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Channel Islands law firm Carey Olsen has advised a new Jersey fund, GCP Infrastructure Investments, on its listing on the Main Market of the London Stock Exchange.
The fund has been created by Gravis Capital Partners, an investment advisory firm currently managing assets with a principal value in excess of GBP400m.
The initial listing of the fund has raised GBP40m and aims to provide investors with a long-term return of eight per cent per annum by advancing subordinated debt to the holders of private finance initiative assets, typically long dated, secure quasi-UK government concessions for the provision of hospitals and
Accel Partners is investing EUR37m in Showroomprive.com, a members’ only fashion e-commerce site which sells designer brands at discount prices.
Showroomprive.com was founded in France but entered the Spanish market this year.
The investment is part of a wider range of investments Accel is making in the area of social commerce – where retailers use the social graph in some way to create new e-commerce models. Other investments in this space include Groupon, ModCloth, and KupiVIP (the Russian website).
The deal was led by Harry Nelis and Ryan Sweeney, both of whom will be joining Showroomprive’s board.
Eurazeo has reported group net income of EUR88.5m for the first half of 2010, compared with a loss of EUR120.9m for the first half of 2009.
Consolidated revenues totalled EUR1,892.9m, an increase of 4.5 per cent with more pronounced second quarter growth.
The completion of the optimised divestiture programme of Danone shares contributed to Eurazeo cash assets of EUR725m as of 25 August 2010.
The group also refinanced Europcar’s fleet, supported the creation of hotel group Accor and prepaid services provider Edenred, committed for the divestiture of B&B Hotels, and launched Eurazeo Croissance, which made its first investment in Fonroche.
J.P. Morgan has been appointed depositary bank by the India-based producer of synthetic, cotton and blended yarns, Jindal Cotex.
It follows the company’s recent USD38.5m global depositary receipt listing on the Luxembourg Stock Exchange.
“We are extremely pleased to have launched our GDR offering in Europe,” says Sandeep Jindal, managing director of Jindal Cotex. “J.P. Morgan’s depositary receipts team was selected for its recognised leadership and expertise and its remarkable professionalism.”
Kenneth Tse, Asia Pacific head of J.P. Morgan’s depositary receipts group, adds: “We are extremely pleased to have been appointed by Jindal Cotex as its depositary bank.
Otonomy, a biopharmaceutical company developing drug therapies for disorders of the inner and middle ear, has closed a USD38.5m series B financing co-led by Novo Ventures and RiverVest Venture Partners and joined by Domain Associates and TPG Biotech.
This financing is incremental to the USD10m series A closed with Avalon Ventures in June 2010. Avalon also participated in the series B round.
Proceeds from the financing will support Otonomy’s first two programmes through pivotal clinical studies as well as expansion of the company’s pipeline of locally delivered drugs to treat disorders of the ear.
"We are delighted to have participation
Platte River Ventures has taken a controlling stake in Global X-Ray & Testing in partnership with the company’s founding family.
Headquartered in Morgan City, Louisiana, Global X-Ray is a provider of non-destructive testing and evaluation services to the oil and gas industry.
"We are very excited and looking forward to working with our new partners at Platte River Ventures," says Chris Moreau, chief executive of Global X-Ray. "We feel that the experience of Platte River’s principals and their access to additional capital will allow Global X-Ray to achieve long-term success and will help our company innovate and shape the future
Mitchell Hartley Advisers, an independent investment banking advisory firm, has appointed Jeffrey C. Bechtel as managing member.
Bechtel joins as the firm’s third principal, along with Keith Mitchell and Roger Hartley.
Previously, Bechtel was senior vice president at Jefferies’ financial institutions group, leading the firm’s asset management investment banking efforts in the western US. Before that he was a senior banker at Putnam Lovell NBF, which he joined in 2002.
Earlier, Bechtel spent five years at Bank One, where he advised clients on buy-side and sell-side transactions within the M&A and corporate finance advisory groups.
“We’re delighted to welcome Jeff
Argus Capital and Qatar First Investment Bank have acquired a 40 per cent minority stake in Memorial Healthcare Group, a Turkish healthcare provider.
Memorial operates three hospitals and two medical centres in Istanbul and one hospital in Antalya.
Turgut Aydın and his family maintain 60 per cent of the group’s shares.
Ahmet Yaşar Aydın, Memorial Healthcare Group vice president of board of directors, says: “We are pleased with Argus Capital’s and Qatar First Investment Bank’s interest in Memorial as they’re partnering with us as investors that we consider them very close to ourselves. Qatar First Investment Bank, with its diversified
The J.P. Morgan Private Equity fund received distributions of approximately USD18m in the second quarter of 2010, more than three per cent of its private equity portfolio value.
Capital calls for the quarter continued to remain low at USD3.2m, less than one per cent of the private equity portfolio value.
The fund has continued to emphasise investments in companies with rational debt levels. Its top 35 buyout holdings had a weighted average net debt/Ebitda level of 1.9x.
The weighted average LTM revenue grew by 9.3 per cent based on the fund’s largest underlying buyout investments. The weighted average LTM Ebitda
Air Medical Group has signed a definitive agreement under which a Bain Capital affiliate will lead a recapitalisation of the company in partnership with management and current investors Brockway Moran & Partners and MVP Capital Partners.
Air Medical Group, the largest independent provider of air medical services in the world, operates through three subsidiaries, Air Evac Lifeteam, Med-Trans and EagleMed, which collaborate with medical centres and EMS agencies to offer improved access to emergency medical care.
Each subsidiary will continue to operate independently, serving their respective segments of the market.
Terms of the agreement were not disclosed.
“My colleagues, Seth
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