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Investment management firm Ares Capital has closed three debt financing commitments totalling more than USD110m with funded investments at closing of over USD80m.
Ares Capital served as co-lead arranger for the senior secured debt financing for The Paradies Shops, an independent, family-owned and managed operator of over 500 airport retail stores in more than 70 markets across the US and Canada.
The financing was used to support the majority acquisition of The Paradies Shops by financial sponsor Freeman Spogli. Ares Capital committed approximately USD70m in the facility, approximately USD40m of which was initially funded. This transaction represents Ares Capital’s third
At a time of high market volatility, the latest consultation by the Committee of European Securities Regulators (CESR), which closed on 31May 2010, would allow UCITS funds to be twice as risky as the riskiest equity markets, says Peter Ainsworth (pictured), Managing Director of EM Applications, a supplier of investment risk solutions to asset managers and securities firms.
These new rules pose significant risks for investors and could severely damage the reputation of UCITS funds, a globally trusted regime. Furthermore, the range of Value at Risk (VaR) calculated during a year will be at odds with the risk figure published
Julian Thompson (pictured), Head of Emerging Market Equities at Threadneedle Asset Management, outlines his emerging market equity outlook for Brazil.
A recent trip to Brazil confirmed that the “land of the future” is presently booming. Brazil has consistently failed to live up to its promise in previous cycles, with every boom quickly leading to an even deeper bust. However, since 2003, Brazil has been on a virtuous path of debt reduction as the trade surplus generated from selling commodities such as iron ore and soybeans, mostly to China, has been used to build up reserves and reduce the country’s reliance
Vision Opportunity China Fund has invested USD7.0m in China Gerui Advanced Materials Group as part of a USD18.8m financing by private placement.
Founded in 2000 in Zhengzhou City of Henan Province, China Gerui is a steel processing company that manufactures and sells specialty steel products in China.
China Gerui has over 200 domestic Chinese customers in a range of industries, including food and packaging, construction materials, telecommunications and electrical appliances.
In return for its investment, VOC received 1,228,070 shares of China Gerui’s common stock at a price per share of USD5.70.
China Gerui plans to use the net proceeds to
Sfinc, a Benelux-based manufacturer of ingredients for the food processing industry, has merged with the Netherlands-based Jadico group, which operates in the same market.
Founded 25 years ago in Rotterdam, Jadico develops, produces and markets ranges of spices, herbs, sauces and mayonnaise. The company targets different distribution channels, including food service markets via the Apollo brand, snacks, the food processing industry and wholesalers.
The merged entity has combined revenues of close to EUR70m.
Axa Private Equity, the European private equity firm, holds a majority stake in Sfinc. The transaction was completed with the support of Axa Private Equity’s French
Private equity firm The Carlyle Group has submitted a fully financed firm bid to Rocco Giannoni and Joseph Le Mer for the acquisition of Giannoni France, the Brittany-based manufacturer of stainless steel heat exchangers.
The offer has been made in association with Joseph Le Mer, who will retain a 35 per cent stake in the group and remain as chief executive.
Through this partnership, Le Mer and The Carlyle Group are committed to support Giannoni France in developing energy-efficient products while growing its international presence outside Europe.
Established in 1993 by Le Mer and Giannoni, Giannoni France sells its
The board of directors of Edwards has made changes to the company’s executive management, which are designed to build on its current record performance and prepare the company for its next phase of growth.
Nigel Hunton, who has been chief executive for the past four years, will take over the role of chairman with immediate effect.
Matthew Taylor (pictured) will become chief executive officer and David Smith chief financial officer. Taylor and Smith, who previously worked together in senior management positions at Jaguar Land Rover and Ford Europe, bring extensive international leadership experience to Edwards.
Taylor was most
ProGreen Properties has received an additional USD400,000 from EIG Venture Capital as part of the remaining USD500,000 funding due on or before 16 July 2010, pursuant to the private placement agreement dated 22 July 2009.
"These funds further increase our balance sheet and enable us to, more aggressively, pursue our acquisitions of distressed properties in Oakland County, Michigan," says Jan Telander, president and chief executive of ProGreen Properties.
ProGreen has also appointed Bryan Cherkasky as vice president of operations. Cherkasky has experience in the construction field from his previous position at The Richard Group, a building and development company in
Sean Ruhmann has joined Cambridge, Massachusetts-based adviser NEPC as a senior consultant in the firm’s alternative investments research group.
He previously was a vice president of investment banking with Goldman Sachs.
“Throughout his career at Goldman Sachs and Banc of America Securities, Sean has been providing innovative advice to his clients, particularly in the areas of private markets and real estate,” says Erik Knutzen, chief investment officer of NEPC. “We are excited to add a person with Sean’s experience to deepen our research resources.”
Ruhmann joins NEPC’s team of 20 research professionals dedicated to alternative assets and will focus
Starwood Capital Group, a private equity firm focused on real estate and energy, has hired Christopher Keber as director of global capital raising and investor relations.
Keber will lead a group responsible for the investor outreach efforts of the firm, including capital raising, investor relations and marketing.
Prior to joining Starwood, Keber worked in the New York office of the real estate private fund group at Credit Suisse, a private placement group focused on fundraising for private equity vehicles dedicated to real estate.
Previously, he was employed at Trinity Partners/Trinity Capital Advisors, a real estate services and investment firm where,
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