Leveraged Loans Snapshot (EU)
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How Will Financial Services Private Equity Investments Fare in the Next Recession?
How Will Financial Services Private Equity Investments Fare in the Next Recession? Leading funds are shifting to balance-sheet-light and countercyclical investments. By Tim Cochrane, Justin Miller, Michael Cashman and Mike Smith Tim Cochrane, Justin Miller, Michael Cashman and Mike Smith are partners with Bain & Company’s Financial Services and Private Equity practices. They are based, respectively, in London, New York, Boston and London. Copyright © 2019 Bain & Company, Inc. All rights reserved. How Will Financial Services Private Equity Investments Fare in the Next Recession? At a Glance Financial services deals in private equity have grown on the back of strong returns, including a pooled multiple on invested capital of 2.2x in recent years, higher than all but healthcare and technology deals. With a recession increasingly likely during the next holding period, PE funds need to develop plans to weather any storm and potentially improve their competitive position during and after the downturn. Many leading funds are investing in balance-sheet-light assets enabled by technology and regulatory change. Diligences now should test target companies under stressful economic scenarios and lay out a detailed value-creation plan, including how to mobilize quickly after acquisition. Financial services deals by private equity funds have had a strong run over the past few years, with deal value increasing significantly in Europe and the US(see Figure 1). Returns have been strong as well. Global financial services deals realized a pooled multiple on invested capital of 2.2x from 2009 through 2015, higher than all but healthcare and technology deals (see Figure 2). -
Corporate Governance Positions and Responsibilities of the Directors and Nominees to the Board of Directors
CORPORATE GOVERNANCE POSITIONS AND RESPONSIBILITIES OF THE DIRECTORS AND NOMINEES TO THE BOARD OF DIRECTORS LIONEL ZINSOU -DERLIN (a) Born on October 23, 1954 Positions and responsibilities as of December 31, 2014 Age: 60 Positions Companies Countries Director (term of office DANONE SA (b) France from April 29, 2014 to the end of the Shareholders’ Meeting to approve the 2016 financial statements) Chairman and Chair- PAI PARTNERS SAS France man of the Executive Business address: Committee 232, rue de Rivoli – 75001 Paris – France Member of the Number of DANONE shares held Investment Committee as of December 31, 2014: 4,000 Director INVESTISSEURS & PARTENAIRES Mauritius Independent Director I&P AFRIQUE ENTREPRENEURS Mauritius Dual French and Beninese nationality KAUFMAN & BROAD SA (b) France PAI SYNDICATION GENERAL PARTNER LIMITED Guernsey Principal responsibility: Chairman of PAI partners SAS PAI EUROPE III GENERAL PARTNER LIMITED Guernsey Personal backGround – PAI EUROPE IV GENERAL PARTNER LIMITED Guernsey experience and expertise: Lionel ZINSOU-DERLIN, of French and Beninese PAI EUROPE V GENERAL PARTNER LIMITED Guernsey nationality, is a graduate from the Ecole Normale PAI EUROPE VI GENERAL PARTNER LIMITED Guernsey Supérieure (Ulm), the London School of Economics and the Institut d’Etudes Politiques of Paris. He holds Chairman and Member LES DOMAINES BARONS DE ROTHSCHILD SCA France a master degree in Economic History and is an Asso- of the Supervisory (LAFITE) ciate Professor in Social Sciences and Economics. Board Member of the Advisory MOET HENNESSY France He started his career as a Senior Lecturer and Pro- Council fessor of Economics at Université Paris XIII. Member of the CERBA EUROPEAN LAB SAS France From 1984 to 1986, he became an Advisor to the French Supervisory Board Ministry of Industry and then to the Prime Minister. -
Transparency Report 2013-14 V02.Indd
RI TRANSPARENCY REPOR T 201 7 Axcel An investor initiative in partnership with UNEP Finance Initiative and UN Global Compact About this report The PRI Reporting Framework is a key step in the journey towards building a common language and industry standard for reporting responsible investment (RI) activities. This RI Transparency Report is one of the key outputs of this Framework. Its primary objective is to enable signatory transparency on RI activities and facilitate dialogue between investors and their clients, beneficiaries and other stakeholders. A copy of this report will be publicly disclosed for all reporting signatories on the PRI website, ensuring accountability of the PRI Initiative and its signatories. This report is an export of the individual Signatory organisation’s response to the PRI during the 2017 reporting cycle. It includes their responses to mandatory indicators, as well as responses to voluntary indicators the signatory has agreed to make public. The information is presented exactly as it was reported. Where an indicator offers a response option that is multiple-choice, all options that were available to the signatory to select are presented in this report. Presenting the information exactly as reported is a result of signatory feedback which suggested the PRI not summarise the information. As a result, the reports can be extensive. However, to help easily locate information, there is a Principles index which highlights where the information can be found and summarises the indicators that signatories complete and disclose. Understanding the Principles Index The Principles Index summarises the response status for the individual indicators and modules and shows how these relate to the six Principles for Responsible Investment. -
Agarad 0919677.Pdf
Eindhoven University of Technology MASTER Examining car park users' willingness to pay for design factors of car parks Agarad, S. Award date: 2017 Link to publication Disclaimer This document contains a student thesis (bachelor's or master's), as authored by a student at Eindhoven University of Technology. Student theses are made available in the TU/e repository upon obtaining the required degree. The grade received is not published on the document as presented in the repository. The required complexity or quality of research of student theses may vary by program, and the required minimum study period may vary in duration. General rights Copyright and moral rights for the publications made accessible in the public portal are retained by the authors and/or other copyright owners and it is a condition of accessing publications that users recognise and abide by the legal requirements associated with these rights. • Users may download and print one copy of any publication from the public portal for the purpose of private study or research. • You may not further distribute the material or use it for any profit-making activity or commercial gain Examining car park users’ willingness to pay for design factors of car parks Agarad S. (Soufyan) 19 January 2017 Master thesis 1 COLOPHON Graduation subject Theme: Smart mobility and infrastructures Topic: Smart parking Author Name: Agarad S. (Soufyan) ID-number: 0919677 Email: [email protected] Master program: Real Estate Management and Development Faculty the Built Environment Eindhoven University of Technology For info: +316 40506422 Graduation board First supervisor: dr.ing. P.J.H.J. -
Joshua Smith
Joshua Smith Associate London | 160 Queen Victoria Street, London, UK EC4V 4QQ T +44 20 7184 7824 | F +44 20 7184 7001 [email protected] Services Mergers and Acquisitions > Private Equity > Corporate Finance and Capital Markets > Corporate Governance > Joshua Smith practices in the area of corporate law, advising on a wide range of domestic and cross-border mergers and acquisitions, private equity transactions, joint ventures, fundraisings, public offerings, reorganisations and other general corporate matters. Mr. Smith trained at Dechert and qualified as a solicitor in 2014. EXPERIENCE Hellenic Telecommunications Organization S.A (OTE) in connection with the sale of its stake in fixed telecommunications operator Telekom Romania for €268 million to Orange Romania. ICTS International N.V. and ABC Technologies B.V. on (i) a US$60 million equity investment by an affiliate of TPG Global into ABC, a subsidiary of ICTS and the owner of Au10tix Limited, a leader in the ID documentation and know-your-customer on- boarding automation software industry and (ii) a further US$20 million equity investment by Oak HC/FT into ABC and related shareholder agreements. The transactions valued Au10tix at US$280 million. A substantial family office as investor in a substantive venture investment in a UK ticketing and events hosting company. Centaur Media plc, as part of its strategic divestment program on the sale of (i) its financial services division to Metropolis Group; (ii) Centaur Human Resources Limited, to DVV Media International Ltd; (iii) Centaur Media Travel and Meetings Limited, to Northstar Travel Media UK Limited; and (iv) its engineering portfolio, including The Engineer and Subcon, to Mark Allen Group. -
Private Equity Confidence Survey Central Europe Winter 2018 This Publication Contains General Information Only
Caution returns Private Equity Confidence Survey Central Europe Winter 2018 This publication contains general information only. The publication has been prepared on the basis of information and forecasts in the public domain. None of the information on which the publication is based has been independently verified by Deloitte and none of Deloitte Touche Tohmatsu Limited, any of its member firms or any of the foregoing’s affiliates (collectively the “Deloitte Network”) take any responsibility for the content thereof. No entity in the Deloitte Network nor any of their affiliates nor their respective members, directors, employees and agents accept any liability with respect to the accuracy or completeness, or in relation to the use by any recipient, of the information, projections or opinions contained in the publication and no entity in Deloitte Network shall be responsible for any loss whatsoever sustained by any person who relies thereon. Caution returns | Private Equity Confidence Survey Central Europe Introduction The Central European (CE) private equity (PE) market Croatia and Lithuania are all expected to grow at second fund on €21m, putting it well on its way to its may be reverting to its usual pace of activity following under 3.0%. €55m target after launching in January. A new fund a prolonged period of large exits and fundraisings as has been launched for the Baltics, with Lithuanian well as strong levels of deal-doing. While we remain Exit activity continues apace, with the headline-hitting asset manager Invalda INVL seeking €200m for its confident conditions remain conducive to transacting, homeruns of 2017 giving way to a steadier flow of INVL Baltic Sea Growth Fund to back Baltic businesses respondents are hinting at some caution as we enter mid-market exits dominated by local players. -
List Call Letters
Page No. 1 LIST OF CANDIDATES FOR WHOM CALL LETTERS ISSUED ADVT-01/2009 EXAM DATE - 06 AUG 2009 TRADE - UPPER DIVISION CLERK EXAM CENTRE - GREF CENTRE, PUNE-15 CATEGORY - UR (DIGHI CAMP, PUNE -15 (MAHARASHTRA) Srl Control Name Father's Name Address No. No. DOB 1 UDC/UR/R K PRAVEEN GS-184915K, LDC E- KUMAR K PRAVEEN KUMAR APPT/1852 GREF CENTRE 58 DIGHI CAMP, PUNE-411015 11/Jun/78 UDC/UR/RE-APPT/185258 2 UDC/UR/1 PRAMOD R.S. BISHT PRAMOD BISHT S/O RS BISHT 85032 BISHT Sr ADM OFFICER HQ 49 BRTF (GREF) C/O 56 APO, PIN - 930049 5/Mar/85 UDC/UR/185032 3 UDC/UR/1 BIJOY KUMAR V.V. RAJAN BIJOY KUMAR S/O V.V RAJAN 85010 VASANTHA VIHAR PUTHENPEEDIKA, OMALLUR PO - PATHANAMTHITTA 24/Jan/83 STATE - KERALA - 689 647 UDC/UR/185010 4 UDC/RE- SANJAY GS-185283W, LDC, SANJAY KUMAR APPT/UR/ KUMAR 65 RCC (GREF) 185335 C/O 56 APO, PIN - 930065 12/Feb/79 UDC/RE-APPT/UR/185335 5 UDC/UR/R DILIP PR GS-182752H, LDC, DILIP PR E- GREF RECORDS APPT/1852 DIGHI CAMP, PUNE-411015 54 10/Dec/77 UDC/UR/RE-APPT/185254 6 UDC/RE- ABHILASH GS-181290P, LDC APPT/UR/ PILLAI ABHILASH PILLAI 185332 HQ CE (P) UDAYAK C/O 99 APO, PIN - 931715 16/Apr/75 UDC/RE-APPT/UR/185332 7 UDC/UR/1 MUNESH MANI KANT MUNESH KUMAR CHOUDHARY 85147 KUMAR CHOUDHARY S/O MANI KANT CHOUDHARY CHOUDHARY VILL+PO - AHIYAPUR VIA - BACHHWARA DISTT - BEGUSARAI 5/Feb/84 STATE - BIHAR , PIN- 851 111 UDC/UR/185147 Note:- Candidate who donot receive Call Letter by post , can also report for Trade Test / Interview with a copy of Attestation Form duly completed by downloading form from this web site. -
BC Partners London Paris Milan Hamburg Geneva New York AGENDA
GREECE: The Ne w Reform Agenda Investment & Business Opportunities in Greece A Global Investor’s Perspective Nikos Stathopoulos 30th October, 2008 New York City BC Partners London Paris Milan Hamburg Geneva New York AGENDA Greece as an investment destination Case Studies Conclusions BC Partners London Paris Milan Hamburg Geneva New York Private Equity is a Major Player in European M&A European LBO Activity as a % of all European M&A value 2007 BC Partners London Paris Milan Hamburg Geneva New York BC Partners: a Leading Global Private Equity Fund – 1 BC Funds Investments by Sector Investment in 67 companies since foundation in 1986 ̶ Total transaction value of US$100bn Automotive Health 6% Retail ̶ Invested in 13 countries in Europe, US and Asia 8% 23% ̶ Current portfolio companies representing an aggregate turnover Media/Telecom of US$30bn and employing 81,000 employees 11% Service Consumer 14% goods Over US$17bn ra ise d in e ig ht f un ds 19% ̶ Fund VIII with US$9.3bn of equity Industry 19% ̶ Up to US$2.4bn equity for single transaction available plus International Presence additional equity from BC funds co-investors ̶ Average transaction value of investments of US$3.1bn since 2000 New York/ (from US$141m to US$29.9bn) London London Presence in Europe and the US Hamburg ̶ Offices in London, Paris, Milan, Geneva, Hamburg, and New York Paris ̶ 50 investment professionals with broad individual experience Geneva Milan BC Partners London Paris Milan Hamburg Geneva New York BC Partners: a Leading Global Private Equity Fund – 2 Selected -
CVCA Private Equity Report a Paper Re Deal Activity in 2018 July 2019 CVCA Private Equity Report | a Paper Re Deal Activity in 2018
CVCA Private Equity Report A paper re deal activity in 2018 July 2019 CVCA Private Equity Report | A paper re deal activity in 2018 Welcome to the 2018 Activity Report of the Czech Private Equity & Venture Capital Association, produced by Deloitte in association with the Czech Private Equity & Venture Capital Association. 2 CVCA Private Equity Report | A paper re deal activity in 2018 Introduction The Czech private equity market again and set to slow further as external risks – Mega-deals, typically quick to disappear made headlines in 2018, with the country such as Brexit-induced trade tensions in uncertain times, remain in the offing, home to one of Europe’s largest tech IPOs close to home and the US trade dispute with Sanofi’s sale of Zentiva to Advent when internet security firm Avast dual- with China – impact forecasts and GDP International topping value charts and listed on the London and Prague Stock growth is expected to end this year at making headlines. Last year also saw the Exchange in May. The deal was a welcome 2.3%. The Czech National Bank stepped Prague Intercontinental Hotel sold to R2G reminder to investors that Czech up its monetary tightening in 2018, with (completing this year); the same backer businesses can become world-beating late-2017 hikes continuing into 2018 to owns Pegas Nonwovens and announced companies given the right support. The end the year on 1.75%. This May saw the bolt-on acquisition of First Quality’s US year also saw a record level of fundraising a further rise to 2.0%, though we do not and China nonwoven operations. -
3/29/2016 Special Meeting
Oregon Investment Council March 29, 2016 Special Meeting 10:00 AM Oregon State Treasury 16290 SW Upper Boones Ferry Road Tigard, OR 97224 Katy Durant Chair John Skjervem Chief Investment Officer Ted Wheeler State Treasurer OREGON INVESTMENT COUNCIL Agenda March 29, 2016 Special Meeting 10:00 AM Oregon State Treasury Investment Division Crater Lake Conference Room 16290 SW Upper Boones Ferry Road Tigard, OR 97224 Time Action Items Presenter Tab 10:00 AM 1. Cinven Sixth Fund, L.P. – OPERF Private Equity Michael Langdon 1 Senior Investment Officer Public Comment Invited Katy Durant Rukaiyah Adams Rex Kim John Russell Ted Wheeler Steve Rodeman Chair Vice Chair Member Member State Treasurer PERS Director Cinven Fund VI, L.P. Purpose Subject to satisfactory negotiation of terms and conditions with Staff working in concert with legal counsel, Staff recommends approval of a $250 million commitment to Cinven Fund VI, L.P. (the “Fund” or “Fund VI”) for the OPERF Private Equity Portfolio. This proposed commitment represents the planned continuation of an existing general partner relationship. Background The Fund is being formed and sponsored by Cinven Limited (“Cinven” or the “Firm”), and will continue the successful sector-focused, large European buyout strategy employed in the Firm’s first five funds. Cinven was founded in 1995 when the investment management division of British Coal went independent via a management buyout. With the various British Coal pension funds as anchor investors, Cinven launched its first institutional fund in 1996, raising €1.6 billion. Over time, Cinven has raised successively larger funds, and grown from the original eleven investment professionals operating from a single office in London to 65 investment professionals operating from offices in London, Paris, Frankfurt, Milan, Madrid, and with support offices in New York and Hong Kong. -
Breakdown of Equities, Year-End 2020
Breakdown of equities, year-end 2020 Listed Danish equities Company Number of Ownership of Voting rights Market value Company domicile equities share capital number per cent per cent DKKm ALK-Abello Denmark 830,794 7.46 4.10 2,077.0 Ambu Denmark 4,818,951 1.91 0.86 1,268.3 AP Moller - Maersk Denmark 253,690 1.27 0.90 3,358.9 Asetek Denmark 2,722,415 10.30 10.30 210.3 Bang & Olufsen Denmark 17,092,036 13.92 13.92 573.6 Bavarian Nordic Denmark 5,904,171 10.11 10.11 1,104.1 Carlsberg Denmark 1,227,664 0.84 0.27 1,197.2 Chr Hansen Denmark 1,381,570 1.06 1.06 865.4 Coloplast Denmark 1,310,347 0.61 0.35 1,218.1 Danske Bank Denmark 13,693,257 1.60 1.60 1,378.2 DFDS Denmark 1,949,162 3.32 3.32 536.4 DSV PANALPINA Denmark 2,281,956 1.00 1.00 2,327.6 Genmab Denmark 1,166,965 0.09 0.09 1,544.8 GN Store Nord Denmark 3,166,046 2.24 2.24 1,542.5 H Lundbeck Denmark 931,964 0.47 0.47 194.6 H+H International Denmark 2,107,893 11.72 11.72 278.2 Huscompagniet Denmark 615,000 3.08 3.08 76.9 INVISIO Communications Denmark 3,183,701 7.22 7.22 589.2 ISS Denmark 4,551,135 2.46 2.46 479.7 Jyske Bank 1 Denmark 455,709 0.63 0.00 106.2 Matas Denmark 1,846,027 4.82 4.82 159.5 Netcompany Group Denmark 1,660,500 3.33 3.33 1,033.7 Nilfisk Holding Denmark 1,436,062 5.29 5.29 189.0 NKT Denmark 2,637,690 6.14 6.14 715.3 Novo Nordisk Denmark 7,546,288 0.32 0.11 3,219.6 Novozymes Denmark 1,724,215 0.61 0.23 602.6 Nordic Transport Group Denmark 1,086,064 4.80 4.80 278.0 Pandora Denmark 2,153,187 2.16 2.16 1,466.3 Per Aarsleff Holding Denmark 2,064,304 10.13 6.34 636.8 Ringkjoebing -
Annual Report on the Performance of Portfolio Companies, IX November 2016
Annual report on the performance of portfolio companies, IX November 2016 Annual report on the performance of portfolio companies, IX 1 Annual report on the performance of portfolio companies, IX - November 2016 Contents The report comprises four sections: 1 2 3 4 Objectives Summary Detailed Basis of and fact base findings findings findings P3 P13 P17 P45 Annual report on the performance of portfolio companies, IX - November 2016 Foreword This is the ninth annual report The report comprises information and analysis With a large number of portfolio companies, on the performance of portfolio to assess the potential effect of Private Equity a high rate of compliance, and nine years of ownership on several measures of performance information, this report provides comprehensive companies, a group of large, of the portfolio companies. This year, the and detailed information on the effect of Private Equity (PE) - owned UK report covers 60 portfolio companies as at 31 Private Equity ownership on many measures of businesses that met defined December 2015 (2014:62), as well as a further performance of an independently determined 69 portfolio companies that have been owned group of large, UK businesses. criteria at the time of acquisition. and exited since 2005. The findings are based Its publication is one of the steps on aggregated information provided on the This report has been prepared by EY at the portfolio companies by the Private Equity firms request of the BVCA and the PERG. The BVCA adopted by the Private Equity has supported EY in its work, particularly by industry following the publication that own them — covering the entire period of Private Equity ownership.