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New Disclosures for Form ADV
About our Contributors ICS Group is a regulatory compliance consulting firm specializing in providing compliance support to the financial services and insurance industries. We help our clients comply with regulatory requirements and industry standards. Our clients include: registered investment advisers, private equity funds, hedge funds, mutual funds, broker-dealers, insurance companies and state pension plans. Our team of highly experienced compliance professionals know from first-hand experience what regulators are looking for, the industry standards that apply, and how to develop and implement cost-effective business-oriented solutions. Beginning on October 1, 2017, investment advisers will be expected to comply with the various new disclosures required on the Form ADV. Earlier this summer, the SEC released additional guidance for investment advisers and compliance professionals in the form of frequently asked questions (“FAQ”) to help answer any remaining questions advisers may have on how to comply with the new amendments to Form ADV. We have
RLJ Equity Partners Completes Sale of Cleaning and Maintenance Services Provider
Audax Private Equity, along with CEO and Founder of EnviroVac Kevin Jackson, and the EnviroVac Management team have acquired EnviroVac, a leading provider of mission-critical cleaning and maintenance services to the power & utilities, pulp & paper, chemical, steel, and manufacturing industries. The seller is RLJ Equity Partners, LLC. No financial terms were disclosed. Houlihan Lokey provided financial advice to EnviroVac on the transaction. July 10, 2017 09:59 AM Eastern Daylight Time SAVANNAH & BOSTON–EnviroVac Holdings, LLC (“EnviroVac,” or the “Company”), a leading provider of mission-critical cleaning and maintenance services, and Audax Private Equity (“Audax”), a leading private equity firm headquartered in Boston, today announced that Audax has acquired the ownership interest in EnviroVac held by RLJ Equity Partners, LLC (“RLJ”). EnviroVac, headquartered in Savannah, GA, utilizes a state-of-the-art fleet of highly technical, innovative, and specialized equipment to perform a broad suite of complementary, high-value added services, ranging from routine
Clearlake Capital to Sell Software Providers in $1.26B Deal
Santa Monica, CA – July 6, 2017 – Clearlake Capital Group, L.P. (together with its affiliates, “Clearlake”) today announced a definitive agreement to merge enterprise software providers Syncsort Incorporated (“Syncsort”) and Vision Solutions, Inc. (“Vision”) as well as the simultaneous sale of a significant ownership position in the combined company to Centerbridge Partners, L.P. (“Centerbridge”). Upon completion of the $1.26 billion transaction, Clearlake, which acquired Syncsort in 2015 and Vision in 2016, will retain a meaningful ownership stake. The transaction is expected to close in the third quarter of 2017, subject to customary closing conditions and regulatory approvals. The combined company, led by Syncsort CEO Josh Rogers and operating under the Syncsort name, will be headquartered in Pearl River, NY. Each business is expected to benefit from the dramatic increase in global presence, as well as significantly expanded product offerings, afforded by the combination. Vision CEO Nicolaas Vlok is anticipated
New MainStream Capital Invests in Optometric Referral Practice
New York, NY, July 6, 2017 – New MainStream Capital (“NMS”), announced today that, in partnership with Drs. Christopher Quinn, Douglas Grayson, Burton Wisotsky and Michael Veliky, it has made a strategic investment in Omni Ophthalmic Management Consultants, LLC and its affiliates (“Omni” or “Omni Eye Services”) to provide practice management services to Omni Eye Specialists P.A. (“OES”) and, following receipt of the necessary consents and approvals, to acquire a majority interest in Essex Specialized Surgical Institute, LLC (“ESSI”). In connection with the transaction, NMS will invest in Omni alongside management, and provide additional capital to further support Omni’s future growth through acquisitions, de novo office openings, provider recruitment and investment in infrastructure. Founded in 1998, Omni is an optometric referral practice providing a full range of specialty services for the advanced treatment of eye diseases through a network of six offices, including one which operates an ophthalmology-focused ambulatory surgery
Stellex Capital Management Closes Debut Middle Market Fund at $870 Million
NEW YORK & LONDON–(BUSINESS WIRE)–Stellex Capital Management (“Stellex”), a middle market private equity firm with offices in New York and London, today announced the successful closing of its debut fund, Stellex Capital Partners LP (the “Fund”), with aggregate commitments of $870 million, exceeding the Fund’s $750 million target. Stellex has a flexible investment strategy that executes deep value control-oriented middle market investments through structured private equity buyouts or purchases of secondary market debt. Stellex’s target investment size is $25 million to $100 million, with additional capacity as needed. Stellex primarily focuses on manufacturing and service businesses within sectors such as automotive, aerospace, building products, defense, industrial equipment, metal fabrication and transportation. To date, Stellex has overseen investments in several portfolio companies. Stellex’s Founding Partners, Ray Whiteman and Michael Stewart, have worked together for over 14 years through numerous investment cycles and have extensive experience investing in the target industries. Messrs.
A true trailblazer in the financial services industry, Herbert P. Wilkins Sr. embodied the idea of diversity while making savvy investment decisions that created value and returns for his partners. A Boston native, Wilkins received a bachelor’s degree from Boston University in 1965 and graduated from the Harvard School of Business in 1970. Wilkins operated his own consulting company, Wilkins & Company, from 1975 to 1977, before taking over as president of Syndicated Communications in Washington, D.C. He served in that capacity through 1989 before taking posts as managing general partner of Syncom Capital and president of Syncom Management Company. Syncom Venture Partners was founded in the 1970s with a mission to diversify media ownership in the United States. Over the next few decades, the investment team put capital to work in overlooked diverse businesses, working closely with each company’s management to ensure success. Syncom’s investments included Radio One, a
Preparing for SEC Examinations
About our Contributors ICS Group is a regulatory compliance consulting firm specializing in providing compliance support to the financial services and insurance industries. We help our clients comply with regulatory requirements and industry standards. Our clients include: registered investment advisers, private equity funds, hedge funds, mutual funds, broker-dealers, insurance companies and state pension plans. Our team of highly experienced compliance professionals know from first-hand experience what regulators are looking for, the industry standards that apply, and how to develop and implement cost-effective business-oriented solutions. Over the past few months several ICSGroup clients have had their very first SEC examination. We’ve noticed some noteworthy trends in the types of issues that the regulators are most concerned. Being aware of these issues will enable you to be more prepared for the inevitable SEC exam and help you avoid being cited for a compliance deficiency. What We’ve Noticed Here we have compiled a
Vista Combines Financial Software Providers to form Finastra
LONDON and TORONTO, June 14, 2017 /PRNewswire/ – Today Misys and D+H have joined forces to create a diversified global financial software provider, unmatched in terms of depth and breadth of solutions. Operating under the new company name Finastra (www.finastra.com), the combination will create the third largest financial services technology company in the world. The company has approximately 10,000 employees and over 9,000 customers across 130 countries, including 48 of the top 50 banks globally. This follows the acquisition of D+H by Vista Equity Partners, which already owns Misys, creating a merger of two highly complementary financial technology providers. Finastra will be led by Nadeem Syed in the role of Chief Executive Officer. Mr. Syed was previously CEO of Misys and has over 27 years of experience leading global technology companies through transformation and growth. The company has U.S. $2.1 billion* in revenues and has offices in 42 countries around the
HarbourVest Partners Invests in Performance Analytics and Reporting Solutions Developer
June 20, 2017 – Investment Metrics, a leading provider of performance measurement, investment analytics, risk attribution, market intelligence and reporting software to the investment management industry, announced today that it has received a significant equity investment from Resurgens Technology Partners and HarbourVest Partners. The new partnership will enable Investment Metrics to make continued investments in its existing solutions and to support its growth and market expansion globally. Investment Metrics provides a full suite of performance analytics and reporting solutions to institutional consultants, plan sponsors, asset managers and private wealth advisors. Built by institutional investment consultants, the company’s products are utilized by industry leaders across the investment management industry. In aggregate, the Investment Metrics platform enables performance analytics and client reporting across $7 trillion of assets under advisement for over 2,500 institutional plans. “Investment Metrics was looking for strategic investors with the experience, resources and network to help scale our business
Valuations as a Private Equity Risk
While accounting standards, valuation frameworks and industry guidelines have been moving towards standardization of valuation principles, private equity (“PE”) fund managers still have substantial freedom when valuing their portfolio companies. For example, there is inevitable temptations to present interim performance numbers in a particularly favorable light when raising a follow-on fund or limiting write-downs during down markets. On the other hand, there may be general incentives to smooth returns by using conservative values in normal or good times to avoid a negative surprise to investors when assets are ultimately sold. Recent academic studies have shown that some advisers do in fact inflate valuations during periods of fundraising. The first large scale study on this topic by Tim Jenkinson, et al. stated: “We find that valuations of remaining portfolio companies, and therefore reported returns, are inflated during fundraising, with a gradual reversal once the follow-on fund has been closed. This finding