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OpenGate Capital, a global private equity firm, has signed a definitive agreement to acquire Norampac Avot-Vallée, a producer of packaging materials composed of recycled fibers, from Cascades, Inc. (Toronto Stock Exchange: CAS).
Located in the North of France, Norampac Avot-Vallée manufactures White Testliner, a specialty paper that is made 100% from recycled fibers and used for a wide variety of packaging products. With an annual production in excess of 145,000 tons, Norampac Avot-Vallée has been the leading producer of White Testliner in France for many years and services a vast range of blue-chip European industrial paper and packaging customers.
“We were excited
Highly experienced lawyer Bruce Scott (pictured) has been appointed a partner of Bedell Cristin and will head the Jersey legal services team based in the City of London. – which is growing in response to client demand for City-based Jersey law expertise.
Scott will lead a team of specialist lawyers covering all the principal financial services areas – providing the ready-access Jersey law practice the firm’s clients and intermediaries need in the heart of the City.
Immediately before joining Bedell Cristin, he spent five years with another Jersey law firm, Ogier. As well as his offshore pedigree he also brings
The recently announced acquisition of Butterfield Fulcrum (BFGL) underscores the continued interest that private equity funds have in fund service providers.
With over 200 fund administrators operating globally, the industry provides many opportunities for private equity investors. However, both private equity firms and funds in the process of selecting an administrator need to understand some of the potential minefields administrator firms are facing during the next stage of growth in alternative investing.
The Butterfield Fulcrum acquisition partnered firm executives (Glenn Henderson and Tim Calvey) with USD2.6bn private equity firm BV Investment Partners. According to the firm assets under
AIM-quoted Creat Resources Holdings Limited (CRHL) has welcomed the completion of pre-IPO fundraising by ASX-listed Galaxy Resources, in which it is a major shareholder.
Although Galaxy is already listed in Sydney, Australia, it has announced an impending dual listing on the Hong Kong Stock Exchange. The new share placing raised AUD91.5 million (approx GBP57 million) from a single new shareholder – Fengli Group (Hong Kong) Ltd, at AUD1.39 per share.
CRHL last year completed the acquisition of a 19.9% shareholding in Galaxy at an agreed price of AUD0.88 per Galaxy share. That shareholding has now been diluted to 17.78%.
The
Private equity firm Falfurrias Capital Partners has retained Harris Williams & Co as a financial advisor to explore future options for the firm’s’ investment in Bojangles’ Restaurants, Inc, including a possible sale of the fast-growing, Charlotte-based restaurant chain.
“We have been extremely pleased with our investment in Bojangles’ and its growth as a premier quick-service restaurant group in the southeastern US,” says Marc D Oken, co-founder and managing partner of Falfurrias Capital Partners. “As we said when we purchased controlling interest in Bojangles’ in 2007, as a private equity firm we have a four-to-seven-year time frame to hold our investments.
CDC Group plc, the UK’s development finance institution, has announced that Richard Laing (pictured), Chief Executive, has advised the company of his intention to retire in early 2012.
Richard Gillingwater, CDC Group plc’s Chairman, says: “Richard has made a very significant contribution to CDC over his 11 years at the company, especially during the last seven years as Chief Executive. CDC’s development and financial success would not have happened without his passion and leadership. CDC is now a successful development institution and is a leader in private equity investment in the poorest countries, especially Africa and Asia. During his period
UK mid-market private equity investor Phoenix Equity Partners has invested GBP18 million to fund the management buyout of the engineering consulting business of ERA Technology (ERA) from Cobham plc.
ERA is a specialist engineering consulting business focused on industrial markets, with a unique set of technical skills and expertise, and a strong brand dating back to its foundation in 1920. ERA provides condition assessment, materials design and testing, forensic engineering, safety assessments and failure investigation services to a wide range of private and public sector clients.
Phoenix is backing a team led by Rob Dilworth, formerly a senior executive
With the Budget approaching next month, the Association of Investment Companies (AIC) is urging the Government to maintain its backing for VCTs as part of its programme to deliver support to small and growing companies.
AIC has published research demonstrating the VCT sector’s strong track record in providing development capital. This research illustrates that, even when bank lending was more freely available prior to 2008, VCTs performed an important role in SME (small and medium sized enterprises) lending.
The research analysed GBP1.3 billion of investments made by VCTs over the last 10 years. This showed that 753 companies received,
Pointing to large corporate cash reserves and low interest rates, US business executives are more optimistic about the mergers and acquisitions (M&A) outlook for this year, according to a survey of almost 1,000 executives conducted by KPMG and Knowledge@Wharton.
Two-thirds (66 per cent) of the senior executive respondents said they are more optimistic about the deal environment than they were a year ago. When asked to name the top two factors making it easier to complete deals in 2011, more than half (56 per cent) of respondents said low interest rates, followed by large cash reserves (47 per cent) and
The Gores Group, a leading Los Angeles based private equity investment firm, has closed its third private equity fund, Gores Capital Partners III, with capital commitments of USD2 billion. GCP III will acquire companies, primarily in the technology, telecommunications, business services, industrial, consumer, and healthcare sectors.
“We believe that the incredible success of our fundraising efforts reflects the strength of our acquisition and operations teams as well as our unique investment strategy and approach. In particular, we believe investors were attracted to our operating orientation and ability to transform undervalued or underperforming businesses,” says Alec Gores (pictured), Founder and Chairman
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