African private equity deals double in value October 20, 2014 THE VALUE of African private equity deals doubled during the first six months of 2014 to its highest level since the financial crisis, law firm Freshfields says. The poll by Freshfields Bruckhaus Deringer shows 15 deals worth $1.5bn (£931,000) were completed across the continent between New Year’s Day and 30 June. Although the value is [...]
Quorn Foods owner Exponent Private Equity eyes another buyout exit October 19, 2014 Vegetarian favourite Quorn Foods has emerged as the latest candidate to be put on the auction block after its private equity backers started mulling plans to harvest its stake in the group. Exponent Private Equity is thought to be looking at options for the meat-free foods manufacturer, which it bought in 2011 for £205m. Groups [...]
Pitcher and Piano founder in smokin’ hot deal to fund Hickory’s expansion across UK October 19, 2014 Piper Private Equity, the buyout shop behind the Pitcher and Piano bar chain, has ploughed £6m into restaurant Hickory’s Smokehouse in a bid to guide its expansion. The firm, which owns stakes in Be At One and Turtle Bay, has backed the chain in the hope of establishing 100 Hickory’s restaurants across Britain. This forms [...]
Businesses says R&D tax breaks could boost economy by £30bn October 19, 2014 MINISTERS could boost the UK economy by £30bn within the next decade if they offer more tax-related incentives for firms to invest in research and development, a study from the Confederation of British Industry says today. The lobby group said raising the amount spent on R&D to three per cent of GDP, widening R&D tax [...]
Construction output expected to outstrip UK economic growth October 19, 2014 CONSTRUCTION output is forecast to increase twice as fast as UK economic growth as a whole next year, according to a bullish assessment of the market by a construction trade body today. The Construction Products Association, which includes Lafarge Tarmac, Hanson and Grafton Group as its members, forecast construction output to grow by 5.3 per [...]
Banana drama as Fyffes knocks back hostile bid from Jose Luis Cutrale and Joseph Safra October 16, 2014 Banana giant Fyffes yesterday moved to block another advance from a Brazilian orange juice tycoon trying to turn the head of its takeover partner Chiquita with his own offer. US-based rival Chiquita agreed to merge with Fyffes in March, but faced doubts on Wednesday when juice magnate Jose Luis Cutrale and billionaire Joseph Safra threatened [...]
Man Group chief Manny Roman wary of volatile markets but funds flow for now October 16, 2014 Man Group boss Manny Roman struck a downbeat note yesterday in the wake of this week’s market fall despite his firm reporting a fifth consecutive quarter of net inflows. “We haven’t seen a Treasury market like this in 16 years,” he said. “It should give everyone in the financial industry some pause in terms of [...]
Blackstone bolsters its earnings after superfund starts to pay out October 16, 2014 WALL STREET titan Blackstone yesterday disappointed investors despite profits rising by nearly a fifth during the quarter. The listed private equity group, which also has a substantial property arm, said economic net income (ENI) – a common measure of profit in the industry – rose 18 per cent to $758m (£471m) for the quarter ending [...]
Rathbones weathers difficult markets as funds edge up again October 16, 2014 RATHBONE Brothers’ takeover of Jupiter’s private client business and solid inflows helped cushion difficult markets for the group last quarter. The FTSE 250-listed firm, which offers funds and advice to well-heeled clients, said assets under management rose to £26.3bn for the three months ending 30 September. This came despite weaker markets, with the FTSE 100 [...]
Lansdowne to name Roden as new chair October 16, 2014 HEDGE fund Lansdowne Partners yesterday appointed fund manager Stuart Roden as its first chairman, just 18 months after its co-founder Sir Paul Ruddock stepped down from the group. Roden, who co-manages Lansdowne’s Developed Markets Strategy fund, will become chairman at the end of the year to co-ordinate the firm’s internal activities. Ruddock left the firm [...]