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Foresight VCT portfolio company Aquasium Technology Limited (Aquasium) has completed the sale of EBTEC Corporation (EBTEC), the electron beam welding specialist and subsidiary of Aquasium, to EDAC Technologies Corporation (EDAC) for approximately GBP11 million, generating a return of GBP2.7m to the VCT.
Foresight VCT made an investment of GBP1.9m in Aquasium, the technology focused holding company whose specific aim is to acquire and build up companies in the broader technology sector which have good mature technology and products but are not realising their full potential. Aquasium acquired EBTEC from Smiths Group in 2005, since when the business has benefited from
Entrepreneur James Caan and corporate financier Paul Herman have launched bluebox, an advisory service that they believe will redefine how businesses prepare for sale.
Paul Herman, CEO of bluebox, says: “Currently 70pc-90pc of business sales fail. This causes distress to business owners and their families, because of the emotion involved and the significant costs associated with an aborted sale.
“Innovation in the corporate finance market is long overdue. bluebox provides a service to business owners well in advance of sale; to help prevent the sale process falling over, by identifying any areas of weakness and providing the steps necessary
Business Growth Fund (BGF), established to help the UK’s fast growing smaller and medium sized businesses, has invested GBP3 million of growth capital in the Cennox Plc group of companies (including ATM Parts and Mainet) which provides services to the ATM (cash machines) sector.
Cennox was founded in 2004 by Clive Nation as a specialist ATM services group and has been successfully built up through organic growth and acquisition to comprise of two main businesses: ATM Parts and Mainet. Blue chip customers include Barclays, HSBC, Nationwide, IBM, Bank Machine, Loomis and G4S.
ATM Parts is a leading international supplier of
MapMyFITNESS, a health and fitness technology company powering the Internet’s largest and fastest growing community of fitness enthusiasts, has secured USD9 million in Series B funding led by Austin Ventures and Milestone Venture Partners.
Strategic business partners Competitor Group, Inc. and The Running Specialty Group, LLC also announced their participation in the funding as part of larger business partnerships.
MapMyFITNESS is an online and mobile platform that helps over nine million active users plan workout activities, measure their fitness and track their progress both in real-time and over time. The company leverages a fast-growing business model that has doubled revenue
Deutsche Bank’s Trust & Securities Services (TSS) unit has received Qualified Matching Service (QMS) designation from the Internal Revenue Service (IRS) for its dbRemarket platform.
The IRS recently confirmed in a private letter ruling that dbRemarket meets the requirements for a qualified matching service (QMS) under US Treasury regulation § 1.7704-1(g).
dbRemarket, which provides investors in private equity and hedge funds with a transparent way of effecting the purchase or sale of partnership interests in the secondary market, was launched in June 2011. Partnership interests that transfer via dbRemarket will qualify for the QMS safe harbour, which increases the percentage
Global markets continued downward in May, posting deeper declines than they did in April, according to Howard Silverblatt of S&P Indices…
The main concern was Greece, where preliminary elections left no single party able to form a coalition government. Those holding the most power called for a change in agreed-upon austerity programs. It will be necessary for Greece and the EU to get back to the table and renegotiate the terms. However, in order to do that, Greece needs a central government, which may be formed after the next election on 17 June. Until then, there is great uncertainty about the
The European Private Equity and Venture Capital Association (EVCA) has respond to the European Parliament’s Economic and Monetary Affairs Committee (ECON) vote on its text of the proposed European Venture Capital Fund Regulation (EVCFR).
While the EVCA welcomes the overall Commission’s proposal to facilitate cross border fundraising by VC funds, the EVCA is disappointed about the outcome of today’s vote, which sees the adoption of a depositary requirement.
The EVCA fears that the financial burden imposed by a requirement to appoint a depositary will make it impossible for small, venture capital fund managers to volunteer to enter the EVCFR
Robert B Kaplan, Co-Chief of the Asset Management Unit of the US Securities and Exchange Commission’s Division of Enforcement, is to join Debevoise & Plimpton as a litigation partner resident in the firm’s Washington, DC office.
In his role at the Asset Management Unit, Kaplan co-led a team of 75 lawyers and industry experts focused on investigations related to potential violations of securities laws by advisers to hedge funds, private equity funds, mutual funds and separately managed accounts. He partnered with senior leadership in other divisions of the SEC to establish law enforcement priorities in the asset management industry and
Popdust has completed a USD4.5 million Series A Preferred Share fund raise led by New Enterprise Associates with participation from other leading venture capital firms RRE Ventures, SoftBank Capital and international investment firm and company builder Project A Ventures, along with several prominent individual investors.
The successful financing was announced by the company’s new CEO Hugh Panero. The new funds will support Popdust’s expanding editorial efforts and other strategic initiatives.
Many of the Series A investors were also seed stage Popdust investors and have witnessed its growth to nearly 1 million unique monthly visitors and recent evolution into e-commerce. As
A prospectus in relation to the proposed placing and offer for subscription of Sterling Shares, US Dollar Shares, Swiss Franc Shares and Euro Shares in DCG IRIS Limited has been approved by the UK Listing Authority.
DCG IRIS Limited is a newly formed, Guernsey registered non-cellular company with an indefinite life. The Company is a feeder fund and will principally invest its assets in CS IRIS Low Volatility Plus Fund Limited (the Master Fund), which is managed by Credit Suisse AG (the Master Fund Manager).
The Company has been established with the objective of providing its Shareholders, through its investment
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