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The Bermuda Government is planning to extend to 2035 the period of time for which the Ministry of Finance may grant an assurance to international businesses that are identified as exempted undertakings that they will be exempt from certain tax liabilities in Bermuda.
The announcement was made as part of the 2010 Speech from the Throne, given in November and delivered by Sir Richard Gozney, Governor of Bermuda.
According to law firm Appleby, the current legislation, the Exempted Undertakings Tax Protection Act 1996 and related regulations, currently provide for assurances to be granted to exempted undertakings by the Ministry of
Private equity firm Advent International has sold the value fashion chain Takko to Apax Partners.
The transaction, which is subject to approval by the antitrust authorities, is expected to be finalised in the first quarter 2011.
Since acquiring Takko in 2007, Advent International has supported the company’s management in its transformation from a hard discount to a value fashion brand and in accelerating its international growth strategy and expanding its business.
The number of stores was increased, existing shops were modernised, operational procedures were developed and the selection of products was expanded.
Over the last three-and-a-half years, Takko has opened
VTB Capital Private Equity and Special Situations has closed the acquisition of a USD30m minority stake in Brunswick Rail, the Russian freight car leasing company.
To date, VTB Capital Private Equity and Special Situations has invested over USD500m in a number of Russian companies in joint projects with international private equity funds and operational partners.
The funds will be invested primarily in building up Brunswick Rail’s freight railcar fleet, which currently stands at 12,500. Brunswick Rail estimates that the Russian rail market will require more than 700,000 new railcars in the next ten years to replace retired fleet and ensure
Fortress Investment Group has appointed Thomas Chan-Soo Kang as president, Fortress Asia.
Kang will become a member of Fortress’s management committee and will have responsibility for business development, capital formation, strategy and management/administration in the Asia region.
Kang will be based in Fortress’s newly opened Singapore office, and will report directly to Fortress chief executive Daniel Mudd.
“Tom’s role underscores our deep commitment to the region and will support the continued strategic expansion of our Asia business,” says Mudd. “Tom brings an exceptional depth of experience to our team, including building and running major investment companies and establishing one of
Aurora Russia had a net asset value of GBP93.2m, or 82.9p per share, as at 30 September 2010.
Cash and cash equivalents as at 30 September 2010 were GBP4.25m.
Records management company OSG expanded with an Armenian operation and added additional racking in its main Moscow facility in Lobnya. Revenues were GBP9.8m representing an increase of 23 per cent compared to the prior year period. Ebitda is up 20 per cent to GBP1.4m as at 30 September 2010.
Unistream’s share in the Russia-outbound and inbound remittances is estimated at 19.2 per cent and 12.1 per cent respectively according
Mistral Equity Partners, a private equity firm specialising in the consumer and retail sectors, has promoted three members of its investment team.
Griffin Whitney and Christopher Bradley have both been promoted to principal, and Elizabeth Nations has been promoted to senior associate.
“We are delighted to recognise Griffin, Chris and Beth for their hard work and outstanding performance,” says Andrew Heyer, chief executive officer and a managing director of Mistral. “In addition to their individual strengths in identifying successful investment opportunities, they are great team members whose contributions and leadership will continue to be invaluable to our success over
Wonder Holdings and Wonder Holdings Acquisition, both affiliates of H.I.G. Capital formed for the purpose of acquiring Matrixx Initiatives, have commenced a tender offer to acquire all of the outstanding shares of Matrixx’s common stock for USD8.00 per share in cash.
The aggregate value of the proposed transaction is approximately USD75.2m.
Upon the successful closing of the tender offer, shareholders of Matrixx will receive USD8.00 in cash for each share of the common stock of the company tendered in the offer, without interest and less any applicable withholding taxes.
Following completion of the tender offer, pursuant to the terms of
Capital Growth Advisors has completed the sale of Washington DC based Cafe Deluxe and Tortilla Coast by its founders, Bo Marcus and John Breen, to Maryland based Clover Investment Group.
CapGrow provided financial consulting services to the sellers in the transaction. Details were undisclosed.
"Bo Marcus and John Breen created two great brands in Cafe Deluxe and Tortilla Coast," says Jim Sullivan, Sr., managing director of Clover Investment Group. "All of us at Clover look forward to building on the strong base the sellers created and are excited about accelerating the growth of both brands."
"We are delighted that Jim
The Sterling Group, a Houston-based private equity investment firm, has acquired an equity interest in Saxco International.
The acquisition was financed with equity from Sterling Group Partners III and debt financing from BNP Paribas and Oaktree Capital Management.
Saxco, headquartered in Pennsylvania, is a distributor of rigid packaging products for the wine, spirits and craft beer markets in North America. The company distributes glass bottles and other packaging products to a customer base of more than 2,000 wineries, distillers, brewers and specialty food manufacturers.
Saxco was founded in 1936 by members of the Sachs family. Brothers Keith and Herb Sachs
The Georg von Holtzbrinck publishing group has sold the Main-Post media group to the Pressedruck media group, owners of the Augsburger Allgemeine newspaper.
The Main-Post media group publishes the Schweinfurter Tagblatt, Bote vom Haßgau, Volksblatt and Volkszeitung, in addition to its flagship Main-Post newspaper.
A team at CMS Hasche Sigle led by Thomas Meyding and Maximilian Grub advised the Georg von Holtzbrinck publishing group on all aspects of the transaction.
With average paid-for sales of around 130,000, Main-Post reaches some 350,000 readers across its distribution region. Consumer magazines, internet portals, mailing companies and service companies for publishers round off the
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