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ECI Partners (ECI), the UK mid-market private equity firm, has invested in CarTrawler, the Dublin-based provider of online car rental distribution systems. In addition, Mike McGearty, the former COO of CarTrawler, has been announced as the new Chief Executive who will lead the next stage of the business’s development.
Bobby Healy will continue as the company’s CTO and Niall Turley will remain Director of Supply. The funding from ECI will be used to support the continued growth of CarTrawler organically and through acquisition and Chris Watt, Director at ECI, will join the board. Richard Prosser will join the board
River Associates Investments has sold its interest in Coining Holding Company to AMETEK for USD148 million, in a transaction that generated a gross internal rate of return of 76% and over six-times its original investment.
Headquartered in Montvale, NJ, with facilities in Malaysia and Morocco, Coining is the global manufacturing leader of highly engineered, custom-shaped solder and brazing performs used for joining applications in microelectronics packaging and assembly. River’s investment in Coining was the largest equity investment made through River V, LP which had a final closing in January of 2006.
River made a controlling investment in Coining in August
CHG Participations and PAI Partners entered into exclusive negotiations with the American fund JC Flowers & Co regarding the sale of their holdings in CEP, Compagnie Européene de Prévoyance, a French leader in loan insurance broking. The founding president of CEP, Hubert Guillard, and the managers will reinvest in J.C Flowers & Co.
Ashurst LLP advised CHG Participations and Hubert Guillard with partners Nicolas Barberis and Guy Benda for the corporate aspects, assisted by associate Julien Rebibo and partner Diane Sénéchal and associate Stéphanie Vannier for the financing aspects. Partner Nadine Gelli managed the tax aspects.
Willkie Farr &
Berkshire Partners LLC, the Boston based private equity firm, and OMERS Private Equity Inc., the private equity arm of the OMERS Worldwide group of companies, have signed a definitive agreement to jointly acquire Husky International Ltd and its subsidiaries (Husky) from Onex Corporation and its affiliated funds.
Headquartered in Bolton, Ontario, Husky is a leading global supplier of injection molding equipment and services to the plastics industry. The company, led by President and Chief Executive Officer John Galt, designs and manufactures a broad range of injection molding machines, hot runners, moulds and integrated systems. Husky’s equipment is used to manufacture
Private equity firm Francisco Partners (FP) has sold Mincom Pty Ltd. (Mincom) to ABB Ltd (ABB). Terms of the have not been disclosed.
Neil Garfinkel, a Partner and co-founder of Francisco Partners, says: “The Mincom team has done a terrific job of building a next generation asset management software platform and of extending the leadership position it has established in asset intensive industries over the past 31 years. ABB’s global reach, strong customer relationships and demonstrated commitment to asset management software and solutions leadership make it a superb fit for Mincom’s customers and employees.”
Mincom is a global software and
James Metcalfe, the global head of power and utilities investment banking at UBS AG, is joining Alinda Capital Partners, a leading infrastructure investment firm, as its seventh Partner.
Metcalfe will work alongside Alinda Partner, Graeme Bevans, to focus on core infrastructure investments.
Core infrastructure investments are a new strategy for Alinda, which has previously focused on value added infrastructure investments.
Bevans joined Alinda in July 2010 from Canada Pension Plan Investment Board, where he was head of infrastructure investing. Since joining Alinda, Bevans has focused on developing core infrastructure strategies for the firm.
Investments in utilities and
Access Industries is to acquire Warner Music Group (WMG) in an all-cash transaction that values WMG at USD3.3bn. The purchase includes WMG’s entire recorded music and music publishing businesses. The purchase price of USD8.25 per share represents a 34.4% premium over the volume-weighted average share price of USD6.14 over the previous six months.
Under the terms of the merger agreement, WMG’s stockholders will receive USD8.25 per share in cash at the closing of the transaction. WMG’s Board of Directors approved the transaction and recommended that WMG’s stockholders approve the transaction. In addition to stockholder approval, the transaction is subject
Mid-market private equity firm Palamon Capital Partners (Palamon) has invested in the German medical services business OberScharrer Group. Details of the transaction have not been disclosed.
Headquartered in Fürth, Germany, the OberScharrer Group was founded in 1982 by Dr ManuelOber and Dr Armin Scharrer, and operates seventeen sites across Bavaria and Baden-Wuerttemberg. The Group offers a broad spectrum of specialised ophthalmic treatments providing high quality medical care to public and private patients.
OberScharrer has sought a partnership with Palamon to ensure its ability to finance its continued growth, whilst maintaining its independent status. The founders, who will remain with the business, will continue
Langham Hall Hong Kong has been appointed by NewQuest Capital Partners, a newly-established private equity manager lead by the former Bank of America Merrill Lynch Asia private equity team, to administer the NewQuest Asia Fund I, LP.
The fund is backed by a syndicate of limited partners comprising Paul Capital, HarbourVest Partners, LGT Capital Partners and Axiom Asia and has acquired substantially all of Bank of America Merrill Lynch’s non-real estate private equity portfolio in Asia.
Andrew Read (pictured), Partner and Head of Asia at Langham Hall says: “We are excited to be working with such a well regarded investment
HarbourVest Global Private Equity Limited (HVPE), a closed-end investment company, has taken steps to implement its previously announced share buy-back programme with the objective of decreasing the discount to NAV at which HVPE’s shares are currently trading. The Buyback Programme will commence with effect from 5 May 2011 and, subject to extension, end on 4 May 2012.
HVPE has appointed JPMorgan Cazenove and Oriel Securities Limited (Joint Brokers) to effect on-market repurchases of class A ordinary shares (Shares) on behalf of the Company on the Specialist Fund Market of the London Stock Exchange plc (SFM).
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