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Investment firm First Reserve has sold its 80 per cent equity interest in the Bahamas Oil Refining Company oil storage terminal to Buckeye Partners for USD1.36bn.
First Reserve and Vopak, the tank terminal operator, acquired the Borco oil storage terminal in Freeport, Bahamas, in April 2008 as a joint venture.
The equity of the company was split 80 per cent/20 per cent between affiliates of First Reserve Fund XI and Royal Vopak, respectively.
Full terms of the transaction were not disclosed.
“Our investment in Borco has provided significant value for our strategic partners and investors. During our three-year investment period,
Italian fund management company F2i and Axa Private Equity have agreed to acquire 100 per cent of the capital of E.ON Rete, a fully-owned company of E.ON Italia.
E.ON Rete operates in the natural gas distribution industry in Italy. It supplies about 600,000 gas delivery points located in around 300 municipalities, predominantly in the northern-central regions.
The consideration for the sale of 100 per cent of E.ON Rete’s capital is stipulated as a base value (inclusive of net debt) of EUR290m (the enterprise value). The deal represents a net cash consideration of EUR255m.
The sale is subject to antitrust approval.
LDC, a UK mid-market private equity firm, has fully exited its investment in Cheshire Salt Holdings, the parent company of Middlewich-based British Salt, in a sale to Brunner Mond.
The transaction remains subject to regulatory approval, which is expected in January.
Brunner Mond, which is wholly owned by Tata Chemicals, part of the Tata group of companies, is the UK’s only soda ash and sodium bicarbonate producer. Its main facility is in Northwich, Cheshire.
British Salt, which produces approximately half of the UK’s pure salt, markets a variety of products for a range of UK and overseas markets,
Law firm Dundas & Wilson has advised the new management team in the private equity-backed buyout of Chemigraphic, one of the largest independent full service electronic manufacturing services providers in the UK.
RJD Partners, a lower middle market investor, backed the deal which will see the sons of founders Frank and Julia Graham take over the business.
Paul and Neil Graham, with 29 years of experience in Chemigraphic between them, will be sales director and operations director respectively.
Bob Adams will join the team as chief executive, having previously held senior level management positions at various electronics businesses, including Thales
Private equity-backed absence management company FirstCare has appointed Richard Burrell, one of the health sector’s leading investors, as non-executive chairman.
Following a career in investment banking and property fund management, Burrell founded Assura, a listed provider of primary care buildings and services.
Earlier this year, Burrell led the disposal of a 75 per cent interest in Assura Medical to the Virgin Group.
Burrell has also served as a non executive director of Stobart Group following its acquisition by the Westbury Property Fund in August 2007, a property fund founded and managed by Burrell.
In September 2010, Burrell formed Mathieson Capital,
Foundation Venture Capital Group has made an investment in Celvive, a start-up company working to develop technology that would treat patients with chronic spinal cord injuries with their own adult stem cells.
FVCG has made an initial investment of USD175,000 in Celvive, which can go up to USD500,000 pending completion of certain milestones.
"Although patients with SCI have sympathy and support from the medical community, very little real progress has been made to improve the long-term prognosis for these patients," says Hatem Sabaawy, founder of Celvive and an assistant professor of medicine in the division of medical oncology at UMDNJ-Robert
Golub Capital has served as sole bookrunner and administrative agent for a USD56.8m senior debt financing for Tecomet, a portfolio company of Charlesbank Capital Partners.
Tecomet is a contract manufacturing, engineering and metal fabrication technology company based in Wilmington, Massachusetts.
The company specialises in net shape forging, precision machining, photochemical etching, surface texturing, vacuum brazing, laser and electron beam welding, and rapid prototyping.
Tecomet has over 45 years of experience supplying engineered components and assemblies to the medical, aerospace/defence, and commercial/industrial markets, with special emphasis on orthopaedic, trauma, and spinal implants.
"We are pleased to be working with Charlesbank again,"
Following a management buy-out at catering chain Metzgerei Zeiss, the two executives previously responsible for sales and finance are taking over the running of the business.
They are acquiring shares in the company together with funds managed by private equity investor Aheim Capital.
A member of the Zeiss family, previously the majority shareholders, remains a shareholder.
A team from CMS Hasche Sigle led by Martin Bell and Katja Pohl advised Aheim Capital on all aspects of the transaction.
Established in Hanau in 1908, Zeiss is one of the fastest-growing providers in the German catering chain sector. With some 100 outlets
Montagu Private Equity has agreed to acquire Helly Hansen Pro in partnership with its existing management team from the Helly Hansen Group.
HH Pro is a provider of survival and personal protection suits to predominantly the offshore and shipping markets.
Going forward the company will be rebranded Hansen Protection.
HH Pro, headquartered in Moss, Norway, has 140 employees and is predominantly active in the Nordic region. It is organised in three main business segments: survival suit rental, used by personnel in their transport between land and offshore installations (oil and gas rigs), personal protection suits, used in other marine and
RJD Partners, a UK lower middle market private equity investor, has backed the buyout of family-owned Chemigraphic, an electronic manufacturing services provider in the UK.
Crawley-based Chemigraphic was founded in 1972 by Frank and Julia Graham, a husband and wife team, who held the respective roles of chief executive and finance director and are now retiring.
The buyout is being led by their sons, Paul and Neil Graham, who between them have worked in the business for over 29 years, together with a new chief executive Bob Adams. Adams has previously held senior level management positions at various electronics businesses,
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