Macquarie Group and China Everbright Ltd. have raised $729 million for their Greater China infrastructure fund, Reuters reported. The first close, announced Tuesday, includes $479 million from institutional investors including PGGM, the second largest pension manager in the Netherlands, and the Korean Teachers' Credit Union, Korea's second largest pension plan, Reuters said. The fund will focus on infrastructure projects such as toll roads, airports and railways in China, Hong Kong and Taiwan.
2 min read · 14 June 2011
European computer consultancy Capgemini is in talks to buy private equity-owned outsourcing and payment services provider Prosodie for an enterprise value of 382 million euros ($549.2 million). Buyout shop Apax Partners acquired a stake in Prosodie in 2006, and delisted the company in late 2007. A deal for the company could reportedly be finalized by July.
3 min read · 14 June 2011
Houston-based Sidewinder Drilling Inc. has sealed a commitment for up to $125 million in funding from buyout shop Avista Capital Partners. The money will be used to build a fleet of newly constructed, fast-moving, highly efficient land drilling rigs, the company said Monday. Avista manages $4 billion in committed capital, and has offices in New York, Houston and London.
2 min read · 13 June 2011
Buyout shop Vector Capital said Monday that it would buy publicly traded Gerber Scientific Inc. for $281.8 million. At $11 per share, the cash consideration represents a 24% premium to Gerber's average closing price over the last 30 days. Fortress Credit Corporation is providing debt financing. Based in Tolland, Conn., Gerber provides automated manufacturing systems for the sign making, specialty graphics, packaging, apparel and industrial industries.
4 min read · 13 June 2011
Huron Capital Partners has acquired Lot 26 Studio Inc., a designer and marketer of adhesive wall décor, the firm announced Monday. Terms of the deal were not released. Huron Capital currently manages over $600 million in committed equity through three private equity funds, and has offices based in Detroit and Toronto.
2 min read · 13 June 2011
Citigroup plans to close the Japan offices of Citi Venture Capital International, Reuters reported Monday, saying that the fund management firm has failed to seal any attractive investments. Citi Venture Capital International manages about $7 billion in equity investments and committed capital, and opened its Japan office in September 2006, Reuters wrote.
1 min read · 13 June 2011
Xceleron, a UK-based drug development company, has named David Roblin to its board, and added Stuart Best as senior director operations. Roblin joins from Pfizer Global R&D where he was most recently senior vice president R&D, research head and site director. Best joins Xceleron from Merck, Scotland where he was head of bioanalysis. Xceleron is backed by Close Ventures and Foursome Inv*stments.
3 min read · 13 June 2011
Greenhill & Co. said it had sold its interests in private equity fund Greenhill Capital Partners II L.P. for about $45 million, Reuters reported. The investment bank is selling its interest in the fund to “investors advised by J.P. Morgan Asset Management and certain principals of GCP Capital Partners,” Reuters wrote. The move is part of Greenhill’s strategy to focus on its core client advisory business.
1 min read · 13 June 2011
Perkins & Marie Callender's Inc., owners of Perkins restaurants, filed for Chapter 11 bankruptcy protection Monday, Reuters reported. The company listed assets at $290 million and liabilities at $440.8 million. Castle Harlan Inc. bought the restaurant company in 2005, and in April hired an adviser to explore its options – including bankruptcy. Perkins owns about 600 restaurants across North America.
1 min read · 13 June 2011
1 min read · 13 June 2011
