Friday, 17 April 2015
Last updated 10 hours ago
Sep 27 2010 | 12:43pm ET
The transformation of private equity firm 3i Group continued today with the London-based firm’s acquisition of Mizuho Financial Group’s debt-management unit.
3i agreed to pay £18.3 million for Mizuho Investment Management (U.K.), which will become 3i Debt Management. The Mizuho unit manages some £3.7 billion in corporate debt.
MIM CEO Jeremy Ghose will join 3i as CEO of the new debt group and as a member of its leadership team. He brings along with him 27 other staffers and eight funds. 3i will own a 55% stake in the Debt Management business, while Ghose, other MIM managers and 3i’s own existing debt team—which manages about £270 million—owning the rest.
“Today’s acquisition builds upon our debt management capabilities and reinforces our strategy of growing 3i in areas consistent with our investment expertise,” 3i CEO Michael Queen said. “There is an excellent cultural fit with 3i and the expanded business will create an enhanced debt platform to grow profitably into the future.”
Just last week, 3i announced it had restructured its private equity business, merging its buyout and growth capital businesses. Buyouts chief Jonathan Russell left the firm as part of the rejiggering.
Mar 20 2015 | 12:45pm ET
StreetWise Partners, a non-profit organization that works with low-income individuals to help them overcome employment barriers, raised over $275,000 at the 2015 Raising the Ante Charity Poker Tournament and Casino Event last Wednesday evening at Capitale. Here are some photos from the event. Read more…