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Mid-market private equity firm Palamon Capital Partners is to sell portfolio company SAV Credit to Värde Partners in a transaction valued at GBP472 million. The transaction is subject to competition clearance.
Palamon has supported the development of SAV from its founding by entrepreneur Richard Langstaff in 2002 to being the UK’s leading non-standard credit card provider managing approximately 500,000 credit card accounts with more than GBP600 million in credit card assets. Palamon partnered in this deal with co-investors Morgan Stanley Alternative Investment Partners and Electra Private Equity who provided additional equity support over several funding rounds.
Since its start-up, SAV established proprietary
Dutchess Opportunity Fund has agreed a GBP30 million extension of the Equity Line Facility (ELF) to Australian-based Range Resources, Ltd.
With this extension of the Equity Line Facility, Range Resources will have immediate access to funds for any appraisal operations that would be necessary, should their exploration wells result in a discovery.
The flexibility to raise capital at the discretion of the company, and with no obligation to do so, is what makes the ELF such an attractive source of financing for public companies. It allows the management to decide the timing and amounts of each draw.
Ashton Jones,
DisplayLink Inc, the leading provider of solutions that simplify the connection between monitors and computers using USB, has announced that it has closed a USD15m Series D funding round. The new equity financing was led by incoming investor Cipio Partners and co-led by existing investor DFJ Esprit. Previous investors Atlas Venture, Balderton Capital and DAG Ventures also contributed to the round.
The Palo Alto-headquartered company develops integrated circuits and software that connect monitors to laptops and PCs using standard interfaces such as USB, WiFi and Ethernet, either directly or via docking stations, adapters, and local area networks. It counts
Ranieri Real Estate Partners LP (RREP), a real estate financial services company, and private equity funds affiliated with WL Ross & Co LLC (WL Ross) have entered into a definitive agreement to acquire Deutsche Bank Berkshire Mortgage (the company or DBBM), a subsidiary of Deutsche Bank, the firms announced today. Terms of the agreement have not been disclosed.
DBBM originates multi-family loans for Fannie Mae, Freddie Mac and the Federal Housing Administration (FHA). It is the second largest originator of Fannie Mae loans and services a $28 billion multi-family loan portfolio. The company was founded in 1988 and became a
The Alternative Investment Management Association (AIMA), the global hedge fund association, has expressed concerns over how the Alternative Investment Fund Managers Directive (AIFMD) would apply to non-EU managers and funds under proposals by a task force of the European Securities and Markets Authority (ESMA).
ESMA is responsible for giving advice on specific rules and regulations that will enable the AIFMD to be implemented under an on-going process known as ‘level 2’. AIMA said the latest proposals went further than what was required – or even permitted – by the ‘level 1’ legislation agreed last year by the European Council, the
According to Lok Yim (pictured), Head of North Asia Private Wealth Management, Deutsche Bank, there was a big shift out of equities into fixed income instruments back in June amongst the bank’s Asian HNW clients. The mentality of Asian HNWIs is quite different to those in Europe. Rightly or wrongly, they tend to make big shifts from one asset to another.
Aside from pulling out of equities, Yim notes that there has been a shift into mutual funds, although given market uncertainty he says clients have also been engaged in short-term trading to profit from volatility provided the liquidity is
VPS Holdings Limited, a portfolio company of private equity firm TDR Capital, has acquired the whole of the business and undertakings of SitexOrbis Holdings Limited.
The enlarged VPS Group will have a turnover of GBP200 million and more than 90,000 properties under management. The combined European businesses will have a turnover of GBP100 million, 1300 employees at point of acquisition and nearly 100 locations across the UK, France, Germany, Italy, Belgium, the Netherlands and Spain.
The VPS Group also has significant operations across the USA, which will remain unchanged, although the acquisition will benefit customers with a global
Spredfast, a social media management system provider, has raised USD12 million in Series B funding led by InterWest Partners. Also participating in the round is Austin Ventures, the lead investor of the company’s USD3.6 million Series A round.
Spredfast plans to use the funding to expand its industry-leading platform that helps companies better manage engagement and conversion across all major social channels, including Facebook, Twitter, LinkedIn, YouTube, blogs and Foursquare.
"The pace of customer engagement on social channels is picking up for every company. We are helping companies bring more brands, more functions and more geographies onto the social
Carey Olsen has advised Crescent Capital on the establishment of Turkey’s first clean energy fund. The Clean Energy Transition Fund LP, a private equity fund, has raised EUR100m in its first closing this month and is looking to target EUR200m by the end of 2012.
Crescent Capital is a Turkish-based fund manager focused on the clean energy and infrastructure sectors. The fund will target investments in renewable energy generation projects predominantly in Turkey and South Eastern Europe.
Carey Olsen advised on the Guernsey aspects of the transaction with respect to the establishment of the fund as a closed-ended fund and
As the focus of global economic growth rapidly shifts to the East, financial services (FS) mergers and acquisitions (M&A) in Asia are expected to accelerate in late 2011 and 2012, according to a new report from PwC, ‘Emerging Opportunities: Financial Services M&A in Asia 2011’.
A large majority of the 375 Asia-based senior executives that were interviewed for the report are extremely bullish about the prospects for M&A in their market.
Asian financial sector deal values totalled USD27.7bn for the first half of 2011, 40% more than the comparable figure of USD19.8bn for the first six months of 2010.
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