DOCSLIB.ORG

Extending Credit to Support Competitors' Middle-Market Deals

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Extending Credit to Support Competitors' Middle-Market Deals THEMIDDLEMARKET.COM With banks in retreat, PE fi rms are pursuing a new opportunity: SPEND IT OR extending credit to support competitors’ LENDmiddle-market deals IT OCTOBER 2019 CV1_MAJ1019.indd 1 9/9/19 3:20 PM Gain revolution. We broke the mold by bringing M&A payments online. Now we are turning things up a notch with a fast, easy, and predictable platform that takes care of all the details of your deal. Join the movement. Take us for a spin on your next deal. Learn more at srsacquiom.com 0C2_MAJ1019 2 9/9/2019 9:30:49 AM Contents October 2019 | VOL. 54 | NO. 9 Cover Story 20 LEVERAGE With banks in retreat, PE firms are pursuing a new opportunity: extending credit to support competitors’ middle- market deals. Private Equity Perspective 16 Complete control We spoke with Blackstone co-founder Stephen A. Schwarzman about why he SPEND IT likes the PE model. The Buyside OR 18 Expanding e-commerce Logistics and distribution centers are racing to keep up with demand, LEND IT enticing buyer interest. Features 26 Lenders and struggling restaurants Banks are reporting issues tied to the bankruptcies of casual dining chains. 28 Betting on sports Both Worldpay and First Data bring gambling processing businesses and experience to their new owners. Watercooler Guest Article Q&A 6 30 32 Lending together Why PE firms are (hidden) investors Fostering flexibility Crescent expands BDC services with Private equity firms forge new ideas, Prokanga helps financial services Alcentra purchase. products and methods to change com- professionals find roles that offer more 10 panies for the better, writes Chicago balance between work and life. Better for you Pacific Founders’ Matthew Doyle. Hershey buys again. This time the company picks up One Brands to broaden healthy snack offerings. People Moves Data 12 34 35 Thoma Bravo fills tech gap New hires and promotions Completed deals OGsys addresses accounting needs Michael Bernstein gets hired by Arse- H&R Block’s purchase of Wave among in the oil and gas sector, as operators nal. Bruce Larson joins Carlyle. Scott the deals that recently closed. look to tech to make improvements. Schebelsky gets promoted at Lovell Minnick. John Sheputis gets hired by Shaq Backs GI Partners. BlackRock invests in Shaquille O’Neal- backed Authentic Brands Group. TheMiddleMarket.com October 2019 Mergers & Acquisitions 1 001_MAJ1019 1 9/9/2019 6:54:09 PM Inside Word October 2019 | VOL. 54 | NO. 9 TheMiddleMarket.com 1 STATE STREET PLAZA, 27TH FLOOR NEW YORK, NY 10004-1505 • (212) 803-8200 EDITOR-IN-CHIEF Follow the money Mary Kathleen Flynn MANAGING EDITOR Demitri Diakantonis CONTRIBUTING EDITORS Facing increased pressure to grow, private equity Keith Button, Danielle Fugazy GROUP EDITORIAL DIRECTOR, firms turn to lending BANKING AND CAPITAL MARKETS Richard Melville EXECUTIVE DIRECTOR, CONTENT OPERATIONS It’s no wonder private equity firms are getting into AND CREATIVE SERVICES Michael Chu the loan business. “Leveraged loans, by and large, SR. ART DIRECTOR Nick Perkins are cheap and a very good place to invest capital,” said David Miller, global head of credit at Credit VICE PRESIDENT, CAPITAL MARKETS Harry Nikpour (212) 803-8638 Suisse (NYSE: CS), at a recent conference. With inter- SENIOR MARKETING MANAGER est rates likely to continue declining, the appeal of Jamie Billington middle-market lending may increase. CHIEF EXECUTIVE OFFICER ������������������������ Gemma Postlethwaite PE firms including the Blackstone Group (NYSE: CHIEF FINANCIAL OFFICER ���������������������������������������������Sean Kron BX), KKR, the Carlyle Group (Nasdaq: CG), and CHIEF STRATEGY OFFICER ������������������������������������������� Jeff Mancini Apollo (NYSE: APO) have all grown their credit business substantially over CHIEF REVENUE OFFICER �������������������������������������������Dave Colford the past couple of years. For example, in 2018, KKR closed on $2.2 billion for CHIEF CONTENT OFFICER ������������������������������������������� David Evans its KKR Private Credit Opportunities II fund, more than twice its predecessor SVP, CONFERENCES & EVENTS ������������������������������John DelMauro fund, KKR Mezzanine Partners I, which was raised in 2015. In 2019, Silver Lake VP, PEOPLE & CULTURE ����������������������������������������������������Lee Gavin raised $2.5 billion for its first ever credit and structured equity fund. Many middle market firms have also expanded or launched credit strategies. Firms LICENSING AND REUSE OF CONTENT: such as Thoma Bravo, Adams Street, the Sterling Group, the Riverside Co., Contact our official partner, Wright’s Media, about available usages, license and reprint fees, and award seal artwork H.I.G., BC Partners, Silver Lake, Gryphon Investments and Francisco Partners at [email protected] or (877) 652-5295 for more information. Please note that Wright’s Media is the only authorized company that we’ve partnered with for have launched credit arms. SourceMedia materials. “A lot of firms have added credit as part of their expansion,” said Jeffrey Stevenson, a managing partner with VSS, one of several firms featured in our CUSTOMER SERVICE [email protected] or (212) 803-8500 cover story. “The banks left a big void, and the LP market is eager for yield. Private equity is pretty good at going where the money is.” Mergers & Acquisitions Vol. 54/No. 9 (ISSN 0026-0010) is “The private credit market is still in its ascendancy,” said Bill Sacher, a part- published monthly with combined issues in July/August and November/December by SourceMedia, One State ner and the head of private credit at Adams Street. “There is a supply and Street Plaza, 27th Floor, New York, NY 10004-1505. Yearly subscription is $1,995; $2035 for one year in all other demand imbalance that was created when the banks exited the market. That countries. Periodical postage paid at New York, NY and U.S. additional mailing offices. POSTMASTER: Send address void has yet to be filled,” says Sacher. “And even though the private market changes to Mergers & Acquisitions / SourceMedia, One State Street Plaza, New York, NY 10004. For subscriptions, has become more crowded, the supply-demand imbalance remains largely renewals, address changes and delivery service issues contact our Customer Service department at (212) 803- intact. The total pool of dry powder in private credit funds today is about 8500 or email: [email protected]. This publication is $100 billion. That is up two- or three-fold from 10 years ago, but there is still designed to provide accurate and authoritative information regarding the subject matter covered. It is sold with about $800 billion in visible forward demand with upcoming mid-market loan the understanding that the publisher is not engaged in rendering financial, legal, accounting, tax, or other maturities and private equity dry powder.” M&A professional service. Mergers & Acquisitions is a registered trademark used herein under license. © 2019 Mergers & – Mary Kathleen Flynn Acquisitions and SourceMedia, Inc. All rights reserved. 2 Mergers & Acquisitions October 2019 002_MAJ1019 2 9/9/2019 4:17:51 PM 003_MAJ1019 3 9/9/2019 9:30:51 AM What’s going on @TheMiddleMarket.com www.themiddlemarket.com Special reports Voices Data 5 hiring trends in private equity The mid market needs big data H&R Block purchases Wave What does a PE firm look for in a By embracing big data, companies can M&A is poised to remain robust for the potential employee these days? Just improve their business models and tap remainder of 2019, predict deal observ- about every PE firm you talk to seems into its benefits to assist in M&A. Orga- ers. Among the mid-market deals that intent on becoming attractive to nizations must also address the risks, recently closed: H&R Block Inc.s pur- diverse candidates — whether it’s by writes Bank of America Merill Lynch’s chase of Wave Financial and Arsenal hiring a chief diversity officer or adding Robert Arth. Capital’s backing of Seal for Life. portfolio support. 4 Mergers & Acquisitions October 2019 004_MAJ1019 4 9/9/2019 11:00:50 AM BRIDGING THE CAPITAL GAP FOR OVER 20 YEARS 23 6 1.6 125+ 70+ YEARS IN BUSINESS INVESTMENT FUNDS BILLION OF PLATFORM INDEPENDENT SPONSOR RAISED COMMITTED CAPITAL INVESTMENTS PLATFORMS Peninsula Capital Partners provides customized debt and equity solutions to middle-market companies as either a control or non-control investor. We specialize in working with independent sponsors and directly with companies on buyout, recapitalization, growth and other leveraged capital transactions. PLEASE ALLOW US TO SHARE OUR CAPITAL STRUCTURING EXPERTISE WITH YOU — 313.237.5100 | WWW.PENINSULAFUNDS.COM PCP_001_2019_MA_v1FA.indd005_MAJ1019 5 3 9/9/20192/28/19 9:30:52 9:27 AM AM Watercooler Cheesecake Factory expands menu North Italia purchase gives Cheesecake more growth opportunities The Cheesecake Factory Inc. (Nasdaq: CAKE) is buying Fox Restaurant Concepts and the remaining stake it does not already own in Italian restaurant chain North Italia for up to $353 million. Cheesecake is paying $130 million for the stake in North Italia, which it originally invested in 2016, increasing its total investment in North Italia to $174 million. North Italia operates 20 locations. Exponent Women and Owens Group hosts BLOOMBERG NEWS Mark Attanasio DEALMAKERS: Lending together WOMEN AT FAMILY OFFICES Event Sponsor: A PANEL DISCUSSION Crescent broadens investment portfolio with Alcentra acquisition Join Exponent Women and Owens Group for THURSDAY, By Demitri Diakantonis and Mary Kathleen Flynn an intimate panel
Load more

Recommended publications
  • Proptech 3.0: the Future of Real Estate
    University of Oxford Research PropTech 3.0: the future of real estate PROPTECH 3.0: THE FUTURE OF REAL ESTATE WWW.SBS.OXFORD.EDU PROPTECH 3.0: THE FUTURE OF REAL ESTATE PropTech 3.0: the future of real estate Right now, thousands of extremely clever people backed by billions of dollars of often expert investment are working very hard to change the way real estate is traded, used and operated. It would be surprising, to say the least, if this burst of activity – let’s call it PropTech 2.0 - does not lead to some significant change. No doubt many PropTech firms will fail and a lot of money will be lost, but there will be some very successful survivors who will in time have a radical impact on what has been a slow-moving, conservative industry. How, and where, will this happen? Underlying this huge capitalist and social endeavour is a clash of generations. Many of the startups are driven by, and aimed at, millennials, but they often look to babyboomers for money - and sometimes for advice. PropTech 2.0 is also engineering a much-needed boost to property market diversity. Unlike many traditional real estate businesses, PropTech is attracting a diversified pool of talent that has a strong female component, representation from different regions of the world and entrepreneurs from a highly diverse career and education background. Given the difference in background between the establishment and the drivers of the PropTech wave, it is not surprising that there is some disagreement about the level of disruption that PropTech 2.0 will create.
    [Show full text]
  • Breaking the Mold: Female Investors Making Waves
    The World’s Leading Islamic Finance News Provider (All Cap) IDB and Nigeria looks Jordan SECP boosts 1100 World Bank west for acquires best NBFC segment 1050 2.92% sign US$9 Islamic fi nance practices with updated 1000 billion inspiration..7 for maiden rules; creates 921.97 950 strategic Sukuk...8 new asset 949.77 900 partnership classes...12 TMSSFTW Powered by: IdealRatings® deal...6 COVER STORY 21st October 2015 (Volume 12 Issue 42) Breaking the mold: Female investors making waves The role of women in the Gulf is Women in the GCC now control over a awareness and understanding are changing — or is it just the perception third of wealth in the region, and are a opening doors to a more proactive of the role of women? It’s a delicate driving force for the economy. Markaz involvement in personal wealth subject but there is no doubt that estimated in 2013 that GCC high-net- management and investment activity. with the advent of bett er education worth (HNW) females controlled over and employment opportunities, US$224 billion and accounted for over Women in the workforce and as major players in the fi elds of 20% of total wealth in the region — and The labor trend in the GCC is changing, family wealth, entrepreneurship and these fi gures have soared in the last few with female participation more than business, Muslim women are becoming years. Around 105 ultra HNW women in doubling over the past few decades. a force to be reckoned with from an Saudi Arabia and the UAE now control In Dubai and Qatar, the female labor investment perspective.
    [Show full text]
  • Iraq: a Nation on the Edge
    The World’s Leading Islamic Finance News Provider 18th June 2014 (All Cap) 1100 Iraq: A nation on the edge Although the ongoing confl ict in Iraq has in oil reserves according to global fund 1075 been an inevitable impediment to the manager FMG. 1,056.41 development of its fi nancial markets, in 1050 1,054.34 recent years a surprisingly strong macro 0.19% Banking strength environment has driven impressive Iraq has a huge banking sector, which still 1025 growth in the banking sector, while dominates its fi nancial system – despite renewed interest from foreign investors losing more than half its value between has highlighted its exceptional potential. 1000 2010-11 after the withdrawal of US forces. W T F S S M T Yet the catastrophic events of the past In 2012 total assets of the banking system few days have placed all this in jeopardy, Powered by: IdealRatings® amounted to IDR130 trillion (US$116 as the country balances on the brink of billion) – less than half of the IDR340 trillion Volume 11 Issue 24 civil war and radical forces threaten to (US$304 billion) it was worth in 2010. overwhelm its fragile government. In this However, recent analysis suggests renewed IFN Rapids .........................................................2 atmosphere of uncertainty we take a look Islamic Finance news .........................................6 growth prospects for the country’s fi nancial Column: Daud speaks .......................................15 at all that is positive about its prospects – system on the back of the sustained Shariah Pronouncement
    [Show full text]
  • GFH Financial Group BSC CONSOLIDATED
    GFH Financial Group BSC CONSOLIDATED FINANCIAL STATEMENTS 31 DECEMBER 2020 Commercial registration : 44136 (registered with Central Bank of Bahrain as an Islamic wholesale Bank) Registered Office : Bahrain Financial Harbour Office: 2901, 29th Floor Building 1398, East Tower Block: 346, Road: 4626 Manama, Kingdom of Bahrain Telephone +973 17538538 Directors : Jassim Al Seddiqi, Chairman H.E. Shaikh Ahmed Bin Khalifa Al-Khalifa, Vice Chairman Hisham Ahmed Alrayes Rashid Nasser Al Kaabi Mustafa Kheriba (till 24 December 2020) Ghazi Faisal Ebrahim Alhajeri Ali Murad (from 9 April 2020) Ahmed Abdulhamid AlAhmadi (from 9 April 2020) Alia Al Falasi (from 30 September 2020) Fawaz Talal Al Tamimi (from 30 September 2020) Amro Saad Omar Al Menhali (till 30 September 2020) Mazen Bin Mohammed Al Saeed (till 31 March 2020) Mosabah Saif Al Mautairy (till 30 September 2020) Bashar Mohamed Al Mutawa (till 1 April 2020) Edris Mohammed Rafi Alrafi (from 24 December 2020) Chief Executive Officer : Hisham Ahmed Alrayes Auditors : KPMG Fakhro GFH Financial Group BSC CONSOLIDATED FINANCIAL STATEMENTS for the year ended 31 December 2020 CONTENTS Page Chairman’s report 1-3 Report of the Shari’a Supervisory Board 4-5 Independent auditors’ report to the shareholders 6-11 Consolidated financial statements Consolidated statement of financial position 12 Consolidated income statement 13 Consolidated statement of changes in owners’ equity 14-15 Consolidated statement of cash flows 16 Consolidated statement of changes in restricted investment accounts 17 Consolidated statement of sources and uses of zakah and charity fund 18 Notes to the consolidated financial statements 19-100 Supplementary information (not audited) 101-103 Chairman’s Report-2020 Dear Shareholders, On behalf of the Board of Directors of GFH Financial Group, I am pleased to present the Group’s financial results for the fiscal year ended 31 December 2020.
    [Show full text]
  • Philip Dowsett
    Philip Dowsett Partner Dubai | 804 South Tower, Emirates Financial Tower, Al Sukook Road, DIFC, PO Box 506675, Dubai, United Arab Emirates T +971 4 425 6333 | F +971 4 425 6301 [email protected] Services Mergers and Acquisitions > Private Equity > Corporate > Investment Funds: Middle East > Emerging Markets > Strategic Transactions > Philip Dowsett focuses on complex cross-border mergers and acquisitions, private equity and venture capital matters. Mr. Dowsett also advises on takeovers, divestitures, joint ventures and corporate finance transactions in the Middle East, United Kingdom, Europe and the United States. His practice includes fund formation, fund governance and investment management matters. Mr. Dowsett’s clients include regional and international investors; private equity and venture capital firms; family offices; and sovereign wealth funds and corporates. His clients come from a range of industries, such as energy, healthcare, media and technology, infrastructure, retail and finance. Chambers Global 2020 and 2019 ranks Mr. Dowsett for Corporate/M&A and Investment Funds in the Middle East. Clients describe him as “fantastic”, “very personable” with “a strong positive attitude towards getting a deal done.” He is commended for “his ability to understand the client's objectives and provide solutions which are aligned to them”. Mr. Dowsett is also ranked in The Legal 500 EMEA 2020 and 2019 for Commercial, Corporate and M&A and Investment Funds noting that he is “fast, bright, knowledgeable of commercial matters and makes things happen.” Prior to joining Dechert, Mr. Dowsett was a partner at another global law firm in Dubai. He has previously worked in London and Hong Kong, and completed a secondment at one the largest sovereign wealth funds in the Middle East.
    [Show full text]
  • Information Technology Deals for January 2021
    Information Technology Deals for January 2021 Company Name Description Deal Synopsis Akuity Technologies Provider of IT Managed Services to small-to-medium sized The company was acquired by ICS, via its financial sponsor businesses, municipalities, healthcare, educational ClearLight Partners, through an LBO on January 8, 2021 for an institutions and non-profit organizations. The company undisclosed sum. offers a full scope of IT products and services including storage and virtualization, managed and help desk services, Voice over IP, strategic planning, hardware and software procurement and complete implementation services, thereby helping clients to focus on their core business and outsource IT services and run operations more efficiently. Amino Payments Developer of digital media supply chain platform designed The company was acquired by Integral Ad Science, via its to provide transparency to online advertising space. The financial sponsor Vista Equity Partners, through an LBO on company provides technologies from blockchain, January 14, 2021 for an undisclosed sum. payments and advertising to bring transparency to online advertising and eliminates fraud, waste and abuse, making the entire industry more transparent and cost- effective. AMTdirect Provider of contract management services for real estate The company was acquired by MRI Software, via its financial professionals and lease administrators. The company's sponsors GI Partners, Harvest Partners and TA Associates SaaS platform offers businesses with anytime access to Management through an LBO on January 27, 2021 for an their full property inventory, lease information, contracts, undisclosed sum. and associated expenses and revenues, enabling them to efficiently organize all lease and related information in a fully automated system that integrates with ERP and accounting systems.
    [Show full text]
  • Oregon Investment Council
    Oregon Investment Council ~ Agenda ~ February 24, 2010 - 9:00 AM PERS Headquarters 11410 S.W. 68th Parkway Tigard, OR 97223 Oregon Investment Council Harry Demorest Chair Office of The State Treasurer Ben Westlund State Treasurer Ronald Schmitz Chief Investment Officer OREGON INVESTMENT COUNCIL 2010 Meeting Schedule Meetings Begin at 9:00 am at PERS Headquarters Building 11410 SW 68th Parkway Tigard, OR 97223 January 27, 2010 February 24, 2010 April 28, 2010 May 26, 2010 July 28, 2010 September 29, 2010 October 27, 2010 December 1, 2010 OREGON INVESTMENT COUNCIL Agenda February 24, 2010 9:00 AM PERS Headquarters 11410 S.W. 68th Parkway Tigard, Oregon Time A. Action Items Presenter Tab 9:00-9:05 1. Review & Approval of Minutes Ron Schmitz 1 January 27, 2010 Chief Investment Officer 9:05-10:05 2a. Public Equity Review Kevin Nordhill 2 Senior Investment Officer Mike Viteri Investment Officer Ben Mahon Investment Officer John Meier Strategic Investment Solutions 2b. Westwood Global Investments Meg Reynolds OPERF Public Equity Principal 10:05-10:45 3. Sageview Capital Jay Fewel 3 OPERF Private Equity Senior Investment Officer David Fann Pacific Corporate Group William Harrison Chairman, CBC Paul Murphy CEO, CBC Scott Stuart Director, CBC 10:45-11:00 ---------------------BREAK---------------------- 11:00-11:30 4. OPERF Private Equity Annual Plan Jay Fewel 4 David Fann Harry Demorest Keith Larson Ben Westlund Katy Durant Richard Solomon Paul Cleary Chair Vice-Chair State Treasurer Member Member PERS Director (Ex-officio) 11:30-11:35 5. AQR/CNH Partners Convertible Bond Fund Jay Fewel 5 OPERF Opportunity Portfolio John Hershey Investment Officer 11:35-11:45 ---------------------LUNCH BREAK---------------------- B.
    [Show full text]
  • Supplemental Information0605
    Digital Realty Trust, Inc. Second Quarter 2005 Supplemental Operating and Financial Data June 30, 2005 This Supplemental Operating and Financial Data package is not an offer to sell or solicitation to buy securities of Digital Realty Trust, Inc. Any offers to sell or solicitation to buy securities of Digital Realty Trust, Inc. shall be made only by means of a prospectus approved for that purpose. Digital Realty Trust, Inc. Second Quarter 2005 Table of Contents PAGE Corporate Data Corporate Information…………………………………………………………………………………………………………….. 3 Investor Information……………………………………………………………………………………………………………….. 4 Stock Performance……………………………………………………………………………………………………………….. 5 Ownership Structure……………………………………………………………………………………………………………… 6 Pro Forma Ownership Structure………………………………………………………………………………………………………… 7 Consolidated Financial Results Acquisitions……………………………………………………………………………………………………………………….. 8 Key Financial Data……………………………………………………………………………………………………………….. 9 Consolidated Balance Sheets…………………………………………………………………………………………………… 10 Consolidated Statements of Operations……………………………………………………………………………………….. 11 Funds From Operations………………………………………………………………………………………………………….. 12 Adjusted Funds from Operations………………………………………………………………………………………………………… 13 Reconciliation of Earnings Before Interest, Taxes and Depreciation and Amortization…………………………………… 14 Capital Structure………………………………………………………………………………………………………………….. 15 Debt Summary…………………………………………………………………………………………………………………….. 16 Debt Maturities…………………………………………………………………………………………………………………….. 17 Portfolio
    [Show full text]
  • MENA Private Equity and Venture Capital Report
    MENA Private Equity and Venture Capital Report 2014 2 MENA Private Equity and Venture Capital Report 3 MENA Private Equity and Venture Capital Report Foreword With Gratitude Dear friends and colleagues, and networks, and who benefit from the The MENA Private Equity Association Media Task Force experience of investing through economic I am honoured to introduce the 9th edition We are grateful for the public relations and media cycles and periods of political volatility. Extends its sincere appreciation to Zawya for sharing campaign support from the following: of the “Private Equity & Venture Capital primary data and industry and to our knowledge in the Middle East Report”, a publication Bringing such seasoned professionals partners Deloitte for developing the report analysis. Nahed Ashour, Senior Manager Arabic Content and that has become a leading barometer of together; the MENA Private Equity Media, Capital MSL our industry and, indeed, of the region’s Association gives the industry a strong and economic development. clear collective voice, and acts as a link to similar associations around the world. In the decade since the report began, private Deloitte Sponsors equity has established a strong foothold, Compiling this report is an important part of Declan Hayes, Managing Director, Deloitte Corporate weathered a global economic crisis, and the association’s work, serving to promote Finance Limited Without the support of the following generous emerged stronger. It is clear that although greater transparency in the industry and to sponsors, this report would not have been global perceptions may be clouded by news enhance knowledge of the impact of private Sam Surrey, Director, Deloitte Corporate Finance possible.
    [Show full text]
  • Technology and Innovation in Legal Services
    JULY 2021 Technology and Innovation in Legal Services Final Report for the Solicitors Regulation Authority Mari Sako and Richard Parnham, with contributions from John Armour, Ian Rodgers, and Matthias Qian, University of Oxford Suggested citation: Sako, M. & Parnham, R. (2021) Technology and Innovation in Legal Services: Final Report for the Solicitors Regulation Authority. University of Oxford. An electronic copy can be downloaded from here. CHAPTER 5 Lawtech Ecosystems: Funding, Scaleup, and Policies INTERACTIVE CONTENT LINKS 5.1 Lawtech startup trends in UK and US 5.2 Funding for lawtech startups in UK and US 5.3 Gender diversity and inclusion in lawtech founding and funding 5.4 Acquisitions and exits of lawtech startups 5.5 Government and regulators’ approaches to promoting startups Chapter Summary his chapter turns to the question of how lawtech adoption and innovation are funded in the UK. We take an ecosystem T approach. The lawtech startup ecosystem consists of key stakeholders, and our aim is to study how they are linked via funding flows, movement of people, and policy and regulatory coordination. In particular, we examine this phenomenon from three perspectives within the ecosystem: lawtech startups and their founders; investors, including venture capital and law firm accelerators; and policy-makers and regulators. Throughout, we make comparisons with the US. Also, we highlight issues surrounding diversity and inclusion, and contrast the PeopleLaw and BigLaw market segments wherever appropriate. Technology and Innovation in Legal Services 5.1 Lawtech startup trends in UK and US hat is the size and shape of the lawtech startup community in the UK? We use two data sources, Crunchbase and Legal W Technology Hub, to identify 104 lawtech startups in the UK and 256 startups in the US which were founded in or after 2008 (see Chapter Appendix for details on methodology).
    [Show full text]
  • Investment Outlook
    Investment Outlook United States | Q1 2016 WHAT TO KNOW JLL | United States | Investment Outlook | Q1 2016 2 WHAT YOU The effects of recent capital markets volatility on transactions is being WILL FIND felt in early 2016, and the sheer bumpiness of this volatility is further reflected in shifts throughout the quarter itself across global financial WHERE and real estate capital markets. What started with elevated VIX levels, TO FIND IT atypical downward S&P trending with crude oil pricing and a broad lack of consensus around Federal Reserve policy has since shifted into VIX index declines by less than half the quarter’s peak. Regardless of what some believe to be newfound, near-term stability, current pricing levels, 4 Top 7 investment themes cycle longevity concerns and a heightened sensitivity to risk have brought volatility into the real estate capital markets, driving an 11.2 11 Office 12 Overview percent decline in first-quarter volumes with early cautionary sentiment 13 Key investment themes 18 Notable transactions expected to impact second-quarter volumes. However, strong property fundamentals, a robust and historic level of active capital and alleviated 19 Industrial 20 Overview investor angst is expected to drive flat to moderate declines in activity 21 Key investment themes 25 Notable transactions at year-end. Despite volume declines, pricing dynamics broadly remain 26 Multifamily resilient, with spread levels healthy and cap rates compressing 31 Overview 27 basis points on average over the last 12 months across sectors. With 28 Key investment themes Notable transactions 32 the latter stages of the cycle, the risk of macro or sector pressures 33 Retail impacting markets naturally increases.
    [Show full text]
  • Annual Report
    Annual Report GFH Financial Group Profile Group GFH Financial Achievement of A History and Values Vision Platforms Unique Investment Four Directors of Board Sharia Supervisory Board Management Executive Highlights Financial Report Chairman’s CEO Group Message from Business Activities Report Management Executive and Capital Markets Treasury Governance Corporate Risk & Capital Management His Royal Highness His Majesty His Royal Highness Prince Khalifa bin Salman Al Khalifa King Hamad bin Isa Al Khalifa Prince Salman bin Hamad Al Khalifa The Prime Minister of the The King of the The Crown Prince, First Deputy Prime Kingdom of Bahrain Kingdom of Bahrain Minister & Deputy Supreme Commander 06 08 12 14 36 44 46 64 68 72 74 76 80 82 104 Kingdom of Bahrain 2019 marked our twentieth anniversary. We have been witness to phenomenal changes in our business, our Kingdom and across the globe. We are blessed to have weathered many storms and thanks to God, we are fitter, stronger and more capable than ever before. Driven by a clear vision and armed with a pragmatic yet adventurous strategy, we are ready to take on the next challenge, the next year and the next decade. In this foundational report, you can relive our past twenty years, our last financial year and come to understand how our new platforms are setting us up for the next phase of growth. We hope you find our twenty-year annual review as interesting to read as we found it to create - year by year. Two Decades Countless Highlights Since the Group’s inception in 1999, GFH has raised over US$10 billion exclusively on the energy sector.
    [Show full text]