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The takeover bid for Parseq (AIM: PSQ) by CEO Rami Cassis, backed by Nova Capital Management and Dover Street VII LLP (the close-ended private investment fund controlled by HarbourVest Partners, LLC), has been declared unconditional.
The offer, at 9p per Parseq share, was made via CNH Bidco, a newly-incorporated company formed and controlled by Rami Cassis, Nova and Dover Street. Acceptances from 246,672,233 Parseq Shares, representing approximately 54.13 per cent. of the issued share capital of Parseq, had been received by 1 December 2011.
Parseq provides mobile and online banking software and technology-led outsourcing services to a blue-chip client
Kohlberg Kravis Roberts & Co’s KKR China Growth Fund has entered into a definitive agreement to invest USD60 million into China Outfitters Holdings Limited (China Outfitters), a leading menswear retailer in China. KKR was a cornerstone investor in China Outfitters’ Initial Public Offering.
China Outfitters is a leading and fast-growing menswear design, manufacturing and sales company in China. It offers a wide range of men’s casual wear under several well-known brands locally with foreign origin, including JEEP, Santa Barbara Polo & Racquet Club and London Fog. China Outfitters has built up an extensive sales network comprising more than 1,000 stores
The migration of IT and e-commerce applications to the cloud is creating huge opportunities for UK IT outsourcing companies, according to Investec Growth & Acquisition Finance (Investec). As a result, Investec believes that 2012 may see an increase in the number of IT outsourcing companies that receive investment from private equity firms and specialist lenders such as Investec.
In Investec’s experience, IT services companies use extra investment to increase capacity, maximise security protection and invest in more powerful networking and communications equipment. It is vital for IT services companies to maintain highly reliable and secure systems on behalf of their
Tri-Star Electronics International, a portfolio company of Brockway Moran & Partners, has been acquired by an affiliate of Carlisle Companies Incorporated for USD285 million. The transaction was led by Jon Nemo, Chris Rogers, Chris Smith and Mike Rohman from the firm’s Aerospace, Defense & Government Services (ADG) Group, along with Darwin Olympia from the firm’s Richmond office. Harris Williams & Co acted as the lead advisor to Tri-Star.
“Brockway Moran & Partners and Harris Williams & Co. have a long history of working together and we are excited to represent them in the sale of Tri-Star to Carlisle. Tri-Star is a
NextEnergy Capital, the European Merchant Bank dedicated to the renewable energy sector, has begun fundraising for ix:Africa, a EUR400m/USD550m private equity impact fund dedicated to ethical investment in renewable energy, environmental business and clean technology projects in Africa. At the same time NextEnergy Capital and IDC, the South African development bank, have committed seed capital to launch ix:Africa’s showcase project, a 6.5MW solar energy development in South Africa.
ix:Africa is targeting investors from the US, Europe and, through a subsidiary Rand fund, South Africa. Approximately 80% of the fund will be committed to permitted power generation and infrastructure projects, with the
Some 23% of investors believe private equity has become more attractive in light of recent volatility in financial markets, according to a new report published by Preqin. A further 64% of investors do not view private equity any differently as a result of the current financial climate and 14% find it less attractive.
Many investors feel that private equity has become increasingly attractive as public markets have become more volatile, with some identifying opportunities in times of economic distress and others planning to look to emerging markets for new investments.
More than three-quarters, 76%, of a sample of 300 investors
Glasgow-based private equity firm Maven Capital Partners has acquired HM Corporate Solutions (HMCS) and recruited Ramsay Duff to help increase the firm’s range of structured alternative investment products, with a particular focus on projects involving Business Premises Renovation Allowance (BPRA).
Duff is a Chartered Accountant with a long track record in the Scottish corporate advisory market. He was a Partner at HMCS, the boutique corporate finance business which he ran in partnership with the commercial law firm Harper Macleod LLP. At HMCS, Duff built up a strong reputation in structuring and raising investment funds, principally targeted at high net worth private investors. With
Graycliff Partners has completed its investment advisory arrangements with HSBC to form an independent private investment firm. Established by the former management team of HSBC Capital, Graycliff Partners will continue to focus on private equity, mezzanine and real estate investments in the middle market of the United States and in Latin America.
Graycliff Partners will continue to manage and invest over USD1 billion in commitments from existing funds, and the firm expects to manage new generations of funds with similar mandates.
The Graycliff Partners team will comprise 16 investment professionals, many of whom have been working together for two decades,
Energy industry and infrastructure private equity investor First Reserve Corporation and renewables company Renovalia Energy have established a joint venture, Renovalia Reserve, to own and operate wind projects in Europe and North America. First Reserve has committed USD150 million to the joint venture.
The long-term agreement supports Renovalia Energy’s growth and international expansion plans, allowing it to become one of the leading renewable energy companies in the global market, with a presence in seven countries.
First Reserve identified Renovalia Energy as its partner due to its deep experience in the wind industry and its broad renewable energy sector
UK-based alternative asset management company Duet Group has invested into Expatcare Health International Ltd, a Health Maintenance Organisation (HMO) based in Nigeria. This investment reflects the growing commitment of Duet to growth capital companies in Africa who are looking to expand their operations.
The investment will be made through a convertible instrument converting into a majority stake in the business. Health insurance in Africa is a sector with double-digit growth due to the low penetration of private health insurance and the rapidly increasing middle class. According to Nigeria’s National Insurance Commission, only an estimated 6% of approximately 150 million people
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