Wall Street banks are expected to rein in reckless underwriting after the Federal Reserve appeared to single out Credit Suisse for flouting lending guidelines.
4 min read · 22 September 2014
Shareholders of merchant bank BENEV Capital Inc have approved its previously announced deal with Franworks Franchise Corp to acquire a $12 million annual top-line royalty for a purchase price of approximately $103 million. Shareholders also agreed to a change in the company's name from BENEV to Diversified Royalty Corp. The Franworks acquisition was a point of contention between BENEV and former investor Difference Capital Financial, which reportedly sold all of its holdings in July. Earlier in 2014, the Vancouver-based BENEV entered into a services agreement with Canadian private equity firm Maxam Capital Corp.
6 min read · 22 September 2014
Prism Medical Ltd (TSXV: PM), a Toronto-based manufacturer of durable medical equipment and related services, has reported on the results of its Dutch auction substantial issuer bid to repurchase up to $35 million worth of the company's common shares. Shares that will be purchased for cancellation include those held by Canadian private equity firm Yellow Point Equity Partners, representing approximately 99.2 percent of the total shares held by the firm prior to the offer. Yellow Point has backed Prism since 2004. In April, the company announced that it sold its U.K.-based operations to British private equity firm LED for $54.9 million.
3 min read · 22 September 2014
Private equity firms that have agreed to settle in a wide-reaching collusion case likely will pay their settlements through some combination of insurance, fund capital or balance sheet capital, Chris McDonough, director of the New Jersey Division of Investment, said.
2 min read · 19 September 2014
With a much lower number of take-privates this year by sponsors, the outlook hasn’t gotten much brighter lately as the U.S. equities market’s unending rally continues to push up prices of public companies.
3 min read · 19 September 2014
Avison Young Inc has acquired Kwartler Associates Inc, a manager of office, industrial and flex space based in Waldwick, New Jersey. The financial details of the transaction were were not released. Avison said the deal expands its business-line coverage in New Jersey and throughout the tri-state market. Based in Toronto, Avison is a commercial real estate services specialist and a portfolio investment of Canadian private equity firm Tricor Pacifc Capital. This month, Tricor made a second growth investment in the company, adding to the original $40 million that it invested in October 2011.
6 min read · 19 September 2014
Its sixth and seventh funds got hit hard by the financial crisis, but an otherwise strong track record has propelled The Banc Funds Company LLC to $388 million on its ninth fund.
2 min read · 19 September 2014
The era of the mega-buyout is far from over, says Tony James of The Blackstone Group.
2 min read · 18 September 2014
Due to a production error, a table in the July 14, 2014, issue of Buyouts contained incorrect information on the targets for most of the funds listed in the table, “Funds Raised in 2014 Through 2nd Qtr,” on pages 44-56. To view a corrected version of the table, click the link at right of this story. Or click here to view the full story, with the corrected table attached.
1 min read · 17 September 2014
Actua Corp (NASDAQ: ACTA) has agreed to buy FolioDynamix Inc, a cloud-based investment and wealth management platform based in New York, for around US$199 million in cash. The transaction, which is expected to be completed in the fourth quarter, will give an exit to Canadian specialty finance firm Wellington Financial. In May 2012, Wellington provided FolioDynamix with US$4 million in venture debt, joining existing investors, which included U.S. venture capital firms Edison Ventures and ABS Capital. Founded in 2007, Actua targets its technology applications to financial advisers, professionals and institutions.
4 min read · 17 September 2014
