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A compliance and corporate governance service called Dextra has been launched to support company secretaries and their boards.
Dextra is a trading division of Dexion Capital (Guernsey) and will provide independent reviews of corporate governance, compliance and regulatory matters, company secretarial and company administration services for clients.
The new venture is headed up by Anne Ewing and Carol Kilby (pictured) and supported by a eam with over 50 years’ combined technical industry experience.
Ewing has extensive knowledge of the financial services industry across the banking, insurance, asset, and fund management and regulatory advisory sectors. She joined Dexion Capital (Guernsey) as
Private equity firm Advent International has sold Poundland, Europe’s largest single price discount retailer, to private equity firm Warburg Pincus.
The value of the transaction was undisclosed.
Founded in 1990, Poundland is a general merchandise retailer which offers branded and own-label products across a broad range of categories, including health and beauty, household products, food, occasions and entertainment, all at the single price point of GBP1.
The company currently serves almost three million customers a week and is forecast in 2011 to generate revenues in excess of GBP700m.
Advent acquired Poundland in June 2002 having led a management buyout. During
Conor Venture Partners, a Finnish early-stage technology venture capital firm, has held the EUR46.5m first closing of its second early-stage venture capital fund.
Operating from Finland and following in the footsteps of Conor’s first fund, the new fund will invest in early-stage technology centric companies rooted in the Nordics and Baltics.
Conor Technology Fund II investors at first closing include the European Investment Fund, Finnish Industry Investment, Etera Mutual Pension Insurance Company, Veritas Pension Insurance Company and Atine Investment Partners.
“We are very proud to announce our second fund at a size well above its original first closing target,” says
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
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