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Teak Midstream has secured a USD100m private equity investment from Natural Gas Partners, an energy private equity firm based in Irving, Texas.
Teak, a Dallas-based midstream start-up, will use the private equity investment to acquire and develop midstream assets in key gas producing areas of the US.
Teak Midstream is led by A. Chris Aulds and James R. Wales. Prior to starting Teak, they were two of the original three founders of Crosstex Energy, where they were instrumental in growing the company from a USD4m start-up in 1996 to a USD3bn publicly traded company at the time of their departure
Jersey companies have been approved for listing on the Hong Kong Stock Exchange.
The move is a significant development for Jersey’s finance industry, which is seeking to increase business flows from the Asia Pacific region.
The formal inclusion of Jersey companies on the Hong Kong Exchange’s approved list of companies able to float on its exchange is the result of more than a year’s negotiation, research and document preparation involving government officials in Jersey, representatives from Jersey Finance and the finance industry.
The approval enables Jersey’s finance industry to compete on an equal footing with other competitor jurisdictions, which have
Los Angeles-based private equity firm Aurora Capital Group has completed the acquisition of Porex, formerly a wholly owned subsidiary of HLTH, for USD142m in cash and senior secured debt.
Porex designs, produces and delivers porous, surgical and filtration products for customers in healthcare, industrial and consumer applications worldwide.
Gerald L. Parsky, chairman of Aurora Capital Group, says: "We look forward to working with Porex’s management team and talented employees to build upon the company’s past achievements. Aurora is committed to helping Porex expand its strong market position in porous plastics and further enhance its materials science expertise in support of
China Agritech, an organic fertilizer manufacturer and distributor in China, has closed a private placement with Carlyle Asia Growth Partners, the growth capital arm of The Carlyle Group, of 1,392,768 shares of China Agritech common stock and warrants to purchase up to an additional 928,514 shares for aggregate gross proceeds of USD15m.
As a result of the transaction, The Carlyle Group, through its affiliates holds approximately 16.5 per cent of the issued and outstanding China Agritech common stock.
In the event that the company does not meet a net income target of USD11.5m for fiscal year 2009, The Carlyle
The first half of 2009 saw extremely low levels of European financial services M&A activity, but an increase in deal activity is on the cards as we move into 2010, according to Nick Page, partner at PricewaterhouseCoopers.
Page says: “’Steady as she goes’ has been the ethos throughout the 2009 financial services deal market to date. However, a restructuring-led wave of deal activity will gather momentum across the European financial services landscape as we move into 2010. We anticipate that financial institutions will continue to identify, evaluate and sell their non-core businesses."
According to the latest European Financial Services M&A
Synergex, an international sales, marketing and distribution company, has closed private equity placements with several of its insiders, resulting in proceeds of approximately USD85,000.
The proceeds will be added to the company’s working capital in exchange for common shares issued from treasury.
The company received full consideration for the issuance of an aggregate of 242,859 common shares of Synergex from treasury. It received consideration at a fixed price of USD0.35 per share, representing a premium to the market price of the common shares.
"We are making progress in our objective of supporting the company’s bottom line growth. The investments made
Mourant International Finance has topped Lipper’s league table of fund administrators for funds serviced in Jersey.
Mourant had net assets of USD72.4bn at 30 June 2009.
The next largest administrator was Bedell Trust with net assets of USD22.4bn, followed by Saltgate (USD15.9bn), Aztec Group (USD13.7bn) and R&H Fund Services (USD13.5bn).
PricewaterhouseCoopers topped the Jersey auditor league table with 717 funds, followed by KPMG (373 funds), Ernst & Young (253) and Deloitte (105).
The custodian with the highest net assets at 30 June was BNP Paribas (USD20.2bn), followed by UBS (USD8.6bn) and Standard Bank (USD7.9bn).
Mourant du Feu & Jeune was
A.P. Pharma has entered into a definitive securities purchase agreement with existing investors for a private placement of up to USD13.1m in two tranches.
Participants in the transaction were Baker Brothers Investments, Tang Capital Partners, Tavistock Life Sciences and Deerfield Partners.
The first tranche will consist of common stock and warrants with aggregate proceeds of approximately USD8.1m, and the second tranche of common stock with proceeds of approximately USD5m.
A.P. Pharma expects to complete the first tranche of the private placement on 22 October 2009, subject to the satisfaction of customary closing conditions.
Pursuant to the terms of the securities
Accel Partners, a global venture capital and growth equity firm, has appointed Neeraj Bharadwaj as a managing director to help build its growth equity investing initiative in India.
Bharadwaj (pictured) joins Accel from Apax Partners India, where he was managing director and country head.
At Accel, he will be responsible for scaling the growth stage effort, which will target USD10m to USD50m investments in mid-sized Indian companies across different sectors. This initiative will complement Accel’s existing venture capital activity in India, which targets smaller investments and active involvement in high potential early stage companies.
The Accel India venture portfolio includes
Hedge funds and private equity houses need to be prepared for a backlash in the wake of the credit crisis, according to Roland van den Brink, board member at Mn Services.
Speaking to pension funds and wealth managers at a recent seminar hosted by Rob van Kuijk, chief executive of Finles Capital Management, van den Brink said: “There is pressure on governments and at the EU-level for more regulation of the alternative investments industry. There is going to need to be greater transparency and pension boards will have to know what they are investing in. Returns, risk and rewards will
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