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The Mexican standoff that has been brewing in the European credit markets seems to be heading towards a showdown as the bulls jostle with the bears for control, but will it end in high drama? Sarang Kulkarni (pictured), fund manager, European Credit at Schroders, examines both camps.
The bulls remain encouraged that credit is in the sweet spot over the medium term, as base rates stay lower for longer, and growth remains subdued, but positive nevertheless. Buy credit; sell government bonds!
On the other hand, the bears believe that a recovery is not sustainable; that the developed economies will
The Aureos Southern Africa Fund has sold its stake in Orange Madagascar, the mobile phone service business, realising an internal rate of return of 44 per cent for investors.
Orange Madagascar is part of the Orange brand and its majority shareholder is France Telecom.
The Aureos Southern Africa Fund is managed by Aureos Capital, a private equity fund management company specialising in investing in small and medium sized businesses in emerging markets.
Aureos invested in Orange Madagascar, one of four mobile phone companies operating in Madagascar, in September 2005.
Ron den Besten, Aureos managing partner, Southern Africa, says: “Orange
CMEA Capital, an investment firm focused on energy and materials, information technology and life sciences, has appointed Erik Sebusch as a partner.
He brings more than 15 years of investment experience as both a venture capitalist, entrepreneur and a limited partner to the firm.
Sebusch joins CMEA from UPS Investments, where he managed private equity, venture capital and real estate funds.
"Limited partners are the engine that keeps investment firms going. The firms that know exactly what their LPs want and can customise funds to meet those needs are the ones that will thrive despite the capital crunch," says Jim
Sovereign Capital has acquired Guardian Homecare as the second bolt-on for its domiciliary care provider, City & County Healthcare, in six months.
Established in 2000, Guardian employs around 275 care workers, directly delivering over 10,000 hours per week of care and support in the home, mainly to elderly people and those with learning disabilities.
The business has five branches across north-west and south-east England and Northern Ireland and seven franchises in England.
The location of its branches and franchises complement those of City & County as they are either in areas not currently covered by City & County, or areas
IHS has acquired Syntex Management Systems, an SMH Private Equity Group portfolio company based in Houston, Texas.
SMH Private Equity Group is a division of Sanders Morris Harris Group.
Syntex, a provider of enterprise risk management software, helps customers manage corporate risks such as employee safety and health programmes.
This is the second major private equity investment exit in the past 12 months for SMH, following the sale of Lombardi to IBM.
Private equity firm Trilantic Capital Partners has agreed to purchase a substantial minority interest in Fortitech, a developer and manufacturer of nutrient premixes for the food, beverage and pharmaceutical industries.
Fortitech custom nutrient premixes integrate functional ingredients such as vitamins, minerals and amino acids into a wide range of products including cereals, dairy products, sports drinks, juices, water, baby formulas and snacks.
Headquartered in New York, Fortitech has facilities in the US, Europe, Asia, Mexico and South America.
This investment enables Fortitech to continue to drive its growth initiative.
“Fortitech is the leader in its industry, with a strong competitive
RJD Partners, a UK lower middle market private equity investor, has backed the management buy-in of Dunham Leisure, a holiday park business based in south east Scotland.
Dunham was previously owned by Dennis Dunham, an independent caravan park operator, along with other members of his family.
The business comprises two parks: Thurston Manor, a 175 acre park situated 30 miles from Edinburgh near the historic coastal town of Dunbar in East Lothian; and Pease Bay, which is situated directly beside a sandy beach, five miles south east of Thurston Manor.
RJD has backed the buy-in team of Graham Hodgson as
Octopus Investments has made an investment of GBP2m into PrismaStar, a product search company in Europe.
It represents the 18th deal concluded by Octopus this year.
PrismaStar was founded in 2005 and has designed and patented technology to help consumers find products and services personalised to their individual tastes in the e-commerce market. It enables users to find products based on multiple product specifications.
The injection of funding will help PrismaStar increase its footprint on the growing US, UK and EC market for online retail, forecast to be worth USD945bn in 2012.
Alan Wallace from Octopus says:
The surge of interest in managed accounts over the past two years has opened up the market to third-party investment platforms offered by a range of providers, including notably investment ba
Private equity firm The Carlyle Group has entered the UK student housing market following the acquisition of a site in Highbury & Islington in London, and the formation of a joint venture agreement with Generation Estates.
Carlyle and Generation Estates are also progressing schemes on a further three sites in London which are to be acquired, providing the group with an initial portfolio with capacity for circa 1,850 beds at a total value of around GBP350m.
Carlyle and Generation Estates also hope to work closely with London Universities and other private sector and overseas educational providers to fulfil their
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