The merger and acquisition deal activity in the global transportation and logistics sector was strong in the second quarter of 2010, according to reports from PricewaterhouseCoopers. The pace of quarterly deal activity generally remained above the post-bubble lows of 2009. In Q2 2010 there were 29 announced deals, a quarterly total that far exceeds the pace of 2009, for a total announced deal value of USD13.1bn. The M&A activity in the global industrial manufacturing industry showed marked improvement from the first quarter of 2010, with an increase in both deal volume and value in the second quarter of 2010. There

HarbourVest Global Private Equity had an estimated economic net asset value of USD727m or USD8.76 per share at 31 July 2010.  This represents a 2.5 per cent increase from the 30 June 2010 estimated economic NAV per share of USD8.55.   This change resulted from positive foreign currency movement, increases in the values of publicly-held securities, and a valuation increase related to the May 2010 acquisition of Shenzhen Development Bank by Ping An Insurance Group. HarbourVest’s direct fund and fund of funds holdings continue to reflect predominantly 31 March 2010 valuations. HarbourVest funded or accrued USD9.4m of capital calls in

Irving Place Capital, a middle-market private equity firm, has agreed to acquire Pet Supplies Plus, the third largest pet retailer in the US. Irving Place Capital will be investing in partnership with Pet Supplies Plus’ chief executive Harvey Solway, chief operating officer Dominic Buccellato and chief financial officer Richard Valade. The transaction is expected to close in the third quarter of 2010. Founded in 1988, Pet Supplies Plus currently operates 240 franchised stores in 22 states, primarily in the Midwest, Southeast and Northeast. Following the transaction, 92 stores will be converted to company-operated stores, with the remaining stores continuing as

The substantial withdrawal of bank finance seen over the course of the last three years has created a financing vacuum in the UK corporate lending market, and constrained lending practices continue to frustrate business leaders and entrepreneurs.  The downturn, which commenced in 2007 and which has had such an impact on the financial services industry, has led to a fundamental erosion of trust and confidence, and investors are today seeking a differing quality of engagement, new structures and new products.  This new paradigm is creating significant investment opportunities for private capital, according to Cresco Capital. Founded by equity and lending

Lawyers from Carey Olsen’s corporate team have provided Guernsey legal advice to Raven Russia, a commercial property investment company, on its move from AIM to the London Stock Exchange’s main market. Raven Russia is an investment company specialising in commercial real estate in Russia. The company is focused on the acquisition and development of class A warehouse complexes in the major cities across Russia, and their subsequent leasing to Russian and international tenants. The Carey Olsen team was led by corporate partner Ben Morgan, who was assisted by senior associate Geoff Ward-Marshall. Ward-Marshall says: “We have advised on numerous migrations

KPS Capital Partners’ portfolio company North American Breweries has acquired Independent Brewers United through an indirect wholly owned subsidiary. The acquisition is the fourth by North American Breweries since its formation. Financial terms of the transaction were not disclosed. Independent Brewers United is one of the largest craft brewers in the US and its Magic Hat brand has been one of the fastest-growing craft brewers every year since 2005. The company produces, markets and sells the complete line of the Pyramid, Magic Hat and MacTarnahan’s brand families of beer. It operates three breweries and six retail locations located in Vermont,

An affiliate of Los Angeles-based private equity firm Aurora Capital Group has reorganised and acquired a majority ownership position in Lexington Precision. Lexington manufactures tight-tolerance rubber components for use in medical, automotive and industrial applications. Medical products include injection sites for intravenous feeding systems, plunger tips for syringes and seals for minimally-invasive surgical instruments. Automotive products include seals for wiring systems and insulators for original equipment and aftermarket ignition wire sets. Steve Martinez, managing director of Aurora Resurgence, says: "We are pleased to partner with Lexington’s management team to capitalise on the company’s exceptional engineering, manufacturing and materials-formulation capabilities." Michael

Channel Islands law firm Carey Olsen has advised Bellzone Mining on its listing on the Alternative Investment Market of the London Stock Exchange. Bellzone is a Jersey registered holding company for a group of companies with large scale iron ore deposits and exploration assets in Guinea. The company, which was founded in November 2007, aims to become a significant iron ore producer in Western Africa. Proceeds raised from the placing accompanying the listing are to be used further to develop its assets and complete the long lead stages of a bankable feasibility study at its Kalia Iron Project in Guinea.