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Golub Capital has provided a USD23.5m one-loan debt financing to support Cortec Group’s acquisition of Katena Products.
Katena, based in Denville, New Jersey, is a producer and supplier of precision-manufactured micro instruments for ophthalmic surgeries of the anterior segment of the eye (i.e., cataracts, corneal transplants, Lasik, glaucoma).
Katena’s products are sold globally to hospitals, ambulatory surgery centres and individual ophthalmic surgeons.
"We are excited to be working again with Cortec, who has a lot of expertise and success in the medical device industry. We are pleased that we were able to provide them with a total solution to their
Navigation Capital Partners, an Atlanta-based middle market private equity firm, has completed the realignment and financial recapitalisation of its portfolio company Five Star Food Service, a vending, coffee service and food service provider.
Aurora Management Partners assisted Five Star management and NCP with the strategic realignment while NCP initiated and structured the financial recapitalisation.
Reed Smith and Kilpatrick Stockton served as legal counsel for NCP and Five Star, respectively.
The financial recapitalisation increases NCP’s majority ownership stake in Five Star and will enable the company to execute its future strategic operating and financial plan.
NCP appointed Alan Recher as chief
The third quarter proved to be a mixed bag for US venture capitalists as capital raised via initial public offerings hit the highest level since 2007, but mergers and acquisitions of venture-backed companies totalled 71, consistent with pre-boom numbers of 1999, according to Dow Jones VentureSource.
Overall, venture-backed liquidity is down 49 per cent from USD5.32bn in the third quarter of 2008 to USD2.70bn in the most recent quarter.
“While we’re not seeing 2007’s double-digit totals, the liquidity market for US venture-backed companies is showing signs of a significant thaw,” says Jessica Canning, director of global research for Dow Jones
The Riverside Company, a global private equity firm investing in companies with enterprise values of under EUR150m, has acquired Crioestaminal, a company that isolates and cryopreserves stem cells from umbilical cord blood.
Riverside is acquiring the Portuguese company with some of the founders and key members of the management team.
Founded in 2003 by a group of young entrepreneurs with experience in the Portuguese healthcare industry, Crioestaminal gives the parents of newborn babies the opportunity to collect, isolate and cryopreserve umbilical cord blood stem cells. Today, more than 30,000 parents have used Crioestaminal to save stem cells from their children.
The PowerShares Listed Private Equity Portfolio will begin tracking the Global Listed Private Equity Index, and will be renamed the PowerShares Global Listed Private Equity Portfolio.
The fund will continue to be offered on the NYSE Arca under the existing ticker symbol PSP. The fund had previously tracked the Red Rocks Capital Listed Private Equity Index.
"The universe of publicly-listed private equity opportunities outside the US is quite significant, and we are pleased to be broadening the scope of PSP to provide investors with a global exposure to this asset class," says Ben Fulton, executive vice president global product development
TPH Partners has appointed Claiborne P. Deming as a senior adviser to the energy middle-market private equity fund.
Deming (pictured) joins Frank Kalman, Dick Lewis, Steve Shapiro and Joel V. Staff as a senior adviser. The effort, which is chaired by Joe B. Foster, focuses on equity investments in the upstream, oilfield service and midstream space.
“We are delighted that Claiborne is working with us on TPH Partners,” says Foster. “His experience in guiding independents as well as his industry knowledge as chairman of the National Petroleum Council makes him a great addition as we continue to acquire and build
Butterfield Fulcrum Group (Ireland), an alternative fund administration company, has been licensed to provide fund administration services by the Irish Financial Services Regulatory Authority.
Based in Dublin, Butterfield Fulcrum Group (Ireland) is now authorised under Section 10 of the Investment Intermediaries Act to provide administration services to collective investment schemes either domiciled in Ireland or offshore, including valuation services, fund accounting services, transfer agency and share registry.
The company will be able to provide these services to Irish authorised funds both Ucits and non-Ucits.
"Approximately one third of all hedge funds globally are serviced in Ireland," says Akshaya Bhargava (pictured),
Monsal, an environmental technology company backed by Matrix Private Equity Partners in 2007, has completed the first phase of planning, pre-design, permitting and support services for a food anaerobic digestion and renewable energy contract in March, Cambridgeshire.
The project will generate sufficient electricity to supply 1,500 homes, or approximately six per cent of the total demand for March, including that from industry and commerce.
The project is for Local Generation, a subsidiary of Lifecrown Investments, and will be located on land owned by Lifecrown and adjacent to Local Generation’s sister company Fenmarc Produce, a vegetable food packager and processor. Monsal
ApoCell, a molecular diagnostics laboratory that analyses the effectiveness of new compounds for the world’s leading pharmaceutical and biotechnology companies, has received an investment from growth equity investor Summit Partners.
The investment will be used to fund ApoCell’s organic growth initiatives and continued development of the company’s technology platforms.
“The decision to raise outside capital was an important and strategic move for ApoCell, and we believe Summit will assist us in achieving even greater results,” says Dr. Darren Davis, ApoCell’s chief executive. “With Summit’s strategic guidance and global network of contacts, we are now uniquely positioned to rapidly expand ApoCell’s
Venture capital investment in green technologies totalled USD1.9bn in 112 deals in the third quarter of 2009, up from USD836m in 59 deals in the first quarter of 2009 and USD1.2bn in 85 deals in the second quarter, according to Greentech Media.
Solar power was once again the leading investment segment at more than USD575m in 29 deals followed closely by biofuels, biomass and gasification deals at USD512m in 17 deals. As forecast by GTM Research, investment in smart grid, energy storage and automotive is gaining momentum.
Driven by the optimism of a recovering economy, plentiful government funding for renewable
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