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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
GlobeOp Financial Services, a provider of business process outsourcing, financial technology services and analytics to the financial services industry, has reported assets under administration of USD148bn as at 30 November 2010, a 24 per cent increase since 30 June.
The company had USD84m in cash as at 30 November 2010.
Hans Hufschmid, chief executive officer, says: "Trading during the second half of the year has been in line with management’s expectations. Revenues, adjusted operating profit and cash flows have remained strong. GlobeOp continues to experience excellent operating leverage as we maintain our focus on cost efficiency. During the second half
HarbourVest Global Private Equity, a closed-end investment company, had an estimated economic net asset value of USD774.3m or USD9.33 per share as at 30 November 2010.
This is a 0.2 per cent decrease from the 31 October 2010 estimated economic NAV per share.
While valuation changes to 31 October 2010 for underlying holdings resulted in a USD0.07 increase per share and a USD0.06 increase per share for public holdings, this gain was more than offset by negative foreign currency movement and ongoing operating expenses.
During November, HarbourVest was cash flow positive for the third consecutive month. It funded USD4.3m of
KKR has invested in Vats Liquor Store, the largest nationwide liquor store chain operator in China.
"KKR is a world-class institutional investment firm and a pioneer in the global private equity industry, with an outstanding investment track record globally and within China," says Xiangdong Wu, chairman of Vats. "We are proud to have KKR as our shareholder, which validates Vats’ long-term growth potential and proven business model."
"We are excited to be partnering with Vats, the leading franchise in China’s liquor distribution industry," adds Xiang Li, managing director of KKR Greater China. "We look forward to fully utilising our global
The Kula Fund II managed by Pacific Capital Partners, a subsidiary of Aureos Capital, has acquired at 16.5 per cent stake in KK Kingston, a manufacturer and a supplier of industrial products in Papua New Guinea.
Kula introduced International Finance Corporation as a co-investor and together they hold a 33 per cent stake in KKK.
Aureos Capital is a private equity fund management company specialising in investing in small and medium businesses in emerging markets.
KKK employs over 500 people. It is involved in the manufacturing of industrial goods including cleaning chemicals, bleach, hand towels, domestic usage
High Street Capital, a Chicago-based private equity firm, has selected Navatar Private Equity Cloud to manage its fundraising, deal flow, portfolio and capital calls/distributions.
Navatar Private Equity runs in salesforce.com’s cloud. Its flexible reporting engine can be used by non-technical staff to generate reports.
Navatar Group provides all implementation services, accounts/contacts migration, training, maintenance and support free of charge.
Navatar Private Equity enables firms to: manage fund lifecycle, identify potential investors for a fund, track investor commitments, manage commitment transfers, manage co-investments, track side letters and limited partner agreements, identify correspondence for each fund, and manage capital calls and distributions.
Samena Capital has appointed Ekaterina Sharashidze as an executive director focusing on strategy and business development.
She will lead Samena Capital’s efforts in identifying direct investment opportunities and evaluating new strategic partnerships.
Sharashidze brings with her over 15 years of business experience in management consulting, venture capital and investment banking.
She served in the Government of Georgia for five years, holding several high level cabinet positions such as minister of economic development, head of the administration of the President and chief economic adviser to the President.
“I’m delighted to welcome Ekaterina into the Samena Capital family. Our business
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