Vero Software — a computer aided design (CAD) and computer aided manufacturing (CAM) company based in Cheltenham, England — has received an undisclosed amount of money from senior lenders Silicon Valley Bank and HSBC to acquire Sescoi International, another CAD/CAM software company. Vero, which did not publish the purchase price, is a portfolio company of Battery Ventures.
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Allianz Capital Partners has attracted a number of potential buyers in the sale of its European vending machine business Selecta, which is expected to fetch at least 700 million euros ($881 million). REUTERS: Allianz Capital Partners has attracted a number of potential buyers in the sale of its European vending machine business Selecta, which is [...]
Business Growth Fund, a fund established to help the UK’s smaller and medium sized businesses, has appointed Cate Poulson as head of BGF’s talent network, to develop the firm’s relationships with a network of experienced business leaders. BGF is an independent company with capital of up to 2.5 billion pounds ($3.9 billion), backed by five [...]
The last couple of years have seen a steady trickle of banks and insurers selling private equity assets and other non-core units as regulators globally toughen capital requirements.
In the US, the Volcker Rule, a part of the financial regulatory overhaul law that limits proprietary trading, or investments by banks using their own capital, has been forcing banks to sell part or all of their private equity portfolios.
In Europe, banks are selling their private equity assets to boost their balance sheets to prepare for the Basel III reform package which will impose capital constraints on investments. The new rules will come into force on January 1, 2013, with full implementation by 2019.
Today, we’ll take a look at some of the US and European institutions who have been offloading their private equity assets and what prices they have been getting. It also includes a couple that are on the sales block waiting to make their announcement. There are also a few among the bunch that, since being spun out, have commenced efforts–with varying degrees of success–to raise new funds. How successful these PE shops will be independently in some cases remains to be seen…
Buyout shop Blackstone will put 1.5 billion rupees ($34 million) into FINO, an Indian technology solutions provider for banks, microfinance institutions and insurance companies, Reuters reported Thursday. The company’s existing investors include HSBC, ICICI Bank and Intel Capital. Blackstone did not disclose the size of its stake in FINO.
Sun European Partners, the European advisor to the U.S. private equity firm Sun Capital Partners, is announcing that one of its affiliates has acquired the plastic packaging company Britton Flexibles from HSBC. Britton produces everything from cereal box liners to banking coin bags, and it’s been owned by HSBC Private Equity since a 2008 management buyout. [...]
HSBC has spun off its Asia private equity fund management business, Reuters reported. The group’s management team now holds 80.1% of the business, with HSBC retaining the remaining shares. HSBC planned earlier this year to spin off this group, as well as four other regional private equity businesses, as it attempts to focus more on core operations, Reuters said.