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Ares Capital says all four independent proxy advisory firms have recommended that its stockholders vote in favour of the proposals for its pending merger with Allied Capital to be voted on at its special meeting of stockholders on 26 March 2010.
The proxy advisory firms issuing reports are RiskMetrics Group, Glass Lewis, Proxy Governance, and Egan-Jones Proxy Services.
The reports recommend a vote for the issuance of Ares Capital shares in connection with the merger as described in the joint proxy statement/prospectus.
The reports also recommend a vote for the adjournment of the Ares Capital special meeting, if necessary or
Brilla Group, a real estate private equity firm focused on acquiring luxury beachfront hotels and resorts in South Florida, the Caribbean and Mexico, has acquired Richard J Cotter & Associates, a boutique hotel consulting group.
The consulting group is led by veteran hotel asset manager, Richard J. Cotter, who joins Brilla as executive vice president of asset management.
"This acquisition along with the addition of Richard to our executive team adds tremendous value to our company and existing hotel portfolio. Over the past 18 months, we have aggressively taken advantage of market conditions to acquire more thaneight8 hotel projects, Richard
Starwood Capital Group, TPG Capital and Five Mile Capital Partners have reached an agreement to invest up to USD905m in Extended Stay Hotels as part of a recapitalisation plan that would allow the hotel chain to emerge from bankruptcy.
The proposal, which was filed with the US Bankruptcy Court, Southern District of New York, would allow Extended Stay, which would be valued at approximately USD3.9bn post-transaction, to emerge from bankruptcy with a stronger balance sheet, reduced debt load and significant cash reserves to invest in its properties and operations.
The Extended Stay board of directors has determined the offer is
Parafin and a private equity firm have both signed a term sheet whereby the private equity firm, based out of Wilmington, Delaware, will commit to purchase up to USD6m of shares of common stock of Parafin.
The investor is a private equity firm that invests capital into companies in the emerging markets.
It has invested in over 100 public and private companies in various sectors including oil and gas, communication, arts and entertainment, services and medical sectors.
Sid Fowlds, the chief executive of Parafin, says: "Once the final agreements have been executed, Parafin plans to immediately begin the 3-D re-processing
Arsenal Capital Partners, a New York-based private equity firm, has entered into a definitive agreement with Eastman Chemical to sell its portfolio company Genovique Specialties, a provider of benzoate plasticizers.
Genovique Specialties is a producer of benzoic acid, sodium benzoate and specialty plasticizers that are performance based solutions for the adhesives and sealants, coatings, and PVC markets.
The company has benzoate esters manufacturing capabilities in North America, Europe and Asia.
Tim Zappala, chairman of Genovique and a partner of Arsenal Capital who co-heads the firm’s specialty chemicals and materials practice, says: "We are very pleased with the progress Genovique has
Hercules Technology Growth Capital, a finance company providing venture debt and equity to venture capital and private equity-backed technology and life science companies, has acquired all of the assets of Spa Chakra via its newly formed entity Spa Chakra Acquisition.
Spa Chakra is a provider of health and wellness care that integrates conventional and holistic methods of care and treatment.
Under the new organisation, Spa Chakra Acquisition, Spa Chakra will continue to operate and maintain all normal business operations, both domestically and internationally.
“We have worked very hard over the course of the last few months to ensure the long
QVT Financial’s QVT Fund has filed petitions for an injunction against Galatasaray Sportif, as well as the individual members of Sportif’s board of directors, in order to prevent Sportif from completing what QVT views as an illegal merger with Sportif’s majority shareholder, Galatasaray Spor ve Futbol.
QVT Fund is the largest minority shareholder in Sportif, currently holding approximately 17.7 per cent of the public stock.
Dan Gold, chief executive officer of QVT, says: “Sportif must not be permitted to misappropriate the value of the investment of minority shareholders through a coercive tender offer, at an egregiously low price, on
Private equity firm OpenGate Capital has acquired Philips Business Communications, a provider of telecommunication and data solutions in Brazil.
The business was acquired from healthcare and technology enterprise Philips for an undisclosed amount.
The transaction is the first South American investment for OpenGate Capital.
OpenGate bought 100 per cent of the Brazilian entity and will partner with existing management to further grow and expand PBC’s 40-year foothold in the telecommunications market in Brazil.
Philips has divested from its other non-core telecommunications divisions.
“With a solid market position, renowned brand and a large installed base of premier customers, PBC in Brazil
General Atlantic, a growth equity firm, has taken a significant equity position in Asian Genco, an infrastructure company which has investments in power generation assets in India and in engineering services businesses.
GA has made its investment as part of a USD425m investment by a consortium of investors, which also includes Morgan Stanley Infrastructure Partners, Goldman Sachs, Norwest Venture Partners, Everstone Capital and PTC India Financial Services.
The goal is to create Asian Genco as one of the leading power generation platforms in India.
The funding will help Asian Genco to bring its existing power projects under construction to
Private equity firm Bowmark Capital is backing the GBP48m management buy-out of Leaders, a UK residential lettings and property management agency, from property investment and development business RO Group.
The buyout team is led by Leaders’ managing director Paul Weller (pictured right), who has been with the company for 17 years.
The UK lettings market is worth around GBP2.5bn a year, and is growing strongly due to the increasing demand for rental properties.
Leaders was founded in 1983 and now comprises 42 branches across the south of England, managing more than 15,000 properties for around 13,000 landlords.
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