British bank venture NBNK has submitted a second-round bid for about 630 Lloyds bank branches, Reuters reported Wednesday. Sun Capital and Co-Operative Financial Services have yet to put in second-round offers. The branches – put up for sale following a British government bailout during the credit crisis – are expected to fetch some 1.5 billion pounds ($2.3 billion). Britain ended up with a 40.6% stake in Lloyds following the bailout, Reuters wrote.
2 min read · 28 September 2011
Astorg Partners, the French private equity shop, is planning to buy the microconnections unit of French electrical connectors maker FCI from Bain Capital, Reuters reported Wednesday. Astorg will reportedly finance the deal with 320 million euros ($436 million) in debt. The firm did not disclose the purchase price for the business unit.
1 min read · 28 September 2011
Mo Virani has joined Northgate Capital as its chief financial officer and chief operating officer. He joins from venture firm Mohr Davidow, where he worked as the administrative general partner responsible for all company operations and limited partner relations. In his new role, Virani will be responsible for all the finance and administrative functions of Northgate. In addition he will provide support for the investor relations and investment management activities of the firm, Northgate said in a statement.
2 min read · 28 September 2011
Bain Capital’s planned buyout of the Japanese restaurant chain Skylark Co. is delayed after an August outbreak of dysentery at the company’s 120 restaurants, Reuters reported, citing news from Basis Point. The deal, with an enterprise value of about $3.7 billion, could be delayed “a few weeks,” Reuters wrote. The seller is Nomura Principal Finance.
1 min read · 28 September 2011
French insurer AXA is considering a sale of its private equity unit, Reuters reported Wednesday. The unit has roughly 20 billion euros ($27.3 billion) under management. A sale would likely be a response to tougher capital requirement rules aimed at bolstering the financial industry, Reuters wrote. A review of the PE unit is in a “preliminary stage,” Reuters said.
1 min read · 28 September 2011
Investor Growth Capital, formerly a business unit within Investor AB, announced Wednesday that it is now an independent venture firm with Investor AB as its sole limited partner. Additionally, Investor AB has added $300 million in new capital to the firm’s current fund, IGC Fund VI, bringing the size of the fund to more than $1.3 billion. The firm focuses on expansion-stage technology and healthcare companies in the United States and Greater China.
3 min read · 28 September 2011
Solar panel maker Solyndra has been cleared to begin a sale of the business. In a move criticized by some creditors as "rushed," the U.S. bankruptcy court approving a plan for an Oct. 27 auction of the business, Reuters reported Tuesday. The company, which received a $535 million loan guarantee from the federal government and raised more than $700 million in venture capital funding, filed for bankruptcy protection on Sept. 6. Solyndra was backed by Argonaut Ventures, Madrone Partners, U.S. Venture Partners, Rockport Capital Partners, CMEA Ventures and Redpoint Ventures.
2 min read · 28 September 2011
Boston-based investment firms ABRY Partners and Berkshire Partners have acquired The Telx Group Inc. Telx, based in New York, is a provider of global interconnection and colocation services. Terms of the transaction were not disclosed. Evercore Partners served as financial advisor to Telx on the transaction and Paul Hastings LLP served as legal advisor.
3 min read · 27 September 2011
Turnbridge Capital has recapitalized Flare Industries, the company announced Tuesday. Details of the funding were not released. Flare Industries is based in Austin, Texas, and designs, manufactures and installs combustion and pollution control technology and equipment. Turnbridge is an energy-focused private equity firm with offices in Dallas and Houston.
3 min read · 27 September 2011
Vivimed Labs, an Indian drugmaker, has raised 1.27 billion rupees ($25.8 million) from two private equity investors, Reuters reported. NYLIM Jacob Ballas India Fund has invested 670 million rupees through compulsory convertible preference shares, which would be converted in 18 months at a price of 315 rupees per share, the drugmaker said in a statement. Kitara Capital invested 600 million rupees to buy equity at 327 per share, it said.
1 min read · 27 September 2011
