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Gresham Private Equity-backed ICR Integrity has acquired asset integrity specialists North East Corrosion Engineers Ltd (NECE Ltd), in the first phase of the group’s expansion since its formation in July.
ICR Integrity was formed in July 2011 following the buy-out of Walker Technical Resources, the Aberdeen based specialist in engineered composite repairs for the worldwide oil and gas industry. Gresham’s investment commitment funded both the buy-out and the planned acquisition strategy, with acquisition debt facilities provided by HSBC. The acquisition of NECE is the first in an ambitious plan in the integrity, corrosion and repair niche, involving both acquisitions and
Gardner Denver has entered into a share purchase agreement with the holders of 100 per cent of the outstanding shares of Robuschi S.p.A., a market leading European manufacturer of blowers and pumps, for a purchase price of approximately EUR152 million (USD207 million at current exchange rates).
Robuschi is headquartered in Parma, Italy, and has annual revenues of approximately EUR70 million (USD95 million). Its shares are currently held by an investor group led by Milan, Italy based Aksia Group.
Robuschi is a leading European producer of blowers, pumps and associated packages. These products are used in a wide variety of end
China Science and Merchants (CSM) has today launched a global capital raise for its first international US Dollar denominated fund which will make private equity investments in China and has appointed EME Capital as global co-ordinator for the fundraising. CSM is initially targeting USD1 billion for this fund.
Professor Shan XianShuang, Chairman and Founder of CSM, says: “This fund will allow, for the first time, international investors to invest alongside CSM’s RMB denominated funds on a pari passu basis. CSM’s respected management team and Chinese identity will mean that high quality Chinese private equity investment opportunities will now be available
By Ashley Le Feuvre and Kate Anderson – One of the principal characteristics at present of the private equity sector in Jersey is a much longer lead time for investment than a few years ago, which has slowed up the fundraising process. Clients are conducting much more thorough due diligence than in the past before taking investment decisions, and as a result there can be a long period between a promoter coming forward with an investment proposition and the structure actually being launched.
This environment favours more than ever established fund managers, and to a lesser extent, spin-offs from other
By Simon Gray – With a growing reputation for expert capability within a broad-based financial services framework, Jersey seems poised to sustain a growth trend in the private equity sector that has continued even through the more difficult environment of the past three years. That period has seen consolidation among alternative fund administrators, notably the acquisition two years ago of local market leader Mourant International Finance Administration by State Street, but also the establishment of niche firms specialising in private equity and property funds.
Industry members agree that the arrival of State Street has been an extremely positive sign for
By Ben Robins – After two or three slower years for private equity activity, especially new fund launches, the industry is regaining momentum with the launch of new fund vehicles, mostly by established players drawing on their existing investor base. While the level of business and size of funds is still well below the levels of 2006 and 2007, the 2011 environment is improved significantly over subsequent years, reflected in an uptick in deal activity.
The recovery in Jersey also reflects increasing confidence among private equity houses that marketing routes will still be available for Jersey-domiciled funds targeting sophisticated investors within
By Jane Pearce and Daniel Richards – By seeking to accompany the signing of any Tiea with a joint declaration with the onshore government in question, Jersey aims to obtain wider international recognition for its financial services industry and fund products. For example, in 2008 the German government stated that subject to the outcome of the IMF evaluation – which turned out to be highly positive – it would endeavour to ensure that Jersey should be treated as fairly and favourably as other third countries where EU directives include provisions regarding compliance with the union’s standards and access to its
By Simon Gray – With a growing reputation as one of Europe’s key centres for the domicile and servicing of alternative investment vehicles, Jersey is starting to reap the benefits of its experience and expertise as the private equity industry at last shows some signs of recovery from the slump into which it was precipitated by the credit crunch, financial crisis and economic downturn, a series of setbacks that began more than four years ago and whose effects linger today.
The industry has been impacted in different ways. Shortages of credit cut off the leverage that drove outsized returns
David Evans and Samantha Lake Coghlan will join Goodwin Procter as partners in the firm’s London office.
Evans will become the London office Chair and will spearhead expansion of the firm’s presence in Europe, leveraging Goodwin’s presence in the real estate, fund formation and private equity sectors in the US. Evans and Lake Coghlan will focus on real estate private equity transactions, complementing Goodwin’s established London-based Hospitality and Leisure real estate practice, as well as its preeminent North American real estate private equity, REIT and real estate transactional practices.
“We’re delighted that David and Sam have chosen to join us. Their
First Reserve Corporation, a private investment firm in the energy industry, has entered into an agreement to provide an equity commitment of USD100 million from its Energy Infrastructure Fund to a joint venture with Energy Corporation of America (ECA).
Through the joint venture, First Reserve will own a 50% interest in two newly constructed gathering systems located in Pennsylvania’s Greene and Clearfield counties. Both systems service the Marcellus Shale which has been bolstered by strong drilling results for natural gas. The joint venture will operate under long-term contracts with a fixed take-or-pay structure.
In addition to the initial investment,
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