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Sea Island Acquisition, a limited partnership comprising investment funds managed by Oaktree Capital Management, Avenue Capital Group, The Anschutz Corporation and Starwood Capital Group, has acquired substantially all of the assets of Sea Island Company, a private resort and real estate development company.
"Today is a new beginning for Sea Island and a continuation of our great heritage," says chairman and chief executive Bill Jones III. "Our new ownership group, which is comprised of four highly respected investment firms, is committed to returning the company to consistent profitability, while maintaining its outstanding reputation for service and care for guests, members,
Fortress Investment Group has appointed David Barry as a member of the company’s board, effective 1 January 2011.
Barry will serve as a class I director.
The board has also appointed Barry to its audit committee and nominating, corporate governance and conflicts committee.
Barry will replace Howard Rubin, who will resign from the board, as well as the audit committee and the compensation committee, effective as of 1 January.
The board of directors has also elected not to pay a dividend in the fourth quarter of 2010. The board elected to retain capital for potential future investment opportunities and for
Sun Capital Partners’ affiliate Emerald Performance Materials, a US producer and marketer of chemicals for food and industrial applications, has acquired the business and assets of DSM Special Products.
DSM Special Products is a manufacturer of toluene oxidation products.
The purchase from Royal DSM was approved by the European Commission on 2 December. Terms of the transaction were not disclosed.
DSM Special Products, with a manufacturing site in Rotterdam and a commercial office in Geleen, will become part of the Emerald Kalama Chemical business which produces benzoic acid, sodium benzoate, benzyl alcohol and benzaldehyde out of its Kalama facility.
DSM Special
Hogan Lovells has advised on the sale of Maxinutrition Holdings to Glaxo Group, a subsidiary of GlaxoSmithKline, for GBP162m.
The deal was announced on 13 December and is subject to competition clearance.
Maxinutrition is a European sports nutrition company. Hogan Lovells acted for Zef Eisenberg and Paul Hick, the founder and the former chairman of the business respectively, who both retained stakes in the business when it was sold to Darwin Private Equity in December 2007.
Hogan Lovells also acted on the original Darwin MBO, advising previous owners Piper Private Equity and the selling shareholder group on the sale of
Water Street Healthcare Partners, a private equity firm focused exclusively on healthcare, has made a majority investment in New Century Health.
Founded in 2002, New Century Health is a benefit management company focused primarily on oncology and cardiology.
In a privately negotiated transaction, Water Street and its co-investors committed to expanding the company’s services to a broader base of payers, providers and patients across the US.
New Century Health integrates and streamlines all outpatient components of care in the oncology and cardiology specialties. Through its technology platform, New Century connects health plans, physicians and patients to coordinate care and improve
Emerging markets private equity investor Actis and an affiliate of the Government of Singapore Investment Corporation have made an investment each of USD77m in India power developer GVK Energy.
GVK Energy, a wholly owned subsidiary of GVK Power and Infrastructure, is one of the first private sector developers in India.
The funding round enables GVK Energy to further develop, construct and operate power plants in India.
G V Krishna Reddy, chairman, GVK Power and Infrastructure, says: "GVK has been a pioneer in the infrastructure sector in India, having developed India’s first independent power project. Today, we are poised to significantly
Palamon Capital Partners, a European mid market private equity firm, has agreed the sale of its 54 per cent stake in Loyalty Partner to American Express.
The sale price of the Palamon shares amounted to EUR240m, representing an enterprise value of approximately EUR500m for Loyalty Partner.
The transaction is subject to approval by the German Federal Cartel Office.
Loyalty Partner operates Germany’s Payback loyalty card, the consumer’s third most carried card.
Since leading the buyout of Loyalty Partner from Lufthansa in November 2005, Palamon has worked with Loyalty Partner to deliver a growth programme through a number of
On 13 December 2010, the Privy Council delivered its judgment in the Strategic Turnaround appeal from the Cayman Islands Court of Appeal. Maples and Calder comments on the decision, which clarifies a number of important points in respect of suspensions and redemptions by Cayman Islands investment funds.
The key point from the Privy Council’s decision is that it is the terms of the fund’s articles that determine the rights of all parties in respect of redemption by investors and the suspension of redemptions and payment rights.
Colin McKie (pictured), partner, Litigation Group, Maples and Calder Cayman Islands, welcomes this confirmation
Sovereign Capital’s portfolio company LM Funerals has acquired a fifth funeral services business in 2010, F.M.& J. Wait.
Based in Staffordshire, FMJW is a family-run business that has been operating for over 200 years.
It is the largest independent funeral director in Lichfield and is run by the fifth-generation of Waits, Jonathan Wait, who acts as the lead funeral arranger and conductor and will remain in this role going forward.
The acquisition continues Wolverhampton-based LM Funerals strong growth in 2010. At the beginning of the year the group acquired two separate funeral directors, CS Bowyer and KY Green, both
The future of Jersey’s zero basic rate of corporate income tax is in renewed doubt amid heated debate in the Channel Islands and critical comments by the European Union and the UK Treasury.
Following a recent review of the compliance of Jersey’s and the Isle of Man’s zero-10 regimes with the EU Code of Conduct on Corporate Taxation, the Treasury has announced that it expects both islands to abolish them.
“We are ready to offer support to Jersey and the Isle of Man in implementing the changes necessary,” says a spokesman.
“Although Guernsey operates a similar regime, it
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