Brazil has reduced taxes for foreign investments in private equity funds, Reuters reported. The government cut to 2% from 6% the so-called IOF tax on foreign exchange transactions by overseas investors into private equity funds and venture capital funds, Reuters said.
1 min read · 03 January 2011
Progressive Enterprises, a holding company owned by private equity firm Stone Point Capital and publicly traded Fiserv Inc., has acquired pharmacy benefit manager Progressive Medical. Financial terms of the deal were not released. Progressive Medical is based in Westerville, Ohio, and focuses on the workers' compensation and auto no-fault markets. Progressive Enterprises was formed by Stone Point and Fiserv as a holding company for a portfolio of insurance services businesses. Stone Point is based in Greenwich, Conn.
3 min read · 03 January 2011
Ding Wei, the head of investment banking at private equity-backed China International Capital Corp., will step down, Reuters reported, citing a story in the online edition of Chinese financial magazine Caing. Wei’s departure comes less than a month after Morgan Stanley sold its minority stake in CICC to a group of investors including buyout shops TPG Capital and Kohlberg Kravis Roberts & Co.
1 min read · 03 January 2011
Boston-based private equity firm Berkshire Partners has named Sharlyn Heslam and Elizabeth Hoffman to the post of managing director. Heslam, the firm's general counsel, joined Berkshire Partners in 2006. Previously she was a corporate partner at the firm Weil, Gotshal & Manges. Hoffman joined Berkshire in 2003 and works with the firm's communications and business services companies.
2 min read · 03 January 2011
Chicago-based private equity firm PAG Capital Partners has bought a majority stake in MMA Warehouse, an online retailer mixed martial arts gear, apparel and accessories. Financial terms of the deal were not released. Formed in 2004, MMA Warehouse is based in Wheeling, Illinois. The company’s CEO Mika Casey will continue to lead the company and retains a significant ownership.
2 min read · 03 January 2011
Blackstone Group and Spanish private equity firm Dinamia will pay up to 8.5 million euros ($12.58 million) for a 5% maximum stake in the parent company of Spanish food cans maker Mivisa, Reuters said. Murcia, Spain-based Mivisa is currently owned by European buyout shop CVC, which bought the company in 2005, Reuters reported.
1 min read · 03 January 2011
Tata Power Co. has canceled a plan to raise $300 million by issuing shares for two of its special purpose vehicles to private-equity firm Olympus Capital Holdings Asia, Reuters reported. The Indian utility company said that certain conditions stated in the investment agreement were not fulfilled, Reuters said.
1 min read · 03 January 2011
Hiring in the asset and wealth management industry rebounded in 2010, according to a review from executive search firm Russell Reynolds Associates. The firm expects compensation to rise in 2011, thanks in part to fierce competition among private equity firms recruiting leadership for their portfolio companies.
6 min read · 30 December 2010
Greenwich, Conn.-based private equity firm Catterton Partners has acquired Noodles & Co., an operator of about 250 casual restaurants. Financial terms of the deal were not released. Catterton Partners has over $2.5 billion of equity capital under management. Noodles & Co. was formed in 2005.
1 min read · 30 December 2010
With backing from New York-based private equity firm Diamond Castle Holdings, NuGen Capital Management and KDC Solar have formed a joint venture to develop solar electricity generator systems in Carteret, New Jersey.
4 min read · 30 December 2010
