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Mark Kelly, Special Situations strategist at Olivetree Securities, comments on Tui’s bid talks…
“Yesterday’s speculation and price movement suggests that Tui Travel was approached by its parent company Tui AG to buy the remaining 44.9% stake.
“We understood that Tui Travel has been in touch with the sovereign wealth fund of Oman, which apparently agreed to buy Tui Travel’s Hapag Lloyd stake. A move which is necessary for TUI AG in order to acquire the stake in Tui Travel.
“While Tui AG had argued it would happen before the summer, we have remained sceptical. As the backdrop for
Nearly 90 per cent of single family offices (SFO) are planning to place additional money in hedge funds this year, according to a new report published by The Rothstein Kass Family Office Group, a division of global professional services firm Rothstein Kass.
According to the results of a survey of 151 executive directors at single family office operations carried out during the first quarter of 2011, the most popular strategies are long / short equity (53 per cent), distressed (49 per cent), arbitrage (33 per cent), managed futures (25 per cent), and global macro (25 per cent).
"Raising Capital from
EIIB portfolio company TriTech I LLC, a United States based oil and gas exploration company (TriTech), has signed an agreement with JGC Energy Development (USA) Inc (JGC) to sell all of its oil and gas assets in the Pearsall Field, Texas. Total gross proceeds of the sale are expected to be approximately USD65 million, or approximately USD 10,300 per acre, which will be entirely settled in cash on completion.
The transaction is subject to conclusion of satisfactory due diligence by JGC, and it is anticipated that the transaction will be completed within 45 days.
EIIB, through a subsidiary, owns approximately
Aston Ventures – the independent fund manager – is forecasting a change in investor appetite towards private equity…
Tim Eve (pictured), partner at Aston Ventures – investment adviser to the KHG Private Equity Fund – says: “Investors and managers have been more open to alternative investments in light of recent market conditions. The GAIM conference provides an ideal opportunity for these types of investments to be showcased and discussed.
“The KHG Private Equity Fund moves away from the more traditional private equity funds. It’s open-ended, has quarterly dealing dates and caters for wholesale and private investors. We are targeting
UK mid-market private equity specialist ECI has invested GBP12 million in Croydon-based Stewart Group Holdings Ltd (Stewart) in a BIMBO (buy-in / management buyout) deal that values the business at GBP17 million.
Stewart is the UK market leader in the manufacture and supply of technical plastic moulded products for the gardening, home, professional catering and medical storage sectors. The company offers a large range of products in its portfolio ranging from garden planters and propagators, to food containers and specialist storage products for medical applications. The company employs 75 people in Croydon and enjoyed a turnover in 2010 of GBP15
Middle market private equity firm Genstar Capital has acquired MW Industries, Inc, a leading US manufacturer of highly engineered specialty springs and fasteners.
MW Industries, Inc, headquartered in Logansport, Indiana is a leading provider of highly engineered springs, specialty fasteners and other precision components to more than 23,000 customers. Its 40,000+ products are sold through a combination of direct sales, catalogs and distributors to original equipment manufacturers and aftermarket customers in a number of industries, including medical, heavy truck, electronics, agriculture and construction, military and aerospace, energy and automotive.
Rob Rutledge (pictured), who heads Genstar’s Industrial Technology vertical, says: "We are
At a time when private-equity firms are sitting on as much as USD500 billion waiting to be invested, some 74% of senior restructuring professionals expect that private equity-backed companies will face the same or higher default rates than will publicly-traded companies in the next 12 months, with 61% seeing higher default rates. That’s according to a survey of 80 US bankruptcy lawyers, investment bankers, fund managers and restructuring professionals released today by AlixPartners, the global business-advisory firm.
“It seems like everyone these days is talking about the half-trillion dollars in ‘dry powder’ that private equity is sitting on, and how
CHICAGO–(BUSINESS WIRE)–eFront, a leading software provider of financial solutions for alternative assets, is pleased to announce that Private equity firm GTCR has selected the eFront’s FrontInvest Alternatives platform to support its investment operations.
GTCR focuses on investing in growth companies in the Financial Services & Technology, Healthcare and Information Services & Technology industries. In addition to its deep expertise in these high-growth sectors, GTCR pioneered “The Leaders Strategy” – finding and partnering with exceptional leaders as the critical first step in identifying, acquiring and building market-leading companies through acquisitions and organic growth.
GTCR recently initiated a firm-wide project to enhance its
Arma Partners has acted as exclusive financial advisor to General Atlantic LLC on the sale of NAVIGON AG to Garmin Ltd (NASDAQ: GRMN).
NAVIGON AG is a leading global navigation company with subsidiaries in Europe, Asia and North America. NAVIGON products include high-quality personal navigation devices and top-selling navigation software for smartphones and automotive applications. NAVIGON has circa 7% share in portable navigation devices in Europe.
Garmin is a leader in providing GPS enabled devices for automotive, aviation, marine, fitness, outdoor recreation, tracking and wireless applications. Within the automotive sector, Garmin provides a broad range of in-vehicle electronics including infotainment
Deutsche Bank’s Global Transaction Banking Division’s Trust & Securities Services (TSS) unit has expanded the brokerage services offered by Deutsche Bank Securities Inc (DBSI), Deutsche Bank’s registered US broker-dealer subsidiary, to create dbRemarket. The new service , which launched on 14 June, will provide investors with a transparent way of effecting the purchase or sale of holdings in private equity and hedge funds in the secondary market.
The service is designed to provide an independent platform to allow buyers and sellers to avoid protracted negotiations and to streamline the transfer of fund interests. Bidding will be conducted electronically through
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