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UK private equity firm Advantage Capital is facing closure by the Financial Services Authority for breaching minimum capital requirements in what would be the first action of this kind against a private equity firm.
Mark Spinner, private equity partner and head of the corporate team at law firm Eversheds, says Advantage Capital is not the only private equity fund that is having to come to terms with actual and potential funding defaults from its limited partner base.
The big difference is that Robert Adair accounts for 90 per cent of the capital committed to the fund, which makes his default
Lyceum Capital has supported portfolio firm Carewatch’s acquisition of New Directions Care and Support.
The deal is the 13th add-on acquisition made by Carewatch since Lyceum Capital backed the company in October 2008.
Based in Enfield, New Directions Care and Support works with a number of London boroughs to help individuals maximise their level of independence.
The company has been awarded the Care Quality Commission’s highest standard for service of three star excellence and has over 20 years of experience in offering support for those with learning disabilities, mental health issues, acquired brain injuries and sensory impairment.
MedExpress Urgent Care, a provider of care to people seeking non-emergency medical treatment, has received an investment from growth equity firms General Atlantic and Sequoia Capital.
Financial details of the transaction are not being disclosed.
"This partnership with General Atlantic and Sequoia comes at a very important time for our company," says Frank Alderman, co-founder and chief executive of MedExpress. “Both firms bring a deep knowledge and understanding of the healthcare industry and offer unrivaled global resources and capabilities that will prove invaluable as we expand our national footprint, scale our operations, and continue to provide the highest quality
Geneva Glen Capital, a private equity firm headquartered in Chicago, is launching a fund in partnership with Wanxiang America.
Adam Schecter has joined Jeff Gonyo to co-lead the fund.
GGC will invest in lower middle-market companies (generally under USD100m enterprise value) in the US and Canada, partnering with successful management teams to acquire proven private companies with leading market positions, significant growth potential and stable cash flows.
Wanxiang America has provided the committed capital for GGC to target companies with Ebitda between USD3m and USD20m.
GGC invests up to USD40m of equity per company in order to acquire businesses, provide
Private equity firm Avista Capital Partners has signed a definitive agreement to acquire the Global Auto Care Business from The Clorox Company.
The Global Auto Care Business consists primarily of Armor All and STP, two brands in the aftermarket appearance and performance auto-care segments.
Upon closing of the transaction, veteran automotive aftermarket industry executive David Lundstedt will join Global Auto Care’s board of directors as executive chairman. Lundstedt has had a 31-year career in the automotive aftermarket, including serving as president of the consumer products division of Honeywell International and as president and chief executive of Prestone Products.
Global Auto
Boston Heart Lab, a provider of diagnostics for patients with heart disease, has closed on a USD10m series C round of financing led by Bain Capital Ventures.
The company has also named Susan Hertzberg chief executive officer.
Hertzberg is the former president and chief executive of Ipsogen, the North American division of French cancer and molecular-diagnostics company, Ipsogen SA.
Alice Limkakeng and Jeff Crisan from Bain Capital Ventures will be joining Boston Heart Lab’s board of directors.
Limkakeng says: "Boston Heart Lab’s services fall within the sweet spot of the changing healthcare paradigm known as personalised medicine, using outcomes-based medicine
AAC Capital Partners, a Northern European mid-market buy-out firm, has agreed to acquire a majority stake in NSL Services Group, a UK outsourced services provider, from 3i.
The enterprise value of the transaction is GBP120m (EUR143m), and the existing management team, led by chief executive Mark Underwood, will reinvest in the transaction.
Paul Southwell, managing partner at AAC Capital Partners, says: “NSL is a highly regarded and well-established player in its markets. The company owes its success to outstanding customer service, efficiency and an unrivalled range of services.
“NSL has a strong management team who will be investing
A new fund structure for Jersey has been devised by Jersey-based law firm Crill Canavan and fund administrator Herald Fund Services.
The Standard Form Expert Fund, the first fund of which has been approved by the Jersey Financial Services Commission, aims to cut the time and cost involved in setting up funds domiciled in Jersey by about 70 per cent.
The new structure makes use of Jersey’s Incorporated Cell Company legislation and works in a similar way to an umbrella fund.
Individual investment funds are established as separate incorporated cells and an investment manager is appointed to each fund. Different
GlobeOp Financial Services has appointed George Evans as head of business development.
Evans reports to Hans Hufschmid (pictured), GlobeOp chief executive officer, and is based in the company’s New York City office.
He is also a member of GlobeOp’s operating committee.
"As demand for GlobeOp’s services continues to grow in both hedge fund and new institutional sectors, we will look to George’s extensive experience to identify and capture new opportunities," says Hufschmid. "His understanding of the market and client requirements will also help us create new products and client services that further differentiate the GlobeOp brand."
Evans’ career spans 30
Axa Private Equity has acquired a six per cent stake in Bravofly, which operates a comparison engine to book flight tickets on low-cost and traditional airlines.
Axa Private Equity led a group of private investors which, in aggregate, has acquired approximately 16 per cent of Bravofly’s capital.
Bravofly has a turnover of EUR180m and six million unique visitors every month.
Axa Private Equity will help to support Bravofly’s management team in accelerating its expansion and development plans.
Francesco Signoretti, Bravofly chief executive, says: "Innovation was key in ensuring the growth of Bravofly in Europe. We are pleased
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