden in fiscal 2013 and fiscal 2014.
With the acquisition now complete, Yard House joins Darden’s Specialty Restaurant Group, which also includes The Capital Grille, Bahama Breeze, Seasons 52 and Eddie V’s.
Yard House, which launched its first restaurant in 1996, offers contemporary American cuisine
IHH Healthcare Berhad, a portfolio company of Symphony International Holdings, has released strong 2012 first half results.
IHH’s profit after tax and minority interests increased by 35 per cent in the first-half of 2012 year-over-year, which excludes proceeds from the sale of medical suites.
The growth was driven by the consolidation of Acibadem Holdings from 24 January 2012 and improved performance of existing operations.
Revenue grew 65 per cent year-on-year to RM2.8bn and profit after tax and minority interests (PATMI) (excluding exceptional items) increased 35 per cent to RM250.3m. The numbers exclude the sale of medical suites.
Including the
The Securities and Exchange Commission has proposed rules to eliminate the prohibition against general solicitation and general advertising in certain securities offerings.
Under the proposed rules, which are mandated by the Jumpstart Our Business Startups Act, companies would be permitted to use general solicitation and general advertising to offer securities under Rule 506 of Regulation D of the Securities Act and Rule 144A of the Securities Act.
“I believe that the proposed rules fulfil Congress’s clear directive that issuers be given the ability to communicate freely to attract capital, while obligating them to take steps to ensure that this ability
Energy solutions firm SenseLogix has secured GBP1m series B investment in a second funding round led by The North West Fund for Energy and Environmental, managed by CT Investment Partners.
It also included existing investors Beringea, through the Proven VCT fund, and Proven Growth & Income VCT and NorthStar Ventures, through the North East Accelerator Fund.
The funds will be used to accelerate commercialisation of its EnergyLogix technology and strengthen its sales, technical and customer service teams.
CT Investment Partners, manager of The North West Fund for Energy & Environmental, also advises the Carbon Trust on its venture capital activities.
A report on the oilfield services industry by Ernst & Young and mergermarket indicates that the vast majority of the survey respondents (84 per cent) are expecting an increase in M&A and none expect a decrease.
The report, Ernst & Young Dynamic Dealmaking in Oilfield Services, shows that nearly three quarters of the 50 respondents, who encompass industry executives and private equity practitioners in the oilfield services sector, plan to make acquisitions in the next 12 to 24 months with companies based in North America (80 per cent) expecting to lead all regions in activity, followed by Asia Pacific (52
China has set out on a reform course that is expected to structurally transform its economic landscape. Mike Shiao (pictured), Investment Director in charge of Greater China Markets at Invesco, explores the key measures taken and the new opportunities these are believed to bring for investors in China’s equity markets…
Although Chinese equities continue to be overshadowed by weak external conditions and soft domestic economic data, we believe that current valuations may offer long-term investors a compelling opportunity to invest in quality companies at attractive levels.
The ongoing reform and transformation of China’s economic model has one goal –
HedgeServ, an independent global fund administrator, has added a Form PF (Private Fund) enterprise reporting solution to its service offering.
Designed to help hedge funds, private equity funds and other private fund managers comply with SEC regulatory filing requirements, HedgeServ’s solution streamlines the Form PF data gathering process and creates reports that can be electronically filed directly with the SEC.
Form PF is a Dodd-Frank US regulatory filing intended to help the SEC monitor industry-wide systemic risk. The filing requires fund managers to identify, map, verify, normalize, aggregate and store considerable information from a variety of internal and external sources.
Babson Capital Management has provided USD12m in mezzanine debt to support Drew Marine’s acquisition of the Chemring Marine Group’s rescue division.
The add-on investment brings Babson Capital’s total subordinated debt investment in Drew Marine to more than USD30m including an initial investment of USD20m to support J.F. Lehman & Company’s 2009 acquisition. Babson Capital also made an equity co-investment at the time of the 2009 acquisition.
Under Drew Marine’s ownership, Chemring’s rescue division will be renamed Drew Marine Signal and Safety. Drew Marine Signal and Safety is a supplier of marine distress signals to the commercial shipping and leisure markets.
Philippe Berteaux has joined Marvell as a full equity partner to launch a new insolvency and financial restructuring practice.
In 2007 Berteaux founded his own boutique firm, relying on an experience of more than 15 years in the corporate recovery sector, having started his career with experts such as Jean-Louis Borloo and Maurice Lantourne.
Berteaux has advised on restructuring and insolvency issues in a wide range of sectors, both debtor and creditor side, with a particular focus on complex cross-border insolvency matters and company voluntary arrangements.
More recently, he has developed an in-depth understanding of private equity issues and assisted
Willis Stein & Partners, Landmark Partners and Vision Capital have completed a transaction benefiting investors in Willis Stein’s third fund, Willis Stein & Partners III.
Investors received the option to receive liquidity from the 2000 Fund in cash and/or the opportunity to benefit from the growth potential of the portfolio. The syndicate of new investors includes PineBridge Secondary Partners II.
The transaction is structured to address the objectives of investors in the fund, some of whom had expressed a desire for liquidity. Investors were given the option to take cash proceeds or to roll the value of their interests
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