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American Capital has sold its portfolio company Narus to Boeing for proceeds of USD12m.
American Capital realised a gain of USD3m during the third quarter from the transaction, subject to post-closing adjustments.
American Capital’s compounded annual rate of return earned over the life of its investment was seven per cent.
The proceeds received by American Capital were less than the second quarter 2010 valuation of the investment by USD2m, or 13 per cent.
Including investments in Narus by American Capital’s affiliated funds under management, the total proceeds received during the third quarter from the transaction were USD21m, realising a gain
WinSonic Digital Media Group, a facilities-based digital media company, has completed a USD5m equity funding facility with Georgia-based Roswell Capital Partners.
Roswell has committed to purchase, over a period of two years, shares of the company’s common stock for cash consideration, up to an aggregate of USD5m.
The equity funding facility is a flexible financing instrument that places WinSonic in control of how and when it raises equity. WinSonic can privately place its common shares as strategic opportunities arise and equity financing is attractive to the company. The agreement does not prohibit the company from raising additional debt or equity
Tim Levy, chief executive of GBP6bn alternative investment firm Future Capital Partners, is about to embark on a expedition led by Bear Grylls through the Northwest Passage.
Future Capital’s investment partnership Future Fuels, which will fund the construction of a renewable fuel plant in the UK, is sponsoring the expedition.
The 14 day trip will raise awareness of the effect of climate change on the planet and raise money for UK charity Global Angels, providing safe drinking water for thousands of children in Africa.
The expedition through the formerly frozen Northwest Passage will begin on 28 August in Pond Inlet
Joseph F Winterscheid (pictured), partner and head of the global Antitrust & Competition Practice Group at McDermott Will & Emery, outlines the implications of the FTC’s revised Horizontal Merger Guidelines.
Last week, the Federal Trade Commission (FTC) released the final revised Horizontal Merger Guidelines that describe the FTC and U.S. Department of Justice’s (DOJ’s) methodology for analysing the likely competitive impact of mergers and acquisitions between competitors.
While the Guidelines de-emphasise the role of market definition in the FTC’s and DOJ’s analyses of transactions, they largely memorialize the agencies’ existing practices in the merger review process.
The new guidelines’ shift
Citadel Capital, a private equity firm in the Middle East and Africa, has reported a 5.3 per cent rise in total net asset value per share for the second quarter of 2010.
The portfolio net asset value rose by 1.7 per cent and the asset management value rose by 12.5 per cent.
“The second quarter of 2010 was about delivering on our promises to investors,” says chairman and founder Ahmed Heikal. “In our last business review, we pledged to fine-tune our balance sheet by recovering loans that we had extended to platform companies to bridge LP delays in answering capital
The medical devices business of Golden Meditech Holdings, a China-based healthcare enterprise, has raised USD40m from private equity investors.
The proceeds will fund the construction of new production lines for both medical devices and medical accessories to fund the formation of a joint venture with Fenwal.
The group’s interest in the medical devices business will be diluted to 74.123 per cent upon completion.
The group’s medical devices business currently consists of its medical device production operation and distribution affiliate with the former being the first and largest autologous blood recovery system manufacturer in China and the latter the largest medical
Growth equity investor Summit Partners has invested USD100m in Avast Software, the developer of an antivirus programme, for a minority stake in the company.
“Summit Partners’ investment is a vote of confidence in our disruptive ‘freemium’ business model, which combines a full-fledged free product with a premium one,” says Vince Steckler, chief executive of Avast Software. “This approach is already upsetting the traditional antivirus market. Instead of paying for advertising or installation on new computers, Avast continues to experience dramatic growth as fans of avast! recommend our products to their friends.”
avast! antivirus now protects one out of every
Offshore firm Appleby has acted as the Cayman Islands counsel for Bright Smart Securities & Commodities Group in relation to its listing on the Hong Kong Stock Exchange on 25 August 2010.
The Appleby team was led by Judy Lee, a corporate partner in Appleby’s Hong Kong office, assisted by Paul Cheuk.
K&L Gates advised Bright Smart as to Hong Kong law and Loong & Yeung advised the sponsors and underwriters as to Hong Kong law.
Bocom International (Asia) and Somerley are the joint sponsors in this listing.
Bright Smart is a securities brokerage house and primarily focuses on providing
Ian Pearson, the former Treasury and Business Minister and chief executive of a private equity and consultancy company, has been appointed as a senior adviser to Maven Capital Partners.
Maven is an independent private equity business which was established just over 12 months ago following a buy-out from Aberdeen Asset Management.
Pearson will work with Maven’s managing partner Bill Nixon to expand the business, which has offices in Glasgow, Aberdeen, Manchester, Birmingham and London.
“Small and medium sized businesses are the life-blood of the UK economy and providing growth capital to support their development is an important way of securing
Finatem, a lower mid-market German private equity firm, has acquired Techno Physik Group from E.G.O. Blanc & Fischer Goup, a supplier of household appliances.
This transaction is the first investment of Finatem III, Finatem’s latest fund.
With a turnover of EUR24m and about 100 employees in 2009, Techno-Physik-Group is a supplier of heat insulation and fire protection products. Its customers operate in a wide range of industries, such as furnace manufacturing, metal processing, industrial appliances and building sites.
Eric Jungblut, partner at Finatem, says: “We are delighted to have completed this transaction in a market where very few German firms
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