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A number of private equity transactions across Europe have collapsed or been delayed in recent weeks, as the impact of the deepening sovereign debt crisis causes the market to deteriorate. Mark Spinner (pictured), partner at international law firm Eversheds, comments…
The current uncertainty in the Eurozone and volatility in the public markets is certainly making a number of private equity and corporate bidders take a sharp intake of breath. A number of deals we have been working on are now on hold waiting for the Eurozone to sort itself out and for buyer’s stock prices to stabilise. The key word
Actis, the pan-emerging markets private equity fund, has led a consortium in the USD434m, 100% management buy-out of Tracker, South Africa’s largest vehicle tracking company.
The transaction, which was announced today, sees Remgro dispose of its interest in Tracker to Actis while FirstRand restructures its investment to include RMB. The Mineworkers Investment Company (‘MIC’) increases its stake in the business, thereby improving the BEE credentials of the business.
"Everything we do at Tracker is underpinned by the principle that our work can make a real difference to quality of life in South Africa," says Tracker CEO, Alan Hutcheson. "Whether it is
Aureos South East Asia Fund II has completed a USUSD7m deal acquiring a third of HBC Inc, a cosmetics retailer in the Philippines.
Aureos Capital is a private equity fund management company specialising in investing in small and medium sized businesses in emerging markets.
HBC is the Philippines’ largest chain of stores dedicated to selling in-house branded cosmetics and beauty products, with 197 stores in the Philippines, nine local franchise stores and three foreign franchise stores in the USA and Bahrain.
The Philippine cosmetics industry is fast-growing, registering an average growth rate of 7% per year. HBC have
The volume and value of deals completed during the first nine months of 2011 in the lower mid-market investment space has increased year on year for the past three years, according to research from Lyceum Capital and Cass Business School.
Data from The UK Growth Buyout Dashboard – a quarterly analysis of UK-headquartered private equity control deals in the GBP10 million to GBP100 million segment – shows that 63 transactions completed between 1 January 2011 and 30 September 2011. This compares to 50 investments for the same period of 2010 and just 25 during the first nine months of 2009.
Pamlico Capital has made a USD28 million equity investment in T2 Systems, Inc. T2, founded in 1994, is a rapidly growing provider of unified SaaS (Software as a Service) parking management solutions in the US and Canada.
CEO Mike Simmons will retain significant ownership of T2 and will continue to manage the growth of the company in partnership with Pamlico and the existing senior management team. Pamlico has also committed to investing additional expansion capital. Detailed terms of the transaction have not been disclosed.
T2 Systems is the only provider of a unified SaaS parking management solution for universities, municipalities,
Independent private equity real estate advisor MGPA intends to launch a core plus special fund under German investment law, aimed at making investments in the Asian region.
The focus will be on established markets such as Hong Kong, Singapore, Malaysia, South Korea, Japan and Taiwan. MGPA has operated in Asia since 1999 and has a substantial organisational structure in the region, with six offices and over 150 employees.
The planned special fund is intended primarily for German-speaking institutional investors. The intention is to raise up to EUR500 million in equity capital. The special fund will also be able to borrow an
A leading Managed IT Services Provider, Adapt, is set to execute a buy-and-build strategy to capitalise on market opportunities after securing backing from growth investor Lyceum Capital.
Adapt delivers enterprise-class cloud, infrastructure management, network and data centre services to a wide range of mid- market clients that operate business critical IT applications.
It serves a broad client base, many of which are fast growth businesses including PKR, Cubic Transportation, Last.fm, LOVEFiLM and LCH.Clearnet.
Established in 2001, Adapt has developed into a GBP35 million turnover business with current EBITDA of GBP3.9 million. The business is headquartered in central London and
Carey Olsen has been involved in an acquisition deal to buy AIM-listed company Indian Energy Limited (IEL) by Infrastructure India plc.
Indian Energy is currently one of the leading independent power producers in India and operates a wind farm in Karnataka and one in the state of Tamil Nadu. Infrastructure India, also AIM listed, provides investors with the opportunity to invest in Indian infrastructure assets across the country.
Carey Olsen acted for IEL on the corporate and regulatory aspects of the sale by scheme of arrangement and was the sole Guernsey legal adviser on the transaction.
The team from Carey
Private equity firm KPS Capital Partners has acquired substantially all of the assets of United Copper Industries, an affiliate of Organizacion IUSA, S.A. de C.V. (IUSA), through a newly formed company, UCI or United Copper. Financial terms of the transaction have not been disclosed.
UCI is a leading manufacturer and distributor of building wire and cable used in the construction of industrial, residential and commercial buildings in North America. United Copper manufactures all major types of 600-volt building wire and cable, including Thermoplastic High Heat Resistant Nylon ("THHN") wire, Thermoplastic Flexible Fixture Nylon ("TFFN") wire, Non-Metallic ("NM-B") cable, Underground Feeder
HarbourVest Global Private Equity Limited’s (HVPE) unaudited results for the six months ended 31 July 2011, show that its Economic Net Asset Value (Economic NAV) rose by 9.1% over the period.
At 31 July 2011, HVPE’s Economic NAV was USD924 million, or USD11.17 per share, a USD0.93 (9.1%) increase per share over the six-month financial period from 31 January 2011 (USD10.24), its highest level since HVPE came to market in 2007.
This increase was driven primarily by HarbourVest U.S. fund-of-funds, which increased by USD0.48 per share. USD0.14 per share resulted from HarbourVest international fund-of-funds, USD0.15 from HarbourVest direct funds,
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