First read Feb 24
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peHUB First Read

Catch up on the latest headlines after the long weekend including hiring plans at New Jersey and NYC Office of the Comptroller, Kayne Anderson closing a new senior credit fund and Silicon Valley retains its venture crown.

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3i sells German car parts maker Hilite to AVICEM

3i has sold Hilite to AVIC Electromechanical Systems Co., a subsidiary of Chinese industrial conglomerate AVIC, for approximately 473 million euros. Morgan Stanley Bank AG provided financial advice on the transaction. Headquartered in Marktheidenfeld, Germany, Hilite is a provider of automotive system solutions.

first read march 27
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peHUB First Read

Catch up on the mid-week industry happenings including 3i divestment news, a GP world where there is 0 percent management fees and America’s nine most damaged brands.

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PE-backed Phibro Animal Health prices IPO

Phibro Animal Health Corp, which is backed by 3i Group, said Monday that it has priced its IPO of over 11 million shares at $16 and $18 per share. The stock will trade on the NASDAQ under the ticker symbol “PAHC.” BofA Merrill Lynch, Morgan Stanley and Barclays are the lead underwriters. Based in Teaneck, NJ, Phibro is a maker of animal health and mineral nutrition products.

Patrick Dunne appointed D3O chairman

British smart materials specialist D3O, has appointed Patrick Dunne as chairman. He brings a wealth of international business experience from investor 3i where he held a variety of investment and leadership roles and was a member of its operating committee.

3i prepares to sell car parts maker Hilite – Reuters

Private equity group 3i is preparing to sell German car parts maker Hilite International in a deal that could be worth more than 400 million euros (332 million pounds), writes Reuters. Morgan Stanley has been hired to look at options including a potential sale or refinancing, the sources added, as 3i seeks to take advantage of an upturn in car markets.

3i completes $48 mln exits in third quarter

British private equity group 3i completed 29 million pounds ($48 million) of exits in the three months to Dec. 31, taking its total proceeds for the year so far to 557 million pounds, writes Reuters. The owner of women’s fashion retailer Hobbs and Tommee Tippee baby bottle maker Mayborn said new investment increased during the third quarter, with 247 million pounds invested compared to just 4 million pounds in same three months in 2012.

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peHUB First Read

Today First Read brings you news of Thoma Bravo and TPG fundraisings, an insight into the PE financing of technology companies and a first for Facebook shares.

Capita chief Pindar to step down – Reuters

Capita chief executive Paul Pindar is to step down in early 2014 after 26 years at the firm, writes Reuters. Pindar, who joined Capita from private equity house 3i, is leaving to establish a portfolio of private equity opportunities, the firm said.

3i buys out Scandlines co-owner – Reuters

Private equity investor 3i has bought out the co-owner of its ferry group Scandlines and finalised refinancing of existing debt facilities, writes Reuters. 3i bought Allianz Capital Partners‘ 49 percent stake for 165 million euros ($223 million). The closing of the transaction is expected to take place before the year end.

3i offers to buy remaining stake of Scandlines – Reuters

Private equity investor 3i has offered to buy the shares in Scandlines it does not already own, after an attempt to find a buyer for the ferry group failed earlier this summer, writes Reuters. 3i’s bid for the 50 percent stake held by co-owner Allianz Capital Partners (ACP) values Scandlines at more than the 1.3 billion euros ($1.7 billion) that buyout group TPG offered for the whole company, writes Reuters.

Reuters – 3i’s US Debt Management Arm Raises $500m Fund

British private equity group 3i‘s US debt management arm has raised a $500 million fund to invest in corporate debt and loans to back private equity buyouts, writes Reuters. The collateralised loan obligation fund, Jamestown II, is 3i Debt Management US’s second since it was established in August last year as a joint venture with US fund manager WCAS Fraser Sullivan Investment Management.

Reuters – 3i Asia Head to Leave

British private equity group 3i said on Monday its head of Asia operations Anil Ahuja and a senior India executive will be leaving the company, writes Reuters. Samir Palod has been named head of the India team.

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