Tunbridge launches with about $500 mln

Tunbridge Partners, a new real estate-focused asset management company, has launched with about $500 million in funding. Pine Brook and Quantum Strategic Partners Ltd, a private investment fund managed by Soros Fund Management LLC, are the lead investors. PRESS RELEASE NEW YORK—September 24, 2015—Tunbridge Partners LLC (“Tunbridge” or “the Company”), a newly-formed asset management company focused on making minority equity investments in real estate- and real asset-focused investment managers, today announced that it has officially launched. Tunbridge is being formed by a management team led by Brian Finn, Chairman, and Sean Gallary, Portfolio Manager, and Hodes Weill & Associates, a real estate advisory firm with a focus on the real estate investment and funds management industry. Tunbridge is a perpetual life investment company backed by a strong institutional shareholder base. The business will be capitalized with approximately $500 million of shareholder capital from a consortium of investors led by Pine Brook, a private equity firm with deep experience building financial services businesses, and Quantum Strategic Partners Ltd., a private investment fund managed by Soros Fund Management LLC. Additional institutional investors are expected to include several US-based public and corporate pension plans. Tunbridge will make investments, generally structured as minority equity interests, in investment managers focused on real estate and real assets across property sectors, strategies and geographies. In addition to providing capital, Tunbridge will provide strategic and operational support to its partner firms, including access to global institutional coverage and distribution services through its affiliation with Hodes Weill. Finn and Gallary are experienced investors and former executives of Asset Management Finance (“AMF”), an affiliate of Credit Suisse that focused exclusively on acquiring stakes in traditional and alternative investment management firms. Since its inception, AMF acquired interests in 21 managers. Finn brings over 30 years of experience in the financial services industry. Earlier positions at Credit Suisse include Co-President of Credit Suisse First Boston, CEO of Credit Suisse USA, Head of Alternative Investments, and Co-Head of Mergers & Acquisitions. Mr. Finn is currently a Strategic Advisor to KKR, and a member of the boards of Duff & Phelps Corporation, BlackRock Capital Investment Corporation and The Scotts-Miracle Gro Company. Gallary has more than 15 years of experience in principal investing, corporate development and M&A in the asset management industry. Prior to Tunbridge, Mr. Gallary was a Managing Director at ORIX USA Asset Management, where he was responsible for investing ORIX USA’s capital in asset management activities, including strategic acquisitions. Prior to AMF, he was in the Investment Banking Group of Sandler O’Neill & Partners, where he focused on M&A and capital financing transactions in the asset management and banking sectors. “We are excited about the opportunity to invest in institutional investment managers focused on real estate and real assets. The partnership with Hodes Weill provides unique access to the market and the ability for Tunbridge to support managers in achieving their growth plans,” said Brian Finn. Hodes Weill provides institutional capital raising for funds, transactions, co-investments and separate accounts; and M&A, strategic and restructuring advisory services. Hodes Weill is headquartered in New York and has additional offices in Hong Kong and London. The firm was founded in 2009 and has 26 professionals. Since 2000, the senior principals of Hodes Weill have advised on approximately $35 billion of institutional private placements for over 75 funds and investment programs, on behalf of over 50 investment managers. “Tunbridge is being formed to be the capital partner of choice for the industry,” said David Hodes, Managing Partner at Hodes Weill & Associates. “In addition, we’re confident that our expertise and global network of relationships will be additive to the Company’s strategic execution.” “We are very excited to back Brian, Sean and the Hodes Weill team as they pursue this great opportunity,” added William Spiegel, Managing Director at Pine Brook. “Real assets is the fastest growing asset class for institutional allocations and, as the investment industry continues to expand and mature, managers require capital to address a range of strategic objectives. Tunbridge is purpose-built to address this need.” # # # About Tunbridge Partners LLC Tunbridge Partners LLC is an asset management company focused on making investments, generally structured as minority equity interests, in real estate and real asset investment managers across an array of property sectors, strategies and geographies. In addition to providing capital, Tunbridge will provide strategic guidance and operational support to its partner firms, including access to global institutional coverage and distribution services through its affiliation with Hodes Weill. www.tunbridgepartners.com. About Hodes Weill & Associates Hodes Weill & Associates is an independent advisory firm with a focus on the real estate investment and funds management industry. Hodes Weill is headquartered in New York and has additional offices in Hong Kong and London. The firm was founded in 2009 and has 26 professionals. Through its affiliates, Hodes Weill provides institutional capital raising for funds, transactions, co-investments and separate accounts; M&A, strategic and restructuring advisory services; and fairness and valuation analyses. Since 2000, the senior principals of Hodes Weill have advised on approximately $35 billion of institutional private placements for over 75 funds and investment programs, on behalf of over 50 investment managers. www.hodesweill.com. All U.S. regulated capital market and securities advisory services are provided by Hodes Weill Securities, LLC, a registered broker-dealer with the SEC, and a member of FINRA and SIPC, and internationally, by non-U.S. Hodes Weill affiliates. All investment advisory services are provided by HW Capital Advisors, LLC, a registered investment advisor with the SEC. About Pine Brook Pine Brook is an investment firm that manages more than $6.0 billion of limited partner commitments that makes “business building” and other equity investments, primarily in energy and financial services businesses. Pine Brook’s team of investment professionals collectively has over 300 years of experience financing the growth of businesses with equity, working alongside talented entrepreneurs and experienced management teams to build businesses of scale without relying on acquisition leverage. www.pinebrookpartners.com.

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Tunbridge launches with about $500 mln

Lyceum invests in Coryton Advanced

Lyceum Capital has invested in Coryton Advanced Fuels. Financial terms weren’t announced. Oakfield Capital has exited its stake. U.K.-based Coryton develops high performance fuels for the aviation and motorsport industries. Livingstone Partners advised Coryton. PRESS RELEASE London, 24 September 2015 Livingstone’s Industrial sector team has advised Coryton Advanced Fuels, the market-leading fuel blending and consultancy services business, on securing significant investment from Lyceum Capital to accelerate its international expansion. The investment will enable the company to grow its range of added-value services and production capacity in the UK, develop existing export markets in Germany and expand into new markets in the US and Asia. The transaction also provides an exit for Oakfield Capital, who originally backed the founders in 2010. Based on the Thames estuary in Essex, Coryton develops high performance fuels for the aviation and motorsport industries, as well as bespoke and standardised fuels for the automotive sector, where its products are used to support research and development activities and the testing and certification of engines, lubricants and fuel additives. The facility is one of the most advanced of its kind globally. The business was founded five years ago following the acquisition of the Coryton specialist fuels blending facility from BP plc by co-founders Craig Goodfellow and Diane Lance with support and financial backing from investor group Oakfield Capital. Since then, it has expanded its products and consultancy services, and built a portfolio of global customers including JCB, Ford, Airbus, Bentley and Jaguar Land Rover, reaching sales of £12m in its last financial year. Coryton will be led by incoming Managing Director Nick Pye, alongside co-founders Craig and Diane. Craig Goodfellow, co-founder of Coryton, said: “Bringing an experienced investor like Lyceum on board will help us scale the business while staying true to its founding principles, and deliver our ambition: expanding our capacity in the UK and developing new high value services and new export markets around the world.” Nick Pye, incoming Managing Director of Coryton, said: “Over the last five years, Craig and Diane have worked hard to build a position of real strength in the technical fuels market with a proposition that is centred upon Coryton’s customers. I’m excited to work with a private equity backer with such a strong reputation of growth investment.” Roy Merritt, partner of Oakfield Capital and outgoing Chairman of Coryton said: “It has been a great achievement to build Coryton into the exceptional company that it is today – testament to the solid grounds built by the founders. It has been a real pleasure to work with Craig and Diane, and I am sure that the next phase for the company will ensure a highly successful future for Coryton and its staff. “Livingstone played a critical role in securing this excellent outcome for the Coryton shareholders. The Livingstone team were always on top of the detail and on the front foot dealing with issues when they arose. Their knowledge of the sector and rigorous understanding of the business allowed them to reach a genuinely global buyer set. They drove a very competitive process involving both trade and private equity bidders to achieve an outstanding result for us.” Graham Carberry, Managing Director at Livingstone London, added: “With its focus on technical innovation and service, Coryton has become the preferred partner to several major OEMs – and won a number of high-profile business awards. We have been delighted to work with Craig, Diane and Oakfield to deliver this successful transaction and to bring in Lyceum as a partner to support Coryton’s ongoing growth and investment.” Notes to Editors: About Livingstone Partners LLP Livingstone is an international mid-market M&A and Debt Advisory firm, with offices in Beijing, Chicago, Düsseldorf, London, Madrid and Stockholm. Its 100 staff complete c.50 deals per annum. www.livingstonepartners.com

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Lyceum invests in Coryton Advanced

Swiss Re unit to buy Guardian Financial for $2.45 bln: Reuters

(Reuters) Reinsurer Swiss Re AG has agreed to buy Guardian Financial Services, the Swiss group said on Wednesday, bolstering the British business of its unit which buys and manages closed life insurance policies. It is the latest tie-up in the sector as reinsurers, which help insurance companies cope with big damage claims from hurricanes or earthquakes, turn to mergers for growth in the face of falling prices. Swiss Re’s business unit Admin Re will buy Guardian from private equity firm Cinven for 1.6 billion pounds ($2.45 billion). “The expected returns exceed our profitability targets for new business and represent an excellent fit with our group strategy as well as with Admin Re’s capabilities and existing infrastructure,” Chief Executive Michel Lies said in a statement. Phoenix Group Holdings, Britain’s largest owner of life assurance funds closed to new customers, said last week it was is in talks to buy Guardian Financial Services. Admin Re is expected to generate around $1.7 billion of gross cash, including capital synergies, over the first three years, Swiss Re said. Swiss Re’s assets under management will increase by 12.5 billion pounds or about 15 percent. “This is a major Admin Re transaction and makes sense from a diversification point of view and also appears sensible to offset headwind in a challenging (Dutch) reinsurance market,” Vontobel analyst Stefan Schuermann, who has a “hold” rating on the stock, wrote in a note. Swiss Re has been on the lookout for acquisitions, especially in Britain for its Admin Re unit. Its finance chief told Reuters this month that the group does not plan major acquisitions in its main business of property-casualty reinsurance and will likely stand aside as a consolidation wave grips the sector. Reinsurers have seen prices slide amid an oversupply of available capital and reduced demand from insurance company clients. The acquisition, which is subject to regulatory approval, could be completed in early 2016 and would be financed from cash on the balance sheet as well as debt financing. The acquisition would add 900,000 annuity, life insurance and pension policies in Britain and Ireland, boosting Admin Re’s UK business to over four million policies. Swiss Re shares edged up 0.1 percent by 0925 GMT, lagging a 0.5 percent rise in the STOXX Europe 600 Insurance index .

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Swiss Re unit to buy Guardian Financial for $2.45 bln: Reuters

Blackstone talks to buy NCR in peril, say sources: Reuters

Private equity firm Blackstone Group LP (BX.N) has so far not been able to reach a deal to acquire NCR Corp (NCR.N) or find a partner to help fund a bid worth up to $10 billion, including debt, people familiar with the matter said on Tuesday. Blackstone had been taking a fresh look at the Duluth, Georgia-based manufacturer of cash registers and automated teller machines but negotiations have stalled in recent days, the sources said. Among the New York-based buyout firm’s concerns is how much equity it would need to raise for the deal, the sources said. Blackstone had most recently discussed partnering with Bain Capital LLC on a potential bid, the sources said. Earlier this summer, it had teamed up with Carlyle Group (CG.O), Reuters reported at the time. Both these partnerships fell apart because of disagreements over price, according to the sources. The sources cautioned that a breakthrough in the negotiations could not be ruled out and asked not to be identified because the talks are confidential. Blackstone, Carlyle and Bain declined to comment. An NCR spokesman did not immediately respond to a request for comment. NCR’s shares have dropped more than 20 percent in the last 12 months, and its shareholders have been pressuring the company to explore a sale or other options. Hedge fund Marcato Capital Management LP has been calling on NCR since last year to explore strategic alternatives, and now holds a seat on its board of directors. Private equity firm Thoma Bravo LLC has also held talks to acquire NCR but could not agree on terms. NCR, which was founded more than a century ago, has been trying to expand into the software sector. It recently launched a cloud-based software system for ATMs called Kalpana that is meant to replace outdated PC software on the machines and help owners cut costs. It also makes self-checkout machines for retailers.

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Blackstone talks to buy NCR in peril, say sources: Reuters