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.

Alstom is Set to Receive Bids for Its Heating Exchanger Unit

A large French multinational conglomerate which holds interests in the power generation and transport markets Alstom, is set to receive initial bids this week for its heat exchanger business.

Private equity firms such as PAI, Rhone, Pamplona, Triton, Bain and Advent are likely to hand in offers by a Jan. 15 deadline, the people said, adding that more than 50 investors initially received information packages from Goldman Sachs, which is organising the auction.

Alstom, which makes high-speed TGV trains, announced sweeping job cuts in November and said it would sell up to 2 billion euros of assets to raise cash after a tough first half of the year.

One of the assets put up for sale is the heat exchangers business that comprises Air Preheaters unit, making products used by boiler companies and utilities, as well as the Gas-Gas Heater unit that makes devices salvaging heat from the flue gas from power plants before it exits through the stack.

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, France, Multinational Conglomerate, Alstom, PAI, Rhone, Pamplona, Triton, Bain, Advent, Goldman Sachs, Air Preheaters, Gas-Gas Heater.

Pamplona and Rhone among Bidders for Innovia Films

Two private equity firms, Pamplona Capital Management LLP and Rhone Capital LLC, are evaluating bid proposal for the British food and tobacco packaging maker Innovia Films Ltd. Four people with knowledge of the matter told Bloomberg.

Platinum Equity LLC may also make an offer for the Wigton, England-based company, which is valued at about 500 million euros ($676 million), said the people who asked not to be identified because the talks are private.

Initial bids are likely to be made at the end of November, two of the people said. Candover Partners Ltd., the former manager of Arle’s investments, acquired the business in a transaction valued at about 320 million euros in 2004.

Innovia is the last company remaining in the 2001 Candover fund, which has been managed by Arle since 2011, following the sale of defense company Qioptiq Ltd. to Excelitas Technologies Corp. for an undisclosed sum in September.

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, Pamplona Capital Management LLP, Rhone Capital LLC, Pamplona, Rhone, British Food, Tobacco Packaging, Innovia Films Ltd., Platinum Equity LLC, Wigton, England, Britain, Candover Partners Ltd., Candover Fund, Qioptiq Ltd., Excelitas Technologies Corp., Arle Capital Partners LLP.

Carlyle Energy MD to Join Pamplona Capital Management

Ex-managing director in the energy team Joao Saraiva e Silva has left Carlyle Group, a Washington-based global asset management firm specializing in private equity, to join Pamplona Capital Management. Pamplona Capital is backed by Russian billionaire Mikhail Fridman’s Alfa Group.

London-based Pamplona hired Joao Saraiva e Silva from Carlyle at the beginning of September, one of the people said. The move came just four months after Carlyle hired him to help lead a new energy team focused on oil and gas exploration and production in Europe, Africa, Latin America and Asia.

The second person said that Saraiva e Silva would likely have some involvement in the L1 Energy fund, a new vehicle that will invest in global oil and gas projects using funds from the sale of Alfa Group’s stake in oil venture TNK-BP. The company was sold to Russian state-owned energy group Rosneft in March in a $55 billion deal, $28 billion of which was split between Fridman and other controlling shareholders.

A spokeswoman for Carlyle confirmed Saraiva e Silva’s departure but declined to comment further. A spokesman for Pamplona declined to comment. A spokesman for LetterOne Group, the parent company for L1 Energy, declined to comment. Source


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, Washington Private Equity, DC Private Equity, Carlyle, Carlyle Group, Joao Saraiva, Pamplona, Pamplona Capital Management, Mikhail Fridman, Alfa Group, London, Oil and Gas Exploration, Europe, Africa, Latin America, Asia, L1 Energy Fund, Alfa Group, TNK-BP, Fridma.

Pamplona Mentioned to Buy OGF SA from Astorg for €900 Million

Pamplona Capital Management LLP, a specialist investment manager that provides an alternative investment platform across private equity, fund of hedge funds and single manager hedge fund investments, agreed to purchase French funeral group OGF SA for about €900 million euros, announced three people with knowledge of the situation.

London-based Pamplona signed a binding agreement with current owner Astorg Partners yesterday to buy Paris-based OGF, according to the people, who asked not to be identified because the talks are private. OGF also attracted bids from CVC Capital Partners Ltd. and Lion Capital LLP, the people said.

The senior management team of OGF, which provides funeral and crematorium services across France, are expected to re-invest in the business alongside Pamplona, the people said. Paris-based private-equity firm Astorg bought OGF for 780 million euros in 2007.

Pamplona, which manages both private-equity and hedge fund investments, is currently investing a 2-billion euro pool of capital it raised in 2011. OGF is the first private-equity deal it has completed in Europe this year, according to its website. Source


Tags: Pamplona, Pamplona Capital Management LLP, Private Equity, Private Equity Fund, Fund of Private Equity Funds, Fund of Hedge Funds, Hedge Fund investments, Astorg Partners, Paris, France, OGF, CVC Capital Partners Ltd., Lion Capital LLP.

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