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EUROPEAN PRIVATE EQUITY UPDATES BY RYAN VAN WAGENEN
On the other hand, the Inflexion raised 2.25 billion pounds ($ billion) for two separate funds from investors which include New York State Teachers Retirement System as well as the Illinois Municipal Retirement Fund.
The Inflexion’s fundraising was twice oversubscribed based on the reports. The investors of Nordic Fund, the New Mexico State Investor and Minnesota State Board of Investment were satisfied by the size of the latest funding. It is said that around 70 percent of the investors are still holding the fund, while the 30 percent remaining are with the new entrants.
The Inflexion’s fundraising was twice oversubscribed based on the reports. The investors of Nordic Fund, the New Mexico State Investor and Minnesota State Board of Investment were satisfied by the size of the latest funding. It is said that around 70 percent of the investors are still holding the fund, while the 30 percent remaining are with the new entrants.
The Nordic Capital, the Stockholm-based private equity group with offices in London and over Europe and Inflexion did not react to a request for comment outside the regular business hours. Nordic Capital is considered as one of Europe’s biggest private equity investors. As stated in March, it was a buying online banking payments source. It was the latest in a string of deals in the fast-growing fintech sector. Meanwhile, the latter firm sold Swedish payment platform Bambora to French payments specialist Ingenico (INGC.PA) way back in 2017. It was sold for 1.5 billion euros after three years of ownership. It led three listings of portfolio companies.
Meanwhile, according to experts, institutional investors in private equity don’t like funds to bypass their limits because they are worried about the rate deployment rate and the drift from the core strategy. As of now, Ryan Van Wagenen expounded on private equity, specifically that the fund of Nordic Capital contains a net internal rate of return, which is an indicator of performance.
The core areas of the investment include financial and technology services deals in Nordics and Northern Europe. More importantly, it comes with a strong global focus on healthcare industries so that people can be familiar with the investment strategy.
The 40 percent of fund investors are private and public pension funds, while the 15 percent are sovereign wealth funds. The rest of the funds came from family, offices, funds, and endowments.
It is estimated that 4 out of 10 investors come from North America, over a third from Europe, 15 percent are from Asia and the rest were from South America and the Middle East.
It is estimated that 4 out of 10 investors come from North America, over a third from Europe, 15 percent are from Asia and the rest were from South America and the Middle East.
The latest flagship fund unveiled three investments this year which includes the acquisition of mobile payments company Trustly. In the present year, the Nordic Capital lost important auctions such as the sale of pharmaceutical unit Zentiva and Finish healthcare business Mehilainen, for the reason that it was unwilling to pay the highest price, based on the people familiar with the auctions.
Blackstone Cuts its Stay at Hilton after 11 Years
Ryan Van Wagenen of Global Private Equity also focused in on some US firms, including Blackstone. They have a number of multi billion private equity funds all over industry and geography wise, most notably with a real estate focus. After 11 years at Hilton Worldwide Holdings Inc., the private equity company Blackstone Group LP has decided to leave the hotel chain operator through selling its over 5.8 percent stake.
The sale of 15.8 million shares can generate around $1.32 billion according to Hilton. Moreover, Hilton added that it would not receive any proceed from the sale, and repurchase of about 1.3 million shares from the shareholders associated with Blackstone is highly feasible.
Blackstone took the Virginia-based company public way back in 2013 and began shedding its stake a year later. In June and November 2014, they raised $2.33 billion and $2.59 billion. These were from stock sales that reduced its stake at Hilton.
Blackstone had cut their stake under 50 percent in $2.69 billion stock way back in 2015. It was considered as the biggest sell-down through a private equity sponsor with a block trade. The private firm actually buys hotels and other real estate holdings with a discount, fixes them, and sells to gain profit. They had taken Hilton private in a $26 billion leveraged buyout in 2007.
Last 2016, Blackstone comes up to the decision of selling 25 percent stake in Hilton to China’s HNA Group Co. Ltd. for $6.5 billion, three times of what it paid in 2007. The HNA sold the stake after a year and a half later as part of its plan to shed assets and tackle a cash crunch.
Hilton’s shares had grown about 36 percent last year. They nearly stay at $83.35 for the premarket trading on Friday.
KKR sells Finish Healthcare Group to its Rival CVC with €1.8bn Deal
KKR, the US buyout fund, has decided to sell its stake in Finnish healthcare firm Mehilainen to its rival CVC Capital Partners. According to Financial Times, the Mehilainen values €1.8 bn. KKR and Triton, a Europe-based private equity fund, will sell their share of 80 percent stake in the company. It is anticipated to generate four times more than their original investment in 2010.
Mehilainen operates 360 care homes and hospitals in Finland in 2017. It employs more than 14,000 pros, posted earnings before interest, depreciation, tax, and amortization of €93 m. According to the chief executive of Mehilainen, Janne-Olli Jarvenpaa, “With the new partnership group, I am excited about the future of Mehilainen where our key focus will be to continue investing in our network and to provide best-in-class healthcare and social care services for the benefit of our customers.”
The asset sale produced tough competition from big buyout funds which include Nordic Capital and Carlyle. There is also interest from the trade buyers, JPMorgan told Sellers. On the other hand, Avance Attorneys, Access Partners, and PwC advised the CVC.
The deal came as the private equity groups increasingly become net sellers of businesses to take advantage of high valuations. Earlier this year, studies unveiled that private equity groups are selling companies quicker compared to a decade ago.
Triton and KKR attained their majority stake in Mehilainen in 2010 as part of the acquisition of Ambea Group in Sweden. Way back in 2015, Mehilainen joined with Finnish rival Mediverkko. The company founded in 1909 and suffered from a recession in Finland between 2012 and 2014. However, Mehilainen underwent a turnaround after a management shake-up in 2015. The owners have attained 55 companies in the past three years and established 40 clinics as well as elderly care homes.
Varma and Ilmarinen, Two Finnish pension funds are the co-owners of Mehilainen. They will continue to be shareholders with CVC, which has a record of handling deals in the healthcare industry. Its acquisitions include Quironsalud, Spanish supplier of healthcare services and Elsan, and French private hospital operator.
The Finnish financial group LocalTapiola is the biggest rolling shareholder, and it grows its ownership to 20 percent. It was the third Nordic deal of KKR in less than a year. Last June, it was sold to a Norwegian software company Visma, to a group of investors that include Singapore’s GIC for 22 times ebitda. But, it originally purchased the firm at 12 times ebitda.
Meanwhile, way back in January, the KKR decided to sell its minority stake in Sweden’s Valinge in a deal which gave the flooring specialist an enterprise value of more than $1 bn, or 16 times ebitda. The original deal was valued at 9.6 times ebitda.
Private Equity Can Pay if GDPR was Violated
The General Data Protection Regulation effective on May 25 will mandate the organizations to secure personal data and report breaks, or else they may pay up to € 20 million, or 4 percent of their yearly global revenue.
In the meantime, the private equity firms don’t naturally process much of their personal data. The lawyers reminded them that they can be liable for data breaches and can be penalized if companies have failed to comply.
Rohan Massey, a partner at the law firm of Ropes & Gray LLP stated that if the regulations are applied in a similar way as worded in the European antitrust legislation, the companies including their investors can be treated as a single entity.
Kenneth and Massey explained, “The European antitrust regime has this broad ability to link or to bring into scope linked economic units- that could potentially be a portfolio company and a private-equity house.”
The European Commission fined Goldman Sachs Group Inc. with €37.3 million in 2014. It happens when Italian multinational cable manufacturer Prysmian Group, wherein it held a minority stake was found to be involved in a cartel.
According to Michael Peterson, founder and managing partner at Swiss private equity firm Cross Equity Partners, “The new regulation has to be part of any diligence on an investment opportunity.”
His firm is looking for advisers to conduct due diligence on different aspects of a company’s information-technology procedures. He added, “Existing management is quizzed over whether they have taken precautions to comply with the new regulation. If a target does not comply with the rules, the firm will discuss it with the seller or the CEO.”
The GDPR is designed to harmonize data-protection regulation across Europe. Massey also implied, “Regulators have a number of weapons in the sanctions arsenal that could be used. Fines are only one of those and are only used in the rarest instances.”
About Ryan Van Wagenen: Mr. Van Wagenen is from Cottonwood Heights and is a Westminster College alumnus. He graduated in finance and worked at Citi Trends in an operations role reporting directly to his executive director in Georgia before moving to Global Private Equity. After nearly ten years in private equity, Van Wagenen has had some great transactional experience within the technology sector. The buyside has allowed him to be around billions of dollars in transactions since his career started. Technology keeps him on his toes and has even allowed for invovlement in the Bitcoin and cryptocurrency movement. This is all due to the firm’s investments in blockchain related products in recent years.
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