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The growing debt crisis in Europe and a strong US dollar heavily impacted global returns on alternative investments during last year’s third quarter.
Private equity and venture capital funds that invest primarily in developed markets outside the US as well as those that target emerging markets each posted a loss for the period. The last time funds of these asset classes in both developed and emerging markets recorded a negative quarter was for the three months ending June 30, 2010, according to Cambridge Associates LLC.
In US dollar terms, the Cambridge Associates LLC Global ex US Developed Markets Private Equity
Hogan Lovells advised AIM listed Abcam plc (Abcam) on its agreement to acquire the entire issued share capital of Epitomics International Inc (Epitomics), for USD170 million in a deal announced on Monday 5 March 2012. Epitomics is based in San Francisco with operations in China.
Abcam, a global leader in the supply of protein research tools, will acquire the antibody business which is focused on the development, production and distribution of rabbit monoclonal antibodies (RabMAbs) for biomedical research and diagnostic applications. The transaction is expected to close by May 2012.
The acquisition is to be funded in cash and stock.
Abacus Finance Group, (Abacus), a New York-based specialty finance company, has acted as Administrative Agent and Sole Lead Arranger for USD16 million in senior cash-flow financing to support the leveraged buyout of Industrial Magnetics, Inc (IMI) by River Associates Investments LLC (River Associates).
Abacus focuses exclusively on providing cash-flow financing for private equity-sponsored, lower-middle market companies. Legal counsel to Abacus was provided by Goulston & Storrs, LLP.
Headquartered in Boyne City, Michigan, IMI is an industry leader in providing permanent magnets and electromagnets for work-holding, lifting, fixturing, conveying and magnetic separation. River Associates Investments LLC, based in Chattanooga, Tennessee, is
Mid-market private equity investor LDC has strengthened its team in the North West with the appointment of Ged Gould as Director.
Gould was previously Finance Director at American Golf, the specialist golfing equipment retailer sold by LDC to Sun European Partners in January earlier this year.
During LDC’s eight-year investment, he was instrumental in doubling sales at the 89-store chain to over GBP100million through a major store rollout programme and the rapid expansion of its online presence.
Gould originally qualified with KPMG, where he spent 10 years in audit and corporate finance advisory before joining private equity
Monomoy Capital Partners, a New York private equity fund focused on value investment and business improvement, has acquired the stock of Raybestos PowerTrain, LLC (Raybestos) from an affiliate of Sun Capital Partners.
Monomoy has combined Raybestos and Steel Parts Manufacturing, Inc (Steel Parts), into a global growing transmission component platform that Monomoy formed in April 2011. Terms of the transaction have not been disclosed.
The combined business will continue to go to market under the Raybestos, Allomatic and Steel Parts brand names.
Raybestos combined with Steel Parts will create a leading supplier to automotive and heavy-duty vehicle customers in both
Jalak Jobanputra, a venture capitalist known for having backed companies with exits to AOL, IBM, Oracle and several IPOs, has been named Managing Director and Founding Partner at RTP Ventures, a newly formed USD120M fund closely associated with ru-Net, a Moscow-based USD700m international investor.
With a vision of targeting innovative companies and differentiating technologies that will see tomorrow’s growth, Jobanputra joins managing director Kirill Sheynkman at RTP Ventures’ New York City headquarters. She will focus on consumer internet, mobile, payments, e-commerce, and social enterprise deals.
"I am thrilled to join a team of investors who are dedicated to cross-border, global
Consilia Partners, the European and Middle East based investment and turnaround firm, and Turnaround Asia (TAA), the China-based business transformation and turnaround consultancy, have formed a strategic joint venture to meet the need for a global transformation and turnaround management solution across Europe, Middle East & Asia.
David Axon, CEO of Consilia Partners, says: “We are delighted with the joint venture of Consilia and TAA as it expands our ability to work at a global level. With a pool of talented resources available throughout Europe, Middle East and Asia, we are now able to deploy more rapidly on behalf of
AAC Capital UK (AAC UK), the mid-market buy-out firm, has sold Amtico Group, a designer and manufacturer of high end flooring, to Mannington Mills, Inc, the US-headquartered provider of branded flooring products.
Amtico created the market for high quality floor tiles over 40 years ago and has been at the forefront of producing innovative and resilient flooring products for residential and commercial interiors ever since. Its internationally recognised brand is synonymous with cutting-edge design and high performance. The company employs 600 people operating from its headquarters in Coventry (UK) and facilities in Madison (USA) and Conyers (USA).
Amtico has
The Maven VCT Offers, which gave investors the opportunity to invest in four established and income producing VCTs managed by Maven Capital Partners, have now closed.
The Offers, which were due to close on 5 April 2012 for 2011/12 applications, and 27 April 2012 for tax year 2012/13, are now fully subscribed after the target of GBP1.25 million per company was achieved on 29 February 2012.
Investors under the Offers have gained access to four highly diversified portfolios of profitable private businesses with strong yield characteristics, and are immediately eligible for regular and attractive levels of tax-free income, including any final dividends
More than USD0.5 trillion of European leveraged buy-out loans are due to mature between now and 2016, according to a new report form global law firm Linklaters.
Within this headline figure the report identifies which countries and sectors are most acutely affected and will face the greatest pressures. From a country perspective these include UK (USD172bn), France (USD86bn) and Germany (USD83bn) which have the largest requirements.
The largest sectoral burden falls on the telecommunications sector where USD67bn of LBO loans must be refinanced over the five years to 2016. The next four largest sectors are retail (USD47bn), healthcare (USD40bn), chemicals (USD37bn)
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