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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
The Bankruptcy Court for the Southern District of New York has confirmed the Almatis Group’s amended plan of reorganisation sponsored by Dubai International Capital, the international investment arm of Dubai Holding.
DIC is confident of a strong future for Almatis which has performed well since rebounding from the global downturn, generating free cash flow and Ebitda margins of approximately 20 per cent.
DIC is investing USD100m new equity in Almatis, in addition to approximately USD550m in new debt financing, underwritten by GSO Capital Partners, Sankaty Credit Opportunities IV, GoldenTree Asset Management, Bank of America, Merrill Lynch International and several units
HSBC Specialist Investments has sold Victoria Retail Park in Nottingham to The Crown Estate for GBP56.87m, representing a 5.45 per cent net initial yield.
The property comprises 180,000 square feet and ten retail units.
Since purchase, lettings to Boots and Pets at Home have completed.
Victoria Retail Park was the first acquisition made by HSBC Specialist Investments’ regulated subsidiary, HSBC Specialist Fund Management, acting on behalf of the HSBC European Active Real Estate Fund, and was completed in July 2009.
The fund invests in value added real estate in target countries throughout Europe. The fund was raised in 2009 with
SL Capital Partners, a private equity fund of funds manager, has held the final close of its European Strategic Partners 2008 fund.
The fund was capped at EUR700m, exceeding its original EUR500m target.
ESP 2008, SL Capital’s 15th fund of funds, will invest in Western European buyouts, combining primary fund investments, direct co-investments and secondaries.
The fund has already made primary and secondary investments in nine funds and completed four direct co-investments.
In common with SL Capital’s last four fundraisings, the final close was capped at EUR700m due to excess investor demand.
Over 50 new and returning investors committed to
IBM has entered into a definitive agreement to acquire Netezza, a provider of business analytics based in Massachusetts, in a cash transaction at a price of USD27 per share or at a net price of approximately USD1.7bn, after adjusting for cash.
Netezza is expected to expand IBM’s business analytics initiatives to help clients gain faster insights into their business information, with increased performance at a lower cost.
The acquisition, which is subject to Netezza shareholder approval, applicable regulatory clearances and other customary closing conditions, is expected to close in the fourth quarter of 2010.
Netezza is a provider of high-performance
immatics biotechnologies, a biopharmaceutical company developing advanced therapeutic vaccines that are active against cancer, has raised EUR53.8m in a series C financing round.
The new funds will allow the company to finance the ongoing development of immatics’ existing pipeline of advanced therapeutic cancer vaccine candidates.
In particular, it allows the company to perform a Phase III pivotal trial of its lead product IMA901, which in data reported in June at ASCO demonstrated the potential to confer an overall survival benefit in patients with advanced renal cell carcinoma.
The series C round was supported by both existing and new investors. Approximately
Institutional Venture Partners, a later-stage venture capital and growth equity firm, has promoted Melanie Chladek to administrative partner and chief financial officer.
She is responsible for managing the firm’s financial, operational and administrative activities.
Chladek was instrumental in the closing of Institutional Venture Partners XIII, a USD750m later-stage venture capital and growth equity fund, in August.
“Melanie has been an essential part of IVP since 2000. She has managed the growth of our facilities, personnel and funds under management with tenacity and grace and is an essential and valuable part of our organisation,” says Steve Harrick, general partner of IVP.
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