Private Equity
A consortium of investors including CPPIB has completed the acquisition of a 24.1% stake in the Gassled Joint Venture from Statoil ASA. The buyer is Solveig Gas Norway AS, a holding company that is approximately 40% owned by CPPIB; 30% by Allianz Capital Partners, a subsidiary of Allianz SE; and 30% by Infinity Investments SA, a wholly owned subsidiary of the Abu Dhabi Investment Authority. The total value of the transaction is approximately C$3.18 billion.
2 min read · 01 February 2012
Governance, risk and compliance services companies ELT Inc., EthicsPoint Inc. and Global Compliance Services Inc. have announced plans to merge. The combined company will be a portfolio company of private equity firm The Riverside Company. Terms of the deal were not released.
5 min read · 01 February 2012
WestSummit Capital, a private equity firm with offices in Palo Alto, Calif., and Beijing, has added David Lam as a managing director, and promoted Elise Huang to partner. WestSummit focuses on growth-stage technology companies with a presence in China.
3 min read · 01 February 2012
Galls, a distributor of public safety, first responder and private security products owned by private equity firm CI Capital Partners, has merged with Quartermaster Inc. Terms of the deal were not released. Cerritos, Calif.-based Quartermaster is a specialty distributor of public safety products.
3 min read · 01 February 2012
France's Accor is no longer in the running to buy the hotels of Groupe du Louvre, a unit of U.S. investment group Starwood Capital, Reuters reported Wednesday. Accor's offer, which it made together with Franco-Dutch property group Unibail-Rodamco, "was not retained,” Reuters wrote, quoting an Accor spokeswoman.
2 min read · 01 February 2012
Private equity investor General Atlantic has named David Topper, a former Vice Chairman of J. P. Morgan, as a special advisor to the firm. He will work with General Atlantic’s portfolio companies on various projects, the firm said.
3 min read · 01 February 2012
(Reuters) - Bankers are working on a debt package of up to 1 billion pounds ($1.57 billion) to back the potential buyout of U.K. frozen food supermarket Iceland Foods, Reuters wrote Tuesday. Failed Icelandic banks Landsbanki and Glitnir are selling a combined 77% stake in Iceland Foods. Private equity firms Bain Capital and BC Partners are expected to put in a bid, while Blackstone has renewed interest in the company having stepped back from the process at an earlier stage, Reuters wrote.
2 min read · 31 January 2012
IBM will acquire Israel-based Worklight, a maker of mobile software for smartphones and tablets. Terms of the deal were not released. The company was backed by investors including Pitango Venture Capital, Genesis Partners and Index Ventures.
5 min read · 31 January 2012
ICV Partners, buyout shop focused on lower middle-market companies, exited its investment in Chicago-based Entertainment Cruises Inc. The firm said that it yielded a nearly 3x return on its investment. Terms of the deal, however, were not released. The firm said that the buyer is a “private, long-term investor.”
3 min read · 31 January 2012
Financial regulators in the U.K. have imposed a record fine on financier Ravi Sinha for an invoicing scam when he was in charge of the European operations of private equity firm JC Flowers, Reuters wrote Tuesday. The Financial Services Authority fined Sinha 2.87 million pounds ($4.5 million), its largest penalty for a general fraud case, Reuters wrote.
2 min read · 31 January 2012
