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Atlas and Phoenix Services International have finalised a financing arrangement with Olympus Partners to provide USD15m of additional capital to Phoenix in the form of subordinated debt to fund the growth of the company.
Atlas, an industrial holdings company, says the financing provides incremental growth capital and better aligns the objectives of all the shareholders of Phoenix.
Facilitated by the financing, Phoenix recently signed a ten-year contract with Gurex Ferrochrome in Poland to process an old slag bank and recover low-carbon and high-carbon ferrochrome.
Phoenix also expects to finalise a new contract with ArcelorMittal to provide steel mill services to
Maranon Capital has held the final close of Maranon Mezzanine Fund at USD207m.
In combination with Maranon Senior Notes, Maranon now has approximately USD557m of committed capital under management.
“We are extremely pleased with the successful close of the Mezzanine Fund,” says Tom Gregory, managing director and co-founder of Maranon Capital. “In a very challenging fundraising environment, we garnered significant interest from top tier institutional limited partners. We are grateful for their support and look forward to building a long and mutually rewarding relationship with each of them.”
Limited partners in the Mezzanine Fund include public and corporate pension plans,
Guernsey is becoming home to an increasing number of green funds, according to Andrew Boyce, partner at law firm Carey Olsen.
He believes that Guernsey has adapted to the global economic crisis by finding new markets, such as funds with a green or cleantech focus.
“This ability to seek out new markets means Guernsey is one of the first offshore jurisdictions to see a real evolution in the concept of ethical investing,” says Boyce.
“The idea of investing ethically is nothing new but now a growing number of investors are seeking more from their investments, making the impact on the
Abingworth, an investment group focused on life sciences and healthcare, has made a growth equity investment in Secure EDI.
The recapitalisation will provide some liquidity for early investors in the company as well as provide additional equity capital for investment in the business and additional acquisitions.
Abingworth is partnering with current management led by chief executive Barry Byrd to continue to build the company.
Secure EDI, based in North Carolina in the US, is a healthcare transactions integrator, creating electronic interfaces between medical and dental providers and payers. The company’s suite of web-based services increases efficiency and helps to
Private equity firm Advent International has added Kevin Beeston to its operating partner programme.
Beeston will work with Advent to identify investment opportunities in the business services and related sectors whilst also continuing in his role as chairman of Advent’s portfolio company, Domestic & General, a provider of post point-of-sale extended warranty services.
Beeston is stepping down as chairman of Serco Group in May 2010, having previously served as the group’s chief executive and finance director during his 25 year career with the company.
Beeston is also chairman of Partnerships in Care, an independent provider of mental health services in
Law firm Clifford Chance has elected 22 lawyers to its partnership, including three from the US.
Avrohom Gelber, Gareth Old and Jason Young all work in the firm’s New York office.
“We are happy to welcome these outstanding attorneys into our partnership," says Craig Medwick, regional managing partner for Clifford Chance in the Americas. "Avrohom, Gareth and Jason have distinguished themselves as excellent lawyers who have earned the respect and trust of clients and colleagues. Their appointments reflect our continuing investment in the US firm, and we expect them to help us continue driving growth in the Americas region."
Gelber
Golub Capital BDC, a business development company that is publicly traded on the Nasdaq Global Select Market, has elected John T. Baily to its board of directors.
Baily (pictured) has more than three decades of experience in the accounting industry and a substantial background in insurance industry matters.
Baily currently serves as a member of the board of directors of RLI, Endurance Specialty Holdings, and NYMagic. He was elected to serve as a director to these companies in 2003.
From 1999 until his retirement in 2002, Baily was the pPresident of Swiss Re Capital Partners. Prior to this, he was
MicroGenix Manufacturing has signed an agreement with Auctus Private Equity Fund for a USD35m drawdown line of credit to be used primarily to facilitate the company’s acquisition programme.
Auctus has committed to purchase up to USD35m of the company’s common stock on an "as-needed" basis for 36 months after a proposed registration statement of the common stock is declared effective by the Securities and Exchange Commission.
Upon the effectiveness of the line of credit, MicroGenix would be entitled to request up to USD150,000 per drawdown, subject to certain conditions and limitations.
Auctus Private Equity Fund is a private equity fund
Mourant du Feu & Jeune lawyers Kate Storey and Lionel Woodward have been promoted to senior associate.
Guernsey-based Storey (pictured) qualified as an English solicitor in 2000 and prior to joining Mourant was a senior associate at Cobbetts in Manchester where she gained experience of corporate and commercial transactions and was also seconded to the in-house legal function at Matalan.
She joined the Guernsey office in January 2007 as a member of the finance and funds teams and qualified as a Guernsey advocate in July 2009.
Woodward, based in Jersey, joined Mourant in February 2006 after five years practice in
Alvarez & Marsal, a professional services firm specialising in performance improvement, turnaround management and business advisory services, has added Jeff Schlosser, former national partner-in-charge of the business due diligence group with KPMG, to its private equity services operations group as a managing director.
He is based in New York.
Schlosser (pictured) brings 15 years of operational improvement, corporate advisory and merger and acquisition experience focusing on assisting private equity firms with due diligence and post-acquisition performance improvement.
Over the last three years, he has worked with more than 150 portfolio companies sourcing more than USD750m in goods and services—creating over
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