Author: asormani

Checkpoint Systems has appointed Jeff Richard as executive vice president and chief financial officer. Richard will replace Raymond D. Andrews who is retiring from Checkpoint in July. Andrews will remain with the company in the interim to ensure an orderly transition of responsibilities.

PRESS RELEASE

Checkpoint Systems, Inc. (NYSE: CKP) today announced the appointment of Jeff Richard as Executive Vice President and Chief Financial Officer, effective May 28, 2013. Mr. Richard will replace Raymond D. Andrews who is retiring from Checkpoint on July 31, 2013. Mr. Andrews will remain with the Company in the interim to ensure an orderly transition of responsibilities.

“We sincerely thank Ray Andrews for his many contributions, particularly in the past two years of intense organizational change and turnaround activity. Ray has been a valuable member of Checkpoint’s leadership team since 2007, and we extend best wishes for his retirement.”
Mr. Richard, age 45, has extensive financial leadership experience, most recently serving as Executive Vice President and Chief Financial Officer at Safety-Kleen Systems, Inc, a $1.5 billion environmental services company, from 2010 to 2013. At Safety-Kleen, Mr. Richard led a broad set of turnaround initiatives to drive profitable, sustainable growth, which significantly improved operational performance and equity value. He recapitalized the company and led a dual-path liquidity IPO and sale plan that concluded with the sale of Safety-Kleen to the company’s largest competitor in December 2012.

From 2006 to 2010, Mr. Richard served as Chief Operating Officer and Chief Financial Officer at Pavestone Company, where he successfully guided the company through the economic downturn and housing market collapse, focusing on gaining market share and cost take-out, while building strong relationships with customers, the banking and private equity community and vendors. Previously, Mr. Richard was Vice President of Financial Planning & Analysis at Electronic Data Systems Corp. and Chief Financial Officer and Vice President of Americas Operations at Jacuzzi Brands, Inc. Earlier in his career he worked in a variety of financial positions at Tyco International Ltd., ultimately serving as Chief Financial Officer for Tyco’s $2.2 billion Plastics & Adhesives segment, where he was responsible for all segment financial and control functions including consolidation, financial reporting, tax, treasury and investor relations. Mr. Richard has a bachelor’s degree in business administration from Louisiana State University.

Checkpoint’s President and Chief Executive Officer, George Babich, said, “We are delighted to have attracted Jeff to join the Checkpoint team and we welcome him. He is a strong financial and operational executive with outstanding leadership experience. His track record of revitalizing businesses, positioning them for sustainable, profitable growth is impressive and I look forward to working with him as we continue to identify opportunities to increase shareholder value at Checkpoint.

“We sincerely thank Ray Andrews for his many contributions, particularly in the past two years of intense organizational change and turnaround activity. Ray has been a valuable member of Checkpoint’s leadership team since 2007, and we extend best wishes for his retirement.”

George Babich, President and Chief Executive Officer, will host a conference call to discuss the new appointment on Monday, May 13 at 11 a.m. Eastern Time, which will be simultaneously broadcast over the Internet. Listeners may access the call live at http://ir.checkpointsystems.com. A replay will be available following the event.

Checkpoint Systems, Inc.

Checkpoint Systems is a global leader in shrink management, merchandise visibility and apparel labeling solutions. Checkpoint enables retailers and their suppliers to reduce shrink, improve shelf availability and leverage real-time data to achieve operational excellence. Checkpoint solutions are built upon more than 40 years of RF technology expertise, diverse shrink management offerings, a broad portfolio of apparel labeling solutions, market-leading RFID applications, innovative high-theft solutions and its Web-based Check-Net® data management platform. As a result, Checkpoint customers enjoy increased sales and profits by improving supply-chain efficiencies, by facilitating on-demand label printing and by providing a secure open-merchandising environment enhancing the consumer’s shopping experience.

Forward-Looking Statement

This press release includes information that constitutes forward-looking statements. Forward-looking statements often address our expected future business and financial performance, and often contain words such as “expect,” “anticipate,” “intend,” “plan,” “believe,” “seek,” or “will.” By their nature, forward-looking statements address matters that are subject to risks and uncertainties. Any such forward-looking statements may involve risk and uncertainties that could cause actual results to differ materially from any future results encompassed within the forward-looking statements. Factors that could cause or contribute to such differences include: the impact upon operations of legal compliance matters or internal controls review, improvement and remediation, including the detection of wrongdoing, improper activities, or circumvention of internal controls; our ability to integrate acquisitions and to achieve our financial and operational goals for our acquisitions; changes in international business conditions; foreign currency exchange rate and interest rate fluctuations; lower than anticipated demand by retailers and other customers for our products; slower commitments of retail customers to chain-wide installations and/or source tagging adoption or expansion; possible increases in per unit product manufacturing costs due to less than full utilization of manufacturing capacity as a result of slowing economic conditions or other factors; our ability to provide and market innovative and cost-effective products; the development of new competitive technologies; our ability to maintain our intellectual property; competitive pricing pressures causing profit erosion; the availability and pricing of component parts and raw materials; possible increases in the payment time for receivables as a result of economic conditions or other market factors; changes in regulations or standards applicable to our products; the ability to successfully implement global cost reductions in operating expenses including, field service, sales, and general and administrative expense, and our manufacturing and supply chain operations without significantly impacting revenue and profits; our ability to maintain effective internal control over financial reporting; and additional matters disclosed in our Securities and Exchange Commission filings. We do not undertake to update our forward-looking statements, except as required by applicable securities laws.

The post Checkpoint Systems Appoints Executive VP and CFO appeared first on peHUB.

KeyCorp chief financial officer Jeffrey B. Weeden is to retire after nearly 11 years in the role. Weeden intends to work closely with Key’s management to ensure a smooth and successful transition of his responsibilities.

PRESS RELEASE

KeyCorp (NYSE: KEY) today announced that Jeffrey B. Weeden , Chief Financial Officer, has informed the Company of his plan to retire after nearly 11 years in the role. Mr. Weeden intends to work closely with Key’s Management to ensure a smooth and successful transition of his responsibilities.
“For more than a decade, Jeff has played an important role in helping Key navigate the financial crisis and a changing regulatory environment,” said KeyCorp CEO Beth Mooney . “Key has emerged stronger and in a much better financial position thanks to his efforts. The Board of Directors and I thank Jeff for his many contributions to Key and wish him all the best in his future endeavors.”
Mr. Weeden said, “I am proud to have been a part of the KeyCorp team, and feel honored to have worked alongside a team of talented professionals. I look forward to assisting management as needed during this transition period.”
About KeyCorp
KeyCorp was organized more than 160 years ago and is headquartered in Cleveland, Ohio. One of the nation’s largest bank-based financial services companies, Key had assets of approximately $89.2 billion at March 31, 2013.
Key provides deposit, lending, cash management and investment services to individuals and small and mid-sized businesses in 14 states under the name KeyBank National Association. Key also provides a broad range of sophisticated corporate and investment banking products, such as merger and acquisition advice, public and private debt and equity, syndications and derivatives to middle market companies in selected industries throughout the United States under the KeyBanc Capital Markets trade name.

SOURCE KeyCorp

The post Keycorp CFO to Retire appeared first on peHUB.

Avista Capital Partners has commenced the previously announced cash tender offer for all outstanding shares of common stock of Telular Corporation at a price of $12.61 net per share, without interest and less applicable withholding taxes thereon. Telular Corporation provides remote monitoring and asset tracking solutions for business and residential customers.

PRESS RELEASE

Avista Capital Partners today announced that ACP Tower Merger Sub, Inc. (“Purchaser”) has commenced the previously announced cash tender offer for all outstanding shares of common stock of Telular Corporation (NASDAQ: WRLS) at a price of $12.61 net per share, without interest and less applicable withholding taxes thereon.
The tender offer is being made in connection with the Agreement and Plan of Merger, dated as of April 29, 2013, among Telular, Purchaser and ACP Tower Holdings, LLC (“Parent”), which Avista Capital Partners and Telular Corporation announced on April 29, 2013. Purchaser and Parent are controlled by Avista Capital Partners.
The Telular board of directors unanimously approved the proposed acquisition by Avista Capital Partners and recommends that Telular’s stockholders accept the offer and tender their shares to Purchaser in the tender offer.
The tender offer and withdrawal rights are scheduled to expire at 12:00 midnight (New York City time) at the end of the day on Friday, June 7, 2013, unless the tender offer is extended or earlier terminated.
Complete terms and conditions of the tender offer are set forth in an Offer to Purchase, Letter of Transmittal and other related materials that will be filed by Parent and Purchaser with the Securities and Exchange Commission (“SEC”) on May 10, 2013. In addition, on May 10, 2013, Telular will file a solicitation /recommendation statement on Schedule 14D-9 with the SEC relating to the tender offer.
Copies of the Offer to Purchase, Letter of Transmittal and other related material are available free of charge from Morrow & Co., LLC, the information agent for the tender offer, toll-free at (800) 607-0088. Banks and brokers may call collect at (203) 658-9400. Continental Stock Transfer & Trust Company is acting as depositary for the tender offer.
About Telular Corporation
Telular Corporation (NASDAQ: WRLS) provides remote monitoring and asset tracking solutions for business and residential customers, enabling security systems and industrial applications to exchange actionable information wirelessly, typically through cellular and satellite technology. With over 25 years of experience in the wireless industry, Telular Corporation has developed solutions to deliver remote access for voice and data without significant network investment. Headquartered in Chicago, Telular Corporation has additional offices in Atlanta, Washington, D.C., and Miami. For more information, please visit www.telular.com.
About Avista Capital Partners
Avista Capital Partners is a leading private equity firm with over $5 billion under management and offices in New York, Houston and London. Founded in 2005, Avista’s strategy is to make controlling or influential minority investments in growth-oriented energy, healthcare, communications & media, industrials, and consumer businesses. Through its team of seasoned investment professionals and industry experts, Avista seeks to partner with exceptional management teams to invest in and add value to well-positioned businesses.
Additional Information About the Tender Offer
The tender offer described in this news release has commenced, but this news release and the description contained herein is neither an offer to purchase nor a solicitation of an offer to sell shares of Telular. Purchaser will file on May 10, 2013 a tender offer statement on Schedule TO with the SEC and Telular will file on May 10, 2013 a solicitation/recommendation on Schedule 14D-9 with respect to the tender offer. The offer to purchase shares of Telular common stock will only be made pursuant to the offer to purchase, the letter of transmittal and related documents filed with such Schedule TO. The tender offer statement (including an offer to purchase, a related letter of transmittal and other offer documents) and the solicitation/recommendation statement, as each may be amended from time to time, will contain important information that should be read carefully by Telular’s stockholders before any decision is made with respect to the tender offer. These materials will be sent free of charge to all of Telular’s stockholders when available. The tender offer statement and the solicitation/recommendation statement (and all other documents filed with the SEC) will be available at no charge on the SEC’s website:

SOURCE Avista Capital Partners

The post ACP in Cash Tender Offer for Telular Shares appeared first on peHUB.

GoodData and Box have launched the GoodBox Bash™, a cloud-based app that allows Box customers to process data about the effectiveness of highly-collaborative teams. Headquartered in Los Altos, CA, Box is backed by venture capital firms Andreessen Horowitz, Bessemer Venture Partners, Draper Fisher Jurvetson, Emergence Capital Partners, General Atlantic, Meritech Capital Partners, NEA, Scale Venture Partners and U.S. Venture Partners. GoodData is headquartered in San Francisco and is backed by Andreessen Horowitz, General Catalyst Partners, Fidelity Growth Partners, Next World Capital, Tenaya Capital and Windcrest Partners.

PRESS RELEASE

GoodData® and Box® today introduced the GoodBox Bash™, a cloud-based app that allows Box customers to process, view and analyze key business data about the effectiveness of highly-collaborative teams. Available immediately, GoodBox provides critical insights companies need to optimize efficiency and strategic decision-making across organizations.
“Enterprises are simultaneously facing a deluge of data and a deficit of real, actionable intelligence about how information is shared and used to drive their business,” said Aaron Levie, co-founder and CEO of Box. “That lack of understanding leads to risk and lost productivity. The combination of GoodData and Box solves this challenge by giving IT an unprecedented amount of visibility and real-time analytics around their business content. It’s the foundation for a more secure, efficient and intelligent enterprise.”
Hundreds of thousands of organizations already use Box to collaborate more efficiently and securely in the cloud. Box gives businesses the ability to store, manage and securely share critical business content across departments and geographies, enabling a better way to get work done. The GoodBox Bash from GoodData gives Box customers a visually intuitive data-analysis app that helps them manage content using best practices, KPIs and dashboards.
“We live in a new age of enterprise software — pioneered by companies like Box and GoodData,” said Roman Stanek, CEO and founder of GoodData. “Customers are no longer tied to old-fashioned, inbred software that locks them into rigid and costly technologies. In today’s cloud economy, organizations can finally have the freedom to combine apps in fascinating new ways to satisfy changing business needs.”
GoodBox provides the following key business benefits:
Content Security and Monitoring.
GoodBox brings a new level of security and monitoring to customers’ Box accounts. With customizable alerting and monitoring, IT departments can easily track individual usage and patterns across the enterprise. Powerful visualizations compare current usage against trends, finding emerging risks like failed login attempts from unknown IP addresses, or unusually large content downloads. These capabilities result in improved information security for critical content across every department in an enterprise.
Adoption and Engagement.
With GoodBox, customers can analyze and fine-tune the use of cloud collaboration across their business. GoodBox includes out-of-the-box KPIs, reports and dashboards to help businesses of all sizes measure and understand employee engagement and adoption. By mapping the behavior of highly effective teams, customers can identify teams with lower levels of engagement, accurately assess the success of a deployment and build a blueprint for future success. By tying Box usage to other business KPIs tracked in GoodData, users can build more efficient processes and practices.
Monetize Content.
GoodBox enables executives to easily measure the value and effectiveness of content and identify which collateral has the greatest impact on their business. By tracking information shared by sales and marketing, business leaders can identify behavior common to high-performing individuals, and apply the insights to optimize their entire team. GoodBox is customizable and extensible, enabling the integration of critical systems such as CRM, HRMS and ERP. This provides a deep lens into the value of an organization’s content.
“Moving forward we have a strong focus on the customer adoption of the systems and solutions that Corporate IT provides to the business,” said Damian Fasciani, Technology Services Manager at REA Group. “GoodBox has the potential to allow us to measure and manage how content management is growing and being utilised across all lines of business. Measuring the impact of these tools is critical in defining how we are driving productivity through technology. Eventually, we expect to be able to provide predictive solutions based on the information GoodBox is gathering for us.”
For more information or to sign up for GoodBox, contact GoodData.
About Box
Founded in 2005, Box provides a secure content sharing platform that both users and IT love and adopt. Content on Box can be shared internally and externally, accessed through iPad, iPhone, Android and Windows Phone applications, among others, and extended to partner applications such as Google Apps, NetSuite and Salesforce. Today, more than 15 million people and 150,000 businesses worldwide use Box. Headquartered in Los Altos, CA, Box is privately held and backed by venture capital firms Andreessen Horowitz, Bessemer Venture Partners, Draper Fisher Jurvetson, Emergence Capital Partners, General Atlantic, Meritech Capital Partners, NEA, Scale Venture Partners, and U.S. Venture Partners, and strategic investors salesforce.com and SAP. To learn more about Box, visit www.box.com.
About GoodData
GoodData provides a cloud-based platform and apps that enable more than 10,000 global businesses to monetize big data. GoodData is headquartered in San Francisco and is backed by Andreessen Horowitz, General Catalyst Partners, Fidelity Growth Partners, Next World Capital, Tenaya Capital and Windcrest Partners. For more information, read our blog, visit our website and follow @gooddata on Twitter.
©2013 GoodData Corporation. All rights reserved. GoodData, Bash, GoodBox, GoodBox Bash, and others are trademarks of GoodData Corporation in the United States and other jurisdictions. Other names used herein may be trademarks of their respective owners.
Box and the Box logo are including without limitation, either trademarks, service marks or registered trademarks of Box, Inc.
Contact Information
Media Contact for Box
Michael Moeschler
email: Email Contact
phone: 650-209-3465

Media Contact for GoodData
Ana Andreescu
email: Email Contact
phone: 415-200-0783

The post GoodData and Box Expand Technology Partnership appeared first on peHUB.

Bank of America has refinanced The FNA Group. Livingstone acted as the exclusive financial advisor to FNA. Terms of the deal were not disclosed.

PRESS RELEASE

Livingstone, the leading independent, international investment banking firm, is pleased to announce the successful refinancing of The FNA Group, Inc. (“FNA” or the “Company”) by Bank of America. The refinancing approximately doubles FNA’s borrowing capacity and provides the Company with the capital it needs to not only execute its core business plan but also aggressively evaluate product line expansion and other strategic growth opportunities. Livingstone acted as the exclusive financial advisor to FNA. Terms of the deal were not disclosed.
Headquartered in Elk Grove Village, Illinois, FNA is North America’s leading manufacturer of pressure washers, pumps, hoses, and replacement parts to leading retailers throughout the United States. The Company’s portfolio of owned and licensed brands include DEWALT®, BLACK & DECKER®, SIMPSON®, DELCO®, POWERWASHER®, TASKMASTER® and MONSTER HOSE.
“We are thrilled with the opportunity to forge a partnership with Bank of America – a group that clearly articulated their understanding of our business from day one. With Bank of America’s financial wherewithal and the Company’s growth plan and vision, we look forward to a very long and prosperous relationship,” said Gus Alexander, Founder, CEO and President of FNA. “The refinancing process could not have gone smoother. The Livingstone team outlined a game plan at the onset of our process and executed the plan with precision.”
Livingstone Managing Director Joseph Greenwood added, “Working with a family-owned business like FNA it was imperative that we balanced not only the immediate needs of the Company but also the right long-term fit. Livingstone has been a trusted advisor to FNA for several years and we look forward to working with them as they accelerate into the next phase of their plan.”
“FNA follows on the heels of similar Livingstone capital raising transactions, with six completions in the last 12 months. Our ability to access the debt markets for our clients has resulted in several successful closings where the terms and structure have surpassed our client’s expectations,” commented Livingstone Debt Capital Markets Director Tom Lesch.

The post Bank of America Refinances The FNA Group appeared first on peHUB.

Century Park Capital Partners has added three professionals to assist the firm with its investment and deal origination efforts. Zack Harrison has joined as an analyst; Pierce Coticchia as a business development associate and Rachel Itwaru as a marketing associate.

PRESS RELEASE

We continue to add depth to our team with the recent addition of three professionals to assist the firm with its investment and deal origination efforts.

We proudly welcome the following new members to our team:

Zack Harrison
Analyst

Zack assists with due diligence and execution growth equity and buyout transactions. He also monitors the performance of portfolio companies. Prior to joining Century Park, Zack was an Analyst at UBS Securities’ Technology Invesment Banking Group in San Francisco covering the software, hardware, internet and semiconductor industries.

Zack earned a B.S. degree in Accounting from Brigham Young University.

Pierce Coticchia
Business Development Associate

Pierce’s primarily responsibilities include deal origination and qualification. Prior to joining Century Park, Pierce was a Senior Associate with Revolution Capital Group, a Los Angeles based private equity firm.

Pierce earned a B.B.A. degree in Finance with a minor in Italian from the University of Notre Dame.

Rachel Itwaru
Marketing Associate

Rachel’s primary responsibilities include marketing and deal origination. Prior to joining Century Park, Rachel was an Analyst with Capcelona Advisors, a Los Angeles based private equity firm.

Rachel earned a B.A. degree in Anthropology from Harvard College.

Revenue:
$20-$100 million

EBITDA:
$4-$15 million

Add-on Acquisitions:
No size requirements

Typical investment size:
$10-$40 million

Investment Type:
Minority or Control

LOS ANGELES OFFICE

Martin Sarafa
Paul Wolf
Guy Zaczepinski
Steven Trembley
Mark Etchin
Tony Trevino
Zack Harrison
Pierce Coticchia
Rachel Itwaru

MENLO PARK OFFICE

Chip Roellig

2101 Rosecrans Avenue
Suite 4275
El Segundo, CA 90245
Phone: (310) 867-2210
Fax: (310) 867-2212

750 Menlo Avenue
Suite 200
Menlo Park, CA 94025
Phone: (650) 324-1956
Fax: (650) 322-1550

The post Century Park Capital Partners Expands Team appeared first on peHUB.

Hologic, a manufacturer of diagnostics products, medical imaging systems and surgical products has appointed Scott T. Garrett to the Company’s newly expanded board of directors. Garrett will serve on the company’s corporate development committee.

PRESS RELEASE

Hologic, Inc. (Hologic or the Company) (NASDAQ: HOLX), a leading developer, manufacturer and supplier of premium diagnostics products, medical imaging systems and surgical products, with an emphasis on serving the healthcare needs of women, today announced that it has appointed Scott T. Garrett to the Company’s newly expanded Board of Directors. Mr. Garrett will serve on the Company’s Corporate Development Committee.
Mr. Garrett has more than 35 years of experience in the global healthcare industry. He is currently an Operating Partner with Water Street Healthcare Partners, a strategic private equity firm focused exclusively on the healthcare industry. Previously, Mr. Garrett served as Chairman, President, and Chief Executive Officer of Beckman Coulter, a leading biomedical testing company. During Mr. Garrett’s nearly 10-year tenure with Beckman Coulter, he significantly refined the Company’s overall business strategy and operating model, managed a highly effective executive team and executed numerous strategic acquisitions. Prior to that, Mr. Garrett served as Vice Chairman and Interim Chief Executive Officer of Kendro Laboratory Products, and earlier, as Chairman, President and Chief Executive Officer of Dade Behring. He began his career at American Hospital Supply Corporation and continued there after the company was acquired by Baxter International, ultimately serving as Chief Executive of Baxter’s global laboratory business, Baxter Diagnostics.
“Scott’s expertise is highly complementary to the Hologic Board and we are pleased to welcome him as a new independent director,” said David LaVance, Jr. , Chairman of the Hologic Board of Directors. “Through his more than 35 years working in the life sciences and medical device industries, Scott has amassed a wealth of experience, with a particular focus on diagnostics. Scott will bring unique perspectives and insights to our Board. The Board and I look forward to working with Scott to create value for all of our stakeholders, including stockholders, employees, clinicians and the patients that they serve.”
“Scott is a proven business leader who brings a strong track record of value creation to our Board,” said Rob Cascella , President and Chief Executive Officer. “His extensive industry experience will be invaluable as we continue to develop our diagnostics portfolio and international expansion programs. We will benefit from Scott’s guidance as we execute our strategy to achieve long-term growth across each of Hologic’s franchises.”
Mr. Garrett said, “Hologic’s strengths and leading market positions provide outstanding opportunities for continued growth and value creation. I look forward to working alongside my fellow directors and the Hologic management team to contribute to the Company’s success.”
With the addition of Mr. Garrett, the Hologic Board now consists of ten directors, eight of whom are independent.
About Scott Garrett :
Mr. Garrett is an Operating Partner with Water Street Healthcare Partners, a strategic private equity firm focused exclusively on the healthcare industry. From 2002 to 2011, Mr. Garrett served in various senior roles at Beckman Coulter, a leading biomedical testing company, including President of Clinical Diagnostics, Chief Operating Officer, and ultimately, Chairman, President and Chief Executive Officer. Before joining Beckman Coulter, from 1999 to 2001, he served as Vice Chairman and Interim CEO of Kendro Laboratory Products. In 1998, Mr. Garrett founded Garrett Capital Advisors LLC, a private equity firm focused on venture investments in the life sciences and medical device industries, and partnered with members of the Water Street team to build a group of leading healthcare companies. From 1994 to 1998, Mr. Garrett was Chairman, President and Chief Executive Officer of Dade Behring (known as Dade International until its merger with Behring Diagnostics in 1997), where he helped build the Company into one of the world’s largest clinical diagnostics companies. From 1975 to 1994, he served in positions of increasing responsibility at Baxter International Inc. and American Hospital Supply Corporation (which was acquired by Baxter in 1985), including Chief Executive of Baxter Diagnostics, the Company’s global laboratory business.
Mr. Garrett received a Master’s degree in Business Administration from the Lake Forest Graduate School of Management, and a Bachelor of Science in Mechanical Engineering degree from Valparaiso University.
Mr. Garrett is an active member of the Advanced Medical Technology Association (AdvaMed). He has a combined tenure of 10 years on AdvaMed’s board of directors and was instrumental in founding AdvaMedDx, an industry association focused on in vitro diagnostics. Mr. Garrett currently serves as the Chairman of MarketLab, as a director of Immucor, Inc., and as a director of Genesys Works, a non-profit organization dedicated to the advancement of inner city high school students.
About Hologic, Inc.:
Hologic, Inc. is a leading developer, manufacturer and supplier of premium diagnostic products, medical imaging systems, and surgical products, with an emphasis on serving the healthcare needs of women. The Company operates four core business units focused on breast health, diagnostics, GYN surgical and skeletal health. With a comprehensive suite of technologies and a robust research and development program, Hologic is committed to improving lives. The Company is headquartered in Massachusetts.

Investor Relations and Media Contacts:

Deborah R. Gordon
Vice President, Investor Relations
(781) 999-7716
[email protected]
Al Kildani
Senior Director, Investor Relations
(858) 410-8653
[email protected]

SOURCE Hologic, Inc.

The post Hologic Appoints Scott Garrett to Board appeared first on peHUB.

Webster Financial Corporation has announced the pricing of the underwritten secondary offering by Warburg Pincus Private Equity X, L.P. and one of its affiliates of 8,744,850 shares of Webster common stock. All of the shares are being sold by Warburg Pincus and the firm will receive all of the net proceeds from the offering.

PRESS RELEASE

Webster Financial Corporation (“Webster”) (NYSE: WBS), the holding company for Webster Bank , N.A., announced today the pricing of the previously announced underwritten secondary offering by Warburg Pincus Private Equity X, L.P. and one of its affiliates (“Warburg Pincus”) of 8,744,850 shares of Webster common stock. Immediately following completion of the offering, Warburg Pincus will no longer own any shares of Webster’s outstanding common stock. All of the shares are being sold by Warburg Pincus, and Warburg Pincus will receive all of the net proceeds from the offering.
J.P. Morgan and Deutsche Bank Securities are acting as joint bookrunners for the common stock offering.
The offering is expected to close on or about May 13, 2013, subject to customary closing conditions.
A shelf registration statement, including a prospectus, with respect to the offering was previously filed by Webster with the SEC and became effective on December 20, 2011. A preliminary prospectus relating to the offering has been filed with the SEC. The offering is being made only by means of a prospectus supplement and accompanying base prospectus. Copies of the prospectus supplement and the accompanying prospectus relating to these securities may be obtained without charge from J.P. Morgan Securities LLC c/o Broadridge Financial Solutions, Attn: Prospectus Department, 1155 Long Island Avenue, Edgewood, New York 11717, telephone: (866) 803-9204 and Deutsche Bank Securities Inc., Attn: Prospectus Group, 60 Wall Street, New York, New York 10005-2836, email: [email protected], telephone: (800) 503-4611. A copy of the prospectus supplement and accompanying base prospectus may also be obtained without charge by visiting the SEC website at www.sec.gov.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy any security, nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.
Webster Financial Corporation is the holding company for Webster Bank , N.A. With $20 billion in assets, Webster provides business and consumer banking, mortgage, financial planning, trust and investment services through 168 banking offices, 294 ATMs, telephone banking, mobile banking and the Internet. Webster Bank owns the asset based lending firm Webster Business Credit Corporation; the equipment finance firm Webster Capital Finance Corporation; and HSA Bank, a division of Webster Bank , which provides health savings account trustee and administrative services. Member FDIC and equal housing lender.
Forward-looking statements
This release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 (the “Act”). Forward-looking statements can be identified by words such as “believes,” “anticipates,” “expects,” “intends,” “targeted,” “continue,” “remain,” “will,” “should,” “may,” “plans,” “estimates,” and similar references to future periods; however, such words are not the exclusive means of identifying such statements. Examples of forward-looking statements include, but are not limited to: (i) projections of revenues, expenses, income or loss, earnings or loss per share, and other financial items; (ii) statements of plans, objectives, and expectations of Webster or its management or Board of Directors; (iii) statements of future economic performance; and (iv) statements of assumptions underlying such statements. Forward-looking statements are based on Webster’s current expectations and assumptions regarding its business, the economy, and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks, and changes in circumstances that are difficult to predict. Webster’s actual results may differ materially from those contemplated by the forward-looking statements, which are neither statements of historical fact nor guarantees or assurances of future performance. Factors that could cause actual results to differ from those discussed in the forward-looking statements include, but are not limited to: (1) local, regional, national, and international economic conditions and the impact they may have on us and our customers and our assessment of that impact; (2) volatility and disruption in national and international financial markets; (3) government intervention in the U.S. financial system; (4) changes in the level of non-performing assets and charge-offs; (5) changes in estimates of future reserve requirements based upon the periodic review thereof under relevant regulatory and accounting requirements; (6) adverse conditions in the securities markets that lead to impairment in the value of securities in our investment portfolio; (7) inflation, interest rate, securities market, and monetary fluctuations; (8) the timely development and acceptance of new products and services and perceived overall value of these products and services by customers; (9) changes in consumer spending, borrowings, and savings habits; (10) technological changes; (11) the ability to increase market share and control expenses; (12) changes in the competitive environment among banks, financial holding companies, and other financial service providers; (13) the effect of changes in laws and regulations (including laws and regulations concerning taxes, banking, securities, and insurance) with which we and our subsidiaries must comply, including those under the Dodd-Frank Wall Street Reform and Consumer Protection Act and the Basel III update to the Basel Accords; (14) the effect of changes in accounting policies and practices, as may be adopted by the regulatory agencies, as well as the Public Company Accounting Oversight Board, the Financial Accounting Standards Board, and other accounting standard setters; (15) the costs and effects of legal and regulatory developments including the resolution of legal proceedings or regulatory or other governmental inquiries and the results of regulatory examinations or reviews; (16) our success at managing the risks involved in the foregoing items and (17) the other factors that are described in Webster’s annual and quarterly reports under the heading “Risk Factors.” Any forward-looking statement made by Webster in this release speaks only as of the date on which it is made. Factors or events that could cause Webster’s actual results to differ may emerge from time to time, and it is not possible for Webster to predict all of them. Webster undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by law.

Media Contact
Investor Contact
Bob Guenther, 203-578-2391
Terry Mangan, 203-578-2318
[email protected]
[email protected]
SOURCE Webster Financial Corporation

The post Warburg Pincus Prices Webster Offering appeared first on peHUB.

Klockner Pentaplast, rigid films and packaging solutions company has completed a refinancing. The company was acquired by a group of investors led by SVP Global in June 2012.

PRESS RELEASE

Strategic Value Partners, LLC (“SVP Global”), a leading global investment firm focused on distressed and deep value opportunities, today reported that the holding company of Klockner Pentaplast (“kp” or the “Company”), the global leader in rigid films and packaging solutions which was acquired by a group of investors led by SVP Global in a June 2012 re-capitalization, has completed a re-financing.
Proceeds from the €225 million ($294 million) financing will be used to partially re-finance the existing Preferred Equity Certificates issued as part of last year’s re-capitalization and will lead to a substantial return of capital (including the return of all the new monies invested last June) to investors after just 10 months of ownership. Due to its strong performance under SVP Global, kp will remain conservatively leveraged following the re-financing transaction – with net debt at HoldCo being 4.6x EBITDA for the 12 months through December 2012 – and the Company believes it is well positioned to drive to its next level of operating performance.
Victor Khosla , Founder and Chief Investment Officer of SVP Global, said:
“We are delighted with the performance of kp and to be partners with such a strong management team. This re-financing allows for the return of significant capital to investors in less than one year, while leaving the Company well positioned to deliver on its strong prospects both in its current markets and as it expands into newer emerging markets in Asia and South America.”
Christian Holtmann , CEO of kp, said:
“We are pleased that the strong operational performance of kp has enabled this successful re-financing to occur. We look forward to continuing to work closely with our board and SVP Global and delivering our group strategy of ‘Grow the core, extend the reach, expand the breadth.’”
Since the re-capitalization last June, SVP Global has worked closely with the Company to help its management team to deliver excellent operational results. Performance has improved substantially with Adjusted EBITDA increasing by nearly 15% from €143 million for the LTM to March 2012 to €164 million for the LTM to December 2012. This acceleration in both growth and profitability has been driven by a number of initiatives including: market share gains in high profitability sectors; margin improvement both through selective price increases plus active raw material management; and a comprehensive, global operational improvement program. The Company believes it is characterized by a unique profitable growth profile and a high conversion of EBITDA to cash flow.
This strong operational performance and related cash flow generation has enabled the Company to make voluntary repayments of its senior debt, delivering an almost 10% reduction in net debt between end of June and December 2012. Kp has therefore been able to complete this debt re-financing while keeping the its capital structure on what we believe to be very solid footing.
About Klockner Pentaplast
Kp is headquartered in Montabaur, Germany and is the global leader in rigid plastic film and packaging solutions. The Company has sales of €1.2 billion ($1.6 billion) and employs just over 3,000 people committed to serving customers worldwide. Its operations in Europe and the Americas, including Brazil and Argentina, contribute equally to profits, and the Company is growing its Asian activities. Kp benefits from unique access to blue chip customers, including global pharmaceutical groups, and has developed intimate relationships with its customers over many years. The Company is first or second in the majority of its markets across Europe and North America as well as a rapidly growing presence in emerging markets around the globe.
About SVP Global
SVP Global was founded in 2001 by Victor Khosla . With firm assets primarily across a hedge fund strategy ($1.6 billion) and private equity funds ($2.1 billion raised), SVP is a leading global investment firm with primary offices in Greenwich (CT), London, Frankfurt, and Tokyo. SVP is focused on distressed and deep value opportunities. SVP seeks to create value in its investments through its substantial industry, restructuring and operating expertise.
For Further Information:
Europe
Andrew Dowler
+44 20 7251 3801
[email protected]
U.S.
Todd Fogarty
+ 1 212 521 4854
[email protected]
SOURCE Strategic Value Partners, LLC

The post Klockner Pentaplast Completes Refinancing appeared first on peHUB.

Victory Park Capital has announced a $25 million credit facility for Chicago-based AvantCredit, an online lending company offering loans between $1,000 and $10,000 to individuals. In addition to the credit facility, VPC also participated in AvantCredit’s Series A equity round led by August Capital.

PRESS RELEASE

Victory Park Capital (VPC), an asset management firm that specializes in direct credit and equity investing in middle- and lower-middle-market companies, announced a $25 million credit facility for Chicago-based AvantCredit, a leading online lending company offering loans between $1,000 and $10,000 to individuals. In addition to the credit facility, VPC also participated in AvantCredit’s Series A equity round led by August Capital.
“The team at AvantCredit has developed a robust suite of risk management processes that evaluate consumer credit and make highly competitive loans to underserved borrowers. We are excited to provide financing for AvantCredit as it expands its loan portfolio and meets the growing credit needs of consumers,” said Brendan Carroll , Co-Founder and Partner at Victory Park Capital. “As traditional banks remain hesitant to lend across consumer segments, we will see the growth of new and innovative credit solutions like AvantCredit.”
Launched in late 2012, AvantCredit provides customers with a new lending experience using state-of-the-art analytics methods and the highest data encryption security standards. Utilizing hundreds of distinct customer attributes including credit, social and meta data, the firm offers small businesses the highest approval likelihood with the lowest possible rates. The company is fully licensed and operating in 10 states. AvantCredit wrote its first loans in 2013 and within months has built up a loan portfolio of more than $4 million.
“This funding will allow us to grow our internal technology and analytics capabilities so that we can continue to offer our customers great online credit products that are lacking in today’s market,” said John Sun , Co-Founder and Chief Risk Officer of AvantCredit.
About Victory Park Capital (VPC)
Victory Park Capital is an alternative investment firm that provides private debt and equity financing solutions to middle-market and lower middle-market companies across a wide range of industries. The firm focuses on traditional and complex situations, and seeks to build long-term sustainable value in its portfolio companies. VPC’s focus on certainty and speed to close provides the companies it seeks to invest in with a high level of security throughout the relationship. For more information, visit: http://www.victoryparkcapital.com.
About AvantCredit.com
AvantCredit (Avant Credit Corporation and affiliates) was launched in late 2012 to change the way customers borrow and provide customers with a new and unique borrowing experience by offering fully-unsecured installment loans between $1,000 and $10,000. AvantCredit offers superb customer experience that is 100 percent online, offering privacy, flexibility and transparency to the consumer. AvantCredit’s unique combination of technology, analytics and customer service capability allows the Company to offer credit to borrowers with less-than-perfect credit at some of the lowest cost available online to the target audience. AvantCredit operates in 10 US states and is licensed and regulated on a state by state basis. Find out more at http://www.AvantCredit.com.
About August Capital
August Capital was founded in 1995 to invest in companies differentiated by technical innovation and entrepreneurial excellence. Today, August Capital’s eight investment professionals have more than a century of combined venture and operational experience. Together they manage $1.3 billion and have invested in more than 75 companies across the technology spectrum. From its inception, August Capital has funded an extraordinary group of entrepreneurs who have built significant, long-term value across the full range of information technologies. The companies that August Capital’s partners have backed represent an aggregate market capitalization of well over $250 billion, generate in excess of $75 billion in annual revenue and employ a quarter of a million people around the world. This success is a testament to the entrepreneurs themselves, as well as the fundamental technologies they have created. We are proud to have supported these entrepreneurs and their companies as they have grown and prospered. For more information, visit: http://www.augustcap.com/.
Contact: Amanda Moss
Phone: 312-240-3188
Email: [email protected]
SOURCE Victory Park Capital

The post Victory Park Capital Backs AvantCredit appeared first on peHUB.

Partners Group and Perennius Capital Partners are to integrate all their investment and client service activities in Italy. Perennius Capital Partners has been Partners Group’s exclusive Italian partner since its foundation in 2007. Its Milan office will bring Partners Group’s total number of offices to 16 worldwide.

PRESS RELEASE

Partners Group, the global private markets investment manager, and Perennius Capital Partners today announce that they will integrate all their investment and client service activities in Italy. Perennius Capital Partners has been Partners Group’s exclusive Italian partner since its foundation in 2007. Its Milan office will bring Partners Group’s total number of offices to 16 around the globe.

Over the past six years, Perennius Capital Partners has, in a mutually exclusive partnership for Italy, offered tailor-made private markets investment solutions to Italian clients in response to the increased appetite observed amongst institutional investors. In addition, both Partners Group and Perennius Capital Partners have sourced and transacted on attractive investment opportunities in the region, such as the investment completed in one of the largest single operating solar power plant in Europe in the Rovigo province of northern Italy on behalf of their clients. Following the significant success of the two firm’s joint activities, merging all investment and client activities into one global platform is the logical next step for further enhancing the private markets solutions available to the Italian client base.

Alessandro Poli, founder and managing partner of Perennius Capital Partners, comments “The entire management team of Perennius Capital Partners is very excited and feels honored to join the Partners Group platform. We are proud to have established our firm as the name of reference in the private markets industry in Italy with regards to performance, integrity and professional standing over the course of the past six years. We remain committed to further improving local services to our Italian clients while continuing to offer them broad access to the global private markets investment universe.”

Dr. Marcel Erni, Co-founder and Chief Investment Officer of Partners Group, adds “We look forward to successfully continuing to expand our activities in Italy for the benefit of our common client base, enabling them to invest through a global investment platform. We believe the Italian market continues to offer compelling opportunities in specialized sectors and believe that the Perennius team’s local network, access and investment expertise will ensure we continue to be able to identify and invest in the most attractive of these.”

The integration is expected to be completed in the coming months and remains subject to regulatory approval.

About Partners Group
Partners Group is a global private markets investment management firm with over EUR 28 billion in investment programs under management in private equity, private real estate, private infrastructure and private debt. The firm manages a broad range of customized portfolios for an international clientele of institutional investors. Partners Group is headquartered in Zug, Switzerland and has offices in San Francisco, New York, São Paulo, London, Guernsey, Paris, Luxembourg, Munich, Dubai, Singapore, Beijing, Seoul, Tokyo and Sydney. The firm employs over 600 people, is listed on the SIX Swiss Exchange (symbol: PGHN) with a market capitalization of over CHF 6 billion and a major ownership by its partners and employees.

Investor relations contact
Philip Sauer
Phone: +41 41 784 66 60
E-mail: [email protected]

Media relations contact
Dr. Anna Hollmann
Phone: +41 41 784 63 72
E-mail: [email protected]

The post Partners Group to Open Milan Office appeared first on peHUB.

Octopus has led a 2 million pound ($3.1 million) investment round into TrialReach, an online platform that is transforming clinical trials by connecting patients with healthcare companies and research organisations to make new treatments available more quickly and efficiently. Octopus is investing alongside existing investors Amadeus Capital Partners, which first invested in TrialReach in 2011.

PRESS RELEASE

Octopus today announced that it has led a £2 million investment round into TrialReach, an online platform that is transforming clinical trials by connecting patients with healthcare companies and research organisations to make new treatments available more quickly and efficiently. Octopus is investing alongside existing investors Amadeus Capital Partners, which first invested in TrialReach in 2011.

Founded in 2010, TrialReach has successfully developed its ground-breaking platform and already helped thousands of patients access new treatments worldwide.

TrialReach’s platform provides details of over 70,000 clinical trials that are currently authorised and regulated by health authorities. Information on each clinical trial is provided in a clear and simple way to enable patients and their families to explore and compare all available options and make informed decisions.

Alliott Cole, a Principal on the Ventures team at Octopus, said: “We are really excited to be partnering TrialReach at this stage of its development. The team has created a unique platform that has the ability to improve the efficiency of medical research, by making it easier for people to explore, understand and access the latest clinical trials. Data shows that finding the required number of patients delays the vast majority of clinical trials. TrialReach offers a fantastic solution to a problem that the pharmaceutical industry is only going to find more challenging as it looks to recruit patients for clinical trials to support drug development.

“We look forward to working with the team as they develop the business to address what is a global market opportunity.”

Working closely with clinical trial organisations, TrialReach’s unique approach combines proprietary search technology, new and exclusive content and communication channels between patients and physicians to make clinical trials easy to find, easy to understand and easy to access.

Commenting on the successful fundraising, Pablo Graiver, CEO of TrialReach, said: “It’s a huge endorsement of our technology and vision to secure this investment from Octopus and we are delighted to have them on board, alongside the continuing support of Amadeus. Together, Octopus and Amadeus bring valuable experience of growing technology companies combined with sector knowledge to help us achieve our ambitious business goals. The funding will help us develop our products further and launch new solutions that we have in the pipeline, all with the consistent view of helping patients and medical organisations make clinical research more efficient. The industry is crying out for innovation and effective solutions to support a growing research market.

“We are especially pleased that we have managed to secure this investment at a time when funding is hard to obtain and reserved only for the best technology companies. The work now really starts, as we look to radically improve information, access and efficiencies in the clinical trials industry, worldwide.”

-Ends-
For further information, please contact:

Georgina Turner, PR, Octopus Rachel Turner, PR, TrialReach
0207 776 7968 07985 805805
[email protected] [email protected]

About the ventures team at Octopus Investments
The ventures team at Octopus are straight talking human investors that back talented people rather than specific sectors. We focus on identifying fast growth businesses which can scale explosively to create, transform or dominate an industry. We can invest from £250,000 to £5 million and prefer to partner teams based in the UK.

The work of our ventures team is supported by access to the Octopus Venture Partners, a network of approximately 100 outstanding business leaders, entrepreneurs and private investors providing an invaluable wealth of expertise and resource for our portfolio companies, as well as investing on a deal-by-deal basis alongside Octopus venture funds. This blend of knowledge and skill has allowed us to help many great companies across several sectors thrive in recent years including Zoopla; Graze.com; SwiftKey; and, Secret Escapes.

About Octopus Investments
Founded in 2000, Octopus is one of the UK’s fastest growing investment management companies. We currently manage £3 billion assets on behalf of 50,000 customers. We offer a straight-talking approach to investments, exceptional customer service and a range of products that do what they say they will.

Working closely with over 3,000 financial advisers and wealth managers, often via strategic partnerships, we provide tax efficient investment solutions and discretionary fund management services to retail investors. Our core products include a range of venture capital trusts, enterprise investment schemes, inheritance tax services and a discretionary fund management solution.

We focus on areas of the market that are inefficient and where we believe hard work pays off for our customers. Our four areas of investment expertise are: ventures; specialist finance; smaller companies; and multi manager. We have dominant or high-growth positions in all of these markets, and invest into some of the UK’s most dynamic smaller companies, providing a wide range of funding options for exceptional businesses.

Over the last decade, Octopus has won a number of awards for its customer-driven product design and services. We’ve twice been voted one of the best 100 SMEs to work for, we’re one of only two investment firms to have ever been rated AAA for service by Citywire, and in November 2012 we were awarded the Financial Adviser 5 Star Award for quality service from investment product providers.

For more information visit www.octopusinvestments.com

About TrialReach
TrialReach is an online platform that is transforming clinical trials by connecting patients with research organisations to make new treatments available quicker and more efficiently. For patients, TrialReach provides clear, simple information and its extensive database gives people access to the latest trials available, worldwide, to make informed choices and compare options. For research organisations TrialReach provides an innovative way to reach patients more efficiently, tools to action referrals and monitor enrolment, and real-time data to improve trial design. Launched in 2010 and based in London, UK, TrialReach is fast-growing. The company has secured funding of nearly £2.9 million.

About Amadeus
Amadeus Capital Partners is one of Europe’s leading technology investors. Since its inception in 1997, the firm has raised over £500m for investment and backed more than 85 companies in communications and networking hardware and software, cleantech, medtech, computer hardware and software, media, and e-commerce. Major businesses built by Amadeus include CSR plc (LSE:CSR), the leading producer of single chip bluetooth radios for short range connections, Solexa Ltd, the developer of next generation genetic analysis systems, merged into Illumina, Inc. (ILMN) to create the world-leader in gene-sequencing technology and Transmode, a networking solutions business, which had an over-subscribed IPO on NASDAQ OMX Stockholm in 2011.

The post Octopus Leads TrialReach Funding appeared first on peHUB.

MaRS Discovery District has appointed Salim Teja as managing director of its ICE sector programs. Teja will provide strategic direction and leadership for the ICE practice, where over 60 seasoned volunteer advisors guide and mentor more than 370 early stage ventures.

PRESS RELEASE

MaRS Discovery District is pleased to announce the appointment of Salim Teja as Managing Director of its ICE sector programs.

“Salim Teja is highly respected and the ideal leader to take MaRS’ growing ICE practice to the next level,” said Ilse Treurnicht, CEO, MaRS Discovery District. “With his unique, extensive experience as an entrepreneur and investor, and as an executive leading sales, business development and operations in high-growth tech businesses, Salim will help accelerate the impressive gains of our startup clients in Canada and around the world.”

Teja will provide strategic direction and leadership for the ICE practice, where over 60 seasoned volunteer advisors guide and mentor more than 370 early-stage ventures. In this role, Teja will also be responsible for the MaRS Commons, a 5,500-square-foot co-working space for entrepreneurs in the ICE sector, which will expand in the coming months. He will provide direction to MaRS’ JOLT accelerator for high-growth Canadian web and mobile companies, and oversee entrepreneurship initiatives with academic partners and MaRS Innovation in the ICE arena. He will lead corporate and venture capital engagement, as well as oversee MaRS’ expanding international collaborations in the ICE sector.

“I am very excited to join the MaRS team and contribute to the growth strategy for one of the world’s leading urban innovation hubs,” said Teja. “I am looking forward to working closely with talented entrepreneurs and the MaRS community to help drive innovation and build market-leading companies.”

ICE is one of four practice areas in which MaRS supports high-growth startups. Over the past three years, these startups have collectively raised over $500 million in capital, earned nearly $300 million in revenue and created over 2,600 new knowledge economy jobs.

Salim Teja

Salim Teja is an experienced entrepreneur and active early-stage technology investor, with deep industry expertise in software and digital media. He joins MaRS from Indigo Books & Music, where, as Vice President of Corporate Development, he drove the formation of the company’s Digital Innovation Lab. Prior to Indigo, Teja held the position of Chief Operating Officer at CX Digital, a leading online ad network.

He has also held roles as COO of b5media and Partner with early-stage VC firm Brightspark Ventures, where he was the driving force behind investments, including Radian6 (recently acquired by Salesforce.com). Teja was also Co-Founder and Vice President of Sales and Business Development for San Francisco-based MobShop Inc., a pioneer in online group-buying funded by GE Capital, Visa International, Mayfield Fund and Marc Andreessen. He is a graduate of the University of Western Ontario’s Richard Ivey School of Business.

About MaRS
 MaRS Discovery District (@MaRSDD) is a mission-driven innovation centre located in Toronto. MaRS works with partners to catalyze, accelerate and amplify innovation. MaRS supports entrepreneurs building Canada’s next generation of growth companies. In 2013, MaRS will open its Phase 2 building, which will more than double the size of its current facilities to over 1.5 million square feet.

SOURCE MaRS Discovery District

The post Tech Entrepreneur and Investor Joins MaRS appeared first on peHUB.

Ashford Hospitality Trust has signed an agreement to acquire the 142-room Pier House Resort and Caribbean Spa in Key West, Florida, for a total consideration of $90 million in cash. Ashford intends to fund the entire purchase price with cash on hand.

PRESS RELEASE

Ashford Hospitality Trust, Inc. (NYSE: AHT) today announced that it has signed a definitive agreement to acquire the 142-room Pier House Resort and Caribbean Spa in Key West, Florida, for total consideration of $90 million in cash ($634,000 per key). Ashford intends to fund the entire purchase price with cash on hand. The acquisition is expected to close within the next 15 days.

The purchase price of $90 million represents a trailing 12-month cap rate of 6.2% on net operating income and an EBITDA yield of 7.0%. On a forward 12-month basis, the purchase price represents a cap rate of 7.6% on net operating income and an EBITDA yield of 8.5%, which equates to an 11.8x forward EBITDA multiple. In 2012, the hotel achieved RevPAR of $275, with occupancy of 83% and an Average Daily Rate of $333.

At the closing of the acquisition, Ashford intends to replace the property manager with Remington Lodging. Remington currently manages three hotels in Key West. These include the Southernmost House, Inn at Key West and the Crowne Plaza La Concha Hotel which is also owned by Ashford Hospitality Trust.

“We are very pleased to announce this acquisition of a very high quality hotel in a great market like Key West,” said Monty J. Bennett, Ashford’s Chairman and Chief Executive Officer. “Aside from being the nation’s 2nd highest RevPAR market, Key West has not seen any new competitive supply in the last 17 years given that the Rate of Growth Ordinance “ROGO,” presently sets extremely high barriers to any new hotel development in Monroe County. In particular, the Pier House Resort offered us a very unique opportunity, given its recent renovation, its prime location in Key West, and the significant operational synergies with Remington’s existing presence in that market.”

The Pier House Resort and Caribbean Spa was built in 1968. It has 142 rooms including 119 guest rooms and 23 suites. The hotel has 40 waterfront facing rooms and suites, and standard guestrooms average 325 square feet, while the 23 suites average 710 square feet. Additionally, the hotel offers 2,600 square feet of meeting space, a 10,000 square foot spa with 10 treatment rooms, three food and beverage outlets including al fresco dining at HarborView Cafe and the renowned Chartroom bar, a full-service fitness facility and private dock for charter pick-ups. The hotel is located at the northern end of Duval Street in the heart of Key West on a 6-acre compound with a private beach and immediate access to the Gulf of Mexico. Ashford expects to incur minimal expenses related to capital improvements given a $12 million dollar renovation recently completed at the property.

Ashford is a self-administered real estate investment trust focused on investing in the hospitality industry across all segments and at all levels of the capital structure.

Certain statements and assumptions in this press release contain or are based upon “forward-looking” information and are being made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are subject to risks and uncertainties. When we use the words “will likely result,” “may,” “anticipate,” “estimate,” “should,” “expect,” “believe,” “intend,” or similar expressions, we intend to identify forward-looking statements. Such forward-looking statements include, but are not limited to, the timing for closing, the impact of the transaction on our business and future financial condition, our business and investment strategy, our understanding of our competition and current market trends and opportunities and projected capital expenditures. Such statements are subject to numerous assumptions and uncertainties, many of which are outside Ashford’s control.

These forward-looking statements are subject to known and unknown risks and uncertainties, which could cause actual results to differ materially from those anticipated, including, without limitation: general volatility of the capital markets and the market price of our common stock; changes in our business or investment strategy; availability, terms and deployment of capital; availability of qualified personnel; changes in our industry and the market in which we operate, interest rates or the general economy; and the degree and nature of our competition. These and other risk factors are more fully discussed in Ashford’s filings with the Securities and Exchange Commission. EBITDA is defined as net income before interest, taxes, depreciation and amortization. EBITDA yield is defined as trailing twelve month EBITDA divided by the purchase price. EBITDA multiple is defined as the purchase price divided by the annual EBITDA. A capitalization rate is determined by dividing the property’s annual net operating income by the purchase price. Net operating income is the property’s funds from operations minus a capital expense reserve of either 4% or 5% of gross revenues. Funds from operations (“FFO”), as defined by the White Paper on FFO approved by the Board of Governors of the National Association of Real Estate Investment Trusts (“NAREIT”) in April 2002, represents net income (loss) computed in accordance with generally accepted accounting principles (“GAAP”), excluding gains (or losses) from sales of properties and extraordinary items as defined by GAAP, plus depreciation and amortization of real estate assets, and net of adjustments for the portion of these items related to unconsolidated entities and joint ventures.

The forward-looking statements included in this press release are only made as of the date of this press release. Investors should not place undue reliance on these forward-looking statements. We are not obligated to publicly update or revise any forward-looking statements, whether as a result of new information, future events or circumstances, changes in expectations or otherwise.

SOURCE Ashford Hospitality Trust, Inc.

The post Ashford Hospitality Trust Acquires Pier House Resort and Spa appeared first on peHUB.

Atlas Pipeline has closed on its previously announced purchase of TEAK Midstream, a private midstream company. Final cash consideration for TEAK totaled $1.0 billion, subject to working capital and other adjustments contemplated by the purchase and sale agreement.

PRESS RELEASE

Atlas Pipeline Partners, L.P. (NYSE: APL) (“APL”, “Atlas Pipeline”, or the “Partnership”) announced today that the Partnership has closed on its previously announced purchase of TEAK Midstream, L.L.C. (“TEAK Midstream” or “TEAK”), a private midstream company. The effective date of the acquisition was April 1, 2013. Final cash consideration for TEAK totaled $1.0 billion, subject to working capital and other adjustments contemplated by the Purchase and Sale Agreement.

Eugene Dubay, Chief Executive Officer of the Partnership, commented, “As I mentioned in the initial announcement, we are very excited about this acquisition of TEAK Midstream. This is the right entry point into the Eagle Ford with the right infrastructure and with tremendous future growth potential. After successfully executing organic growth across all of our legacy systems, we look forward to doing the same with our new Eagle Ford assets.”

Upon the closing of this transaction, the Partnership will own 100% of the following TEAK assets:

200 MMcfd of cryogenic processing capacity (“Silver Oak I”);
A second 200 MMcfd cryogenic processing facility to be in service in the first quarter of 2014 (“Silver Oak II”);
265 miles of primarily 20″ to 24″ gathering and residue lines with 750 MMcfd of throughput capacity; and
275 miles of low pressure gathering lines
Additionally, the Partnership has acquired a 50%-75% interest in various joint venture agreements that currently exist between TEAK and TexStar Midstream Services, L.P. The Partnership will be the operator of the joint venture assets following the transaction, which include:

235 miles of pipeline, including rich gas gathering, header, and residue pipelines;
3 miles of NGL pipeline; and
A Co-Gen facility, which will produce power for the Silver Oak complex as well as the ability to sell power to third-parties and back to the grid during peak season
The Silver Oak processing complex is expected to expand in early 2014 by installing a new 200 MMcfd facility, the Silver Oak II plant, and potentially expand further thereafter by adding an additional 200 MMcfd facility. Any expansions will be 100% owned and operated by Atlas Pipeline.

This acquisition was funded with proceeds from the Partnership’s recent issuance of 11,845,000 common limited partner units as well as a $400 million issuance of Class D convertible preferred units, with the remainder financed through the Partnership’s revolving credit facility. The Partnership intends to issue long term senior unsecured notes which will be utilized to reduce the level of borrowings under the revolving credit facility as part of the Teak Midstream transaction.

Atlas Pipeline Partners, L.P. (NYSE: APL) is active in the gathering and processing segments of the midstream natural gas industry. APL owns and operates 14 active gas processing plants, 18 gas treating facilities, as well as approximately 10,600 miles of active intrastate gas gathering pipeline in its core focus areas, which include the Mississippi Lime play in Oklahoma and southern Kansas, the Woodford Shale in southeastern Oklahoma, the Permian Basin in western Texas, Eagle Ford Shale in south Texas, as well as gathering operations in the Barnett Shale in east Texas and Chattanooga Shale in Tennessee,. APL also has a 20% interest in West Texas LPG Pipeline Limited Partnership, which is operated by Chevron Corporation. For more information, visit the Partnership’s website at www.atlaspipeline.com or contact [email protected].

Atlas Energy, L.P. (NYSE: ATLS) is a master limited partnership which owns and operates the general partner of its midstream oil & gas subsidiary, Atlas Pipeline Partners, L.P., through all of the general partner interest, all the incentive distribution rights and an approximate 9% limited partner interest. Additionally, Atlas Energy owns all of the general partner Class A units and incentive distribution rights and an approximate 43% limited partner interest in its upstream oil & gas subsidiary, Atlas Resource Partners, L.P. For more information, please visit the Partnership’s website at www.atlasenergy.com, or contact Investor Relations at [email protected].

Certain matters discussed within this press release are forward-looking statements. Although Atlas Pipeline Partners, L.P. believes the expectations reflected in such forward-looking statements are based on reasonable assumptions, it can give no assurance that its expectations will be attained. Atlas Pipeline does not undertake any duty to update any statements contained herein (including any forward-looking statements), except as required by law. Factors that could cause actual results to differ materially from expectations include general industry considerations, regulatory changes, changes in commodity process and local or national economic conditions and other risks detailed from time to time in Atlas Pipeline’s reports filed with the SEC, including quarterly reports on Form 10-Q, current reports on Form 8-K and annual reports on Form 10-K.

Contact: Matthew Skelly Vice President Investor Relations 1845 Walnut Street Philadelphia, PA 19103 (877) 950-7473 (215) 561-5692 (facsimile)

SOURCE Atlas Pipeline Partners, L.P.

The post Atlas Pipeline Closes TEAK Midstream Acquisition appeared first on peHUB.

Alacrita, a life sciences consulting firm, has aggregated the life science practices of two consulting firms and appointed Simon Turner as partner. Alacrita is taking on the business of Canopus, a specialist life science consulting firm founded by Dr. Turner, which recently acquired the life sciences consulting business of Transentia, which focussed on the commercialisation of early-stage technology.

PRESS RELEASE

Alacrita, the transatlantic life sciences consulting firm, has aggregated the life science practices of two consulting firms and appointed Simon Turner PhD FRSC as Partner. Alacrita is taking on the business of Canopus, a specialist life science consulting firm founded by Dr. Turner, which recently acquired the life sciences consulting business of Transentia, which focussed on the commercialisation of early-stage technology.

The move consolidates Alacrita’s position as a leading life science consulting firm and expands the firm’s partnership to more effectively serve its growing roster of transatlantic clients. Simon has over two decades of experience managing and advising on strategic and product development issues in the life science industry. Over the past ten years, Simon has focused on commercialisation of life science technologies as entrepreneur, executive, venture capital investor and advisor. In 2000, Simon became Chief Executive of Biotica Technology, a venture-capital backed drug-discovery company, which he led for five years. He has since been involved as investor and advisor to biotechnology companies in two investment firms and more recently through Canopus. He gained extensive strategic management consulting experience in life sciences whilst working at Arthur D Little and Andersen Consulting.

Financial details of the transaction were not disclosed.

Simon Turner said “I am delighted to be joining Alacrita at an exciting stage in its evolution. There are tremendous synergies between our two businesses, in particular, Alacrita’s focus on expertise-based consulting through its network of senior consultants with deep expertise and many years of industry experience. Alacrita has consistently demonstrated its ability to deliver real value to sophisticated life science companies and investors who have needed to supplement their internal capability. I look forward to serving the firm’s expanding base of clients and building the business into a top tier consulting firm.”

Rob Johnson, Partner at Alacrita, said: “We are delighted to welcome Simon to the Alacrita partnership. He is a very experienced management consultant and his strategic insight is rooted in reality, having first-hand experience of leading a biotech company as CEO of Biotica. He has deep and broad technological knowledge of the life science industry and a sound understanding of the challenges faced by senior management. His appointment represents an exciting development for our business and underlines our commitment to providing exceptionally high quality advice to the industry.”

Anthony Walker, Partner at Alacrita, added: “Alacrita’s consulting practice has been growing on both sides of the Atlantic, and Simon joining the partnership reinforces our capacity to grow further. On a personal note, I have known and worked with Simon at various times over many years, and it is a real pleasure to welcome him to Alacrita.”

Notes to Editors

About Alacrita

Alacrita is a rapidly growing management consulting firm providing expertise-based services to the pharmaceutical, biotechnology and life science sectors. The firm is supported by an unrivalled network of experts who operate across the spectrum of life sciences. They combine extensive international industry experience (strategic, technical and commercial), broad functional capabilities and a track record of success across the industry.

Since inception, Alacrita has completed successful consulting projects for big pharma, biotech companies, life science investors, academia and government bodies. Alacrita operates out of offices in London UK and Cambridge MA, USA.

Alacrita UK: London BioScience Innovation Centre 2 Royal College Street London, NW1 0NH Tel: +44-207-691-4915 http://www.alacritaconsulting.com

Alacrita US: One Broadway, 14th floor Kendall Square Cambridge, MA 02142 Tel: +1-617-758-4119

For further information, please contact:

Rob Johnson or Anthony Walker at Alacrita +1-781-249-3324 or +44-771-3402-771

SOURCE Alacrita

The post Alacrita Merges Consulting Firms appeared first on peHUB.

Takeda is to acquire Inviragen for an upfront payment of US$35 million, and future payments of up to US$215 million linked to the progress of clinical development and achievement of key commercial milestones. Headquartered in Fort Collins, CO, with facilities in Madison, WI and Singapore, Inviragen is a privately-held biopharmaceutical company specializing in research and development of innovative vaccines for emerging infectious diseases, including dengue and hand, foot and mouth disease.

PRESS RELEASE

Takeda Pharmaceutical Company Limited (“Takeda”) and Inviragen, Inc. (“Inviragen”) jointly announced today that Takeda, its wholly owned subsidiary Takeda America Holdings, Inc., and Inviragen, Inc. have entered into a definitive agreement for Takeda to acquire Inviragen for an upfront payment of US$35 million, and future payments of up to US$215 million linked to the progress of clinical development and achievement of key commercial milestones. Headquartered in Fort Collins, CO, with facilities in Madison, WI and Singapore, Inviragen is a privately-held biopharmaceutical company specializing in research and development of innovative vaccines for emerging infectious diseases, including dengue and hand, foot and mouth disease (HFMD).

“Takeda has taken another major step toward its goal of establishing a world-class global vaccine business by acquiring Inviragen and its advanced vaccine candidate against dengue, a serious mosquito-borne illness that threatens nearly half of the world’s population,” said Rajeev Venkayya, M.D., executive vice president and head of Takeda’s Vaccine Business Division. “Today’s announcement reinforces Takeda’s commitment to develop innovative vaccines to fight some of the world’s most important infectious diseases.”

Inviragen has created innovative products using its expertise in viral vaccines. The company’s lead candidate, DENVax, is a four-strain recombinant viral vaccine for the prevention of dengue infection. An administration schedule of two doses of DENVax over 90 days is currently being evaluated in Phase 2 clinical trials. In addition to DENVax, Inviragen’s pipeline contains a vaccine candidate to protect against hand, foot and mouth disease (HFMD) caused by enterovirus 71 (EV71), which has completed Phase 1 clinical testing. Inviragen has also developed a recombinant vaccine candidate to protect against chikungunya, currently in preclinical development.

“The acquisition of Inviragen supports Takeda’s overall research and development programs, long-term growth strategy and commitment to improve health through innovation and new technology,” said Tadataka Yamada, M.D., Takeda’s chief medical and scientific officer and member of the Takeda board of directors. “Coming less than a year after the acquisition of LigoCyte with the world’s leading norovirus vaccine candidate, this illustrates Takeda’s commitment to its global vaccine business and global public health.”

Dengue is the most important mosquito-borne viral illness in the world, and is one of four World Health Organization (WHO) future vaccine priorities. It is estimated that about 400 million people worldwide are infected by the dengue virus each year, of which nearly 100 million develop clinical illness. Approximately 500,000 people are hospitalized and 20,000, mostly children, die from severe complications such as hemorrhagic fever. Currently there are only symptomatic treatments available for dengue and dengue hemorrhagic fever, and the only means of prevention is through mosquito control. The number of reported symptomatic dengue infections has increased 30-fold in the past 50 years, and the global footprint of dengue is expanding. HFMD epidemics occur annually throughout the Asia Pacific region, with millions of cases reported yearly since 2010. Chikungunya, which is a mosquito-transmitted virus, has produced epidemics in Africa, India, Asia and Europe. There are no specific treatments or cures for dengue, HFMD or chikungunya. Takeda will work with governments and international organizations to ensure that these vaccines reach the populations that need them around the world.

“This acquisition combines Inviragen’s expertise in viral vaccine research and development and our extensive worldwide network of preclinical and clinical collaborators with Takeda’s resources, product development expertise, and global reach. Together we are well-positioned to bring these promising vaccine candidates to the market,” said Dan Stinchcomb, Ph.D., Inviragen’s chief executive officer. “Inviragen is pleased to become a part of a leading pharmaceutical company that is so strongly committed to developing vaccines that can improve public health worldwide.”

Beyond the substantial expansion of Takeda’s vaccine pipeline, this acquisition will enhance Takeda’s core vaccine R&D capabilities with Inviragen’s vaccine development center in Singapore, in one of the regions where Inviragen’s vaccines will have the greatest impact. “Inviragen has made significant progress in developing key vaccines for emerging infectious diseases in Asia and worldwide, with active support from its international investor base,” said Swee–Yeok Chu, CEO & President EDBI, a strategic investment firm headquartered in Singapore and a major Inviragen investor. “Takeda is an excellent partner to bring these important vaccines to the next stage of development.”

To preserve continuity and build upon Inviragen’s success, Takeda will integrate the Inviragen team into Takeda’s Vaccine Business Division. Pending the satisfaction of customary closing conditions, the deal is expected to close in the next few weeks.

Key Strategic Benefits

Takeda expects the acquisition of Inviragen will:

Enable Takeda to develop a highly-promising vaccine against dengue, which the World Health Organization calls “the most important mosquito-borne viral disease in the world.”
Grow Takeda’s product pipeline with vaccine candidates that protect against HFMD and chikungunya.
Expand Takeda’s current technical capabilities, which include virus-like particle and cell culture technologies, with Inviragen’s live-virus and inactivated virus vaccine capabilities.
Contribute to Takeda’s overall research and development programs, long-term growth strategy and commitment to improve the health of people and communities everywhere.
Acquisition Summary

Acquiring companies: Takeda America Holdings, Inc. and Takeda Pharmaceutical Company Limited
Shareholders of Inviragen, Inc.: EDBI, Charter Life Sciences, Venture Investors, and Phillip Private Equity
Payment: Cash
Number of fully diluted common and preferred stock equivalent to common outstanding shares: 39,035,439
Acquisition amount: US$35 million
In addition to this acquisition amount, the deal consideration includes with future contingent consideration based on the progress of development projects and commercial milestones up to US$215 million.
Planned date of completion: Pending the satisfaction of customary closing conditions, the deal is expected to close within 14 days.
Legal advisor to Takeda: Morgan, Lewis & Bockius LLP
Financial advisor to Inviragen: Torreya Partners LLC
Legal advisor to Inviragen: Wilson Sonsini Goodrich & Rosati
Profile of Inviragen Inc.:

Corporate Name: Inviragen, Inc.
Headquarters: Fort Collins, CO, U.S.A.
Wholly owned subsidiary: Inviragen (Singapore) Pte.Ltd., Singapore
Representative: Dr. Dan Stinchcomb, Co-founder and CEO
Year of establishment: 2005
Common Stock Equity: US$777
Additional Paid-in Capital: US$1,979,995
Shares: Non-listed
Number of employees: Approximately 50 employees.
Relationship with Takeda: No matters to report regarding capital, personal and transactional relationship between Takeda and Inviragen.
The impact from this acquisition on Takeda’s consolidated financial statements of fiscal 2013 is expected to be minimal.

About Dengue Fever Nearly half of the world’s population live in countries that have frequent dengue outbreaks. The four dengue viruses (DEN‐1, DEN‐2, DEN‐3 and DEN‐4) are spread by the mosquito, Aedes aegypti, which is found throughout tropical and subtropical regions. Recent estimates suggest that dengue viruses cause approximately 100 million cases of clinical illness and over 2 million cases of severe dengue disease leading to more than 20,000 deaths every year. For more information on dengue fever, please refer to the World Health Organization (WHO), Centers for Disease Control and Prevention (CDC), and Dengue Vaccine Initiative (DVI) web sites.

About Hand, Foot and Mouth Disease (HFMD) Hand, foot and mouth disease is a disease common in children throughout the world and is endemic in the Asia Pacific region where its incidence has been increasing steadily over the past two decades. Although the disease is typically of short duration, there has been an increase in severe HFMD cases associated with EV71. HFMD epidemics have been reported in most Asian countries, particularly Singapore, Taiwan, Malaysia, Thailand, Japan, Korea, Vietnam, Hong Kong and China.

About Chikungunya and the CHIKV Virus Chikungunya Virus (CHIKV) is transmitted via mosquito and can cause fever, headache, fatigue, nausea, vomiting, muscle pain, rash and joint pain in those infected. Approximately 30% of patients showing clinical signs experience incapacitating joint pain, or arthritis that may persist for weeks, months, or in some cases years. On rare occasions, CHIKV infection may lead to neurologic and hepatic disease with high illness and mortality rates. CHIKV is considered endemic in 34 countries in Europe, Australia, Asia and Africa.

About Inviragen, Inc. Inviragen is focused on developing vaccines to protect against infectious diseases worldwide. Inviragen’s vaccine to protect against dengue fever is in Phase 2 clinical testing. A vaccine designed to protect children from hand, foot and mouth disease has completed Phase 1 clinical testing. Vaccines to protect against chikungunya and Japanese encephalitis, which affect millions of individuals in Asia, are in development. Vaccines in preclinical research stages include vaccines to protect against new forms of influenza and a combination plague/smallpox vaccine for biodefense. Founded in 2005 with offices in Colorado, Wisconsin and Singapore, Inviragen’s investors include EDBI (through Bio*One Capital, Singapore), Charter Life Sciences (Sunnyvale, CA), Venture Investors (Madison, WI), and Phillip Private Equity (Singapore). See www.inviragen.com for more details.

About Takeda Pharmaceutical Company Limited Located in Osaka, Japan, Takeda is a research-based global company with its main focus on pharmaceuticals. As the largest pharmaceutical company in Japan and one of the global leaders of the industry, Takeda is committed to strive towards better health for patients worldwide through leading innovation in medicine. Additional information about Takeda is available through its corporate website, www.takeda.com.

Takeda’s Vaccine Business Division Takeda has a proven track record of manufacturing and supplying vaccines in Japan for more than sixty years. Takeda’s global vaccine business division was launched in January 2012 to build upon this success, and is headquartered in Deerfield, Illinois. The company acquired LigoCyte Pharmaceuticals and its norovirus vaccine candidate, as well as its proprietary virus-like particle vaccine platform and several preclinical vaccine candidates in October 2012.

About EDBI EDBI is a leading strategic investment firm headquartered in Singapore with a worldwide presence investing to drive growth opportunities within the knowledge and innovation-intensive sectors of Biomedical Sciences (through its subsidiary Bio*One Capital), Clean Technologies, Internet & Digital Media, as well as key industries in Singapore. As a value adding investor, EDBI creates sustainable and synergistic partnerships with its portfolio companies, leveraging on its extensive networks and experience to facilitate the companies’ growth in Asia and the world, through their operations in Singapore. Please visit: www.edbi.com.

Forward-Looking Statements This press release contains “forward-looking statements.” Forward-looking statements include all statements other than statements of historical fact, including plans, strategies and expectations for the future, statements regarding the expected timing of filings and approvals relating to the transaction, the expected timing of the completion of the transaction, the ability to complete the transaction or to satisfy the various closing conditions, future revenues and profitability from or growth or any assumptions underlying any of the foregoing. Statements made in the future tense, and words such as “anticipate,” “expect,” “project,” “continue,” “believe,” “plan,” “estimate,” “pro forma,” “intend,” “potential,” “target,” “forecast,” “guidance,” “outlook,” “seek,” “assume,” “will,” “may,” “should,” and similar expressions are intended to qualify as forward-looking statements. Forward-looking statements are based on estimates and assumptions made by management that are believed to be reasonable, though they are inherently uncertain and difficult to predict. Investors and security holders are cautioned not to place undue reliance on these forward-looking statements.

Forward-looking statements involve risks and uncertainties that could cause actual results or experience to differ materially from that expressed or implied by the forward-looking statements. Some of these risks and uncertainties include, but are not limited to: required regulatory approvals for the transaction may not be obtained in a timely manner, if at all; the conditions to closing of the transaction may not be satisfied; the transaction may not be consummated; the anticipated benefits of the transaction may not be realized; the transaction could disrupt relationships with employees, licensees, customers and other business partners or governmental entities; future sales could be adversely affected by competition or other factors; and integration costs may exceed current expectations. In addition, the combined business could be adversely affected by industry, economic or political conditions outside of Inviragen’s or Takeda’s control, including general economic conditions in Japan, the United States and worldwide; competitive pressures and developments; applicable laws and regulations; the success or failure of product development programs; actions of regulatory authorities and the timing thereof; changes in exchange rates; and claims or concerns regarding the safety or efficacy of marketed products or product candidates in development.

The forward-looking statements contained in this press release speak only as of the date of this press release, and neither Inviragen nor Takeda undertake any obligation to revise or update any forward-looking statements to reflect new information, future events or circumstances after the date of the forward-looking statement. If one or more of these statements is updated or corrected, investors and others should not conclude that additional updates or corrections will be made.

SOURCE Takeda Pharmaceutical Company Limited

The post Takeda to Acquire Inviragen appeared first on peHUB.

German Equity Partners IV, a fund managed by the independent German private equity firm ECM Equity Capital Management GmbH has acquired the MediFox Group. Headquartered in Hildesheim, the business is comprised of three subsidiaries: MediFox, a provider of specialised software solutions for ambulatory nursing care service providers and nursing care homes in Germany; BFS Abrechnungs GmbH an invoicing and factoring service provider in the German nursing care market and CareNavigator GmbH, a specialised web portal which facilitates the exchange of health data among care providers, physicians, patients and relatives.

PRESS RELEASE

Fund managed by ECM acquires MediFox Group in ownership succession-driven transaction
 Leading software provider in German nursing care market intends to further develop its successful business model and realise growth potential under new ownership
 Founder of MediFox Group withdraws following successful strategic positioning of the company
 Second investment by the GEP IV fund which commenced investing in October 2012
Frankfurt, May 7, 2013 – German Equity Partners IV (“GEP IV“), a fund managed by the independent German private equity firm ECM Equity Capital Management GmbH („ECM“), has acquired the MediFox Group, headquartered in Hildesheim, in partnership with the company’s management in an ownership succession transaction. The founder and majority shareholder, who has successfully developed MediFox Group to become the leading software provider in the market for nursing care in Germany, will withdraw from the business. Already in 2010 he transferred responsibility for daily operations to the current Managing Directors Christian Städtler and Dr. Thorsten Schliebe. As part of the transaction the management team of the MediFox Group has acquired a significant equity stake in the company. Size of the shareholding, purchase price and further details of the transaction were not disclosed.
Overview of MediFox Group
The MediFox Group is comprised of three subsidiaries: MediFox GmbH is the leading provider of specialised software solutions for ambulatory nursing care service providers and nursing care homes in Germany. BFS Abrechnungs GmbH is the second largest invoicing and factoring service provider in the German nursing care market. CareNavigator GmbH operates a specialised web portal which facilitates the exchange of health data among care providers, physicians, patients and relatives

Market leading position through specialised software
The complexity of reimbursement regulations in Germany and requirements for documentation of care services make it increasingly attractive for nursing care service providers to use specialised software solutions. For almost 20 years MediFox has specialised on the development and marketing of software solutions for nursing care service providers in Germany. In its core product area, software, MediFox currently holds a market share of approximately 40 per cent in the ambulatory sector. In the stationary nursing care sector, in which the company has been active since 2011, MediFox has shown continuous growth and is now one of the leading software providers.
The care market in Germany is expected to realise steady long-term growth based on underlying demographic trends. There are currently approximately 2.5 million patients and roughly 23,000 care providers in Germany.
Attractive growth potential through further development of the business model
Based on its leading position in software solutions for ambulatory nursing care providers the MediFox Group has a range of growth options. Apart from expansion of its customer base, the group aims to take advantage of its strengths in product development and sales as well as its product and IT know-how to further develop its business model.
Christian Städtler, Managing Director of MediFox GmbH, welcomes the partnership with ECM and the GEP IV fund: “With the ECM managed fund we have found a partner who has invested in our growth strategy.” Dr. Thorsten Schliebe, Managing Director of MediFox GmbH added: “We have set market standards with our specialised and user-friendly software products for ambulatory and stationary nursing care homes. We are convinced of the potential for the continuous positive development of the MediFox Group. Together with our excellent team we expect to further grow the business and successfully access related markets.”
Axel Eichmeyer, Managing Director of ECM, added: “The MediFox management team has successfully developed the company in recent years. Based on its leading market position, a highly scalable business model and innovative service offerings we consider MediFox to be an attractive investment for GEP IV. We look forward to supporting this dynamic company in realising its growth potential.”
Investment and advisers
The acquisition of the MediFox Group is the second investment by the private equity fund GEP IV that commenced investing its EUR 230 million committed capital in October 2012. The fund is managed by ECM and aims to acquire majority shareholdings in mid-sized enterprises in the DACH region. GEP IV was advised in this transaction by KPMG (Finance & Tax) and SJ Berwin (Structuring). Legal advice was provided by Allen & Overy and commercial due diligence by Rothgordt & Cie. Axel Eichmeyer, Florian Kähler, Alexander Schönborn and Florian Thelenberg are responsible for the transaction at ECM. The owners of the MediFox Group were advised by ALLIANCE Merger & Acquisition and legal advice was provided by Renzenbrink, Raschke, von Knobelsdorff, Heiser (rrkh).
###
ECM Equity Capital Management GmbH (“ECM”)
An independent private equity firm, ECM is headquartered in Frankfurt am Main, Germany. ECM served or serves as the manager of/advisor to respectively the private equity funds German Equity Partners I-IV with aggregate capital under management in excess of EUR 650 million. The investment focus is on mid-sized companies in the manufacturing and service sectors in addition to the wholesale and retailing industries. Preferred acquisition targets are companies with revenues of EUR 20 million to EUR 250 million. The funds typically structure their investments as management buyouts. Investment opportunities arise from ownership succession situations with privately held companies and from corporate divestitures.
Further information at: www.ecm-pe.de About MediFox Group (“MediFox“)
Since the 1990s the MediFox Group, headquartered in Hildesheim, has been the partner for all questions around software solutions for ambulatory nursing care service providers and stationary nursing homes in Germany. The group comprises of MediFox GmbH, the leading provider of specialised software solutions for ambulatory nursing care service providers and nursing care homes in Germany, BFS Abrechnungs GmbH, the second largest invoicing and factoring service provider in the German care market, as well as CareNavigator GmbH, a specialised web portal which facilitates the exchange of health data among care service providers, physicians, patients and relatives. For approximately 20 years the company stands for quality, excellent know-how of its employees and a close partnership with its customers. MediFox is the most successful software for nursing care service providers in Germany. More than 5,000 customers trust the software of the German market leader.
Further information at: www.medifox.de
On behalf of ECM:
Charles Barker Corporate Communications GmbH Kornelia Spodzieja, phone +49(0)69 794090-40, [email protected] Tobias Eberle, phone +49(0)69 794090-24, [email protected].

The post ECM Acquires MediFox Group appeared first on peHUB.

Nordic lower mid-market investor Segulah has made some internal changes. After 10 years as managing partner, Christian Sievert will now focus on deal generation, deal making and working with existing portfolio companies. Gabriel Urwitz will take over as managing partner and Lennart Ribohn will become chairman of Segulah Advisor AB.

PRESS RELEASE

Same team – a few changes. After 10 years as Managing Partner, Christian Sievert will now focus 100% on deal generation, deal making and working with existing portfolio companies – Gabriel Urwitz will take over as Managing Partner and Lennart Ribohn will become Chairman of Segulah Advisor AB.
Next year, Segulah will celebrate its 20th anniversary. Since 1994, we have successfully invested our own capital. In 1997, we launched the first fund of MSEK 200 with external investors and by 2007 we had launched the fourth, with MSEK 5,200. The 40 external investors are 95% comprised of non-Swedish institutions from all over the world. From the time the first fund was launched, the full time team has grown from 4 people to 25. In total, the funds have so far acquired 38 portfolio companies in the Nordic Region at a combined value of MSEK 16,200.
Over the last 10 years that Christian Sievert has been Managing Partner, Segulah has developed from a small informal private equity firm into a full-fledged, mature mid market private equity part- nership. During his tenure as Managing Partner, Christian has been responsible for strategy de- velopment, fundraising, investor relations, recruitment and development of employees, industrial advisors and board members, development of Segulah’s partnership structure and corporate gov- ernance issues.
To enable Christian to focus fully on deal generation, deal making and portfolio company devel- opment, Segulah’s founder Gabriel Urwitz will take over as Managing Partner. He will be suc- ceeded as Chairman of Segulah Advisor by Lennart Ribohn, former senior executive vice presi- dent and CFO of Electrolux and board member of Segulah Advisor for over ten years.
Christian: “I have enjoyed developing Segulah’s team and funds to what they are today. After 16 years at Segulah, including 10 as Managing Partner, I look forward to being able to focus fully on deal making and portfolio company development in this exciting but demanding economic envi- ronment”.
Gabriel: “I want to thank Christian for his outstanding contributions as Managing Partner and look forward to continue working with him and the rest of the team in this reconstituted team frame- work”.
For further questions:
Gabriel Urwitz, Managing Partner, +46 70 590 89 00 Christian Sievert, Partner, +46 708 66 96 94
For further information about Segulah please visit www.segulah.se
Founded in 1994, Segulah is a private equity partnership focused on lower mid market buyouts in the Nordic region with a business model of active ownership through its extensive network of industrial advisors. Segulah Advisor AB is the exclusive investment advisor to the Segulah II (MSEK 850), Segulah III (MSEK 2,356) and Segulah IV (MSEK 5,200) UK Limited Partnerships.
The funds’ current portfolio of companies includes: PMC Group (hydraulics and pneumatics), S:t Eriks (prefab- ricated concrete products), Kemetyl (car care and industrial chemicals), Almondy (frozen cakes), Gunnebo Industries (lifting, fastening, traction products, blocks), eTRAVELi (online travel agent), Scan Coin (cash han- dling equipment and service), Balco (balconies and balcony glazing systems), CCS Healthcare (personal care products) and Beerenberg (maintenance services for the oil and gas industries). In addition, Segulah IV has recently signed an agreement to sell Medstop (pharmacies).

The post Segulah Makes Personnel Changes appeared first on peHUB.

The MaRS Cleantech Fund has completed a venture deal with Toronto energy storage firm Hydrostor. Hydrostor’s technology converts surplus electrical energy to underwater compressed air and stores it for use at peak times.

PRESS RELEASE

The MaRS Cleantech Fund is pleased to announce the completion of a venture deal with Toronto energy storage firm Hydrostor.

Hydrostor’s technology converts surplus electrical energy to underwater compressed air and stores it for use at peak times.

“Our fund targets technologies that change the energy game, and low-cost storage is at the top of our list,” says Tom Rand, co-managing director of the MaRS Cleantech Fund. “This is grid-scale technology, meaning that it has the ability to store energy on a level that will significantly impact our electricity grid. If you combine Hydrostor’s technology with solar, or wind, you get cost-competitive base-load renewable power that will disrupt global energy markets.”

Hydrostor’s proprietary technology is based on a simple idea: Anchor a low-cost air cavity to the bottom of a lake or ocean floor, and store energy for use when it is most needed.

Surplus renewable electricity is used to drive a compressor that pressurizes atmospheric air to the pressure found at the sea floor offshore. The heat produced during compression is extracted from the air and stored in an insulated thermal reservoir. The air is stored in low-cost underwater accumulators, where the weight of the water keeps it at a constant pressure until required. When demand for electricity is again high, the system is reversed: The weight of the water forces the air back to the surface, where it collects the stored heat and drives an expander, reproducing approximately 70 per cent of the input electricity and releasing the air back into the environment.

The core advantage of this method is cost; Hydrostor can deliver grid-scale energy storage at a fraction of the price of competing technologies.

Hydrostor has two commercial projects under development. The first is in collaboration with utility host Toronto Hydro-Electric System Limited (Toronto Hydro). The second, with the national utility of a Caribbean island, will store wind power generated at night when it can’t otherwise be used.

“Our project in the Caribbean will show renewables can compete directly with fossil fuels for island nations,” says Cam Lewis, CTO and founder of Hydrostor. “By storing wind power at night and releasing it during the day, we turn wind power into something really useful. We can replace diesel generation today.”

“The idea that wind and solar developers will be able to bid on base-load energy contracts is very exciting,” added Murray McCaig, co-managing director of the Fund. “We’ll be working with global partners, who can deliver large-scale energy projects, to bring this technology to market.”

Early-stage venture capital is in short supply in Canada, particularly in the burgeoning global cleantech sector. The MaRS Cleantech Fund targets outsized returns by filling that gap in what is estimated to be a $2-3 trillion dollar market by 2020.

“We’d like to thank the MaRS Cleantech Fund and our other A-round investors for the confidence in Hydrostor and support they have demonstrated,” says Hydrostor CEO Curt VanWalleghem. “We look forward to rapidly commercializing our scalable underwater compressed air energy storage technology.”

About Hydrostor Hydrostor Inc. (www.hydrostor.ca) is a privately owned Canadian company that has developed a proprietary, low-cost method of grid-scale energy storage using underwater compressed air. Hydrostor’s strategy is to partner with utilities and energy producers to accelerate large-scale deployment.

About MaRS Cleantech Fund LP MaRS Cleantech Fund LP is a Canadian venture fund focused on early-stage cleantech investing. The Fund has developed a unique early-stage investment model through its partnership with one of the largest innovation centers in world, MaRS Discovery District. Through MaRS, the Fund is able to provide strategic advisory services and introductions to global corporate partners. The Fund is managed by Tom Rand (Twitter: @trand) and Murray McCaig (@murraymccaig), experienced entrepreneurs who bring a wealth of startup experience to their portfolio companies.

About MaRS MaRS Discovery District (@MaRSDD) is a mission-driven innovation centre located in Toronto. MaRS works with partners to catalyze, accelerate and amplify innovation. MaRS supports entrepreneurs building Canada’s next generation of growth companies.

SOURCE MaRS Cleantech Fund

The post MaRS Cleantech FundBacks Hydrostor’s Energy Storage Solution appeared first on peHUB.