Mandated lead arrangers CIBC World Markets and Credit Agricole Indosuez have launched the second sub-underwriting stage of the EURO1.2 billion senior and subordinated debt package for the secondary buyout of Elis by PAI. Banks are invited to sub-underwrite EURO60 million, with a target hold of EURO40 million, for an all-in upfront fee of 125bp. HypoVereinsbank, […]
Hermes is considering the sale of its 29.3 per cent shareholding in Edinburgh Fund Managers. The decision follows the resignation of Hermes chief executive officer, Tony Watson from the board of Edinburgh Fund Managers. A statement from the group revealed Watson’s resignation was a result of disagreements with the rest of the board over the […]
Michael Johnson has joined Commerzbank’s newly-formed Financial Sponsors Group, known as Commerzbank Securities (ComSec). Johnson joins ComSec from Nomura Principal Finance Group where he was transaction director responsible for originating and executing private equity transactions. During his time at Nomura, he led several transactions, including the purchase of the First Quench retail chain of 2,600 […]
Swedish turnaround specialist Segulah has realised its investment in Modul-System for an undisclosed sum. The company, which manufactures vehicle racking systems for service vans, has been sold to the industrial group, Carl Bennet. Modul-System will become an independent business area within Carl Bennett. Based in Mlndal, Sweden, the company has sales of SEK250 million, 80 […]
The GBP495 million senior debt facilities backing the secondary buyout of Coral Eurobet is receiving a positive reception from the market, with mandated lead arranger Lehman Brothers reporting no declines so far. Co-arrangers are invited to underwrite GBP45 million for a target final hold of GBP30 million, for 135bp all-in upfront. The senior debt comprises […]
Bridgepoint Capital has acquired an 18 per cent stake in UK-based importer and supplier of private label wine Western Wines for GBP53 million. Barclays Capital is mooted to have provided debt finance to support the buyout, although it is not yet clear whether the debt will be syndicated The investment will assist in the strategic […]
Captive or semi-captive private equity houses continue the march to independence. September brings news that Gresham is the latest firm to break free of its parent, in this case Zurich Financial Services (see NEWS this issue). Last month HSBC Private Equity was reported to have reached an agreement with the bank, although no timetable for […]
Duke Street Capital’s acquisition of Invicta Leisure has provided Electra Investment Trust and RIT Capital Partners with an exit. Esporta Group, the vehicle Duke Street Capital set up for the recent public-to-private of Esporta, has bought the company for GBP140 million. RIT Capital Partners (the successor to the Rothschild Investment Trust) initially backed Invicta, which […]
Allianz Capital Partners and E.ON have agreed to sell their remaining stake in Schmalbach-Lubeca, after making a partial exit earlier this year. Subject to regulatory approval, the drinks can manufacturer has been acquired for around EURO1.2 billion by US packaging manufacturer Ball Corporation. Ball will be acquiring the German-based company for approximately EURO900 million in […]
Swedish turnaround specialist Segulah has realised its investment in Modul-System for an undisclosed sum. The company, which manufactures vehicle racking systems for service vans, has been sold to the industrial group, Carl Bennet. Modul-System will become an independent business area within Carl Bennett. Based in Mlndal, Sweden, the company has sales of SEK250 million, 80 […]