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China Minsheng Banking has entered into a partnership with investment and technology development firm D. E. Shaw Group.
Under the partnership, both sides will launch cooperation in the fields of investment strategy and Renminbi private equity.
Established in 1988, D. E. Shaw Group focuses on investing in major industrial countries and emerging markets around the globe. With branches spreading in North America, Europe and Asia, it has invested approximately USD22bn. In recent years, it has attached more importance to the Chinese mainland.
Minsheng Banking has dedicated itself to establishing a private equity financial service platform, providing services such as charging
Castle Harlan’s president Justin Wender has resigned from the firm and its associated companies, effective immediately.
The New York private equity investment firm has appointed Howard Morgan and Bill Pruellage, two of its senior managing directors, as co-presidents.
Morgan and Pruellage will assume all the responsibilities formerly handled by Wender.
Castle Harlan says: "This management realignment is an important step in the evolution of the leadership of our firm and partnership. Morgan and Pruellage have 40 years of combined investment experience. In addition to sharing the role of President, Morgan and Pruellage will continue to actively lead investments for the
Wellspring Capital Management has acquired Jen-Coat, a flexible packaging manufacturer in the food, healthcare and industrial segments, from CGW Southeast Partners.
Wellspring Capital Management has acquired Jen-Coat, a flexible packaging manufacturer in the food, healthcare and industrial segments, from CGW Southeast Partners.
Jen-Coat is the first subsidiary of a new holding company formed by Wellspring and industry executive Harold Bevis.
Financial terms of the transaction were not disclosed.
Bevis will serve as chairman and chief executive officer of the new holding company. Bevis has led three private equity backed build-ups. He most recently served as chief executive of Pliant, a
Investment company Eurazeo entered into an initial one-week period of exclusive negotiations with Carlyle on 31 July for the divestiture of its B&B Hotels chain.
With the fulfilment by Carlyle of certain financing conditions, negotiations are continuing under a renewed period of exclusivity.
The transaction is expected to be finalised by 12 October 2010, after consultation with employee representatives and subject to customary conditions including approval by competition authorities.
The transaction would occur on the basis of an estimated enterprise value at closing of EUR485m.
B&B Hotels is a hotel chain positioned at the high end of budget hotels. As
Yorkville Advisors, the investment manager to YA Global Master SPV, has entered into an equity financing in Israel by closing a USD10m standby equity purchase agreement with Orckit Communications.
Orckit is a dual listed Nasdaq and Tel Aviv Stock Exchange company that facilitates telecommunication providers’ delivery of high capacity broadband residential, business and mobile services over wireline or wireless networks.
The transaction represents Yorkville’s sixth equity financing in Israel and the third in Israel’s technology sector. Yorkville’s funds have also completed financings in the Israeli real estate and healthcare sectors.
Pioneered nine years ago by Yorkville Advisors, a standby equity
Private equity firm Avista Capital Partners’ wholly-owned entity ACP II Marcellus has agreed to sell approximately 52,200 net acres of its Marcellus Shale mineral rights in Pennsylvania to a subsidiary of Reliance Industries for USD326.6m in cash.
Upon completion of the sale of its Pennsylvania acreage, Avista, through ACPM, will continue to hold a direct interest in approximately 70,000 net acres in the Marcellus Shale region primarily in West Virginia and New York.
This acreage will continue to be developed in partnership with Carrizo through ACPM’s existing joint venture.
Avista’s joint venture partner, Carrizo Oil & Gas, will also sell
The Blackstone Group has appointed Dr Robert Galvin as chief executive officer of Equity Healthcare.
Equity Healthcare is Blackstone’s health management programme which aims to improve quality and contain costs in providing healthcare to the employees and their families of private equity portfolio companies.
Currently Equity Healthcare encompasses 34 companies, the combined healthcare spending of which exceeds USD2bn annually.
Before joining Blackstone, Galvin was executive director of health services and chief medical officer for General Electric for 15 years. There he was in charge of the design and financial and clinical performance of GE’s health programmes. He was also responsible
The financial services industry in the Cayman Islands has rejected claims by a US business group that low or no-tax jurisdictions hurt the US economy because they encourage tax evasion.
"The deliberate misrepresentation of lawful tax structuring as illegal tax evasion should be a source of real concern to the US Congress and the public it represents," Cayman Finance chairman Anthony Travers wrote in an open letter.
The US business group, called Business and Investors against Tax Haven Abuse, is endorsed by Senator Carl Levin. Levin was a co-author (along with then-Senator Barack Obama) of the Stop Tax Haven Abuse
The move by BlueCrest Capital Management, one of Europe’s largest hedge fund managers, to shift its headquarters from London to Guernsey has encouraged industry members who see signs that asset management activity in the island is set to grow.
They say active wealth management operations have been carried out in Guernsey for many years and the trend toward actually basing asset management there is being encouraged by increased regulatory scrutiny of the investment management business as well the island’s attractiveness as a jurisdiction.
“Serious businesses are being attracted to Guernsey, and as an island we should be enormously
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