Braun Attracts Bids from Europe’s Largest Private Equity Firms

Braun, amid speculation that Parent Company Procter & Gamble is looking to sell the German consumer goods brand, has attracted bids from a number of Europe’s largest private equity firms.

Procter & Gamble, the US consumer goods giant, is rumoured to be putting Braun up for the sale in a few months, with a deal likely to be in the region of €750m (£593m) and €1bn.

London-based private equity giants Cinven, BC Partners and CVC Capital Partners are among the list of European suitors weighing thought to be weighing up bids for the company. P&G, Cinven, BC Partners and CVC Capital all declined to comment.

The sale rumours come after P&G revealed earlier this year that it was looking to offload a number of its smaller companies to focus on its core brands. It recently sold its Duracell battery business to Warren Buffett’s Berkshire Hathaway Group.

Source: CITY A.M.

 

Tags: Private Equity, Private Equity Firm, Private Equity Group, Private Equity Company, Private Equity Fund, Private Equity Investment, Private Equity Investor, Fund of Fund, Private Equity Business, Private Equity Industry, PE, Europe, European Private Equity, European Largest Private Equity Firm, Braun, Procter & Gamble, P&G, London, London Private Equity, Cinven, BC Partners, CVC Capital Partners, Duracell, Battery Business, Warren Buffett, Berkshire Hathaway Group.


Bankers Pitch for Hong Kong Broadband Network Planned Flotation

Private equity firm CVC Capital Partners started taking pitches from banks seeking to advise CVC on a planned float of Hong Kong Broadband Network, people with knowledge of the matter told WSJ.

The IPO could raise between US$500 million and US$1 billion and is scheduled to take place in the first quarter of next year, they said.

In 2012, CVC, which is based in Europe, acquired Hong Kong Broadband Network and long-distance telecommunication operations from City Telecom Ltd., which had been established by entrepreneur Ricky Wong, in a deal valued at five billion Hong Kong dollars (US$645 million).

Hong Kong Broadband Network is the city’s No. 2 provider of residential and corporate broadband and telecommunications services, competing against such rivals as Richard Li’s HKT Trust and HKT Ltd., the largest broadband provider; tycoon Li Ka-shing’s Hutchison Telecommunications Hong Kong Holdings Ltd., and i-CABLE Communications Ltd. Recently, however, the Hong Kong broadband market has become saturated, with limited subscriber growth, according to Morgan Stanley.

Source: Wall Street Journal

 

Tags: Private Equity, Private Equity Firm, Private Equity Group, Private Equity Company, Private Equity Fund, Private Equity Investment, Private Equity Investor, Fund of Fund, Private Equity Business, Private Equity Industry, PE, CVC Capital Partners, Hong Kong Broadband Network, IPO, Initial Public Offering, Europe, City Telecom Ltd., Ricky Wong, Hong Kong, HKT Trust, HKT Ltd., Li Ka-shing, Hutchison Telecommunications Hong Kong Holdings Ltd., i-CABLE Communications Ltd., Morgan Stanley.


Middle East Sparks Interests in Giant Private Equity Firms

In the hunt for cash, giant private equity firms such as Blackstone Group, Kohlberg Kravis Roberts & Co, and others have long parachuted into the Middle East.

Now they’re putting money to work in the region. Private equity acquisitions in the Middle East and Africa have jumped to $6.6 billion this year from $141 million in the same period in 2013, according to data compiled by Bloomberg. In one deal, at least three buyout firms including CVC Capital Partners and KKR are bidding for Kuwait Food, operator of 1,500 KFC and Pizza Hut restaurants in the Middle East and North Africa, say people with knowledge of the matter who asked not to be identified because the negotiations are private.

The flurry of investments follows a revival of the Middle East economy because of strong oil prices and increased government spending. It also represents a thank-you of sorts from buyout firms. Blackstone has tapped Middle Eastern investors for about $23 billion, or 8 percent of its total assets under management, according to a person familiar with the matter who asked not to be identified because the information is private.

Source: Businessweek

 

Tags: Private Equity, Private Equity Firm, Private Equity Group, Private Equity Company, Private Equity Fund, Private Equity Investment, Private Equity Investor, Fund of Fund, Private Equity Business, Private Equity Industry, PE, Giant Private Equity Firm, Blackstone Group, Kohlberg Kravis Roberts & Co, KKR, Middle East, Africa, CVC Capital Partners, Kuwait Food, Pizza Hut, North Africa.


Lionel Assant Exits Blackstone to Join Impetus-PEF

The private equity charity Impetus-PEF has appointed Lionel Assant, the head of European private equity at Blackstone Group, to its board of trustees.

Assant joins other industry figures on the board including Kohlbert Kravis Roberts director Johannes Huth, Permira’s Carl Parker, TPG Capital’s Karl Peterson and CVC Capital Partners’ Marc Boughton. He had worked on the charity’s development fundraising committee for the past two years before his board appointment.

“I’m very much a private equity person and I do believe in IRRs and in what we do inside our portfolio companies,” said Assant. “Here it’s very much the same thing, I think the involvement we have can bring tangible results and it’s important to me that the money will be used in the right way.”

Impetus-PEF invests in charities and social enterprises that help disadvantaged young people into education and employment in the UK. It does this through providing funding, management support and pro bono business expertise to the charities and social enterprises.

Source: Financial News

 

Tags: Private Equity, Private Equity Firm, Private Equity Group, Private Equity Company, Private Equity Fund, Private Equity Investment, Private Equity Investor, Fund of Fund, Private Equity Business, Private Equity Industry, PE, Impetus-PEF, Lionel Assant, Europe, European Private Equity, Blackstone Group, Kohlbert Kravis Roberts, KKR, Johannes Huth, Permira, Carl Parker, TPG Capital, Karl Peterson, CVC Capital Partners, Marc Boughton, UK.


London Private Equity Firm Leads Epicor Software Buyout Bid

The buyout bid of Epicor Software, the American provider of ERP software for midsize manufacturers and distributors, is being led by a London-based private equity firm CVC Capital Partners.

According to a Reuters story last month, CVC Capital Partners bid of $3 billion was the highest bid to date. Epicor, which is currently owned by another London-based private equity firm, Apax Partners, put itself up for sale earlier this year.

Apax bought Epicor and another ERP software vendor, Activant Solutions (formerly Triad Systems) in 2011 and then merged them under the name Epicor Software. The combined entity had about 30,000 customers and $825 million in revenues at the time, Apax said.

Source: OnlySoftwareBlog

 

Tags: Private Equity, Private Equity Firm, Private Equity Group, Private Equity Company, Private Equity Fund, Private Equity Investment, Private Equity Investor, Fund of Fund, Private Equity Business, Private Equity Industry, PE, London, London Private Equity, Epicor Software, ERP Software, CVC Capital Partners, Apax Partners, Activant Solutions, Triad Systems.


South Korea’s KT Rental Eyed by Private Equity Firms

In a sale of KT Rental, an automobile rental company headquartered in Jongno-gu, Seoul, South Korea, private equity firms Affinity Equity Partners and CVC Capital Partners are among potential bidders, deal expected to fetch around $786 million, people told Reuters.

KT Rental parent KT Corp, South Korea’s No. 2 telecom company, announced the sale in June, the latest disposal in a series of non-core assets being sold off by sprawling South Korean conglomerates. Bankers say the trend will likely lure private equity firms, flush with capital and looking to invest in one of Asia’s hottest markets for mergers and acquisitions.

KT is also selling loan servicing arm KT Capital, while Hanwha Group recently sold drug unit DreamPharma. POSCO is seeking to sell assets including POSCO Specialty Steel, while the Hanjin and Hyundai groups are also selling assets to improve their balance sheets.

Source: Reuters

 

Tags: Private Equity, Private Equity Firm, Private Equity Group, Private Equity Company, Private Equity Fund, Private Equity Investment, Private Equity Investor, Fund of Fund, Private Equity Business, Private Equity Industry, PE, KT Rental, Jongno-gu, Seoul, South Korea, Affinity Equity Partners, CVC Capital Partners, KT Corp, Asia, KT Capital, Hanwha Group, DreamPharma, POSCO, POSCO Specialty Steel, Hanjin, Hyundai.


Finnish Insulation Firm Paroc Attracts Private Equity Bids

Finnish insulation material maker Paroc attracted private equity bids from TPG Capital, Nordic Capital, CVC Capital Partners and Cinven, according to five sources.

First-round bids were due last week. One source said the bids from the private equity funds ranged from about 700 million euros ($937 million) to 750 million euros.

Reuters reported in February that Lazard was running the sale. Lazard and the private equity firms declined to comment. Paroc was not immediately available to comment.

Paroc is owned by a consortium of banks and institutional investors, which is whittling down bidders for a second round.

The company is pursuing a growth strategy in Russia, one source said.

Source: ACQ Magazine

 

Tags: Private Equity, Private Equity Firm, Private Equity Group, Private Equity Company, Private Equity Fund, Private Equity Investment, Private Equity Investor, Fund of Fund, Private Equity Business, Private Equity Industry, PE, Finnish Insulation Firm, Paroc, TPG Capital, Nordic Capital, CVC Capital Partners, Cinven, Russia.


Private Equity Giants Preparing Joint Bid in Kuwait’s Americana

According to sources, private equity giants Kohlberg Kravis Roberts and CVC Capital Partners are preparing a joint private equity bid for Americana Group, a Kuwaiti company that operates fast food franchises including TGI Friday’s, KFC and Pizza Hut in the Middle East and North Africa.

Americana, also known as Kuwait Food Co., has a market value of more than $4 billion, so a leveraged buyout of the company may rank as one of the largest ever in the Middle East.

Private equity firms such as New York-based KKR and CVC, based in London, have been known to team up to work on large and complex acquisitions. The two worked together in 2007 on an unsuccessful 11 billion pounds ($18.52 billion) bid for U.K. supermarket chain J Sainsbury.

Americana wasn’t available for comment when contacted by The Wall Street Journal.

The group last year reported sales of $3.1 billion. The company was founded in 1964 and is controlled by the Al-Kharafi family. It trades on the Kuwait Stock Exchange. Americana operates in 13 countries and has 63,000 employees, according to its website. Its brands also include Costa Coffee, Krispy Kreme, Hardee’s and Quick Service outlets, and food brands including the California Garden and Farm Frites.

Source: Wall Street Journal

 

Tags: Private Equity, Private Equity Firm, Private Equity Group, Private Equity Company, Private Equity Fund, Private Equity Investment, Private Equity Investor, Fund of Fund, Private Equity Business, Private Equity Industry, PE, Kohlberg Kravis Roberts, CVC Capital Partners, Americana Group, Kuwaiti Company, Fast Food Franchises, TGI Friday’s, KFC, Pizza Hut, Middle East, North Africa, Kuwait Food Co., Leveraged Buyout, New York, New York Private Equity, London, London Private Equity, The Wall Street Journal, Al-Kharafi, Kuwait Stock Exchange, Costa Coffee, Krispy Kreme, Hardee’s, Quick Service, California Garden, Farm Frites.


Americana Asks for $5B in Private Equity Boost

A Kuwait food company Americana Group, which is the operator of KFC, TGI Friday’s, Krispy Kreme and Red Lobster, is planning to attract the amount of $5 billion in private equity boost.

KKR, Carlyle, CVC Capital Partners, Advent International and TPG Capital were among those named as interested in acquiring the company, according to media reports.

Private equity firms have recently shown an increased appetite for investments in the Arabian Gulf, as healthy economic and demographic growth create expansion opportunities for scalable business models in the region.

PepsiCo and PineBridge Investments Middle East have both sought investments in the Mena region in the past year, while KKR and Carlyle both have offices based in Dubai.

The billionaire Al Kharafi family owns 66.8 per cent of the Kuwait Food Company, which trades under the name Americana, and hired Rothschild in April to explore the possibility of a sale, according to Reuters.

Source: The National

 

Tags: Private Equity, Private Equity Firm, Private Equity Group, Private Equity Company, Private Equity Fund, Private Equity Investment, Private Equity Investor, Fund of Fund, Private Equity Business, Private Equity Industry, PE, Kuwait Food Company, Americana Group, KFC, TGI Friday’s, Krispy Kreme, Red Lobster, KKR, Carlyle, CVC Capital Partners, Advent International, TPG Capital, Arabian Gulf, PepsiCo, PineBridge Investments Middle East, Dubai, Al Kharafi.


CVC Capital Partners’ $750M Tech-Focused Fund

CVC Capital Partners, a private equity firm with approximately $46 billion in funds focused on management buyouts, is planning to launch CVC Capital Growth Investors LP, a $750 million technology-focused fund.

The fund plays into two themes sweeping the private equity industry: larger firms raising smaller funds to take advantage of deals that fall below their typical investment range; and a renewed emphasis on technology.

Although it is still in early days, the fund will focus primarily on “the unsexy part of the industry,” this person said. Rather than hot consumer start-ups such as Airbnb or Uber, which have also attracted private equity interest, CVC’s growth fund will target “tech-enabled businesses” such as human resources software, data centers or software as a-service, the person said.

Leading the effort is John Clark, the former Welsh Carson Anderson Stowe deal maker who joined CVC’s New York office earlier this year. At Welsh Carson, Mr. Clark was behind such deals as the now-public payroll software maker Paycom Software Inc., and Peak 10 Inc., an operator of data centers recently sold to GI Partners.

Source: Wall Street Journal

 

Tags: Private Equity, Private Equity Firm, Private Equity Group, Private Equity Company, Private Equity Fund, Private Equity Investment, Private Equity Investor, Fund of Fund, Private Equity Business, Private Equity Industry, PE, CVC Capital Partners, CVC Capital Growth Investors LP, John Clark, Welsh Carson Anderson Stowe, New York, Paycom Software Inc., Peak 10 Inc., GI Partners.


Formula One’s $3.5B Debt Facility

Following to Thomson Reuters LPC data, Formula 1’s debt facilities under review for downgrade following its plans to raise a $1 billion loan to fund a payout to shareholders, which brings total shareholder payouts to around $3.5 billion in four separate debt deals.

Bank of America Merrill Lynch is arranging the latest dividend recapitalisation, which refinances and increases existing debt to fund the $1 billion payment to shareholders which include private equity firm CVC Capital Partners, banking sources said on Wednesday.

The company’s first dividend payout was in 2007, when Formula One’s $2.1 billion 2006 buyout debt was increased to $2.92 billion. That was followed by two further shareholder payouts in 2012 in addition to the current $1 billion payout.

Source: Reuters

 

Tags: Private Equity, Private Equity Firm, Private Equity Group, Private Equity Company, Private Equity Fund, Private Equity Investment, Private Equity Investor, Fund of Fund, Private Equity Business, Private Equity Industry, PE, Reuters, Thomson Reuters LPC, Formula 1, Formula One, Bank of America Merrill Lynch, CVC Capital Partners.


CVC Capital is Raising a New Technology Fund

One of the world’s leading private equity and investment advisory firms CVC Capital Partners, is launching a new vehicle that will target fast-growing technology companies.

The fundraising effort, made public in a Securities and Exchange Commission filing, is led by John Clark, a former partner at Welsh Carson Anderson & Stowe, who joined the firm in New York this year to unearth such deals. CVC has approached investors to raise a total of $750m, according to people with knowledge of the talks.

The group, whose main office is in London, declined to comment on the fundraising.

CVC’s initiative underlines private equity groups’ growing interest in smaller, faster-growing companies that disrupt traditional sectors with new technologies. New York-based KKR is also considering a specialist fund to invest in technology-driven companies, after initially using its balance sheet to finance investments and setting up a team of dealmakers from California to London.

Source: Financial Times

 

Tags: Private Equity, Private Equity Firm, Private Equity Group, Private Equity Company, Private Equity Fund, Private Equity Investment, Private Equity Investor, Fund of Fund, Private Equity Business, Private Equity Industry, PE, CVC Capital, CVC Capital Partners, Securities and Exchange Commission, SEC, John Clark, Welsh Carson Anderson & Stowe, New York, KKR, California, London.


London-Listed Ashmore Raises $110M on Its Private Debt Fund

Ashmore Group plc, a large British investment manager dedicated to the emerging markets, has raised the amount of $110 million for its first private debt fund, one of the few to be focused on emerging markets.

London-listed Ashmore, an emerging markets specialist, said that it is targeting $250-300 million overall for the fund. Ashmore has around $14.4 billion invested in emerging markets corporate debt, but this is the first time it has raised a fund to invest in private debt, the fund manager said.

Christoph Hofmann, global head of distribution at Ashmore, said in a statement that the withdrawal of many western banks from these markets had “created a lack of access to global capital for emerging markets corporates” and that it was an “appealing opportunity”.

Financial News first reported the new fund in September. At the time Ashmore chief financial officer Graeme Dell said that the fund’s launch was “a recognition of the fact that as we see corporate debt become an asset class that’s gained scale, that you have the interest from clients to move out of public quoted debt into private debt instruments”.

The first close comes as several private equity firms, including Kohlberg Kravis Roberts and CVC Capital Partners, step up plans to raise their own European private debt funds.

Source: Financial News

 

Tags: Private Equity, Private Equity Firm, Private Equity Group, Private Equity Company, Private Equity Fund, Private Equity Investment, Private Equity Investor, Fund of Fund, Private Equity Business, Private Equity Industry, PE, Ashmore, Ashmore Group plc, Britain, UK, Private Debt Fund, London, Christoph Hofmann, Graeme Dell, Kohlberg Kravis Roberts, CVC Capital Partners, Europe, European Private Debt Funds.


Banks to Advise CVC on PT Link Net Sale

Credit Suisse Group AG, Deutsche Bank AG and Goldman Sachs Group Inc., have been appointed by CVC Capital Partners to advise the private equity firm on the sale of shares in PT Link Net Tbk, an Indonesian broadband and cable-TV operator, in a deal that could raise at least $500 million, sources told WSJ.

The sale of shares in Link Net, which is also owned by Indonesia’s Riady family, would be CVC’s latest divestment in Indonesia and could be the biggest so far this year in the country.

In March 2013, CVC sold part of its shares in Indonesian department-store operator PT Matahari Department Stores Tbk in a deal that raised $1.3 billion. In March of this year, the European private-equity firm sold an additional $214 million of shares in the same company.

CVC declined to comment Tuesday.

The share sale is likely to happen this year, said a person with knowledge of the plan.

The move to sell Link Net shares comes after CVC wrapped up fundraising for its fourth Asia fund. It raised $3.5 billion for the fund earlier this year, adding to a growing pile of private-equity capital chasing deals in the region. There was $138 billion of unspent capital in private-equity funds in Asia at the end of last year, according to Bain & Co., the most since the firm started keeping track in 2007.

Source: Wall Street Journal

 

Tags: Private Equity, Private Equity Firm, Private Equity Group, Private Equity Company, Private Equity Fund, Private Equity Investment, Private Equity Investor, Fund of Fund, Private Equity Business, Private Equity Industry, PE, Credit Suisse Group AG, Deutsche Bank AG, Goldman Sachs Group Inc., CVC, CVC Capital Partners, PT Link Net Tbk, Indonesia, Riady Family, PT Matahari Department Stores Tbk, Europe, European Private Equity, Asia, Asia Fund, Bain & Co.


Private Equity Firms’ Record Values of Flotations and Debt Issuance in Europe during First-Half 2014

Despite a poor performance by some of the newly listed companies, private equity firms have this year carried out record values of flotations and debt issuance in Europe during first-half 2014.

Initial public offerings priced from January 1 to June 26 were worth $26.5 billion. This was up from $5.7 billion in the same period last year and 123% higher than the same period in 2007, which at $11.9 billion was the previous record since Dealogic started recording the data in 1995.

Piers Coombs, head of UK equity capital markets at Canaccord Genuity, said the combination of improved sentiment in the equities markets and a desire to launch IPOs before the “political risk” of the UK general election, due by May 2015, had helped drive flotation activity in London.

He said a busy first quarter had been followed by some “indigestion” in the second. He predicted the market would be back on “an even keel” over the third quarter.

Among shares that have underperformed since flotation by their private equity sponsors in recent months are motoring organisation the AA, over-50s holiday and insurance group Saga (both backed by Permira, CVC Capital Partners and Charterhouse Capital Partners), online travel firm eDreams Odigeo (Ardian and Permira) and retail chain Pets at Home (Kohlberg Kravis Roberts).

Source: Financial News

 

Tags: Private Equity, Private Equity Firm, Private Equity Group, Private Equity Company, Private Equity Fund, Private Equity Investment, Private Equity Investor, Fund of Fund, Private Equity Business, Private Equity Industry, PE, Europe, European Floatations, Piers Coombs, UK, UK Equity Capital Market, Canaccord Genuity, London, AA, Permira, CVC Capital Partners, Charterhouse Capital Partners, eDreams Odigeo, Ardian, Pets at Home, Kohlberg Kravis Roberts.


CVC Capital Buying 61% Stake in Quiron

Private equity firm Doughty Hanson is selling 61 percent stake in Spanish hospital group Quiron to a $46 billion private equity firm CVC Capital Partners, according to Quiron announcement.

Private healthcare groups are taking hold in Spain following cuts to health and education spending by the government as it tries to hit tough budget targets.

Quiron did not give any financial details for the deal, which it said was expected to be completed this month.

The new group will manage 40 hospitals and will employ 17,000, it added.

Source: Reuters

 

Tags: Private Equity, Private Equity Firm, Private Equity Group, Private Equity Company, Private Equity Fund, Private Equity Investment, Private Equity Investor, Fund of Fund, Private Equity Business, Private Equity Industry, PE, Doughty Hanson, Spain, Spanish Hospital Group, Quiron, CVC Capital Partners, Private Healthcare Group.


The Sale of Indonesia’s Link Net Might Bring at Least $500M to CVC

CVC Capital Partners, one of the world’s leading private equity and investment advisory firms, said that the sale of shares in PT Link Net Tbk, an Indonesian broadband and cable-TV operator, might bring at least $500 million return to the private equity company.

The sale of shares in Link Net, which is also owned by Indonesia’s Riady family, would be CVC’s latest divestment in Indonesia. In March last year, CVC sold part of its shares in Indonesian department-store operator PT Matahari Department Stores Tbk in a deal that raised $1.3 billion. In March of this year, CVC sold another $214 million of shares in the same company.

The plan to sell Link Net shares also comes after CVC wrapped up fundraising for its fourth Asia fund. It raised $3.5 billion for the fund earlier this year, adding to a growing pile of private-equity capital chasing deals in the region. There was $138 billion of unspent capital in private-equity funds in Asia at the end of last year, according to Bain & Co., the most since Bain started counting in 2007.

Banks are due to start pitching to advise on the Link Net share sale beginning next week, one of the people said. The timing of the sale and volume of shares to be sold have yet to be finalized, the people said.

Source: Wall Street Journal

 

Tags: Private Equity, Private Equity Firm, Private Equity Group, Private Equity Company, Private Equity Fund, Private Equity Investment, Private Equity Investor, Fund of Fund, Private Equity Business, Private Equity Industry, PE, CVC, CVC Capital Partners, PT Link Net Tbk, Indonesia, Indonesian Broadband and Cable-TV, Link Net, Riady Family, PT Matahari Department Stores Tbk, Asia, Asia Fund, Bain & Co.


CVC Capital Closes Latest Asia Pacific Fund

CVC Capital Partners, one of the world’s leading private equity and investment firms, announced the close of its latest Asia Pacific Fund at$3.5 billion, the fund is being advised by Mourant Ozannes.

The latest fund launch brings CVC’s total fundraising to date through its Asia Pacific funds to over $10 billion, invested in over 46 businesses across various industries in the region. Fund IV will invest primarily in businesses in Greater China, Southeast Asia, Japan and Korea.

The project was led by partner Felicia de Laat and supported by Rachel Candler, associate and Matt McManus, paralegal. Simpson Thacher & Bartlett LLP acted as lead counsel on the matter.

Felicia de Laat commented: “It has been a pleasure to advise on the launch of CVC Capital Partners Asia Pacific IV. This was a significant fund launch for us and we are delighted to see the fundraising so well supported and Fund IV off to such a successful start. We are very proud of our long standing relationship with CVC.”

Source: Businesslife

 

Tags: Private Equity, Private Equity Firm, Private Equity Group, Private Equity Company, Private Equity Fund, Private Equity Investment, Private Equity Investor, Fund of Fund, Private Equity Business, Private Equity Industry, PE, CVC Capital, CVC Capital Partners, Mourant Ozannes, Asia Pacific, Asia Pacific Fund, Greater China, Southeast Asia, Japan, Korea, Felicia de Laat, Rachel Candler, Matt McManus, Simpson Thacher & Bartlett LLP, CVC Capital Partners Asia Pacific IV.


CVC Capital Readies for Potential Vedici Takeover

CVC Capital Partners, one of the world’s leading private equity and investment advisory firms, is preparing an estimated €400 million of debt packages, having entered into exclusive talks to acquire healthcare firm Vedici.

3i and NI Partners, the private equity division of the Natixis group, bought Vedici in 2010 from Apax Partners and have now decided to sell the company, entering into exclusive talks with CVC, the banking sources said.

A 400 million euro financing would equate to around 5.5-6 times Vedici’s earnings before interest, taxes, depreciation and amortization (EBITDA) of approximately 45 million euros, the banking sources said.

Debt will be in the form of leveraged loans and include around 250-275 million euros of term loan B and around 125 million euros of undrawn facilities, split between capital expenditure and revolving credit facilities, the banking sources said.

Source: Reuters

 

Tags: Private Equity, Private Equity Firm, Private Equity Group, Private Equity Company, Private Equity Fund, Private Equity Investment, Private Equity Investor, Fund of Fund, Private Equity Business, Private Equity Industry, PE, CVC, CVC Capital Partners, Vedici, Healthcare Firm, 3i, NI Partners, Apax Partners.


The Exposure of Canada’s CPPIB in Asia More than Doubles

With total assets under management jumping to a record high of C$219.1 billion, the exposure of Canada Pension Plan Investment Board’s (CPPIB) to Asian private equity more than doubled for the year ended March 2014.

The fund made four commitments to managers in the region, including $250 million and $200 million to the latest pan-Asian funds raised by CVC Capital Partners and TPG Capital, respectively. Another $200 million went to CDH Investments’ fifth China fund and $120 million to Anchor Equity Partners’ first Korean fund, according to the 2014 annual report.

There were two co-investments in Asia: South Korean pharmaceutical distributor Geoyoung Corporation and Indian IT outsourcer Hexaware Technologies.

The C$35.8 billion increase in total assets over the 12-month period comprised C$30.1 billion in investment income after operating costs and C$5.7 billion in net contributions. The portfolio delivered a gross investment return for the 12-month period of 16.5%, compared to 10.1% in 2013 and 6.6% in 2012. This is the second-highest annual return since inception.

Source: AVCJ

 

Tags: Private Equity, Private Equity Firm, Private Equity Group, Private Equity Company, Private Equity Fund, Private Equity Investment, Private Equity Investor, Fund of Fund, Private Equity Business, Private Equity Industry, PE, Asian Private Equity, Asia, Canada, Canada Pension Plan Investment Board’s, CPPIB, CVC Capital Partners, TPG Capital, CDH Investments, China Fund, Anchor Equity Partners, Korea, Korean Fund, Geoyoung Corporation, Indian IT Outsourcer, Hexaware Technologies.


Christopher Bown Lands in $46B Private Equity Firm

Christopher Bown, a former Freshfields Bruckhaus Deringer, has been appointed by CVC Capital Partners, a private equity firm with nearly $46 billion in funds, as its new senior partner.

He left the firm at the end of the financial year, taking up his new role in May 2014.

Bown’s resignation followed chief executive and global managing partner Ted Burke, who announced his departure from the firm to become general counsel and chief operating officer of private equity house ArcLight Capital on 30 September.

Bown joined Freshfields in 1998 and a year later helped to set up the firm’s private equity practice in London. Over the last few years he has worked extensively with CVC on acquisitions including an interest in Merlin Entertainments Group in 2010 and a controlling stake in Virgin Active in 2011. He also previously spent almost 20 years at Baker & McKenzie where he was a partner specialising in corporate and private equity work.

Source: Who’s Who Legal

 

Tags: Private Equity, Private Equity Firm, Private Equity Group, Private Equity Company, Private Equity Fund, Private Equity Investment, Private Equity Investor, Fund of Fund, Private Equity Business, Private Equity Industry, PE, Christopher Bown, Freshfields Bruckhaus Deringer, CVC Capital Partners, Ted Burke, ArcLight Capital, London, Merlin Entertainments Group, Virgin Active, Baker & McKenzie.


CVC Capital to Buy Asian Office Operator

CVC Capital Partners, one of the world’s leading private equity and investment advisory firms, will make its first investment from its $3.5 billion Asia fund buying Asian office operator The Executive Centre Ltd.

Private-equity firms are facing growing pressure to invest, having raised a record amount of cash for the region.

CVC will buy a majority stake in the Hong Kong-based office operator from Asian private-equity firm Headland Capital Partners, according to a CVC news release Wednesday. CVC expects to complete the acquisition at the end of the month, after closing its fourth Asia fund earlier this week.

The deal size wasn’t disclosed.

CVC’s capital injection in The Executive Centre comes as investor appetite for initial public offerings–a common way for firms to raise funds and private-equity firms to exit their investments–has been lackluster in Asia. Headland, called HSBC Private Equity Asia Ltd. until 2010, bought the office provider in 2009 from New York-based alternative-investment management company Marathon Asset Management. Headland will keep a minority stake in the office provider, the statement said.

Source: Wall Street Journal

 

Tags: Private Equity, Private Equity Firm, Private Equity Group, Private Equity Company, Private Equity Fund, Private Equity Investment, Private Equity Investor, Fund of Fund, Private Equity Business, Private Equity Industry, PE, CVC, CVC Capital Partners, Asia, Asia Fund, The Executive Centre Ltd., Hong Kong, Headland Capital Partners, HSBC, HSBC Private Equity Asia Ltd., New York, Marathon Asset Management.


Northwestern Mutual Explores the Sale of Russell Investments

The sale of Russell Investments, a subsidiary of Northwestern Mutual that is headquartered in Seattle, Washington, is attracting interests from London Stock Exchange Group.

Sources told Reuters last month that Canadian Imperial Bank of Commerce, the fifth-largest bank in Canada, was considering a bid for Seattle-based Russell, which provides services including pension consulting, investment management and indexes such as the Russell 1000 Global Index.

Private equity firms CVC Capital Partners and Silver Lake have also teamed up to pursue a bid, as have Warburg Pincus and TPG Capital, the sources said.

The London Stock Exchange (LSE) said on Tuesday it was evaluating the merits of a deal and was engaged in talks with Northwestern Mutual, but there was no certainty that any transaction would be forthcoming.

It said it would part-fund any deal through an equity raising.

The LSE already has a index business after it took over FTSE International in 2011 as part of a push into listed derivatives.

Source: Business Recorder

 

Tags: Private Equity, Private Equity Firm, Private Equity Group, Private Equity Company, Private Equity Fund, Private Equity Investment, Private Equity Investor, Fund of Fund, Private Equity Business, Private Equity Industry, PE, Russell Investments, Northwestern Mutual, Seattle, Washington, London Stock Exchange Group, Canadian Imperial Bank of Commerce, Canada, CVC Capital Partners, Silver Lake, Warburg Pincus, TPG Capital, FTSE International.


Formula 1 Hands Hospitality Passes to CVC Capital

CVC Capital Partners Fund IV, which is managed by London-based private equity firm CVC, received thousands of free hospitality passes from Formula 1.

In March the following year F1 paid an estimated $400m (£237m) for Swiss company Allsport, which operates the corporate hospitality at all but three of the circuit’s 19 races.

F1’s hospitality area is known as The Paddock Club and it attracts some of the world’s wealthiest high-rollers including film stars Michael Douglas and Brad Pitt, and Mexican billionaire Carlos Slim.

Details of the free tickets given to CVC are buried in the 498-page prospectus for the stalled flotation of F1 planned for 2012.

It reveals that “Allsport shall provide to the CVC funds (i) a table and meals for 10 people (at no cost to the CVC Funds) and (ii) a table and meals for up to an additional 10 people at cost price plus 5pc”.

The deal began in 2006 and is still in place even though CVC has since sold half of its shares in the sport, giving it an approximate 35pc holding.

Source: The Telegraph

 

Tags: Private Equity, Private Equity Firm, Private Equity Group, Private Equity Company, Private Equity Fund, Private Equity Investment, Private Equity Investor, Fund of Fund, Private Equity Business, Private Equity Industry, PE, CVC Capital Partners, CVC Capital Partners Fund IV, London, London Private Equity, Hospitality Passes, Formula 1, F1, Allsport, Swiss Company, Switzerland, The Paddock Club, Michael Douglas, Brad Pitt, Mexico, Carlos Slim.


CVC Capital Backs South Beauty Investment

CVC Capital Partners, a private equity firm with approximately $46 billion in funds, acquired majority stake in high-end restaurant chain operator South Beauty Investment Co.

Terms of the deal were not disclosed. But in October 2013, media reported that CVC was planning to acquire 69 percent of South Beauty for $300 million.

The company will tap the market in second- and third-tier cities in future, as its presence is mainly in first-tier cities, a staff member from the PR department surnamed Wu told the Global Times.

South Beauty founder Zhang Lan will remain the company’s chairwoman and is still one of the company’s shareholders.

Investment firm CDH Investments bought a 10.5 percent stake in the restaurant chain for 200 million yuan ($31.96 million) in 2008, and the investment only stands on condition that South Beauty could get listed by the end of 2012, media said.

Source: Ecns

 

Tags: Private Equity, Private Equity Firm, Private Equity Group, Private Equity Company, Private Equity Fund, Private Equity Investment, Private Equity Investor, Fund of Fund, Private Equity Business, Private Equity Industry, PE, CVC Capital Partners, Restaurant Chain Operator, South Beauty Investment Co., Zhang Lan, CDH Investments.


Busier-than-Normal Start for for Asian Private Equity Firms

CVC Capital Partners, Actis and Zoyi Capital reported deals in a busier-than-normal start to the week, the string of deals could signal a rise in private equity activity in the region.

After lackluster activity in 2013. Last year, investor uncertainty over the exit environment hampered deal making, especially as the market for initial public offerings slowed. However with IPOs ramping back up this year, specifically in China, confidence is creeping back into Asia’s private equity industry.

CVC Capital, which as of February had secured $3 billion of the $3.5 billion it seeks for a fourth Asian fund, purchased a majority stake in Chinese restaurant chain South Beauty, according to a press release issued by the investor. A CVC representative would not disclose any financial details.

The Wall Street Journal reported in October that London-based CVC was planning to invest $300 million for a 69% in South Beauty, whose other investors include Chinese private equity firm CDH Investments. CDH invested $29.3 million into South Beauty for an undisclosed stake in 2008, according to a Reuters’ report.

Source: Wall Street Journal

 

Tags: Private Equity, Private Equity Firm, Private Equity Group, Private Equity Company, Private Equity Fund, Private Equity Investment, Private Equity Investor, Fund of Fund, Private Equity Business, Private Equity Industry, PE, Asian Private Equity, CVC Capital Partners, Actis, Zoyi Capital, China, Asia, Chinese Restaurant Chain, South Beauty, Wall Street Journal, London, CDH Investments, Reuters.


CVC Capital Presents Best Offer to Take Control of Deoleo

Deoleo, Spain’s biggest olive oil producer, announced that the private equity firm CVC Capital Partners presented the best offer for a controlling stake in the Spanish firm.

The move puts at risk British-based CVC Capital Partners’ bid for the indebted Spanish firm, which sells one fifth of the world’s bottled olive oil and owns three of the top four brands, Spain’s Carbonell and Italy’s Bertolli and Carapelli.

Spain is by far the biggest world producer of olive oil, with the growing industry a major employer in the country’s impoverished south. The government has said that while it will not block foreign takeovers, it does not want to see the company broken up.

Deoleo said on Wednesday private equity firm CVC had made the highest offer for the company. CVC planned to maintain Deoleo’s brands and keep the company intact, a source close to the deal said.

Source: Reuters

 

Tags: Private Equity, Private Equity Firm, Private Equity Group, Private Equity Company, Private Equity Fund, Private Equity Investment, Private Equity Investor, Fund of Fund, Private Equity Business, Private Equity Industry, PE, Deoleo, Spain, Olive Oil Producer, CVC, CVC Capital Partners, British Private Equity, UK Private Equity, UK, Italy, Carbonell, Bertolli, Carapelli.


Lloyd’s Insurer Brit Announces £960M IPO

Apollo Global Management and CVC Capital Partners have priced the sale of stock in Lloyd’s of London insurer Brit PLC with a market capitalization of £960 million.

The specialty insurer Brit said Friday that it had raised 240 million pounds, or about $400 million, as part of an initial public offering on the London Stock Exchange.

Brit is the latest private equity-owned company to float its shares in recent months amid buoyant stock markets eager for new listings.

The insurer, which is based in the Netherlands, priced its offering at 240 pence a share, giving it a market capitalization of £960 million. The company’s shares were trading up slightly at 240.25 pence early Friday.

Brit was taken private by Apollo Global Management and CVC Capital Partners in 2010.

“I am pleased that our offering has been well received by investors,” said Mark Cloutier, the chief executive of Brit. “Having transformed Brit into a successful global specialty insurer operating solely through Lloyd’s of London, we have built a strong foundation for future profitable growth and continued success.”

Source: New York Times

 

Tags: Private Equity, Private Equity Firm, Private Equity Group, Private Equity Company, Private Equity Fund, Private Equity Investment, Private Equity Investor, Fund of Fund, Private Equity Business, Private Equity Industry, PE, Apollo Global Management, CVC Capital Partners, Lloyd’s, Brit PLC, Initial Public Offering, IPO, London Stock Exchange, Netherlands, Mark Cloutier, Lloyd’s of London.


Nordic Eyewear Retail Chain Bought by CVC Capital

Synsam Nordic, an optical retailer in the Nordic region, has been acquired by a private equity firm CVC Capital Partners from Alipes, the investment firm controlled by Sweden’s Kamprad family, terms of the deal were not disclosed.

The sale comes about seven years after Synsam was acquired by a group of former store owners and Alipes, an investment firm sponsored by Ikano and Inter Ikea. The Kamprad family controls the furniture retailer as well as Ikano and Inter Ikea.

Synsam was founded in 1968 when a group of independent opticians began operating under a common brand name. The company now has more than 420 stores and franchises in Sweden, Denmark and Norway, selling glasses and contact lenses and providing eye examinations.

“Synsam is our oldest portfolio company and we are proud of having worked together with former store owners and an excellent management team to develop it from a voluntary retail chain to the leading integrated optical retail chain in the Nordic,” said Gunnar Selving and Richard Silén, partners at Alipes.

Source: New York Times

 

Tags: Private Equity, Private Equity Firm, Private Equity Group, Private Equity Company, Private Equity Fund, Private Equity Investment, Private Equity Investor, Fund of Fund, Private Equity Business, Private Equity Industry, PE, European Private Equity, Synsam Nordic, Optical Retailer, Nordic Region, CVC Capital Partners, Sweden, Kamprad Family, Ikano, Inter Ikea, Denmark, Norway, Gunnar Selving, Richard Silén.


Symrise and Ajinomoto Both Submit Buyout Offers for French Food Ingredients Maker

French food ingredients maker Diana, received buyout bids from Symrise, a listed German aroma chemicals maker, and Ajinomoto, a Japanese producer of seasonings and curry sauces.

In moves highlighting the intense competition for deals in Europe the two groups have submitted bids valuing the Brittany-based company at more than €1.2bn including debt, people with knowledge of the talks said. They trumped Blackstone and BC Partners, which have not been retained by the seller, Ardian, for a second round of bidding in the next weeks. However, private equity groups CVC Capital Partners, Eurazeo and Pamplona remain in the race, they said.

The hard-fought auction underlines buyout investors’ struggle to compete for deals as prices rise and corporate buyers join the fray. Private equity groups have accumulated a record $1tn of cash from pension plans, insurers and sovereign wealth funds and are finding it hard to spend the money.

Rising equity markets have lifted price expectations while deal-flow remains about half of what it was before the crisis. The competition has heightened because a lot of private equity groups are opting to float their portfolio companies rather than sell them because public market investors are ready to pay more, drying up a large source of potential deals for other buyout houses.

Source: Financial Times

 

Tags: Private Equity, Private Equity Firm, Private Equity Group, Private Equity Company, Private Equity Fund, Private Equity Investment, Private Equity Investor, Fund of Fund, Private Equity Business, Private Equity Industry, PE, French Food Ingredients Maker, Diana, Buyout Offer, Buyout Bids, Buyout, Buyout Fund, Leveraged Buyout, Buyout Firm, Symrise, Germany, Ajinomoto, Japan, Europe, Blackstone, BC Partners, Ardian, CVC Capital Partners, Eurazeo, Pamplona.


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