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A survey of European ABS investors published by Bishopsfield Capital Partners reveals a positive consensus supporting increased issuance in the asset backed securitisation public market.
The survey of 26 investment managers and investment advisers active within the European ABS market shows that caution among issuers and arranging banks for new public issuance does not extend to investors.
Sixty two per cent of respondents believe new issuance will be higher over the next 12 months than in the past year, while 80 per cent believe new issues will achieve stable or tightened credit spreads.
Given the spread range on three to
The Chicago Corporation, an independent investment banking firm focused on serving middle-market companies, has appointed John A. "Jack” Wing as chairman emeritus.
Wing served as chief executive officer and chairman of the board for The Chicago Corporation from 1981 until 1997 when the original company was sold to ABN Amro.
Several former members of The Chicago Corporation, along with a team of investment bankers and executives from a variety of industries, re-established The Chicago Corporation earlier this year to provide middle-market companies with a range of financial and corporate advisory services including mergers and acquisitions, debt and equity capital raising,
European Fund Administration had a turnover of EUR63m in 2009, a 2.5 per cent rise on 2008, after tax profits amount to EUR5.1m ensuring a return of 38.2 per cent on subscribed capital after tax.
As at 31 December 2009, EFA had EUR83.2bn of assets under administration, held by 2,450 funds on behalf of 226 clients.
The number of clients in 2009 was 13.6 per cent higher than in 2008. Turnover from EFA’s direct clients rose 15 per cent. At the end of 2009, they accounted for 29 per cent of the turnover and 41 per cent of the total
Private equity firm Risk Capital Partners has taken a majority stake in DWS Bodyworks, a crash repairer in London.
DWS repairs passenger cars and light commercial vehicles for insurers from 15 bodyshops located around the M25.
It services almost all the major UK insurance underwriters, and carries out roughly 50,000 vehicle repairs a year.
Risk Capital Partners has partnered with Steve Field, DWS chief executive, to take control of the business from Dave Smithyes, who founded DWS 26 years ago and will remain as a director and minority shareholder.
Field says: “I am delighted to partner with Risk Capital to
Amalgamated Capital, a recently formed division of Amalgamated Bank, has served as co-lead arranger for a USD25m senior secured credit facility in support of the acquisition of Wheaton Industries by PNC Equity Partners II.
Amalgamated Capital provides cash flow-based senior debt financing to support investments made by private equity sponsors in high quality, lower middle market companies.
Based in Millville, New Jersey, Wheaton is a provider of containers, laboratory ware and instrumentation to the laboratory, life sciences, diagnostics, and reagent/chemicals packaging markets.
PNC Equity Partners is a private equity firm managed by an affiliate of The PNC Financial Services Group.
Financial services firm Cowen Group has appointed Kevin Raidy as head of Cowen’s private equity capital markets group.
Raidy will be responsible for the origination and execution of all private capital raising transactions, including registered directs and PIPEs.
He will be based in New York and report to Scott Ryles, head of investment banking for Cowen.
"As we continue to expand our equity capital markets platform, I am very pleased to welcome Kevin in this new role," says Ryles. "Kevin’s deep experience in both the buy and sell-side of the industry will have an immediate incremental impact on our equity
Charles River Ventures, an early-stage venture capital firm, has invested in the USD35m series B financing round for TerraPower.
TerraPower is a Washington-based company developing new options for nuclear energy production.
Khosla Ventures also joined in the round for this three-year-old company that counts Intellectual Ventures co-founder Nathan Myhrvold and investor Bill Gates among its supporters.
Izhar Armony (pictured), general partner at Charles River Ventures and TerraPower board member, says nuclear energy is going to play a significant role as one of the few carbon-free sources for baseload power in the future of the US and the world. The US
Precise Media Group, the media intelligence group owned by UK mid-market private equity firm Phoenix Equity Partners, has acquired MediaGen, a provider of media monitoring, analysis and editorial services.
The transaction was funded from Phoenix’s 2006 Fund, rather than the 2010 Fund which Phoenix recently closed.
MediaGen, whose client base includes the largest broadcasters and media groups in the UK, is the second bolt-on acquisition that Precise has completed since it bought the business in late 2006, having completed the acquisition of AMI, a forward planning business, in 2007.
Keir Fawcus (pictured), managing director of Precise, says: “MediaGen is a
A group of investment banking veterans has launched Intrepid Investment Bankers, an advisory firm headquartered in Los Angeles, California.
The Intrepid team brings over 100 years of mergers and acquisitions advisory experience from their prior roles as principals at Barrington Associates, a firm they built into a national middle market M&A adviser before its acquisition by Wells Fargo in 2006.
Intrepid’s senior professionals include long-time Barrington Associates veterans Jim Freedman, Mike Rosenberg and Ed Bagdasarian. Joining as partners are Gary Rabishaw, Adam Abramowitz and Jeremiah Mann, each of whom worked for over a decade at Barrington Associates.
Intrepid’s services will
IK Investment Partners, a Pan-European private equity firm, has agreed with the owners of Agros Nova, ITR Investment Partners, to acquire a majority stake in the company.
Agros Nova is a diversified food and drink company in Poland. Terms of the agreed sale are not disclosed.
Headquartered in Warsaw and employing a total of around 2,300 staff, Agros Nova is a top three player in all three of its operational business segments, comprising fruit and vegetable preserves, ready-made food and non-carbonated beverages. The company currently operates four modern manufacturing plants in central Poland.
For the financial year ended December 2009,
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