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Connecticut-based alternative investment and asset management company Five Mile has signed a definitive merger contract and other agreements to acquire the Chicago-based Prime Group Realty Trust. The deal is expected to close in the second half of 2011.
In a prepared statement, the parties say Five Mile will acquire the REIT for USD5 in cash per share for the company’s 9% Series B Cumulative Redeemable Preferred Shares of Beneficial Interest (the Series B Preferred Shares).
There are currently no common shares of beneficial interest of the company outstanding. Prime Group’s Board of Trustees has approved the merger agreement and plans
European venture capital firm DFJ Esprit has announced the sale of TLC, supplier of Customer Relationship Management, call centre and telemarketing solutions – ts fourth exit so far in 2011.
This success follows the sales of Lovefilm, and The Cloud earlier this year, continuing a series of seven exits over the past twelve months totalling USD1.2 billion in enterprise value. The total of VC backed M&A over the period according to Venturesource is USD2.5bn in enterprise value (excluding Biopharmaceutical exits).
TLC has been sold to Serco plc for GBP55.9m, representing a 5x return on DFJ Esprit’s investment.
Paul
Advantage Capital Partners in partnership with Ironwood Capital have provided financing to three promising young companies located in Connecticut. Each of the companies has received a pre-seed investment of USD150,000.
The funding provides these pre-seed companies with working and growth capital, offering each company the ability to fast track their development as well as attracting additional private dollars.
“Connecticut’s recently enacted jobs bill – intended to promote economic opportunity, enable job creation and retention, and contribute to a robust investment climate – led to our investments in all three of these companies. Each of these new ventures is at a
The Emerging Markets Private Equity Association (EMPEA) has announced the election of H Jeffrey Leonard, President, CEO and Founding Partner of the Global Environment Fund (GEF), as the next Chairman of the association. Leonard was unanimously elected by the EMPEA Board to a two-year term commencing in May 2011.
Leonard succeeds outgoing Chairman Roger Leeds, one of the founders of the organisation, who in his capacity as Chair since 2004 has helped to build EMPEA into the leading global organisation supporting the development private equity and venture capital industries in emerging economies.
”With EMPEA now on a solid footing
Becker & Poliakoff represented APR Energy, a provider of major turnkey temporary power generation services, and its management, in a USD250 million strategic investment transaction with private investment funds separately managed by Soros Fund Management LLC and Albright Capital Management LLC.
The transaction provides substantial new growth capital, which APR Energy intends to use to significantly increase its fleet of power generators and expand its operating footprint in South America and Africa.
APR Energy specialises in the sale of reliable and efficient electricity through the rapid deployment of Customised Turnkey Power Solutions and is an established leader in the
Yorkville Advisors, LLC (Yorkville), the US-based alternative investment manager, is pleased to announce it has entered into a GBP15 million Standby Equity Distribution Agreement (SEDA) on behalf of one of its funds with Jubilee Platinum plc (AIM:JLP / JSE:JLB), a mining exploration and development company with a focus on platinum group elements and nickel/copper.
Through recent acquisitions, the company has added platinum group elements (PGE) and ferroalloy smelting and refining to its capability. The deal was advised out of London.
Jubilee Platinum entered into the SEDA to support the execution of its smelting operation and further development of
AXA Private Equity, the leading European diversified private equity firm, has signed an agreement for the sale of the fine chemicals company CABB to the private equity firm Bridgepoint. The parties agreed not to disclose the purchase price.
AXA Private Equity acquired the company headquartered in Sulzbach, Germany in 2007. CABB revenues have doubled to EUR311 million since the takeover by AXA Private Equity. Shortly after the purchase, CABB acquired SF Chem located in Pratteln near Basel, Switzerland with the support of AXA Private Equity. Subsequently, CABB purchased Karavati in India, as it looked to access the Asian market
Private equity firm GI Partners (GI) and investment advisory firm Principal Company have acquired EUR214 million (face value) of first lien, non-conforming residential mortgages whose underlying collateral assets are in the Netherlands.
Following an improvement in the Dutch unemployment rate, which is a key driver of borrower defaults, and other positive economic indicators, GI Partners believes it is an opportune time to invest in the Dutch residential housing market.
At closing, the transaction was funded by capital from GI Partners Fund III LP and Principal Company as well as mortgage-backed debt provided by Natixis. Simultaneously upon the closing, a
Hamilton Lane, an independent financial institution that provides discretionary and non-discretionary private equity asset management services to sophisticated investors, is expanding its offering in the real estate sector, with the addition of Jerome W. Gates as Managing Director to lead the product area.
Gates joins the firm with over 20 years of experience in real estate portfolio management and investment banking and will be responsible for helping the firm bring its clients additional high-value opportunities in the real estate market. This includes identifying the best managers with a strong track record in real estate, constructing selective and customised investment portfolios,
Jersey’s links with India and the Gulf Cooperation Council (GCC) nations will be strengthened this month through the official launch of Jersey Finance’s representative offices in Abu Dhabi and Mumbai and the signing of a Tax Information Exchange Agreement (TIEA) with India.
A Jersey delegation consisting of States of Jersey Ministers, the Director-General of the Jersey Financial Services Commission and representatives of Jersey’s finance industry will travel to India for the launch on 15th March of Jersey Finance’s representative office in Mumbai.
The group will then head to Delhi to sign the TIEA with India on Friday 18th March, a
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