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The accusation that offshore centres have an unfair tax advantage is unfounded, according to speakers at an event organised by RBC Wealth Management.
The EU Code of Conduct Group will hold its meeting in Brussels today to discuss the zero-ten tax regime of Britain’s crown dependencies.
There have been three main criticisms aimed at offshore centres in recent years: they harbour criminal activity; they are used to escape paying tax; and they have an unfair competitive tax edge.
Paul Patterson, head of global trust, RBC Wealth Management, said: “In response to the attacks, international financial centres have ensured a
Watermark Medical, a medical products and services company specialising in sleep-disordered breathing, has completed a USD6m equity investment from Ballast Point Ventures.
Ballast Point Ventures will hold a minority stake in Watermark Medical and one seat on Watermark’s board of directors along with CA Technologies, which led the round with a USD15m investment earlier this year.
“We made this investment because Watermark Medical has best in class technology along with a management team in whom we are confident will transform the emerging sleep industry,” says Dick Brandewie, managing partner of Ballast Point Ventures. “Our successful investment history with Sean Heyniger
Perella Weinberg Partners, a financial services firm providing corporate advisory and asset management services, has opened its latest office in Abu Dhabi, United Arab Emirates.
The announcement accompanies the recent addition of Jameel Akhrass and Nabil F. Lahham as partners of the firm.
Akhrass and Lahham will focus on growing the firm’s strategic advisory and asset management businesses across the Middle East region.
Joseph Perella (pictured), chairman and chief executive officer of Perella Weinberg Partners, says: “We are very pleased to be opening our Abu Dhabi office. This is an important development in our firm’s continuing commitment to an exceedingly
Investment bank Tully & Holland has advised Outrageous Ventures in the sale of PrankPlace.com and its family of websites to iStores.
Tully & Holland acted as the exclusive investment banking adviser to the seller in the transaction. Terms of the transaction were not disclosed.
PrankPlace.com, launched in 2001, is the primary storefront for Outrageous Ventures and is an e-tailer of pranks and joke shop novelties, t-shirts, Halloween costumes and gag gifts.
The divestiture of its PrankPlace operations will allow Outrageous Ventures to focus on the continued growth of its Big Mouth Toys division.
iStores is an internet retailer based in
Clairvue Capital Partners, a real estate private equity investment fund manager, has hired Rachael A. Felker as an asset manager.
She will report to Clairvue’s founding partners, Jeffrey Giller and Brendan MacDonald, and undertake responsibilities related to the management and administration of Clairvue’s investment portfolio.
Prior to joining Clairvue Capital Partners, Felker was assistant vice president at Buchanan Street Partners, a real estate investment management firm specialising in direct investments and commercial joint ventures, where she was responsible for asset management, including leasing, cash flow analysis, capital projects, budgeting, and valuation of individual assets and funds.
Prior to Buchanan, Felker
Rocket Fuel, a display advertising company, has received a USD10m series B round of venture capital led by Nokia Growth Partners.
Additional investment came from new investor Northgate Capital and existing investors Mohr Davidow Ventures and Labrador Ventures.
This latest round of funding brings the total venture capital investment up to USD20mn.
Rocket Fuel will use the funds to expand its presence in the online display campaigns market.
"We’re proud to be a company that has created jobs for more than 50 people across five states in the last two years, and we look forward to doubling both numbers by
Axa Private Equity has entered into an agreement granting exclusivity with Omnova Solutions with a view to selling, before 31 December 2010, its majority shareholding in Eliokem, a chemical company, for a total valuation of EUR227.5m.
The proposed transaction remains subject to execution of a definitive agreement, customary anti-trust approvals and financing conditions.
Eliokem’s central works council is currently being informed and consulted in order to deliver a final opinion on the proposed transaction.
Axa Private Equity acquired its majority stake in Eliokem in October 2006.
Eliokem supplies its products to a range of end markets and applications, such
Highland Capital Partners, a venture capital firm, has hired Laurence Garrett as a general partner.
Based in Highland’s Geneva office, Garrett will work to identify, fund and grow Europe’s most promising technology and internet companies.
"We are focused on partnering with leading entrepreneurs with the ambition to build breakthrough companies and market leaders," says Fergal Mullen, general partner with Highland. "Laurence has a proven track record of doing so, and a strong reputation with entrepreneurs and the European venture community. He’ll be a terrific addition to the Highland team."
Garrett is a former partner of 3i Ventures and most recently
CapMan has established its fifth mezzanine fund, CapMan Mezzanine V.
The fund has held its first closing at EUR60m and will invest in mid market companies in the Nordic region.
"The first closing means that we are now able to start the fund’s investment operations and to take full advantage of the strong deal flow that we are currently seeing as a result of CapMan Buyout’s extensive coverage of the Nordic market. We look forward to continuing our mezzanine investment strategy of supporting Nordic mid market companies," says CapMan Buyout’s mezzanine director Niklas Östborn.
Since the foundation of its
Despite the difficult conditions of the last 18 months, renewable energy dealmaking has remained remarkably robust, according to a survey commissioned by professional services firm Rödl & Partner and carried out by mergermarket.
The overview of the global renewable energy M&A market found that in 2009 there were 228 deals announced worth a collective EUR49.7bn – a deal volume mirroring the level of activity witnessed at the height of the M&A boom in 2007 – and that the first two quarters of 2010 have also seen brisk deal flow.
The survey, which was conducted in May 2010, garnered the opinions
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