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Feb 13, 2012

Dealtalk – Italy’s family firms forced into private equity arms

MILAN/LONDON (Reuters) – Italy’s family-owned companies are being forced to woo private equity as the banks they have long relied on shut off credit.

Corporate Italy is largely made up of small and medium-sized family-owned enterprises, many of whom have traditionally preferred bank credit to grow their businesses because of reluctance to admit outside influences.

Feb 13, 2012

Italy’s family firms forced into private equity arms

MILAN/LONDON, Feb 13 (Reuters) – Italy’s family-owned
companies are being forced to woo private equity as the banks
they have long relied on shut off credit.

Corporate Italy is largely made up of small and medium-sized
family-owned enterprises, many of whom have traditionally
preferred bank credit to grow their businesses because of
reluctance to admit outside influences.

Feb 10, 2012

Travelodge plugs funding hole-sources

LONDON, Feb 10 (Reuters) – British budget hotelier
Travelodge has had to call on its lenders for emergency cash to
tide it over, and could need more capital shortly as it
struggles to cope with its debts, people familiar with the
matter told Reuters.

The hotel chain, famed in Britain for its 10 pound-a-night
rooms, received an extra 10 million pounds from its creditors in
recent weeks, the sources said.

Feb 10, 2012

Apax prepares to battle lenders over Marken -sources

LONDON, Feb 10 (Reuters) – Private equity group Apax
is preparing for a tussle with lenders over British
medical courier Marken, which it bought in a 2009 deal that
paved the way for a resurgence in buyouts, people familiar with
the situation said.

The buyouts group, which agreed to buy Orange Switzerland
from France Telecom in December, has hired Houlihan
Lokey to advise it on its options for the company that ships
vaccines and blood from clinical trials around the world.

Feb 1, 2012

Private equity firm TPG to buy GlobeOp for $800 million

LONDON (Reuters) – U.S. buyout firm TPG Capital agreed a 508 million pound ($802 million) takeover of hedge fund administrator GlobeOp (GO.L: Quote, Profile, Research, Stock Buzz) as the first step in building a presence in the business of servicing the $2 trillion hedge fund industry.

TPG is offering 435 pence per share in cash for London and New York-based GlobeOp, which administers $173 billion in client assets and which last month kicked off a strategic review to try and boost its share price.

Jan 31, 2012

UK slaps record fine on ex-JC Flowers boss for fraud

LONDON, Jan 31 (Reuters) – Britain’s financial
regulator has slapped a record fine on leading City financier
Ravi Sinha for an invoicing scam when he was in charge of the
European operations of U.S. buyout giant JC Flowers.

Former Goldman Sachs banker Sinha was one of JC
Flowers’ leading lights, spearheading attempts to buy stricken
bank Northern Rock and insurer Friends Provident, but he
admitted to the fraud in 2009 after hitting financial trouble.

Jan 30, 2012

CVC in exclusive talks for Sweden’s Ahlsell-sources

LONDON/STOCKHOLM, Jan 30 (Reuters) – Private equity
group CVC is in exclusive talks to buy Ahlsell, Sweden’s largest
supplier of tools and building materials, in what could be the
biggest European buyout since M&A markets collapsed last summer,
people familiar with the situation said.

The Nordic markets continue to be a bright spot
for private equity activity while dealmaking has slumped across
the rest of Europe as concerns about the crisis in the euro zone
have cut access to debt financing.

Jan 25, 2012

Exclusive: HSBC to set up buyout advisory group

LONDON (Reuters) – HSBC (HSBA.L: Quote, Profile, Research, Stock Buzz) is setting up an advisory arm to help leading buyout firms raise new money for deals and has brought in a senior banker from investment bank Greenhill (GHL.N: Quote, Profile, Research, Stock Buzz) to lead the group, people familiar with the situation said.

The move comes as many big buyout houses face a funding squeeze with large numbers of investors including public pension funds and banks reducing, or cutting off altogether, investment in new private equity funds.

Jan 19, 2012

Bank retreat leaves hole in buyout firms’ funding

LONDON, Jan 19 (Reuters) – Firms that make a living
buying and selling companies for profit face a funding squeeze
and a much more distant relationship with bankers as European
banks retreat from the private equity circuit they splurged tens
of billions on over the past decade.

In anticipation of regulation that makes holding private
equity assets more costly, many banks are turning off
commitments to new funds and jettisoning their existing assets.

Jan 16, 2012

Founder plans Eden Springs water group sale

LONDON (Reuters) – The founder of Israeli mineral water group Mayanot Eden (MEYD.TA: Quote, Profile, Research), best known for its Eden Springs office watercooler brand, is planning a sale of the business, people familiar with the situation said.

Eden’s chairman and founder Roni Naftali, together with other Naftali family members, owns close to two thirds of the Tel Aviv-listed group, according to Tel Aviv market data, and has invited banks to pitch for the role of selling the business, the people said.