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GlobeOp Financial Services saw record net income of USD33.7 million in 2010, according to the company’s preliminary results for the year ended 31 December, 2010.
Assets under administration (AuA) increased 37% to USD149 billion as at 31 December 2010 versus USD109 billion at the end of the prior year, while revenues grew 21% to USD189.3 million in 2010 versus USD156.5 million in the prior year. Adjusted operating profit increased 52% to USD56.1 million in 2010, while adjusted operating profit margin expanded to 29.6% of revenues in 2010 compared to 23.5% in 2009.
According to the preliminary results, the company also
Genstar Capital, LLC, a middle market private equity firm that focuses on investments in selected segments of the life sciences, healthcare, financial services, software, and industrial technology industries, has promoted Roman A Margolin and Eli P Weiss as vice presidents of the firm. Both were previously senior associates of the firm.
Jean-Pierre L Conte, Chairman and Managing Director of Genstar, said: "Roman and Eli have demonstrated themselves as valued members of the Genstar team and we will continue to rely on them to help identify, evaluate and execute acquisition and investment opportunities. It is important that we continue to develop
Monroe Capital LLC, a private investment firm focused on investments in middle market and lower middle market companies, has announced the initial closing of its new USD250 million fund, Monroe Capital Partners Fund LP.
The latest Monroe Capital fund will provide senior and junior/mezzanine debt and equity co-investments for private equity-sponsored and privately held businesses undergoing recapitalization, refinancing, acquisition and expansion. Investments will be made across a broad range of manufacturing, distribution and service industry segments, as well as woman-and-minority-owned businesses and companies located in underserved communities. Specific targets will include companies with strong management teams generating more than USD3
Luke Stellini (pictured), European Product Director, Invesco Henley European Equity Team, examines growing evidence of a recovery in the European stockmarkets.
The year-to-date outperformance of European stockmarkets has surprised many investors. Rather than seeing this as a blip, Invesco Perpetual’s European equity experts believe that some of the underlying reasons for Europe’s early leadership are sustainable. They see substantial evidence of a sustainable recovery in sentiment as the continent continues to navigate away from the storm of default risk that drove extreme antipathy towards the region in 2010.
The combination of an ongoing improvement in sentiment and the low levels
Solar Investment Group, a Milan-based solar developer has launched its second development fund and third solar asset fund, targeting investments of up to 250MW of solar energy projects in Italy to take advantage of the strong Italian feed in tariff program.
The firm, which develops solar plants in Italy, is in the process of closing their first fund after developing 28mw over the last 18 months, delivering an IRR of over 40%.
The second fund will be used to develop 1-5mw ground mount projects in southern Italy. The fund is scheduled to close funding in early April, develop projects over
Private equity firm HIG Capital, LLC has completed the previously announced purchase of the Building Block Chemicals (BBC) division of Cytec Industries Inc (NYSE: CYT).
Based outside of New Orleans, BBC is a leading manufacturer of melamine, acrylonitrile and sulfuric acid, which are key intermediate chemicals critical for the manufacturing of a broad array of products used in water treatment, oil recovery, agriculture, plastics, furniture, flooring and performance coatings. The business will be rebranded and operate under the name, “Cornerstone Chemical Company.”
Private equity firm Francisco Partners (FP) has announced the final closing of Francisco Partners III, LP (FP III) with USD2bn of capital commitments. FP III closed at the target and hard cap of the fund.
FP provides transformational capital to middle market information technology companies. Transaction structures include buyouts, divisional divestitures, recapitalisations, restructurings and growth equity financings. FP works with management teams to reposition and strengthen technology companies facing operational challenges and strategic inflection points. The group pursues opportunities globally, both as stand-alone investments and as add-on acquisitions for portfolio companies.
Dipanjan Deb (pictured), co-founder and managing partner says: “We
The Riverside Company sold Sentinel Performance Solutions Limited (Sentinel), a leading European supplier of residential heating and hot water system treatment products, to Electra Partners. The exit for a sale price of GBP43 million generated a combined 3x gross cash-on-cash return and a 22% gross IRR to Riverside and its investors.
Sentinel, based in Runcorn, England, has market-leading positions in the UK, France, Italy and Germany. Sentinel’s biodegradable and OEM-recommended products clean and prevent corrosion in heating systems, improving energy efficiency and increasing system lifespan.
Riverside invested in Sentinel in August 2005, as a corporate carve-out from General
Hercules Technology Growth Capital, Inc (NASDAQ:HTGC), has appointed Glen Howard, Andy Laszlo, Jim Higgins, and Patrick White as managing directors to its Early Stage and Lower Middle Market groups in Palo Alto, CA.
“As part of our planned growth strategy to accelerate new originations, we are pleased to add to our team of experienced investment professionals,” says Manuel A Henriquez, co-founder, chairman and chief executive officer of Hercules. “These four new managing directors bring years of valuable financial experience in identifying the most promising early stage and lower-middle market companies in the technology, clean technology, and life science verticals. We
DynamicOps, a provider of private cloud automation software, has closed USD11 million in venture funding. The Series B round was led by Sierra Ventures, while Next World Capital participated, joining Credit Suisse’s Next II venture group in ownership.
The company also added industry veterans Les Yetton and Paul Silver to its executive team, and Mark Fernandes to its board of directors.
These announcements follow on the heels of a record 2010, in which DynamicOps reported 200% year-over-year revenue growth and a 115% increase in new customers, while 75% of its existing customers expanded their implementations. The company attributes this growth to
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