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DX Group, the UK and Ireland’s largest independent mail and courier company, has agreed to a capital refinancing and a management buy-in led by Petar Cvetkovic and David Hoare.
DX Group’s main shareholder, the private equity house Candover Partners, as manager of the Candover 2005 Fund, is to inject fresh equity of GBP15m.
Cvetkovic and Hoare are respectively the former chief executive and chairman of Target Express, the express delivery business.
Effective from 12 April, current chairman David Mitchell will hand over the reins to Hoare. Chief executive John Coghlan will resume his previous position of non-executive director and hand
New York-based private equity firm Hudson Ferry Capital has made an investment in Mason Dixon Energy, the largest provider of land services to oil and gas companies east of the Mississippi.
Mason Dixon Energy provides the following land services for its clients in the exploration and production, pipeline and electrical power distribution industries: acquisition of leases, surface rights and rights of way as well as related title research, title abstracting and title curative services.
The investment also marks the promotion of Asa Bowers, formerly vice president, to president of Mason Dixon Energy. In this role he will be responsible for
BNY Mellon Asset Servicing has been named custodian by The Ohio State University for its Long-Term Investment Pool.
BNY Mellon will provide custody and accounting for more than USD1.9bn in endowment assets.
It will also deliver its suite of performance and risk analytics services and complete administrative support for the university’s private equity programme to help officials manage and analyse alternative investments.
The Ohio State University has more than 4,000 endowment funds that provide student scholarships, support outstanding teachers and researchers, fund new facilities, and sustain a myriad of other purposes.
Endowed gifts to Ohio State are invested in the
Providence Equity Partners, a private equity investment firm specialising in media, entertainment, communications and information companies, has appointed Charles E. Gottdiener as a managing director focused on the firm’s portfolio management activities.
Gottdiener joins Providence from Dun & Bradstreet, a source of commercial information and insight on businesses, where he was president, corporate development and chief strategy officer.
In this role, he was responsible for advancing D&B’s long term corporate strategy, including acquisition and partnership opportunities.
Gottdiener was also a member of D&B’s global leadership team.
“Charlie brings a tremendous track record of assisting a wide variety of companies in
Emerald Creek Capital, a private equity fund specialising in bridge loans, has funded a USD3.8m loan in Manhattan, New York.
The property, a 7,000 square foot historic brownstone located in Manhattan’s West Village, currently houses two tenants.
The loan enabled the borrower to satisfy the expired mortgage as well as cash out additional proceeds.
Feeling pressure from the bank to satisfy his debt, the borrower came to Emerald Creek for a quick closing. Emerald Creek Capital performed its due diligence and approved the loan within three weeks.
Managing partner Mark Bahiri says: "Although the economy has started to improve, commercial
Genstar Capital, a middle market private equity firm that focuses on investments in the life science, healthcare services, software, financial services and industrial technology industries, has appointed Robert J. Sheehy as an operating partner and member of its strategic advisory board.
Sheehy served with UnitedHealth Group for more than 20 years, from 1986 to 2008, becoming chief executive in 2000.
In 1986 he had his first large regional role as president and chief executive officer, Lincoln National/UnitedHealthcare Ohio, Kentucky, and Tennessee and over the next 12 years he held various multi-state and single-state responsibilities in the Midwest principally around the
Better Capital says the Becap Fund has completed its second acquisition by backing the management buyout of the UK business of Reader’s Digest in a transaction valued at GBP13m.
The management team will be led by Reader’s Digest managing director Chris Spratling.
The business employs 100 people and markets magazines, books, music, video, financial services and healthcare products. It also has a prize draw offering.
The deal aims to secure the future of the business, which went into administration in February 2010 as a result of significant UK pension liabilities.
Reader’s Digest Association has agreed to allow the UK operations
Clayton, Dubilier & Rice has named A.G. Lafley, the former chief executive of Procter & Gamble, as a special partner.
Lafley (pictured) has joined Clayton, Dubilier & Rice less than two months after retiring from the consumer products company after more than 32 years.
Clayton, Dubilier & Rice, a private equity investment firm, is based in New York and London.
According to the report by Associated Press, Lafley stepped down as chief executive of Procter & Gamble after nine years on 1 July 2009. He stayed on as chairman until 1 January when his successor as chief executive, Bob
Growth equity investor Summit Partners has completed its investment of USD30m in India’s seed trading company Krishidhan Seeds.
The minority investment will be used for research and development, technology and product-related acquisitions, international expansion, and company infrastructure.
Krishidhan Seeds develops, produces and distributes proprietary hybrid seeds and selections to Indian farmers.
The company has experienced sales growth of six times over the last five years. It reported consolidated revenues of approximately USD61m for the year ended September 2009 and is on track to generate more than USD88m for the current financial year.
Sushil Karwa, managing director of Krishidhan Seeds, says:
VantaCore Partners has agreed an acquisition financing package consisting of USD100m of equity funding from Trilantic Capital Partners and a USD15m acquisition facility from PNC.
PNC has also provided VantaCore with a USD27m senior secured credit facility.
"We are excited about this significant new source of acquisition financing and adding these two great new partners to our team," says Colin Oerton, VantaCore’s chief executive officer. "These financings provide us with the capital to continue our strategy of purchasing high quality aggregate businesses in the US, following the three successful acquisitions that we have made in Tennessee and Louisiana since mid-2007.
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