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Canaan Partners, a global venture capital firm, has appointed Tim Shannon as venture partner.
Shannon (pictured) is based in Canaan’s Westport, Connecticut office, from where he will support the firm’s current healthcare portfolio companies and identify new investment opportunities.
Shannon brings more than 15 years of biopharmaceutical operational experience leading product and business development to Canaan’s investments. He was most recently president and chief executive officer at CuraGen, a publicly-held biopharmaceutical company focused on oncology, which was acquired by Celldex Therapeutics in October 2009.
"Tim is a key addition to the firm’s healthcare team, particularly as the investment climate and
MidOcean Partners, a middle market private equity firm, has appointed Robert S. "Steve" Miller as chairman of the firm.
Miller (pictured) will work with the firm’s executive board, provide strategic guidance to MidOcean’s portfolio companies, and participate in the sourcing, evaluation and execution of additional investments.
Mark Angelson, who joined the MidOcean executive board in 2004 and was named chairman in December 2007, will continue as a member of the board.
Miller most recently served as chairman and chief executive, and then as executive chairman, of auto parts giant Delphi Corporation. He has also held top leadership posts at many
Sigma Partnership says it is becoming increasingly apparent to US, Asia and non-EU based managers and advisers that the EU directive is more protectionist than ever.
The key decision makers in Europe are influencing revisions that favour a “Fortress Europe” stance, such as the deletion of certain restrictions, it says.
As these reports stand, there continues to be much confusion about the Ucits fund regime and the Alternative Investment Fund Managers regime. Sigma says while the former is suitable, despite the different national tax consequences for institutional and retail investors, the funds in the AIFM regime are really for
iNovia Capital, a Montreal-based manager of venture capital funds, has invested in BaroSense as part of the company’s series B financing round.
BaroSense is a privately-held medical device company specialising in the minimally invasive treatment of obesity.
There are over 400 million people worldwide considered as obese. Despite proven clinical benefits of surgical weight reduction procedures, including bariatric surgery, it is estimated that less than one per cent of the population eligible for these procedures actually goes for surgery.
"There is an important unmet medical need considering the potential long term impact of obesity on patients’ health and on
State Street is expanding its global fund administration and alternative servicing capabilities with an agreement to acquire Mourant International Finance Administration in a cash transaction.
Pending regulatory approvals and other closing conditions, the transaction is expected to close in the first quarter of 2010.
State Street expects the transaction to be slightly accretive to 2010 earnings, excluding one-time costs.
Headquartered in Jersey in the Channel Islands with approximately USD170bn in assets under administration and approximately 650 employees in locations including Dublin, Singapore and New York, MIFA is a provider of fund administration services, particularly for alternative investments, such as private
Parthenon Capital Partners has completed its USD15m investment in Seaside National Bank & Trust, a nationally-chartered commercial bank headquartered in Orlando, Florida.
The investment will be made through the bank’s holding company, Three Shores Bancorporation, with funds from Parthenon Investors III.
The investment was complemented by Lovell Minnick Partners, Continental Investors and a group of existing shareholders for a total of over USD40m.
Brian Golson (pictured), managing partner of Parthenon Capital Partners, says: “After a lengthy search to find an investment opportunity in a strongly performing and rapidly growing community bank, we are extremely pleased to complete this investment. Seaside
Multi-jurisdictional law firm Conyers Dill & Pearman will be adding Cyprus legal advice to its roster of jurisdictions.
The Cyprus practice will be launched out of Conyers’ Moscow office, and the firm will provide advice on all aspects of Cyprus corporate law.
Cypriot law firm Antis Triantafyllides has entered into an arrangement with Conyers Dill & Pearman for mutual co-operation on Cyprus, Bermuda, British Virgin Islands, Cayman Islands and Mauritius work. It will assign a lawyer from their Cyprus office to Conyers’ Moscow office on completion of Russian employment formalities.
John Collis (pictured), chairman of Conyers, says: “Triantafyllides is a
Frontier market fund TLG Capital has become the largest shareholder in the Swedish Ghana Medical Centre, a private healthcare provider located in Ghana.
SGMC plans to offer state-of-the-art cancer care services to the entire West Africa region with the development of a USD40m “centre of excellence" across two phases.
The first phase includes the provision of a basic cancer care unit with radiotherapy based on linear accelerator treatment, diagnostic and outpatient services.
At a later stage, SGMC is expected to provide advanced radiotherapy and Gamma Knife treatment for the brain with the capability of treating more advanced cancers. The facility
K-Mac Enterprises, a portfolio company of Olympus Growth Fund IV, has completed a USD110m recapitalization.
K-Mac, the second-largest Taco Bell franchisee, operates 130 Taco Bells.
It also operates Kentucky Fried Chicken and Golden Corral stores, giving K-Mac a total of 176 restaurants.
USD59m of the refinancing proceeds were used to pay a dividend to shareholders. Bonuses of USD2.7m were paid to 25 employees of K-Mac, in addition to their share of the dividend. The balance of the capital is available to grow K-Mac’s operations.
Olympus and management acquired K-Mac and its 144 stores at the end of 2004.
DN Capital, a media and technology early stage and growth capital investor, has invested in Apsmart, a provider of solutions for the rapidly expanding smartphone market.
Apsmart is a professional service and solution provider for high-end smartphone platforms and develops applications for organisations seeking to execute products on mobile devices.
Apsmart also crafts its own concepts and creates business and consumer applications for this increasingly important digital channel, targeting iPhone, Android, RIM and other devices.
DN Capital has a longstanding relationship with Rahul Powar, founder and chief executive at Apsmart, and has worked closely with him to establish the business
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