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JP Morgan Private Equity Limited (JPEL) has reached agreement on the terms of a new multi-currency credit facility in the amount of USD150 million with Lloyds Bank Corporate Markets.
Proceeds from the new facility will be used to refinance the Company’s existing USD100 million facility with Fortress Credit Corp, which is scheduled to mature in 2012.
The Lloyds Bank Corporate Markets facility offers the Company multi-currency flexibility, improved pricing and a longer maturity date of May 2013. Key terms of the facility include: LIBOR +275bps for a loan to value ratio (LTV) of less than or equal to
The implementation of the keenly-awaited UK Bribery Act has been delayed to allow greater clarity in its provisions and definitions, but Carl Winkworth and William P. Barry of law firm Richards Kibbe & Orbe argue that there is no reason for hedge fund and private equity managers to wait until final publication of the legislation to begin implementing anti-corruption compliance programmes.
The UK Bribery Act has been heralded by some as a tough new anti-corruption measure, and criticised by others for the absence of clear guidance on how corporates should design policies and procedures to promote compliance with the act’s
Perceva Capital has become the sole shareholder in SHARK after strengthening the equity base of the French supplier of mid-range and high-end motorcycle helmets. It follows an equity raising process that started in June 2010, led by the management with the support of its major shareholder AtriA Capital Partenaires.
Based in Marseilles, SHARK is an internationally renowned company that designs innovative helmets offering a high level of performance and safety. The company has its own integrated production facilities, with two factories producing more than 300,000 helmets each year. SHARK employs 670 people and generated sales of EUR30 million in 2010.
Finmeccanica has reached an agreement with First Reserve Corporation, an international private equity investor specialised in the energy sector, for the sale of a 45% stake in Ansaldo Energia (AEN).
The transaction completes the program undertaken by Finmeccanica following the acquisition of DRS Technologies, which includes the share capital increase of 2008 and the rescheduling of financial debt completed in 2010.
The transaction values the share capital of Ansaldo Energia at EUR1,233 million. Finmeccanica will sell AEN at a price of EUR1,073 million to an Italian registered company, Ansaldo Electric Drives (AED), 45% held by First Reserve and
Guernsey has not only followed through its 2002 commitment to observe the OECD principles on transparency and exchange of information for tax purposes, but has made substantive developments in expanding its exchange of information network, according to a report published by the Global Forum on Transparency & Exchange of Information for Tax Purposes.
The report also confirms that Guernsey has in place all the necessary legal and regulatory powers to ensure it can meet the internationally agreed standard on obtaining and exchanging information for tax purposes.
Guernsey’s Chief Minister, Lyndon Trott, says: “I am delighted that, hard on the heels
Burrill & Company has appointed Dr Dirk Lammerts as Managing Director, Digital Health. Lammerts has more than 20 years of professional experience in the healthcare, life sciences, and high-tech industries.
Prior to joining Burrill & Company he worked as Vice President Marketing and Corporate Development at XDx, an innovative personalised medicine company, where he was responsible for driving adoption of the company’s flagship AlloMap molecular diagnostic test and corporate development activities. He also held positions as Vice President Molecular Diagnostics at Affymetrix and was a senior engagement manager for McKinsey & Company advising clients across a broad spectrum of
Middle market private equity firm Wynnchurch Capital has announced the final closing of Wynnchurch Capital Partners III, with USD603 million of committed capital, exceeding its target of USD500 million.
With the closing of Fund III, Wynnchurch now manages USD1.1 billion of capital. Wynnchurch’s previous fund was raised in 2006 and had capital commitments of USD350 million. Wynnchurch’s inaugural fund was raised in 2000 and had capital commitments of USD163 million.
"We are appreciative of the trust and confidence that our investors have shown in our operationally focused private equity model serving the middle market," says John Hatherly, Managing Partner of Wynnchurch Capital.
Glocap Search has named Sachi Gahan as head of the firm’s newly combined Venture Capital and Private Equity practices. Gahan, who was also promoted to Glocap’s five member management committee, is a managing director based in Glocap’s San Francisco office.
Prior to joining Glocap Gahan was a principal at venture capital firms in San Francisco and Austin, Texas. Earlier in her career, she was in the Office of the Chairman at Dell.
In 2010, under Gahan’s leadership, Glocap successfully completed over forty investment professional assignments at venture capital, growth equity, and tech buyout firms throughout the US, addressing clients’ needs
Del Monte Foods Company (NYSE: DLM) has announced the completion of its acquisition by an investor group led by funds affiliated with Kohlberg Kravis Roberts & Co (KKR), Vestar Capital Partners (Vestar) and Centerview Capital(Centerview).
Under the terms of the merger agreement, the company’s stockholders will receive USDUSD19.00 per share in cash. The total enterprise value of the transaction is approximately USD5.3 billion. Shareholders voted to approve the transaction on March 7, 2011. The price per share represents a 40 percent premium over the average closing price during the three months prior to market rumours last fall. Del Monte common
Red Fort Capital announced today that the firm has returned in excess of USD100 million to investors since 2009. Through 1Q 2011, the firm has harvested four investments in the residential and office sectors located in New Delhi, the National Capital Region and Chennai.
Parry Singh, Managing Director of Red Fort Capital, says: "Red Fort’s Fund I portfolio has transitioned to the harvesting phase, and we are pleased to have returned over USD100 million to our investors. Our investment strategy has generated tangible returns through the global economic crisis of 2008-2009, which had minimal impact on India’s solid long-term growth
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