Industry News

In an effort to enhance the diversity practices within the State of New Jersey’s public retirement plans, Robert L. Greene, President & Chief Executive Officer of the National Association of Investment Companies (NAIC), provided testimony at a hearing for the Joint Committee on Economic Justice and Equal Employment Opportunity on November 12th in Trenton. The objective of the hearing, called by Democratic state Senator Ronald Rice and Assemblyman Benjie E. Wimberly was to better understand what steps the state could take to increase its diverse manager pool and what options were available. Greene’s statement to the committee focused on how the state could increase its exposure with high-performing diverse investment management firms. Other testimony came from Hester Agudosi, Chief Diversity Officer, New Jersey Office of Diversity and Inclusion; and John Harmon, Founder, President, and CEO of the African American Chamber of Commerce of New Jersey. While public pension plans in
NEW YORK, October 3, 2019ICV Partners, LLC, a leading investment firm focused on middle market companies, announced today the investment in Horizon Air Freight, Inc. (“HAF” or the “Company”), a specialized freight forwarder focused on themarine industry serving leading U.S.and international shipping companies and cruise lines. Founded in 1970 and headquartered in New York, HAF manages and consolidates marine spare parts inventory and arranges for delivery of parts and suppliesto customer vessels anywhere in the world. HAF specializes in logistics for difficult and urgent shipments where reliability and visibilityare essential. Led by Steve Leondis, Chief Executive Officer,HAF has grown by winning US and European customers and through keen focus on around-the-clock service and attention to detail. Steve chose to partner with ICV to support his new growth plans. Mr. Leondis said, “ICV has successfully invested in logistics companies similar to ours, they understand our business model, and their experience will
CRANBURY, New Jersey – (October 21, 2019) – Innophos Holdings, Inc. (“Innophos” or the “Company”) (NASDAQ:IPHS), a leading international producer of essential ingredients, today announced that it has entered into a definitive agreement with an affiliate of One Rock Capital Partners, LLC (“One Rock”), a leading middle-market private equity firm, whereby One Rock will acquire all of Innophos’ outstanding shares for $32.00 per share in cash in a transaction valued at approximately $932 million, including the assumption of debt. The transaction has been unanimously approved by Innophos’ Board of Directors.   The offer price represents an 18% premium to the 30-trading day volume-weighted average closing share price of Innophos’ common stock ended September 9, 2019, the last trading day prior to published market speculation regarding a potential transaction involving the Company. “After careful consideration and a thorough review of our strategic alternatives, including an outreach program to multiple potential financial and
23 September 2019 – LondonDevelopment Partners International (“DPI”), a leading pan-African focused private equity firm, is pleased to announce an investment into Channel VAS, the leading fintech provider of mobile financial and airtime credit services operating in Africa, Asia and the Middle East. Channel VAS provides Mobile Financial Services, Big Data Analytics and Airtime Credit Services to mobile operators and financial institutions in more than 30 countries, enabling access to micro and nano loans including cash, handsets, airtime and data. Since the business began in 2012, it has helped clients serve hundreds of millions of customers in the region. The company has a track record of delivery to its customers, underpinned by its innovative credit scoring technology, unique data analytics capabilities and proprietary patented credit provisioning platforms. For 2019, Channel VAS is on target to provide over $1.5 billion of credit to hundreds of millions of people globally through its
Tonawanda, NY – September 23, 2019 – Unifrax, a leading global provider of high-performance specialty materials used in thermal management, emission control, batteries, specialty filtration and fire protection applications, backed by Clearlake Capital Group, L.P. (together with certain affiliates, “Clearlake”), today announced it has signed a definitive agreement to acquire the assets of Shenyang JiuQing Dongxiang Glass Product Co. Ltd (“DX”), a leading provider of high-performance specialty fibers in China, from the Li family. Financial terms of the transaction are not being disclosed. “We are very pleased to welcome DX and the products and tradition of excellence built by the Li family as Unifrax continues to strengthen its global leadership position,” said John Dandolph, President and CEO of Unifrax. “The market for microfine glass fibers in the battery and filtration markets is expanding rapidly, and adding complementary capabilities, people, and products in China allows us to better serve our growing base of global
Kristina BlaschekDirector of Business and Technology Solutions William Blair Investment Management The best word to describe Kristina Blaschek, she says, is “curious.” Her friends and colleagues might agree. But they might also argue for “hardworking,” “inclusive,” “leader”— or just “dynamo.” Blaschek joined William Blair in 2007 as a sell-side healthcare researcher and moved up the ranks to become director of business and technology solutions for the Investment Management group. In this new role, created for her, Blaschek evaluates the way technology is evolving in society and identifies opportunities for the firm to develop, innovate, and embrace technology to make better investment decisions for our clients. The role builds on her investment banking experience at J.P. Morgan, where she began work in 2002, and later at Lazard Middle Market. It keeps her on the cutting edge of the energy in the markets, which first dazzled her as a summer intern in
ICSGroup has received several inquiries over the past several months about the Capital Acquisition Broker (“CAB”) License, its boundaries and requirements, such that I thought I would make it the topic of this month’s regulatory article. This information is most applicable to placement agents, private funds, investment bankers and the compliance professionals who help keep them out of trouble. The Problem the CAB License is Intended to Address. Prior to the establishment of the CAB license, all broker-dealers were required to comply with a single set of fairly onerous requirements. Individuals and businesses that limit their activities to capital raising and corporate financing transactions were forced to comply with unnecessary exams and requirements that far exceeded their scope of activity. FINRA has been concerned with individual investors who trade securities via a broker-dealer – and rightfully so. However, a placement agent or investment banker engaged in a private placement does
WASHINGTON, October 4, 2019 – The Minority Business Development Agency (MBDA) of the U.S. Department of Commerce and the National Association of Investment Companies (NAIC), the largest network of diverse-owned private equity firms and hedge funds, announced today that MBDA has awarded NAIC a $1.4 million grant to support a project that will facilitate the aggregation and deployment of approximately $1 billion in growth capital into minority-owned businesses. Access to capital remains the most important factor limiting the ability of many of the nation’s 11 million minority- and women-owned business enterprises (MWBEs) to increase in scale. The $1.4 milliongrant demonstrates both a recognition of the obstacles faced by minority asset managers and a prioritization towards addressing the many challenges faced by MWBEs. Through this landmark MBDA grant, NAIC will launch the Minority Growth Equity Funds Initiative, which aims to increase the amount of capital available for MWBEs poised for growth.
A recent addition to the NAIC membership, Laurel Oaks Capital Partners is in the process of completing its first two acquisitions – a transportation and logistics business and a freight brokerage company – that will form the foundation of its investment strategy. Led by Rena Clark and Emanuel Slater, Laurel Oaks is an independent sponsor that looks to acquire controlling interests in operating companies in the industrial lower middle market sector. In this report, we take a look at this young firm, its investment strategy and what the team likes so much about transportation and logistics.
GenNx360 Capital Partners (“GenNx360”), in partnership with the management team and current owners of Schneider Packaging Equipment Company, Inc. (“Schneider” or the “Company”), is pleased to announce its investment in the Company. Schneider is a leader in the design, assembly and manufacturing of end-of-line packaging equipment, primarily automated case packing and palletizing machinery. Serving attractive end markets including food, beverage, healthcare and consumer products, the Company also provides aftermarket parts, support and services. Founded almost 50 years ago, the Company is supported by a team of ~135 associates and is headquartered in Brewerton, New York. “As we advance into our next phase of growth, we are pleased to welcome GenNx360 as our partner in what marks an important milestone in Schneider’s evolution. With deep-rooted operational experience and a strong background in manufacturing, the GenNx360 team brings the expertise that will undoubtedly help us achieve our growth strategy,” said Schneider’s CEO,