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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
The Transfer Agent division for U.S. Bancorp Fund Services has announced its first quarter 2011 results from National Quality Review (NQR), including a Best-In-Class rating for NQR’s new Correspondence Composite rating.
“This new benchmark allows us to gauge how our correspondence group performs compared to the industry based solely on contents of letters to shareholders. I’m proud that our organisation receives compliments from National Quality Review related to the quality of our content and that we are recognised as Best-In-Class,” says Ian Martin, executive vice president of the Transfer Agent at U.S. Bancorp Fund Services.
The Correspondence Composite rating
FATCA could fundamentally change the way funds are distributed, according to Charles Muller (pictured), Deputy Director General of ALFI, the Association of Luxembourg Funds Industry. “Implementation will be a long and costly process and it will be the European investor who pays the price as US investors are very rarely invested in European funds," he says.
The Foreign Account Tax Compliance Act, or FATCA, was enacted in March 2010 by the US government to combat tax evasion by US taxpayers.
FATCA is due to be implemented on 1 January 2013. It affects funds invested in the US market including,
Specialist finance and advisory firm Trafalgar Capital Advisors (TCA) has signed a strategic relationship with leading Israeli financing boutique, Xpert Financial Group (Xpert).
The strategic relationship allows TCA to expand its reach into the institutional investor market in Israel, as well as having access to a robust pool of companies in need of financing both listed on the Tel Aviv Stock Exchange and private.
Ramy Ordan, CEO and Partner of Xpert, says: “TCA provides the type of financing and advisory services that can help us expand our corporate finance efforts and the TCA Fund provides investors with an asymmetrical return
Out of approximately 400 European leveraged loan and high yield bond issuers backed by private equity sponsors in the Debtwire universe, 81 completed a debt restructuring between 2008 and 2010. These 81 issuers represented EUR 367bn of pre-restructured debt in Western Europe.
While a large share of LBO restructurings returned companies to sustainable footing, a number of 2010 workouts left most or all the issuers’ original debt in place, suggesting many could face a second round with creditors, according to Debtwire’s inaugural European Restructuring Report: Default, Restructuring and Recoveries in 2008-2010.
The subprime bubble burst in 2007 sparked a full
Olswang’s Private Equity group has advised Chamonix Private Equity LLP (Chamonix), on the sale by funds managed by Chamonix of Intellident Acquisition Company Holdings Limited (Intellident) to Library Solutions BV, a company within the Bibliotheca group and a portfolio company of One Equity Partners (a division of JPMorgan Chase & Co).
Intellident provides RFID solutions for libraries, document tracking and supply chains, and its addition to the Bibliotheca group has created the largest specialized RFID supplier in Europe. The transaction follows the acquisition by Chamonix of a portfolio of five companies from the LINPAC Group in December 2010, on
Harris Williams & Co ha advised Packers Sanitation Services, Inc (PSSI), a portfolio company of Blue Point Capital Partners (Blue Point), on its sale to Harvest Partners. The transaction closed on June 13, 2011. Harris Williams & Co acted as the exclusive advisor to PSSI. The transaction was led by John Neuner in the firm’s Richmond office as well as Glenn Gurtcheff, Tim Alexander, Ryan Budlong, Brant Cash and Lukas Hansen in the firm’s Minneapolis office.
“PSSI delivers mission critical services that enable food processors to maximize operational efficiency while meeting strict USDA and FDA food safety guidelines on
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