U.S. Bank has named Kurt Silberstein the managing director of alternative investments for Ascent Private Capital Management, a unit of U.S. Bank's Wealth Management Group. Silberstein will build Ascent's alternative investment team, which will be responsible for sourcing, researching and providing due diligence for alternative investments such as hedge funds, private equity and venture capital. He joins from the California Public Employees Retirement System, where he was senior portfolio manager for global equities.
4 min read · 01 August 2011
Kohlberg Kravis Roberts & Co. will invest $113.8 million in convertible bonds of Chinese water treatment firm United Envirotech, Reuters reported. The bond investment will have a five-year tenure and could later be converted into equity shares, Reuters wrote.
1 min read · 01 August 2011
Strauss Coffee, which is backed by private equity firm TPG Capital, will pay $8 million for the “Ambassador” brands of freeze-dried instant coffee and roasted and ground coffee products owned by Sucafina Group. The coffee products are sold in Russia, Ukraine and Moldavia. In addition to the sale price, Strauss Coffee will pay $2.4 million for non-competition undertaking by the sellers, the company said in a written release. TPG Capital owns 25.1% of Strauss.
2 min read · 01 August 2011
Advent International is in exclusive talks with the Savare family about buying 60% of French smartcard maker Oberthur Technologies, Reuters reported, citing news in Les Echos. The deal would reportedly value Oberthur at 1 billion euros ($1.44 billion).
1 min read · 01 August 2011
Dewey & LeBoeuf said that it advised Insight Venture Partners in the firm’s equity financing of Photoways Holdco Ltd, a vehicle owned by digital photo business PhotoBox. The financing was part of a deal by Photobox to acquire Moonpig for £120 million (US$195 million).
2 min read · 29 July 2011
After completing its acquisition of Lexicon Partners, Evercore Partners has announced changes to its Hong Kong team. Stephen CuUnjieng, Evercore's senior managing director based in Hong Kong, will become Chairman of Evercore Asia Limited. Marcus Thompson, Lexicon Partners' managing director based in Hong Kong, will become Chief Operating Officer of Evercore Asia Limited. Before joining Evercore Partners, CuUnjieng was vice chairman-ASEAN at Macquarie, and a managing director at Merrill Lynch. Thompson joined Lexicon Partners in London in 2004 as a partner and opened Lexicon's Hong Kong office in 2007.
2 min read · 29 July 2011
Local search site Yelp Inc. has added Rob Krolik as chief financial officer, bringing in an executive with a track record of working with public companies. He was most recently the CFO for online real estate website Move Inc. He also served previously as CFO for Shopping.com, where he helped with the company's initial public offering, and led the company's later sale to eBay in September 2005.
3 min read · 29 July 2011
Energy Capital Partners is buying CoaLogix Inc. from publicly traded Acorn Energy for $101 million. Acorn Energy currently owns approximately 65% of CoaLogix on a fully diluted basis, with the balance held by EnerTech Capital and CoaLogix management, the firm said in a release. CoaLogix is a provider of SCR catalyst and regeneration technologies, which reduce NOx for coal-fired electric utility power plants. Acorn created CoaLogix in November 2007.
5 min read · 29 July 2011
France's Oberthur Technologies is auctioning off large chunks of its business to private equity bidders, Reuters reported, citing the Financial Times. Advent International and One Equity Partners are reportedly the two remaining bidders for a 60% stake in Oberthur's smart card business. The deal could be worth up to 600 million euros ($858 million), Reuters said.
1 min read · 29 July 2011
Monet Ltd., an investment arm of private equity firm ChrysCapital, has sold about 2.5% of its stake in Indian cellular carrier Idea Cellular in a deal valued at $170 million, Reuters reported Thursday. The identity of the buyer was not disclosed.
1 min read · 28 July 2011
