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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
Companies backed by private equity investments provide jobs for more than six million Americans, or more than five per cent of all private sector workers, according to analysis by the Private Equity Council.
The report, the first to quantify the scope and scale of private equity employment in the US, also found that private equity investment firms channelled more than USD1trn in new capital into nearly 9,500 US companies during the past ten years.
That amounts to investments of about USD120m per company.
More than 2,500 of the private equity-backed businesses in the US – or 30 per cent –
Origo Partners’ portfolio company Fans Media has established a joint venture with SK Telecom called SK Fans.
SK Telecom is South Korea’s largest telecom service provider.
It offers an extensive portfolio of broadband and mobile value-added services and brands, including CyWorld, South Korea’s largest internet community, and CyWorld China, a social network service and blogging site.
SK Telecom’s contribution to the joint venture will be the CyWorld China business, as well as USD12m in cash, for which it will receive a 51 per cent stake.
Fans Media will contribute all of its assets, including its main internet property www.ifensi.com,
QVT Fund, an approximately 7.15 per cent shareholder of Galatasaray Sportif, says it sought to include in Sportif’s 3 May general assembly meeting agenda measures intended to provide for an open and transparent disclosure of the improper loans and other actions of Sportif’s board of directors.
These included violations of Sportif’s articles of association, directives from the Capital Markets Board and Turkish law.
Accordingly, QVT also proposed a number of remedies to rectify the harm caused to Sportif and its shareholders by such actions and to force Sportif to address what QVT believes to be woefully inadequate corporate governance by
Jerry Haworth, Director, 36 South Investment Managers Ltd, examines the outlook for inflation and explains the forces that are driving economies towards a ‘bad’ inflation scenario.
It has recently been reported that the CPI rose sharply to 3.4 per cent in March, up from 3.0 per cent in February.
This rise is a sign of things to come, and we will see significant inflation in the medium term. As such, investors should be growing increasingly worried about the effect of inflation on their portfolios. Wealth creation will be replaced with wealth destruction and investment strategies that have worked for the last thirty years will
Interactive Data, a provider of financial market data, analytics and related solutions, has entered into a definitive agreement to be acquired by investment funds managed by Silver Lake and Warburg Pincus in a transaction with a total value of USD3.4bn.
The agreement was unanimously approved by the Interactive Data board of directors, taking into consideration the recommendation of the special committee composed solely of the company’s four independent directors.
This special committee was formed as part of the previously disclosed review of strategic alternatives that was conducted by Interactive Data’s board of directors. In addition, Pearson, Interactive Data’s majority stockholder,
Private equity firm Apax Partners has signed a definitive agreement to purchase a majority stake in Sophos, an IT security and data protection provider, from the founders of Sophos and TA Associates, valuing the company at USD830m.
The founders of Sophos will retain a significant minority shareholding.
Sophos provides anti-malware to protect against viruses and spyware; threat management including endpoint firewall, host intrusion detection and prevention; network access control; encryption and data leak prevention.
The company has 100 million users in more than 150 countries, including Cisco, Marks & Spencer, Heinz and Harvard University.
Roy Mackenzie (pictured), a
Virtustream, a privately held infrastructure services firm, has closed out a series A round of equity financing with approximately USD40m in total capital.
Its latest funding comes from Intel Capital, Noro-Moseley Partners and TDFunds.
This completes the series A funding started by lead investors Columbia Capital and Blue Lagoon Capital announced in September 2009.
The funding will be used to support the continued development of Virtustream’s infrastructure and the expansion of the xStream cloud computing platform. Introduced in March, xStream is the first hybrid enterprise cloud platform with guaranteed compute resources across aggregate client workloads whether hosted in the company’s
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