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I2BF, an international cleantech focused investment management group, has appointed David Waserstein as director of investments.
Waserstein joins I2BF from US-based private equity firm Hudson Clean Energy Partners. He was at Hudson from its inception and worked on the initial fund raise as well as several deals in wind, solar and biofuels.
Waserstein will take responsibility for I2BF’s current venture capital portfolio, as well as new investments and the structuring and raising of future VC funds.
I2BF’s team expansion is associated with its ambitious plans for launching two new funds to compliment its current offering: a second USD100m
Matrix Private Equity Partners, the small buyout specialist, has sold its investment in Pasta King, a provider of pasta-based quick service meal alternatives.
Pasta King has been sold to a management buy in team funded by NBGI Private Equity for GBP13m.
The GBP5.7m proceeds for Matrix VCT shareholders represent a return of 3.2 times money on the original investment of GBP1.8m and an IRR of 47 per cent for Matrix clients.
This is the second successful exit for Matrix in the last three months following the recent sale of Tottel Publishing to Bloomsbury Publishing for GBP10m, which represented a return
German-based Minimax and US-based Viking Group, both providers of fire protection and life safety systems, are combining their activities.
The transaction will create a company with over EUR1bn in sales and 6,000 employees.
The combined company will have a fully integrated business model with complementary product and service offerings capable of serving a wide variety of customers in various industries around the globe.
Minimax is renowned for its installation, service, and engineering capabilities and the complete range of fire protection systems, whereas Viking Group specialises in technology, production capabilities and a distribution network involving fire sprinklers and related products.
Klaus
Following several consecutive years in which private equity compensation had been on an upward trajectory, growth across all segments of the market has come to a halt with total compensation now trending down, according to a report by Glocap Search and Thomson Reuters.
The 2010 Private Equity Compensation Report, an in-depth analysis of 2009/10 compensation at US-based private equity funds, says much of the pullback in compensation can be attributed to a drop-off in fee income from slower deal activity and dramatically reduced fundraising.
This is an about-face from the past few years when record-setting fundraising and a steady flow
Thomson Reuters, a provider of integrated information-based solutions, has entered into a definitive agreement to acquire Sabrix, a provider of transaction tax management software applications and related services.
Both Thomson Reuters and Sabrix are based in the US.
Following the acquisition, Sabrix offerings, which cover rates and rules for 170 countries, will be integrated with Thomson Reuters’ existing local transaction tax software and services to form a total solution for corporate customers in the US, UK, and Europe.
Sabrix raised USD13m in 2006 from Trinity Ventures, Mohr Davidow Ventures, GKM Ventures and VSP Capital (formerly Venture Strategy Partners).
The transaction
Norwest Venture Partners, a venture and growth equity investment firm, has formed its most recent fund, Norwest Venture Partners XI.
The USD1.2bn fund will target early to late stage venture and growth equity investments across a wide range of sectors and geographies.
The addition of this new fund, the largest fund the firm has closed to date, brings NVP’s total capital and commitments to more than USD3.7bn.
NVP XI follows the USD650m NVP X fund, which closed in 2006.
The firm has funded over 450 companies since inception. It focuses on information technology, business services, financial services, infrastructure, technology enabled
J.P. Morgan Private Equity has completed its offering of 2015 zero dividend preference shares.
As the offering was oversubscribed, the company has closed on its maximum target of GBP30,000,000.
The Company resolved to issue an aggregate of 53,333,333 2015 ZDP Shares at a price of 56.25p per share, representing a 7.46 per cent gross redemption yield to investors.
The issue represented the maximum number of shares offered under the prospectus published by the company on 10 November 2009. As such, the company’s board of directors has indicated that it does not intend to issue any additional 2015 ZDP Shares in
NBGI Private Equity has backed a GBP13m management buy in of Pasta King UK, which provides pasta meals to schools and other sectors.
The business has been acquired from its incumbent management and Matrix Private Equity Partners.
Pasta King, which is based in Newton Abbot, Devon, provides meal solutions comprising mostly pasta with fresh sauces. The meals are served hot from “pasta bars” that are loaned out free-of-charge to the customer base.
Pasta King has become very in secondary schools because it satisfies government standards on salt, fat, fibre and vegetable content that were imposed on all food served in
Numis Securities believes that now is the time to buy listed private equity funds, particularly those that can still be acquired on a significant discount.
It believes the outlook for realisations is improving and there is scope for net asset values to rise due to higher earnings multiples in quoted markets.
However, the environment for corporate earnings remains tough and Numis does not expect the strength of the recovery in NAVs and share prices since April to be maintained.
Since 1 April 2009, share prices of listed private equity funds have risen by almost 50 per cent compared with a
Triodos Renewables is launching a share issue to raise up to GBP7m which will be invested directly in renewable energy projects.
The share issue is only open to existing shareholders and new investors making investments of over GBP50,050.
With 15 years’ experience in the field, Triodos Renewables currently operates five renewable projects across the UK, with two more due to come on stream in 2010. The company completed a successful share issue in 2008 raising GBP9.9m.
The current share issue will help fund the acquisition and construction of further renewable energy projects in the UK. It follows the acquisition of
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