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Centerbridge-Led Consortium Completes Canopius Acquisition
PRESS RELEASE 9 March 2018 CENTERBRIDGE-LED CONSORTIUM COMPLETES CANOPIUS ACQUISITION Canopius today announces the completion of its acquisition by a private equity consortium led by Centerbridge Partners, L.P. (“Centerbridge”), which includes private investment firm Gallatin Point Capital LLC. Having received all necessary regulatory consents, Canopius is once again a standalone business, led by Chairman Michael Watson and Group Chief Underwriting officer Mike Duffy. Since its foundation in 2003, Canopius has developed into a top-ten insurer at Lloyd’s, and wrote premium income of more than $1.5 billion in 2017. With Centerbridge and Gallatin’s support, the business is poised for growth on a scalable platform when conditions are conducive, and will continue to focus on underwriting excellence and enhancing its value-added capabilities in support of brokers and clients. Michael Watson said: “I am delighted to herald the dawn of an exciting new chapter in Canopius’s journey. This has re-energised our exceptionally talented team who, with the financial strength and insights of our new owners, will continue to pursue our ambition of building a world-class specialty (re)insurance franchise.” Ben Langworthy and Matthew Kabaker, Senior Managing Directors at Centerbridge said: "We’re very happy to have completed the investment in Canopius. Working with Michael Watson, Mike Duffy and the Canopius management team over the past few months has reinforced our view that this is a business with strong leadership and a clear strategy for the future. We recognise that 2018 marks a milestone year for Canopius being that it is 15 years since its original foundation. -
November 2013
California State University, San Bernardino CSUSB ScholarWorks Inland Empire Business Journal Special Collections & University Archives 11-2013 November 2013 Inland Empire Business Journal Follow this and additional works at: https://scholarworks.lib.csusb.edu/iebusinessjournal Recommended Citation Inland Empire Business Journal, "November 2013" (2013). Inland Empire Business Journal. 208. https://scholarworks.lib.csusb.edu/iebusinessjournal/208 This Article is brought to you for free and open access by the Special Collections & University Archives at CSUSB ScholarWorks. It has been accepted for inclusion in Inland Empire Business Journal by an authorized administrator of CSUSB ScholarWorks. For more information, please contact [email protected]. Volume 25 Number 11 November 2013 $2.00 www.busjournal.com AT DEADLINE Robert Lawrence Balzer Special Exhibition Preview Endorsement in Board Sections Race Gets Coduto Venture Capital for Dummies®: Ten Ways to Lose a Deal Removed as Page 5 ASB President A New Day and Age for His endorsement of a non- Financial Planning incumbent in this year’s Chaffey Page 23 College Governing Board race appears to have gotten Chaffey Plant Seeds. College Student Body President Drink Wine. Sing Songs. Kevin Coduto bounced off the Chaffey Campus Student Council. Incumbent Kathleen Portrait of Robert Lawrence Balzer by James-Paul Brown Preview an exhibit of wine artifacts and other antiques from the Brugger of Rancho Cucamonga, late renowned wine journalist Robert Lawrence Balzer’s Collection a now-retired social worker who at the W. Keith & Janet Kellogg University Art Gallery. The exhibi- has served on the Chaffey board tion is open to the public Nov. 9 through Dec. -
BFF Luxembourg S.À R.L. Societé À Responsabilité Limitée Registered Office: 25C, Boulevard Royal, L-2449 Luxembourg R.C.S
BFF Luxembourg S.à r.l. Societé à responsabilité limitée Registered office: 25C, boulevard Royal, L-2449 Luxembourg R.C.S. Luxembourg B 195343 Messrs Banca Farmafactoring S.p.A. Via Domenichino, 5 20149, Milan Luxembourg, March 11, 2018 Ref.: Banca Farmafactoring S.p.A. – Shareholders’ General Meeting to be held on April 5, 2018 Filing of the list for the appointment of the Board of Directors Dear Sirs, With the present letter, the undersigned BFF Luxembourg S.à r.l., shareholder of Banca Farmafactoring S.p.A. (the “Bank”) owner of No. 77.685.903 shares, equal to 45.7% of the Bank’s share capital, with reference to the Shareholders’ General Meeting to be held on April 5, 2018, convened to discuss and resolve, inter alia, on “The appointment of the Board of Directors. Related resolutions”, considered the “Guidelines on the qualitative and quantitative composition of the Board of Directors: Indications for Shareholders and the New Board of Directors” (the “Guidelines for the Shareholders”) and the “Report of the Board of Directors on the fifth point on the agenda” (the “Report”), pursuant to Article 15 of the Bank’s By-Laws, submits the following list of candidates, listed through a sequential numbering: 1. Salvatore Messina, born in Nicolosi (CT) on January 1, 1946, Tax Code MSSSVT46A01F890P; 2. Massimiliano Belingheri, born in Bergamo (BG) on October 30, 1974, Tax Code BLNMSM74R30A794F; 3. Luigi Sbrozzi, born in Milan (MI) on November 30, 1982, Tax Code SBRLGU82S30F205X; 4. Ben C. Langworthy, born in Newburyport (MA, USA) on August 12, 1978, Tax Code LNGBCR78M12Z404R; 5. -
Broken Confidences Sebastiaan Van Den Berg of Harbourvest Partners Are PE Players Losing Sleep Over Australia’S Super Fund Disclosure Rules? Page 7 Page 19
Asia’s Private Equity News Source avcj.com February 25 2014 Volume 27 Number 07 EDITOR’S VIEWPOINT Bumper PE deal flow in 2013 flatters to deceive Page 3 NEWS Baring Asia, CalPERS, CDH, EQT, Fosun, GGV, Hopu, IDFC, IFC, INCJ, Kendall Court, Morningside, NSSF, Origo, Samena, Temasek Page 4 ANALYSIS Australia’s mid-market GPs wait patiently for a buyout rebound Page 16 INDUSTRY Q&A HESTA’s Andrew Major and QIC’s Marcus Simpson Page 11 Broken confidences Sebastiaan van den Berg of HarbourVest Partners Are PE players losing sleep over Australia’s super fund disclosure rules? Page 7 Page 19 FOCUS FOCUS Diversity in distress The collective spirit GPs adjust to evolving special situations Page 12 Crowdfunding gains traction down under Page 14 PRE-CONFERENCE ISSUE AVCJ PRIVATE EQUITY AND VENTURE CAPITAL FORUM AUSTRALIA 2014 Anything is possible if you work with the right partner Unlocking liquidity for private equity investors www.collercapital.com London, New York, Hong Kong EDITOR’S VIEWPOINT [email protected] Managing Editor Tim Burroughs (852) 3411 4909 Staff Writers Andrew Woodman (852) 3411 4852 Mirzaan Jamwal (852) 3411 4821 That was then, Winnie Liu (852) 3411 4907 Creative Director Dicky Tang Designers Catherine Chau, Edith Leung, Mansfield Hor, Tony Chow Senior Research Manager this is now Helen Lee Research Manager Alfred Lam Research Associates Herbert Yum, Isas Chu, Jason Chong, Kaho Mak Circulation Manager FROM 2006 OR THEREABOUTS, AUSTRALIA pace during the second half of 2013. A total of Sally Yip Circulation Administrator suddenly became the destination in Asia for GPs nine PE-backed offerings raised record proceeds Prudence Lau focused on leveraged buyout deals. -
Special Report
September 2014 turnarounds & Workouts 7 Special Report European Restructuring Practices of Major U.S. Law Firms, page 1 Firm Senior Professionals Representative Clients Bingham McCutchen James Roome Elisabeth Baltay Creditors of: Arcapita Bank, Bulgaria Telecommunications/Vivacom, Crest +44.20.7661.5300 Barry G. Russell Liz Osborne Nicholson, Dannemora Minerals, DEPFA Bank, Findus Foods, Gala Coral, www.bingham.com James Terry Neil Devaney Icelandic Banks (Kaupthing, Glitnir and Landsbanki), Invitel, Klöckner Stephen Peppiatt Emma Simmonds Pentaplast, Media Works, Northland Resources, Oceanografia, OSX3 Leasing Tom Bannister B.V., Petromena, Petroplus, Preem, Punch Taverns, Royal Imtech, Selecta, Sevan Marine, Skeie Drilling, Straumur, Technicolor S.A. (Thomson S.A.), Terreal, The Quinn Group, Uralita, Wind Hellas, Xcite, and others. Cadwalader, Wickersham Gregory Petrick Louisa Watt Centerbridge Partners, Avenue Capital Group, GSO Capital Partners, & Taft Richard Nevins Paul Dunbar Oaktree Capital Management, Varde Partners, Golden Tree Asset +44 (0) 20 7170 8700 Yushan Ng Karen McMaster Management, Bluebay Asset Management, MBIA, Davidson Kempner, www.cadwalader.com Holly Neavill Alexis Kay Outrider Management, GLG Partners, Warwick Capital, Alchemy, Finnisterre Capital. Davis Polk Donald S. Bernstein Timothy Graulich Lehman Brothers International (Europe) and its U.K. Lehman affiliates, +44 20 7418 1300 Karen E. Wagner Elliot Moskowitz Sterling Equities in Madoff SIPA liquidation, Technicolor S.A., Royal www.davispolk.com Andrés V. Gil Thomas J. Reid Imtech, Carrefour, major global banks and financial institutions in Arnaud Pérès Christophe Perchet connection with several monoline insurance company restructurings, Marshall S. Huebner John Banes Goldman Sachs in connection with exposures to BP, Castle HoldCo 4, Benjamin S. Kaminetzky Reuven B. -
Pathfinder to Convert Distressed Dorsey Place Condo Project in Tempe Into Rental Community
Pathfinder to Convert Distressed Dorsey Place Condo Project in Tempe into Rental Community Jul 26, 2011 Pathfinder Partners LLC, a San Diego-based company that invests in distressed real estate assets and defaulted loans, has acquired 84 units within Dorsey Place, a 90-unit, high- end condominium project at 1275 University Ave. in Tempe, Ariz. The investment firm will operate the four-story Dorsey Place as a rental community. Phoenix-based Allison Shelton Real Estate Services will manage the property. Allison Shelton manages more than $1 billion of real estate throughout Arizona, Dallas and Albuquerque, N.M. Dorsey Place was completed in 2007 for about $23 million, when six condos were sold at prices in excess of $400,000 each. Pathfinder acquired Dorsey Place from the original developer for $11.3 million. Included in the acquisition are all of the common areas, along with 6,500 sq. ft. of ground floor retail space. Situated on a 1.4-acre site, Dorsey Place is two blocks from Arizona State University (ASU), one of the country‟s largest universities with more than 55,500 students. Pathfinder‟s Dorsey Place includes 64 two-bedroom, two-bath units spanning 1,100 sq. ft. and 20 three- bedroom, two-bath units measuring 1,200 sq. ft. The property, which includes an interior courtyard, heated swimming pool and common use lounge, is expected to appeal to both ASU graduate students and faculty members. “While the „for sale‟ condo market in the Phoenix area today is challenged, there is considerable demand for quality rental units,” says Lorne Polger, senior managing director of Pathfinder Partners. -
ILPA Releases Second Report in Diversity in Action Series
ILPA Releases Second Report in Diversity in Action Series Diversity in Action – Sharing Our Progress Report Details the Initiative’s Growth and Insights Into Integrating DEI Into Investment Strategies 1776 Eye St. NW August 31, 2021 (Washington, D.C.) The Institutional Limited Partners Association (ILPA) today released the Suite 525 second report in its Diversity in Action – Sharing Our Progress series. The report series is an extension of ILPA’s Washington, DC Diversity in Action initiative and aims to provide actionable recommendations on steps that can be taken to 20006 improve diversity, equity and inclusion in private markets. “The industry continues to respond positively to the Diversity in Action Initiative with new signatories joining every week,” said Steve Nelson, CEO of ILPA. “The Initiative now claims 180 signatories who have all been incredibly active in conversations with one another and have acted as tremendous partners to ILPA on our related work, having meaningfully contributed to our updated ILPA Diversity Metrics Template.” The Diversity in Action – Sharing Our Progress report series tracks the evolution of Initiative signatories by geography, strategy and fund size as well as progress on adoption of all the actions within the Framework. As of August 2021, the Initiative’s geographic reach is increasing, now with 38 signatories outside North America, a 52% increase in this cohort since April. The latest report focuses on how signatories are integrating diversity, equity and inclusion into investment strategies including -
Financial Technology Sector Overview of Market Activity in the Financial Technology Sector William Blair & Company
Quarterly Update Q1 2015 Financial Technology Sector Overview of Market Activity in the Financial Technology Sector William Blair & Company Financial Technology Sector – First Quarter 2015 Update M&A and capital markets activity remained strong during the first quarter of 2015, particularly in the United States. In fact, U.S. stock indices marked all-time highs during the quarter and deal-making activity continued its upward trajectory, propelled by improving confidence among consumers and corporate executives, low-cost credit, and record levels of cash. While market participants largely ignored the prospect of rising interest rates, a collapsing energy sector, global currency concerns, and continued economic uncertainty abroad, this could be an area of concern moving into the second quarter of 2015. One of the most prominent storylines within the financial technology sector in the first quarter was the escalating bets made on payments solutions by the likes of tech giants Apple, Google, and Samsung. The release of Apple Pay unilaterally raised the stakes across the industry and was a catalyst for a wave of high-profile announcements, including Samsung’s acquisition of LoopPay, Google’s acquisition of Softcard, and PayPal’s acquisition of Paydiant. Traditional payments providers are thus being further pressured to accelerate innovation and expand international reach, which has in turn refocused corporate strategies away from building domestic scale and vertical plays toward acquiring differentiated, earlier-stage, technology platforms with global capabilities. Global’s acquisition of Realex, Worldpay’s acquisition of SecureNet, and MasterCard’s acquisition of TNS’s gateway are recent examples of this trend, which we believe will be a significant driver of sector M&A activity going forward. -
DEAL DRIVERS EMEA the Comprehensive Review of Mergers and Acquisitions in the EMEA Region
DEAL DRIVERS EMEA The comprehensive review of mergers and acquisitions in the EMEA region. 2015 HALF-YEAR EDITION Published by: In association with: Simple. There is an art to due diligence. Simply portray your asset in the best light with Merrill DataSite - the smart, simple, secure virtual data room for your deal. datasite.com Art_Simple_INT.indd 1 21/07/2015 13:56 03 CONTENTS Foreword 04 Energy, Mining & Utilities 22 Construction 42 EMEA Heat Chart 05 Consumer 26 The Middle East & North Africa 46 All Sectors 06 Telecoms, Media & Technology 30 About Merrill Corporation 50 and Merrill DataSite Financial Services 14 Transportation 34 Merrill Corporation Contacts 52 Industrials & Chemicals 18 Pharma, Medical & Biotech 38 ABOUT MERGERMARKET Mergermarket is an unparalleled mergers together with daily aggregated content, process. Mergermarket is not interested in and acquisitions intelligence tool. In on its Mergermarket.com platform and by news, by then the opportunity has usually any market, the life blood of advisers is real-time email alerts to its subscribers. passed. Mergermarket focuses on revenue deal flow. Mergermarket is unique in the generating intelligence and proves daily that provision of origination intelligence to the This wealth of intelligence, together with it is one of the most useful and powerful investment banking, legal, private equity, a series of deal databases, individual and tools for the M&A market. acquisition finance, public relations and house league tables, profiles and editorial, corporate markets. has proven time and time again that this product can, and does, provide real With an unrivalled network of journalists revenues for Mergermarket’s clients. -
November 2013 Inland Empire Business Journal
California State University, San Bernardino CSUSB ScholarWorks Inland Empire Business Journal John M. Pfau Library 11-2013 November 2013 Inland Empire Business Journal Follow this and additional works at: http://scholarworks.lib.csusb.edu/iebusinessjournal Recommended Citation Inland Empire Business Journal, "November 2013" (2013). Inland Empire Business Journal. Paper 208. http://scholarworks.lib.csusb.edu/iebusinessjournal/208 This Article is brought to you for free and open access by the John M. Pfau Library at CSUSB ScholarWorks. It has been accepted for inclusion in Inland Empire Business Journal by an authorized administrator of CSUSB ScholarWorks. For more information, please contact [email protected]. Volume 25 Number 11 November 2013 $2.00 www.busjournal.com AT DEADLINE Robert Lawrence Balzer Special Exhibition Preview Endorsement in Board Sections Race Gets Coduto Venture Capital for Dummies®: Ten Ways to Lose a Deal Removed as Page 5 ASB President A New Day and Age for His endorsement of a non- Financial Planning incumbent in this year’s Chaffey Page 23 College Governing Board race appears to have gotten Chaffey Plant Seeds. College Student Body President Drink Wine. Sing Songs. Kevin Coduto bounced off the Chaffey Campus Student Council. Incumbent Kathleen Portrait of Robert Lawrence Balzer by James-Paul Brown Preview an exhibit of wine artifacts and other antiques from the Brugger of Rancho Cucamonga, late renowned wine journalist Robert Lawrence Balzer’s Collection a now-retired social worker who at the W. Keith & Janet Kellogg University Art Gallery. The exhibi- has served on the Chaffey board tion is open to the public Nov. 9 through Dec. -
Pathfinder Partners Opportunity Fund VII, L.P. a Multifamily and Residential Fund
Pathfinder Partners Opportunity Fund VII, L.P. A Multifamily and Residential Fund Pathfinder Partners Opportunity Fund VII, L.P. A Multifamily and Residential Fund Overview of Pathfinder Pathfinder Track Record From May 2010 to September 2018 we fully-cycled Seasoned fund manager with excellent track 72 investments, generating the following project-level record launching 7th opportunity fund returns: Outstanding brand reputation and deep 6 109 72 relationships drive robust deal flow pipeline Funds Properties Dispositions Sponsored Acquired Conservative underwriting approach; institutional level asset management IRR Equity Multiple Gross Disciplined and thoughtful use of debt leverage Gross Net Net 26% 1.6x 20% 1.4x (See Disclosures) Pathfinder Investment Strategy What We Are Buying • Value-add, Class-B apartments We focus on smaller multifamily 1 properties that are “below the • Target markets: San Diego, Denver, Seattle, Portland, Phoenix, radar” of larger funds/buyers Las Vegas and Sacramento We only acquire properties where we can add significant value; we Who We Are Buying From 2 seek properties which have been • Fatigued owners, liquidating funds and non-profits who don’t starved of capital maintain or adequately invest in their properties • “Off-market” transactions sourced from our extensive network We identify sellers with a catalyst to sell — life-cycle events, liquidating 3 funds, distressed, non-profit Fund VII Target Returns organizations with non-core real • 16-18% gross / 12-14% net IRR estate • 1.9x-2.1x gross / 1.6x-1.8x -
Centerbridge Capital Partners III, L.P
Private Debt Fund Commitment Centerbridge Capital Partners III, L.P. August 5, 2014 See Last Page for Disclaimer Darren Foreman, Senior Portfolio Manager, Private Markets Centerbridge Capital Partners III, L.P. – Private Debt Fund Overview • The Fund will focus on private equity investments and distressed for control investments • Investments will be primarily in the US and Western Europe • Centerbridge will invest in the following sectors (building materials, business services, energy, financial services, healthcare, industrials, media/telecom/technology, real estate/gaming/lodging, retail/consumer and transportation/logistics) • The Fund has a target of $5.75 billion and a hard cap of $6 billion • GP is committing at least 2% of the aggregate capital commitments to the fund Fund Strategy • Centerbridge employs an “all weather” strategy. When there is an economic downturn they will focus on distressed investments otherwise they may focus on private equity transactions • They will invest in businesses where there is a discount to intrinsic value • The firm seeks to drive value creation • Most of the debt investments will be made with a goal of controlling the business Investment Team • The current team consists of 188 employees, 63 are investment professionals, 21 are Senior Managing Directors with an average of 17 years of experience • There are 8 members on the Portfolio Operations Team • Centerbridge has offices in New York City and London See Last Page for Disclaimer Centerbridge Capital Partners III, L.P. – Private Debt Fund GP “Value Add” • Centerbridge’s ability to drive value creation in its portfolio companies is another differentiating factor. The firm tailors their approach for each investment.