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Angelo, Gordon & Co’s Private Equity Group has sold Dealer Services Corporation (DSC), America’s largest independent inventory financing provider of used vehicles sold by dealers, to Manheim, Inc, a division of Cox Enterprises.
DSC was founded in 2005 by Chairman John Fuller in partnership with Angelo, Gordon’s Private Equity Group (“AGPE”) and Noro-Moseley Partners. AGPE saw an opportunity to back an industry-leading management team, including CEO Brian Geitner and President Marty McFarland, in an attractive space with few scaled independent players. The company today originates over USD3 billion in loans annually and works with nearly 10,000 dealers to finance the
Maven Capital Partners has sold its investment in Transys Projects Limited (Transys) to the German engineering concern Vossloh Kiepe, the rail transportation division of MDAX listed Vossloh AG.
Transys is engaged in the provision of turnkey and engineering consulting solutions relating to the maintenance and enhancement of rail rolling stock. Maven client funds supported the original management buyout of the company in April 2002, since when it has significantly increased both its range of products and the depth of its engineering expertise. Over the same period the company has invested in the development of key relationships with the owners and
Almost two-thirds of insurance companies are planning to make new private equity investments before the end of 2012, the latest Preqin research reveals.
The results of the most recent Preqin Special Report show that despite the impending Solvency II regulatory changes, the vast majority (79%) of insurance companies have not altered their levels of exposure to private equity. Fund managers will also be buoyed by the news that nearly one-third (30%) of insurance companies are currently below their target allocations to the asset class, and 88% plan on maintaining or increasing their allocation to private equity over the longer term.
Vets First Choice has closed a USD4 million financing led by new investor Polaris Venture Partners. Also participating were several existing investors including Borealis Ventures, Harbor Light Capital, David Shaw and Black Point Group.
Earlier this year Vets First Choice acquired VetCentric.com, creating the market leading veterinary partner-pharmacy provider licensed in 50 states and serving more than 6,000 veterinary practices. The new investment will support the company’s continued growth and expansion in the veterinary services and home delivery space, a market estimated to exceed $5 billion in the United States.
“Vets First Choice is a fantastic value proposition to veterinary
Private equity-backed pan-European hostel operator Generator Hostels has opened its latest hostel in Hamburg. The venue is the second Generator hostel to open in Germany, joining the existing Berlin hostel, and is the sixth opening in Generator’s growing European hostel platform.
Generator Hamburg is part of a GBP200 million investment programme by private equity firm Patron Capital to roll out the hostel concept across Europe together with a significant capital investment programme to revitalise the original flagship location in London. The Group is also currently developing two further sites – Berlin Mitte and Barcelona, which will open in the first
The latest figures tracing the performance of Jersey’s finance industry reveal particularly strong growth in its funds sector during the first quarter of 2012, with a 3.5% increase in the net asset value of funds under administration and a total of 1,412 funds registered, the highest figure since 2009.
In further good news for the funds sector, the total number of unregulated funds, geared towards sophisticated, professional and institutional investors, also increased by an impressive 8.5% whilst the number of regulated funds grew by 1.4%.
The statistics, collated and prepared by the Jersey Financial Services Commission, are for the three
Gresham Private Equity, the UK mid market private equity specialist, has successfully exited Marston Group through the sale of the business to Inflexion Private Equity. The performance of the Marston Group will result in a strong return on investment for Gresham.
Gresham led the management buy-out of Drakes, a leading enforcement business, from its private owner. As is typical of a Gresham investment, the plan was to professionalise and grow – both organically and through acquisition. Drakes then acquired the business of John Marston & Co, a market leader in enforcement of High Court writs, in 2008.
The combined business,
New York-based private equity firm Arsenal Capital Partners has acquired Copernicus Group Institutional Review Board (CGIRB), a provider of compliance services which play an integral role in the clinical trial process for new drugs and medical devices.
Copernicus IRB, established in 1996, is a leading independent provider of federally mandated IRB panels.
The primary responsibility of IRBs is to ensure that the rights and welfare of human research subjects are protected. IRBs must review and approve the handling of research protocols and study-related information before research involving human subjects can begin and throughout the study thereafter. The company, with offices
Private equity firm Catterton Partners has made a capital investment in Mendocino Farms, the rapidly-growing gourmet sandwich casual restaurant brand.
Terms of the transaction have not been disclosed but Mendocino Farms plans to use the investment to fund expansion throughout Southern California and eventually to new geographic regions.
Mendocino Farms takes a fine dining approach to developing gourmet and classic sandwiches through its use of premium ingredients and unique flavour combinations with a value-conscious focus. The Mendocino Farms name and concept pay tribute to the county in Northern California that is known for its support of the slow food movement
In a signing ceremony in Beijing, Russian President Vladimir Putin and Chinese President Hu Jintao this week witnessed the launch of the Russia-China Investment Fund (RCIF).
The USD2-4 billion private equity fund, established jointly by the Russian Direct Investment Fund (RDIF) and China Investment Corp (CIC), aims to generate strong returns from equity investments in projects that take advantage of the increasingly robust economic relationship between Russia and China.
Kirill Dmitriev, CEO of RDIF, and Lou Jiwei, Chairman and CEO of CIC signed a Memorandum of Understanding on completing the establishment of the joint fund and outlining the key principles
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