Toby Mitchenall
The healthcare, pharmaceutical and beauty group – one of Europe’s most iconic buyouts of the credit boom years – has grown its revenue and profits over the last 12 months.
The buyout giant’s plan to delist its Euronext-traded fund and float on the New York Stock Exchange has once more been delayed due to the tumultuous recent conditions in the financial markets.
The luxury yacht-maker will continue trading under the ownership of founder Norberto Ferretti and its lenders. Candover and Permira, who had until recently owned over 60% of the firm, are out.
The UK government's development-focused fund of funds is talking to two Southern African banks about the creation of debt funds to help private businesses in the region, says chief executive Richard Laing.
Private equity-backed companies, such as Italian yacht builder Ferretti, accounted for 79% of defaulting companies during 2008, according to Standard & Poor’s. Default rates will continue to accelerate, says the ratings agency.
The European development finance institution has committed to funds from two Central European mezzanine specialists: Mezzanine Management and Syntaxis. It has also approved a €20m commitment to a special situations fund.
The Africa-focused firm has acquired 25% of an insurance and banking group in the Cote d’Ivoire in a deal worth just under $50m. ECP is currently raising its third pan-African fund with a target of $1bn.
Leverkusen-based TMD Friction, which for six years was owned by UK buyout firm Montagu Private Equity, has now been bought out of bankruptcy by UK-based asset management firm Pamplona, saving 3,800 jobs.
Nick Gaynor, Deutsche Bank’s head of financial sponsor coverage for the EMEA region, has joined the subsidiary alternatives firm to lead its charge into direct and co-investments.
The UK government’s safety net, which now contains around £400bn of banks’ risky assets, could delay refinancing procedures and cause lenders to encourage corporate defaults.