London investment firm Vision Capital has announced the opening of its New York office and the completion of its acquisition of Terphane, a manufacture of polyester films.
The investment of undisclosed size comes from Vision’s seventh fund, which closed in January 2009 on €680 million, almost twice the size of its 2006 predecessor. Fund VII employs a strategy of acquiring non-core assets – normally in portfolios – from either financial or corporate sellers. Many of the fund's backers are large US institutions.
Sao Paulo-based Terphane produces specialty polyester films used predominantly in the food packaging industry.
Vision has invested in the Americas since 2004, and owns four portfolio companies in the region, including Terphane.
“We’ve seen a flow of opportunities since we first started looking at the US market,” managing partner at Andrew Hawkins told PEO. “We’ve seen plenty of legacy assets in private equity firms, which is sort of the staple diet of Vision Capital deals.”
In April, the firm purchased Nordic consumer finance firm Nordax Finans from Palamon Capital Partners for an estimated €105 million. The deal saw Hawkins reunite with Nordax after having been involved in Palamon’s original investment in the firm back in late 2003. Hawkins had been one of Palamon’s original founders and left the firm to join Vision in 2007.
Vision specialises in buying portfolios of companies from conglomerates, financial institutions and private equity firms. Vision’s investment mandate includes debt and equity investments – both influence and control positions – with a transaction size ranging between €50 million and €1 billion.
The firm has a multi-sector approach, and specialises in financials and real estate, industrials and manufacturing and business services and consumer.