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CVC Capital Partners and Leslie’s Holdings have reached a definitive agreement for funds advised by CVC to invest in Leslie’s, a retailer of swimming pool supplies and related products in the US.
Existing equity holders, including affiliates of Leonard Green & Partners and management, will maintain large ongoing ownership stakes in the business.
Terms of the transaction were not disclosed.
Leslie’s operates 645 company-owned retail stores in 35 states throughout North America and also markets its products through mail order catalogues and an internet store.
Larry Hayward, chairman and chief executive of Leslie’s, says: "We are delighted to have CVC
Less than a quarter of private real estate fund investors made a commitment in the first half of 2010, research by Preqin shows.
Quarter two 2010 saw 20 private equity real estate funds raise an aggregate USD7.3bn, the lowest quarterly fundraising total since Q3 2004.
Forty two per cent of investors plan to commit to a fund in the next 12 months, while 19 per cent would consider doing so.
Of the investors surveyed, 73 per cent are below their target allocation to real estate.
Forty three per cent of active investors are targeting core real estate funds, with 38
NB Private Equity Partners’ unaudited net asset value increased by USD1.8m during the six months ended 30 June 2010 to USD9.50 per share.
This represents an increase of 0.4 per cent compared to the audited NAV per share of USD9.46 at 31 December 2009.
During the first half of the year, NBPE’s private equity investment portfolio had net realised losses of USD2.8m. The portfolio experienced net unrealised gains of USD8.9m associated with privately held investments and USD7.3m associated with credit-related fund investments.
The net unrealised loss for public equity securities was USD2.6m during the period. Investment income, operating expenses
The Alternative Investment Management Association is to engage with US policymakers and supervisors over the implementation of the Dodd-Frank Act.
Aima has set out several key areas of focus ahead of September meetings with US policymakers and supervisors regarding the Act.
These include the registration of hedge fund managers and the reporting of systemically relevant data in the interests of a broader financial stability assessment; how smaller managers may be impacted by the legislation; OTC derivatives; the revised Volcker Rule; potential tax issues; and the goal of global regulatory consistency.
Todd Groome, chairman of Aima, says: “Aima, as the
Private equity firm TA Associates has made a minority investment in Dr Lal PathLabs, one of India’s largest chains of pathology laboratories, by purchasing half of Sequoia Capital’s stake.
Sequoia Capital has been an investor in Dr Lal PathLabs since 2005.
Dr Lal PathLabs was founded in New Delhi in 1949 by Dr. (Major) S.K. Lal as a single laboratory in central Delhi.
Today, the company is one of the country’s largest diagnostic networks comprising two central laboratories, 55 satellite laboratories, 850 collection centres and 2,500 pick-up points.
“Dr Lal PathLabs is an exciting growth story and a highly compelling
Medical device company Stryker has signed a definitive agreement to acquire privately held Gaymar Industries for approximately USD150m in an all-cash transaction.
Gaymar specialises in support surface and pressure ulcer management solutions as well as the temperature management segment of the healthcare industry.
The transaction, which is expected to close by 1 October 2010, is conditioned on expiration or termination of the Hart-Scott-Rodino Antitrust Improvements Act waiting period and other customary closing conditions.
The boards of directors of both Stryker and Gaymar Industries have approved the transaction.
Gaymar Industries was founded in 1956 and has been owned by private equity
Rutland Partners has exchanged unconditional contracts with Wolseley for the acquisition of Brandon Hire.
The consideration will be GBP43m payable in cash on completion subject to normal closing adjustments.
Brandon is a tool and equipment hire business with a national network of 177 depots. It has over 50,000 local trade and smaller business accounts operating in a range of maintenance, building and service sectors as well as national contracts with larger customers.
Brandon is being sold as it no longer fits with Wolseley’s strategic objectives.
The senior management team of Brandon, led by Tim Smith, will remain with the business
Kneip, a service provider to the asset management industry, has acquired Patrimoine TV, an online video producer dedicated to the financial industry.
This acquisition comes shortly after the repurchase of Kneip’s shares from 3i, and supports Kneip’s ongoing strategy in developing video and web TV services for the financial industry.
The addition of Patrimoine TV will enable Kneip to bring a new dimension to its existing video production capabilities and provide a web TV platform for its clients.
Bogdan Kowal, chief executive of Patrimoine TV, says: “Our partnership with Kneip will allow us to expand our capabilities and develop
C.M. Capital has appointed finance and investment veteran Bruce W. Madding as president and chief investment officer.
Madding has had a long career in finance, accounting, investment and asset management, including 22 years with the Henry J. Kaiser Family Foundation in Palo Alto, California, most recently as chief financial and investment officer.
"We are extremely fortunate to add Bruce as President of our executive team," says John C. Couch, chief executive of C.M. Capital. "His asset management skills and financial acumen are well-known throughout the investment community and will be invaluable to our clients, while his leadership and management expertise
Telepo, an enabler of enterprise communication and collaboration software platforms, has secured EUR10m in its B round funding from Investor Growth Capital and existing investor Accel Partners.
It is the biggest software investment this year in the Nordics. Mikael Johnsson, vice president at Investor Growth Capital, will join Telepo’s board of directors.
Telepo will use the funding to fuel geographical expansion and to strengthen the breadth and depth of the Telepo Business Communication Solution.
Telepo chief executive Lars Wahlstrom says: "Telepo has been very successful from its start in 2004. Today, our innovative software enables 16 service providers in five
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