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American Capital received has USD215 million in cash proceeds from the sale of portfolio company CBIT Solutions Inc – USD2 million (1 per cent) less than the company’s third quarter 2011 valuation of the investment. American Capital’s compounded annual rate of return earned over the life of its total investment in CIBT was 15% for all debt and equity investments, including interest, dividends, fees and expected escrow proceeds.
"We are extremely pleased with the results of our CIBT investment, which illustrates American Capital’s long-term dedication to assisting portfolio companies with flexible financing solutions," says Brian Graff, American Capital Senior Managing Director. "We
Offshore law firm, Mourant Ozannes, has appointed Advocate Daniel Birtwistle as the Managing Partner of its Jersey office. His appointment will take effect from 1 February 2012.
Mourant Ozannes advises on the laws of the Cayman Islands, Guernsey and Jersey from offices in each of those jurisdictions as well as Hong Kong and London.
Birtwistle has been at the firm since 1995. He qualified as a Jersey lawyer in 1998 and was admitted as a partner in 2004. He ran the firm’s London office between 2006 and 2007 and has been on Mourant Ozannes’ management committee since 2008. A member
Embedded memory and logic technology specialist NeoMagic Corporation has executed a private financing (PIPE) for 6,000,000 shares of the Company’s Common Stock priced at USD0.01 per share. The financing is led by Bluestone Financial LTD investor group and Mediastone LLC, two prominent venture capital and private equity firms.
David Tomasello, NeoMagic’s Chairman of the Board, is managing director of Bluestone Financial and Jorge-Granier Phelps, a member of NeoMagic’s Board of Directors, is managing director of Mediastone LLC.
Also participating in the transaction, are Syed Zaidi, President and CEO, and Charlotte Willson, Vice President Finance and Principal Accounting Officer, and two
Ivycorp, creators of Ivytalk, a next-generation enterprise messaging network for businesses and organisations, has received an initial USD1 million in Series A investment capital from a combination of investors led by the Women’s Venture Capital Fund.
"Ivycorp is a great example of the large and growing pipeline of women entrepreneurs building capital-efficient but scalable businesses," says Helen MacKenzie, Managing Director at the Women’s Venture Capital Fund. "Mary Jesse, Ivycorp’s CEO, embodies the entrepreneurial spirit that we look for in our investments. Mary’s successful track record as an engineer and telecommunications executive ensures the level of leadership required to bring a
Global investors have started 2012 with a reawakened sense of optimism towards the global economy and greater appetite for risk, according to the BofA Merrill Lynch Survey of Fund Managers for January.
The global survey of 214 institutional investors shows far fewer predicting a global slowdown. Only a net 3 per cent believe the world economy will weaken in the coming 12 months down from a net 27 per cent in December – the biggest one-month improvement in the growth outlook since May 2009.
Many investors are showing more appetite to take risk. BofA Merrill Lynch’s Composite Risk and
OMERS Private Equity, the private equity arm of the OMERS Worldwide group of companies, and a consortium equity group, including the Caisse de depot et placement du Quebec, have sold Cari-All Group Inc to German based cart manufacturer Wanzl Metallwarenfabrik GmbH.
Founded in 1969, Cari-All is the leading manufacturer and distributor of shopping carts, shelving and backroom equipment to retailers across North America.
Since OMERS Private Equity acquired Cari-All in 2005, the Company has strengthened its position in the North American cart market through a number of strategic initiatives, including bolstering the management team, improving operational efficiencies and growing through
John Redwood, chairman of Evercore Pan-Asset’s investment committee, looks at what the coming year could hold for the UK economy…
There has been plenty to worry about in recent months in the UK. Many investors and commentators have told us how much damage a Eurozone collapse could do the fragile UK recovery. Even a prolonged period of Eurozone weakness as they struggle to keep the currency together damages export markets.
The government’s Autumn Statement revealed as we predicted a major downwards revision to its deficit reduction plan, with slower growth in revenues and two extra years to get the deficit
Correlation Ventures has closed its initial USD165 million venture capital fund, 10 per cent above the USD150 million target. The firm leverages its analytics to offer entrepreneurs and lead investors co-investment decisions within two weeks. Limited partners include leading endowments, foundations, pensions, family offices, and high-net-worth individuals, including over 30 venture capital peers who invested personally.
Correlation Ventures, with offices in San Diego and Palo Alto, California, is creating a portfolio of over 50 US private companies and has a broad mandate to invest in all stages and industry sectors, including information technology, life sciences, and clean-tech. Launched in late
Lawyers from Walker Morris have acted for Barratts Trading Limited on its acquisition of the majority of the Barratts and Priceless shoe chains from administrators.
The acquisition follows the appointment of administrators, Deloitte LLP, to the Barratts Priceless group of companies on 8 December 2011.
Barratts Trading Limited has acquired 89 Barratts and Priceless stores, together with the ecommerce business of Barratts Priceless Limited, from the administrators, Deloitte LLP. The new business will trade under the Barratts name. As a result of this deal, 1,184 jobs will be saved across UK, the Republic of Ireland and at the Bradford Head
A greater focus from regulators and investors has led to an increased number of hedge fund and private equity managers actively considering strategic moves to more favourable domiciles, according to a new report from Clear Path Analysis. Emerging regions are particularly appealing to investors and as such managers are now looking at the business potential of setting up a presence overseas.
Regulation has been a key driver for this trend following the 2008 Madoff scandal and a general shift towards greater transparency across global financial markets. 2011 has been no exception with laws being tightened and new proposals such as
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