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Despite facing continuing economic uncertainty and difficult debt markets, private equity (PE) backed companies remain focused on growth and expect to increase both turnover and profitability in 2012. Eight out of ten expect to grow turnover and almost three quarters anticipate EBITDA growth, says PwC in a new report.
To reach their optimistic growth targets, 60% of portfolio companies expect to increase permanent headcount in the coming year and say that their private equity houses are ready to inject additional capital should it be needed, according to the firm’s survey of management teams from 77 private equity backed companies: Supporting
The Alternative Investment Management Association (AIMA), the global hedge fund trade association, has expressed concern about the European Commission’s new draft text for the implementation of the Alternative Investment Fund Managers Directive (AIFMD).
The European Commission proposed the new text in response to advice received on implementation of AIFMD by the European Securities and Markets Authority (ESMA). It is seeking to implement AIFMD swiftly through the format of a “Regulation” which enters effect more quickly than a “Directive”, which is transposed into national law and offers member states more flexibility of implementation. The Commission has given EU member states and
Genta Incorporated has entered into definitive agreements with institutional investors in a private placement to sell Senior Secured Convertible Notes for up to USD12.0 million in aggregate gross proceeds before fees and expenses.
The transaction is expected to close with initial gross proceeds of USD2.0 million on or about 30 March, 2012, subject to satisfaction of customary closing conditions. Proceeds of the financing will be used to initiate late-stage, randomised clinical trials with tesetaxel in two major oncology indications: gastric cancer and breast cancer. Tesetaxel is the leading oral taxane in clinical development.
"We greatly appreciate the investors’ continued interest
GCP Capital Partners has acquired Garrets International Limited, a leading international provider of marine catering management for the commercial shipping industry.
Derrick Samms founded Garrets in 1991 and has since pioneered the market for outsourcing of catering services for the merchant navy. Garrets provides its customers with a range of services including provisions supply, stock keeping, quality control and chef training and support.
The business has grown rapidly over recent years and today manages a fleet of 750 vessels from its head office in Romford, making it the clear market leader. The company was recently featured in the Sunday
The Cayman Islands and British Virgin Islands (BVI) offices of international law firm Maples and Calder (Maples) have recruited seven partners and three associates to join the firm’s growing investment funds practice.
Currently at offshore firm Walkers, partners Julian Ashworth, Heidi De Vries, Sheryl Dean, David Marshall, Philip Millward and Gwyneth Rees, and senior associates Philip Dickinson, Patrick Head and Lucy Nicklas will be joining Maples’ Cayman Islands office and partner Tim Clipstone will be joining the firm’s BVI office as soon as they are free to do so under their existing arrangements. These 10 key hires will reinforce Maples’
Mergers and acquisitions in the US financial services industry could increase in both number and value of deals, if markets improve and European banks sell noncore business units, PwC says in a new report.
M&A prospects remain uncertain, however, after deal volume fell in 2011 due to the European debt crisis, volatile stock and bond markets, uncertainty around government regulations and a pullback in financing, according to PwC’s report, "Balancing uncertainty and opportunity: 2012 US Financial Services Insights" (www.pwc.com/us/fsdeals2012).
US banking, insurance, asset management and other financial service companies announced 756 deals last year. The figure represents a 10 per
The PrEQin Distressed Private Equity Index stands at 322.1 as of September 2011 (rebased to 100 as of 31st December 2000), making distressed PE the best performing strategy over that time period.
The PrEQIn Distressed Private Equity Index encompasses the distressed debt, turnaround and special situations fund types, and such funds aim to invest in the equity or debt of companies that are in financial distress or are facing reorganisation. As such, distressed PE is one of the riskier private equity strategies, but can potentially generate higher returns.
The PrEQIn All Private Equity Index (rebased to 100 as of 31st
Maven’s Manchester team has led the MBO of Vodat International Limited (Vodat) from its founder Mike Bielinski in a GBP5m transaction.
Vodat provides managed network and communications solutions to business customers, with a particular focus on the UK retail sector in which it has a leading market presence.
Cheshire based Vodat was established in 2002 by the current CEO and senior management team, and has achieved year on year sales and profit growth, increasing sales by over 50% since 2008. The business has a current customer base covering over 7,000 live sites and places a strong emphasis on ensuring excellent
IFG Group has signed an agreement for the sale of its entire International Division (Segment) to AnaCap Financial Partners II LP.
The purchase price is GBP70 million (EUR84 million) which will be paid in full on the completion of the sale. The purchase price shall be subject to an adjustment upon finalisation of the completion accounts. The sale is subject to certain conditions including shareholder and regulatory consent. The EGM, at which an ordinary resolution approving the sale shall be voted upon by the shareholders, shall be held in advance of the AGM on 27th June 2012. A circular incorporating a
Crédit Agricole Private Equity is changing its name to become Omnes Capital, following its sale by Crédit AGricole to Coller Capital, which completed on 29 March.
This transaction follows the acquisition by Coller Capital from Crédit Agricole SA of a portfolio of assets managed by Crédit Agricole Private Equity which will continue to be managed by Omnes Capital.
Omnes Capital will continue to pursue a strategy of investing in SMEs with strong growth potential, offering active and long-lasting support to entrepreneurs.
Omnes Capital will draw on the expertise of its current teams to develop its key business areas:
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