James Taylor

Myners recommends light touch but backs tax change(2)

City of London veteran Paul Myners has given UK private equity a boost by telling the Treasury Select Committee not to recommend further regulation of the industry. However, he took a less sympathetic view of practitioners’ current tax treatment.

Hands: Tax changes will only benefit UK’s competitors(3)

Guy Hands, the outspoken chief executive of Terra Firma, has hit out once again in defence of private equity’s tax treatment, highlighting the taxes paid by his firm and arguing that any changes would only benefit continental Europe.

Cracks appear as BVCA comes under fire(3)

As the BVCA comes in for sustained criticism for its handling of yesterday’s Treasury Select Committee hearing, many in the industry – including its own chairman – are suggesting that it cannot continue in its current form.

AA/ Saga backers share £2.5bn profit

The three buyout firms behind last week’s merger of UK companies the AA and Saga have moved to address concerns about a lack of transparency by releasing additional financial details of the £6.15 billion deal.

Hands defends carry tax

Guy Hands, chief executive of Terra Firma and one of the UK private equity industry’s most forthright advocates, has defended the current tax treatment of carried interest. He believes it is right to distinguish it from other types of remuneration, since it rewards “long-term capital investment” by buyout executives.

Buyout groups create €10bn European broadcast giant(2)

Buyout firms Kohlberg Kravis Roberts and Permira have been given the go-ahead to complete the merger of their portfolio companies ProSiebenSat.1 and SBS Broadcasting, which is likely to realise a strong return for the two firms.

Marfin brings forward launch date after record fundraising(2)

Marfin, a private equity vehicle targeting south-eastern Europe, has defied expectations by raising €4 billion for its listed fund in just one week. The Greek firm, which has already raised more money than any other listed vehicle, could now hit its €5.2 billion target earlier than expected.

Walker outlines plans for greater transparency

Sir David Walker, the man who has been tasked with improving transparency in UK private equity, has defended his independent status to the Treasury Select Committee and outlined some of the specific guidelines he intends to recommend to the industry.

Sovereign completes latest Kinetics bolt-on(2)

Sovereign Capital has continued its buy-and-build strategy for Kinetics Group, the maintenance business it created earlier this year, with the £7.25 million bolt-on acquisition of gas maintenance company TA Horn.

3i makes 4x return after HSS turnaround(3)

3i has reaped the rewards of a successful turnaround at tool hire business HSS, after selling the business for £310 million. The buying consortium comprises Archie Norman’s investment vehicle and Och-Ziff, a hedge fund with a history of encroaching on the buyout space.