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Monroe Capital has funded a USD27.5 million unitranche facility to support the acquisition of Fabco Automotive Corporation Partners by Wynnchurch Capital, Ltd.
Based in Livermore, CA, Fabco is a leading North American supplier of highly engineered, specialty gearbox, axle and transfer case products for all-wheel drive, medium and heavy duty vehicles used in severe service applications. Prior to the acquisition by Wynnchurch, Fabco was a subsidiary of Accuride Corporation.
Tom Aronson (pictured), Managing Director at Monroe Capital, said: “Our unitranche facility was ideally suited to finance the acquisition of Fabco. A corporate divestiture is always a more challenging transaction. We
Growth Capital Partners (GCP) has appointed Alex Thomson as an Investment Manager. Thomson joins from Investec Investment Banking.
At Investec, Thomson spent four years in the Corporate Finance department working on a range of public and private transactions, principally in the consumer and healthcare sectors. Prior to this, he qualified as a chartered accountant with PwC, working in the Banking & Capital Markets and Forensic Services divisions.
Thomson says: "As a first move into private equity, I was keen to join an investor with an innovative approach to funding businesses and the ability to execute deals in all market conditions. GCP is in a strong
Research from the Association of Investment Companies (AIC) into VCT member dividends suggests that many VCTs have truly come of age when it comes to producing regular, reliable income for the good times and the bad.
The Generalist VCT sector is currently yielding an average of 6.4%, whilst the VCT AIM Quoted sector is yielding an average of 9% and the VCT Specialist: Technology sector is yielding an average of 4.6%. AIC figures also suggest that dividends held up well during the 2008/2009 recession. In 2008, 93% of VCTs paid a dividend, whilst in 2009, 86% of VCTs paid
BlueBay Asset Management Ltd, a leading specialist manager of fixed income and alternative investment products, has launched a Private Lending business designed to facilitate the flow of credit to small and medium sized enterprises (SMEs) in Europe.
The business will capitalise on the ongoing retrenchment from the lending markets by banks and alternative lenders by offering new senior and subordinated loans to European SMEs for acquisitions, capital growth, restructuring and liquidity situations.
This new initiative will be headed by industry veteran Anthony Fobel, previously a partner at Och-Ziff Management and head of its European private investment business. It will
Velocis Fund has met its first fund closing target. The real estate private equity fund accepted USD36.5 million in capital commitments and an additional USD4.7 million of co-investment equity for a total of USD41.2 million of equity under management. Incorporating maximum leverage of 60 per cent, this first closing will give Velocis Fund approximately USD100 million in purchasing power.
"This closing has taken our fund from concept to reality," says Fred Hamm, Velocis managing principal. "We are carrying out our original stated strategy and are continuing to pursue real estate assets that meet our investment criteria. While excited about this
Independent fund services provider Butterfield Fulcrum, and Luxembourg Investment Solutions SA (LIS), a regulated (UCITS-licensed) management company, have signed a strategic cooperation agreement to provide a complete suite of management company and fund administration services in Luxembourg.
This relationship offers non-European fund initiators a quick and cost effective solution to launch Luxembourg-domiciled funds with a single point of contact for fund administration and corporate secretarial needs. With a focus on alternative investment funds and structures, this strategic partnership will help investment managers, institutional investors and family offices realise their investment ideas through a unique plug and play solution.
Butterfield Fulcrum
Some 674 private equity-backed buyouts deals worth an aggregate USD60.6bn were announced in Q3 2011, a 23% decrease in value from the previous quarter’s total of USD78.7bn, according to Preqin’s quarterly deals data. A total of 254 exits valued at an aggregate USD56.2bn were announced in Q3 2011, 54% down from the record total of over USD120bn in Q2 2011.
In Q3 2011, 670 private equity-backed buyout deals with an aggregate value of USD60.6bn were announced, a 23% decrease in value compared to Q2 2011. However, aggregate deal value in Q3 2011 is 7% larger than in Q1 2011, when
Latham & Watkins represented DIC, the private equity arm of Dubai Holding, in connection with the sale of Ishraq Dubai LLC (Ishraq Dubai) to Almulla Group.
Ishraq Dubai was 51% owned by DIC and 49% owned by Ishraq Gulf Real Estate Holding BSC, which in turn is majority owned by DIC. Ishraq Dubai owns four hotels in Dubai operating under the franchised Holiday Inn Express brand, located in Dubai Internet City, Al Safa, Jumeirah and at Dubai International Airport Terminal 3.
The Latham & Watkins mergers and acquisitions team was led by Dubai partner Charles Fuller and associate Will Seivewright.
Mid Europa Partners, a private equity firm focused on Central and Eastern Europe, has formed an Industry Advisory Board through the appointment initially of three members.
The Industry Advisory Board is a network of senior industry executives with whom Mid Europa has long standing relationships and will provide insight and introductions for the Mid Europa investment team in target sectors across the CEE region. Mid Europa expects to expand the Industry Advisory Board through further selective appointments over time.
The initial appointments include Bruno Ducharme, Steve Johnson and Richard Oppenheim.
Ducharme is Chairman of TIW Capital Partners, a private
Daiwa Securities Global Asset Services, the fund servicing arm of the Daiwa Securities Group has retained its Statement of Auditing Standards (SAS) 70 Type II report from its independent auditors, KPMG, in respect of Daiwa Europe Fund Managers Ireland Limited, its Fund Administration operation in Ireland.
The report was issued in final form in August and covers the 12 month period ending 31 May 2011.
Daiwa’s previous SAS70 Type II report was issued in January 2011, but in response to developing industry trends and the wish to give clients and fund auditors the highest level of continuous assurance , Daiwa
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