London-based services group Savills has acquired New York real estate investment bank Granite Partners for $54m.
1 min read · 12 January 2013
Tesla Motors recently completed a $45 million Series D financing round, pushing the Silicon Valley start-up's VC funding past the $100 million mark. As the star-studded waiting list for the company's flashy roadster continues to grow, investors are lining up for a piece of the action. Amanda Janis reports.
3 min read · 12 January 2013
In Denmark, a law has been passed to remove the favourable tax status enjoyed by leveraged loans.
5 min read · 12 January 2013
In June, London-based Duke Street Capital hit the headlines over pending job losses at portfolio company Burton's Foods and creditor losses at former portfolio company Focus DIY. Following Duke Street's investment in Burton's in March, UK MP Angela Eagle has been campaigning against the firm's plans for a Burton's biscuit factory in her Wallasey constituency, which may cost 660 jobs. Meanwhile the investment in Focus has been branded an example of lenders and bondholders being at risk in LBOs after sponsors cash out through recapitalisations. Duke Street recapitalised what was then Focus Wickes in 2002 and, having sold the Wickes business to a trade buyer, refinanced Focus once more in 2005 on a stand-alone basis. In January, Focus was put up for sale after it became obvious that the company was no longer able to service the £280 million of debt on its balance sheet. In June, US distressed debt specialist Cerberus bought the company for £1. The new owner will pay back £185 million of bank debt while the holders of £100 million worth of bonds will receive 40p in the pound. PEI caught up with Duke Street's managing partner Peter Taylor, who has been asked to appear before the Treasury Select Committee in the House of Commons in the coming weeks (at press time, a date had not yet been agreed), to quiz him about the recent events.
3 min read · 12 January 2013
Los Angeles-based US Renewables Group has held a final close on its second fund, which will target renewable energy opportunities. It is nearly five times the size of its predecessor.
2 min read · 12 January 2013
The alternative assets manager is capitalising on the booming wealth of the Gulf region with a spate of new buyout, mezzanine and growth capital funds and an almost 50 percent increase in client assets.
2 min read · 12 January 2013
Blackstone units began to trade today above their $31 IPO price, climbing back from the $28.75 low it hit last Friday, the stock’s first trading day. The market could change directions again next week as US congressmen begin hearings on private equity.
2 min read · 12 January 2013
Thomas H. Lee-led Lee Equity Partners has agreed to pay $395 million for teen fashion retailer Deb Shops. It is the firm’s second deal since it was founded last year.
2 min read · 12 January 2013
London-based Duke Street Capital has amassed a 34 percent stake in Oasis Healthcare and increased its bid to £88.2 million, as the battle for the UK’s biggest dental business heats up.
2 min read · 12 January 2013
Kohlberg Kravis Roberts will become the latest alternative asset manager to raise funds on the public market, after revealing plans for a $1.25 billion initial public offering on the New York Stock Exchange before the end of the year.
2 min read · 12 January 2013
