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New York Life Investments has signed an agreement to acquire a majority stake in Private Advisors, an alternative investment firm based in Richmond, Virginia.
With USD3.9bn in assets under management, the firm has a 13 plus year track record across a range of fund of funds, including the firm’s flagship low volatility multi-strategy capability, launched in 1998.
"Private Advisors has a long history of delivering risk-adjusted investment returns, with a strong focus on capital preservation. The firm has a well-defined investment process that incorporates investing in alternative investment managers with proven track records," says John Kim, president and chief executive
PBF and its subsidiary Toledo Refining have entered into an agreement to acquire the 170,000 barrel per day Toledo, Ohio refinery and related assets from Sunoco.
PBF, an owner and operator of oil refineries, will acquire the facility for approximately USD200m in cash and will enter into a note with the seller in the amount of USD200m.
In addition to the purchase price, PBF will acquire the hydrocarbon inventory at closing.
In the event that the refinery exceeds certain profitability thresholds there is a participation payment of up to USD125m.
The transaction is expected to close in the first quarter
Clean technology investor zouk ventures is partnering with UK power utility Scottish and Southern Energy to build an energy efficiency and micro-generation services company in the UK named Anesco.
zouk and SSE will be co-lead investors in the deal and will each take a board seat in the company.
zouk and SSE believe that Anesco will be well placed to exploit the strong regulatory and governmental support that exists in the UK for the shift to a low carbon, energy secure economy.
Anesco will support the UK’s shift towards a low carbon economy by providing energy efficiency and micro-generation services
Energy management company BAS has been acquired by Bridgepoint Development Capital with backing from Yorkshire Bank Corporate & Structured Finance in Manchester.
BAS, which is the largest independent player in the long term support and implementation of intelligent building energy management systems in the UK, was founded in 2006 following a buyout from Siemens.
Based in Altrincham and with offices in Birmingham, Gateshead, Leeds, Surrey, Glasgow and Chepstow, BAS specialises in supporting building owners to control, monitor and reduce energy usage via the efficient use of a building energy management system.
The management team at BAS, led by
Blue Oak Capital has launched and completed the first close of a USD100m fund to invest in mid-market companies in China.
The fund has been launched in partnership with a division of the Xi’an government, and is structured to allow it to repatriate funds back to Western investors.
UK mid-market private equity firm LDC is a major investor, contributing USD20m.
In contrast to the Western world, where markets continue to suffer the fallout of the banking crisis, China’s buoyant economy and strong renminbi have made the country increasingly attractive to private equity investment. Evidence of this can be seen
Third-party funding of litigation is gaining ground in the UK, but its success will depend on the degree to which the concept is embraced by both the legal profession and the investment community, and the appetite for risk and reward among both litigants and investors, according to partner Gavin Foggo (pictured) and associate Molly Ahmed from the litigation department of City law firm Fox Williams.
“For all the talk of litigation funding as an emerging asset class, investors have yet to be convinced that [third-party funding] is going to be a compelling alternative investment. ” This is one of the
Albion Ventures has invested GBP4.35m in Oakland Care Centre to set up a specialist dementia care facility in Chingford, Greater London.
Oakland has acquired a freehold site on which it will develop a facility catering for the needs of up to 45 residents suffering from dementia.
The facility is due to open in November 2011 and will employ approximately 50 staff under the supervision of an experienced care management team.
Emil Gigov, partner, Albion Ventures, says: “There are more than 800,000 people living with dementia in the UK and the long term demographic trends indicate that the demand for
Jimmy Delshad, Mayor of Beverly Hills, California, has joined Pacific Capital Group as vice chairman and managing director.
Pacific Capital Group is an investment group based in Los Angeles.
Gary Winnick, chairman and chief executive of Pacific Capital Group, says: "Jimmy Delshad is an internationally recognised authority on the use of advanced ‘smart’ technologies in city management and law enforcement to dramatically improve life, services and safety in the community. Beverly Hills has implemented Mayor Delshad’s smart-system innovations, pioneering a path to achieving efficiencies that can be applied to government at every level. We are happy that one of the
Summit Materials, a building materials company, has concluded the acquisition of RK Hall Construction, Buster Crushed Stone and associated companies, based in Texas.
RK Hall is an aggregates, asphalt production, paving and construction business with operations in northeast Texas, southeast Oklahoma and southwest Arkansas.
RK Hall will become part of Summit’s western platform that was first formed through acquisition of Harper, Kilgore and Altaview companies in Utah. The existing management team, headed by Robert Hall and Mark Buster will remain in place and partner with Summit leadership to run and grow the business.
Tom Hill, chief executive of Summit, says:
Mark Spinner (pictured), a partner in the private equity team at law firm Eversheds, comments on the news that London-listed private equity group Electra’s deal pipeline is back to 2007 levels and it has announced plans to raise GBP 100 million using convertible bonds, to fund new investments.
Like Electra Private Equity, Eversheds has also seen activity levels returning. If all of the transactions that we are currently being instructed on come to fruition we could easily surpass the number of deals that we completed in the heady days of 2007!
The increase in transactional activity is being fuelled
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