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Wrap Film Systems, one of the largest cling film and aluminium foil converters in Europe, has acquired the business of competitor Baco Consumer Products from US based Reynolds Consumer Products in an off-market deal.
Wrap Film Systems was backed by Growth Capital Partners in 2007 in a GBP21m buyout
Adrian Brown, managing director of Wrap Film Systems, says: “A household name, Baco Foil is viewed by consumers as a premium quality product. This acquisition gives WFS access to the only recognised retail brand. We have a number of products which will develop the Baco name and reputation, providing us with
Private equity firm GI Partners has acquired Shirebrook Care Group, a bolt-on acquisition to its portfolio company Care Aspirations.
The deal, valued at approximately GBP20m, will double the size of the existing business.
With facilities located in the Derbyshire, Nottinghamshire and South Yorkshire, Shirebrook Care Group offers a full range of services for adults with severe learning disabilities including continuous care, respite care and day care services.
Following the acquisition, Care Aspirations will support around 500 individuals. The combined group will employ over 600 people.
The acquisition of Shirebrook is being funded out of GI Partners Fund III which recently
The return of M&A deal-making which began to accelerate towards the end of the third quarter this year has continued into the final quarter, where USD575bn worth of deals have been announced so far, according to a report by mergermarket.
Quarter four looks set to be the largest value by quarter since the third quarter of 2008.
Overall activity for the year is 30 per cent down from 2008, a percentage which has improved steadily over the course of the year.
While US M&A activity continues to dominate the global scene, the Asia-Pacific region is the only market achieving close
HM Revenue & Customs has clarified what constitutes a bank following its announcement on 9 December that it will be implementing a bank payroll tax.
According to Kinetic Partners, HMRC has confirmed that the bank payroll tax is aimed at retail and investment banks and to banking groups and does not apply to non-banking companies outside of banking groups.
The guidance published states that insurance companies, asset managers and stockbrokers, for example, are not intended to be caught.
While draft legislation is not expected until the New Year, HMRC has confirmed that the definition of a bank and banking
CDC Group, the UK’s development finance institution, has committed invest over USD100m in two sub-Saharan Africa focussed private equity funds.
The funds will invest in promising businesses across a range of African countries.
The new commitments made by CDC are with fund managers Helios Investors in their Helios Investors II fund, and with Development Partners International in their African Development Partners fund. The commitments are USD75m and EUR20m respectively.
The commitments with Helios and DPI bring CDC’s total investment commitment in 2009 in Africa focused funds to over USD150m. In addition, CDC also invested USD75m this year
Microdata Telecom Innovation is raising SEK10m from venture capital firm InnovationsKapital and existing shareholders through an equity issuance.
Microdata Telecom is currently expanding internationally to address a rapidly growing global market for Microdata Advanced Site Solutions in the mobile infrastructure market.
"Through this equity infusion, we are able to further expand our marketing and sales internationally with our portfolio of state of the art radio products within advanced site solutions," says Mats Gustavsson, chief executive and co-founder of Microdata. "We believe that InnovationsKapital will be a valuable partner as we grow the company."
"Microdata is led by an impressive team
LDC, the private equity arm of the Lloyds Banking Group, has invested in Aberdeen-based subsea construction company Subocean Group.
Subocean, which is now one of the largest providers of services to the marine renewables sectors in Scotland and the UK, will use the investment to double the business in two years and achieve a turnover of GBP300m by 2014.
The company secured LDC’s GBP17m equity investment as part of a GBP42m fundraising in one of Scotland’s biggest private equity deals this year. LDC has a significant minority stake, valuing Subocean in excess of GBP75m.
Subocean managing director and shareholder John
Investors who are looking for opportunities in India in 2010 should consider the infrastructure sector, says Nitin Jain, principal fund manager – long only strategy at Kotak Mahindra UK.
The current financial year has so far been the best year for Indian equities since 1991, despite the country being faced with a combination of the credit crisis in the first half and a very poor monsoon season.
Despite this, between July and September, GDP growth was recorded at 7.9 per cent.
Kotak Mahindra believes that a renewed government focus on infrastructure and the rural economy and continued buoyancy in the
The Irish Funds Industry Association has welcomed new legislation passed by Seanad Éireann, the upper house of the Irish parliament, which will enable investment funds to re-domicile to Ireland simply and efficiently.
The Companies (Miscellaneous Provisions) Act 2009 provides a clear framework designed to address and minimise the challenges currently experienced when re-domiciling a fund.
The legislation has been drafted to specifically allow a fund structured as a corporate entity in another domicile to re-register in Ireland with its original corporate identity retained, ensuring continuity of activity and continuation of arrangements.
In addition, the legislation simplifies the considerations involved when
Oclaro has acquired Xtellus, a designer and manufacturer of liquid crystal-based dynamic optical modules and components for dynamic DWDM networks.
Oclaro is a designer and manufacturer of integrated optical components, modules and subsystems for fibre optic communication networks.
Under the terms of the agreement, the share holders of Xtellus will receive Oclaro’s common stock worth USD33m, a portion of which will be held in escrow for 18 months to support Xtellus’ indemnification obligations to Oclaro.
The agreement also provides for a value guarantee under which stockholders of Xtellus could receive up to USD7m in additional consideration if Oclaro common stock
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