Latest news with #Cerberus
Bloomberg
10-06-2025
- Business
- Bloomberg
Private Equity-Backed VeloBank Eyes Polish M&As After Citi Deal
Fast growing VeloBank SA, backed by US private equity fund Cerberus Capital Management LP, is on the prowl for more Polish takeovers after it bought Citigroup Inc.'s retail operations in the country. 'Any assets that will help our strategy to expand our scale may be potentially interesting for us and our investors,' VeloBank Chief Executive Officer Adam Marciniak said in an interview. He declined to name any specific targets but said 'our cooperation with Cerberus is optimal.'
Times
08-06-2025
- Business
- Times
Wall Street mogul O'Connor heads for exit at Cerberus
Deirdre O'Connor, possibly the most senior Irish woman in global private equity, is heading to pastures new. O'Connor was the chief financial officer of Cerberus, the giant investment group with more than $65 billion in assets under management, but I hear that she left the New York-headquartered firm last week. The Cork financier was a serious Wall Street heavyweight, having done time with Morgan Stanley and Goldman Sachs before becoming the head bean counter at BlackRock's alternative investments division. She joined up with Cerberus almost two years ago. She has been replaced as finance chief by the long-serving Cerberus staffer Andrew Leitten, according to those in the know. Cerberus, which was a big buyer of Irish debt during the crash, has been undergoing strategic and leadership changes following the appointment of its co-founder Steve Feinberg as US deputy defence secretary in the Trump administration. O'Connor is unlikely to be sitting on her hands for long. The Irish takeover of online fashion retail continues. At the front end, John Lyttle ran Boohoo before moving to Marks & Spencer as head of clothing. At the back end, the top engineer Sean Mullaney helped to build Zalando's super-slick online retail engine before heading off to try to transform start-up finance and banking with his new Seapoint venture. His footprints remain at Zalando, where Trinity College Dublin alumna Alice Delahunt has just joined the advisory board of the €8 billion-valued German online retailer. Delahunt helped drag Burberry and Ralph Lauren into the 21st century as both brands' digital chief. She's now behind the fashion-tech start-up Syky, which not only incubates up-and-coming fashion brands but has made a decentralised marketplace for designers to show and shift their creations. Zalando may have got itself a good bargain. I hear the AerCap treasurer Brian Canniffe, who is one of Aengus Kelly's key lieutenants at the $21 billion-valued aviation leasing company, was one of the early backers of Ian Nolan and Alex King's legal technology group, Brightflag, which was sold last month. The Dutch firm Wolters Kluwer Legal & Regulatory agreed to buy the Dublin company for €425 million in an all-cash deal to give it access to mid-sized legal departments in the US and European markets. Brightflag uses artificial intelligence to help firms such as Lufthansa and Dropbox manage their legal bills and cut down on paperwork. I'm told that Canniffe and other investors, including the former Twitter Ireland boss Stephen McIntyre, the former Davy Capital Markets chief John Lydon and the ex-Trintech chief executive Paul Byrne, all came in as part of the €8.5 million series A funding round in April 2019. That valued the company at less than one tenth of the €425 million sale. Top result. Things have been heating up at Dublin's most expensive apartment block. The Lansdowne Place complex is the subject of a row, with resident Aideen O'Byrne suing the developers over the heating system after spending nearly €6.5 million to buy a penthouse off the plans. Needless to say, they are defending the action. A seventh-floor penthouse sold quietly last year for about €5.8 million, sparking all kinds of rumours over the identity of the new resident, who will join the likes of the former Penneys executive Breege O'Donoghue, the ex-PayPal chief Louise Phelan, Green Property's Stephen Vernon, Pallas Foods' Dan Geary and the alarm magnate Frank Hart. I wonder if the cinema tycoon Paul Anderson might be interested in moving there now, given that his Dublin 4 pad is on the market for about €20 million. Anderson and his family own the Omniplex cinema chain. The sale of Hailey Bieber's beauty and cosmetics brand, Rhode, to Elf for up to €880 million has blown a few minds. It's a three-year-old start-up brand that sells direct to consumers and is powered by viral social media content. If you think that sounds like the craziest ever splurge, then you're not alone and probably not addicted to TikTok. However, for all of the beautifully shaped eyebrow-raising over the valuation of Rhode, it doesn't disguise the fact that direct-to-consumer lifestyle brands amped up by personality-led social media posts are taking market share from aggregators. • How Hailey Bieber built Rhode's $1bn beauty empire in 3 years I see that Cork's Clodagh McKenna is launching her own lifestyle brand, called Honey By Clodagh. McKenna, a well-seasoned celebrity chef, has developed an enormous profile in the UK market from her slots on ITV's This Morning show. She is now selling everything from cooking utensils and stripey napkins to candles and cushion covers. McKenna is also married to the Hon Harry Herbert, a godson of the late Queen Elizabeth, and the couple had their nuptials at Harry's birth home, Highclere Castle, the location for Downton Abbey. That should help shift some glassware and crockery — it's all about the story. The direct-to-consumer lifestyle market is growing at a rate of knots and is forecast to be worth more than $10 billion in the next five years. McKenna would be mad not to cash in on her following. The $96 million takeover of the Dermot Smurfit Jr-founded GAN gaming technology company by the Japanese firm Sega Sammy completed last week. The Nasdaq-listed firm, which provides sports betting and online gaming software, was bought for a decent premium on its pre-offer trading price. Smurfit Jr — son of the late great Dermot Sr, nephew of Sir Michael of Monaco and brother of the film star Victoria — exited his company when the buyout was announced about 18 months ago. He moved to Los Angeles and set up Paydirt Games, where I believe some heavy hitters have invested through a seed round late last year. This includes JAC Cap's John Cassarini, a former star Lehman Brothers trader, who also joined the board of the fledgling gaming studio. I'm told that testing of its first product, a multiplayer game, has gone very well indeed. The plan is to disrupt the gaming market, which is traditionally aimed at teenagers and younger players. Smurfit is looking at something a little different. All will be revealed. Patrick and Paul Broughan's Broughan Engineering is the largest maker of specialist trailers in Ireland. The Carlow company exports farming and agricultural trailers all around the world. It produces everything from 24ft livestock trailers to grain trailers to dumper trailers. Despite global economic headwinds, it's a lucrative business and the boys had more than €5.5 million in cash in the bank last year with retained earnings of almost €10 million. Patrick is taking a bit out of the company, and I believe that Broughan Engineering is lending him €1.7 million to buy a farm. Better than sitting in the bank earning no interest.
Time of India
30-05-2025
- Business
- Time of India
Shapoorji Pallonji Group secures $3.4 billion in private credit deal
MUMBAI: Indian real estate and construction conglomerate Shapoorji Pallonji Group has completed a $3.4 billion financing in the country's biggest ever private credit deal, according to people familiar with the matter. About a dozen large investors - some using multiple funds - bought zero-coupon rupee bonds that offer a yield of 19.75%, the people said, asking not to be identified because the information is private. The debt matures in three years. Top investors include Ares Management Corp , Cerberus Capital Management , Davidson Kempner Capital Management and Farallon Capital Management, people said. Deutsche Bank acted as the sole arranger of the deal and also invested in it. Deutsche invested about $900 million and will down-sell a portion of the debt, the people said, adding that Cerberus and Davidson bought about $475 million and $425 million worth of bonds, respectively. Indian investors also participated in the deal, with ASK Wealth Advisors and some family offices buying a portion of the offering, the people said. EAAA India Alternatives Ltd., one of the country's largest domestic private credit funds, bought about $85 million of the bonds, said one of the people. The financing is a landmark in India's growing private credit industry, which is getting a boost as Prime Minister Narendra Modi's infrastructure push increases funding demands for everything from solar power to roads. A representative for Shapoorji didn't immediately respond to requests for comment outside of normal business hours. Davidson Kempner declined to comment. Ares, Cerberus, Farallon, EAAA and ASK did not immediately reply to Bloomberg's requests seeking comments.
Economic Times
30-05-2025
- Business
- Economic Times
Shapoorji Pallonji Group secures $3.4 billion in private credit deal
Live Events (You can now subscribe to our (You can now subscribe to our ETMarkets WhatsApp channel Mumbai: Indian real estate and construction conglomerate Shapoorji Pallonji Group has completed a $3.4 billion financing in the country's biggest ever private credit deal , according to people familiar with the a dozen large investors - some using multiple funds - bought zero-coupon rupee bonds that offer a yield of 19.75%, the people said, asking not to be identified because the information is private. The debt matures in three investors include Ares Management Corp , Cerberus Capital Management, Davidson Kempner Capital Management and Farallon Capital Management, people said. Deutsche Bank acted as the sole arranger of the deal and also invested in invested about $900 million and will down-sell a portion of the debt, the people said, adding that Cerberus and Davidson bought about $475 million and $425 million worth of bonds, investors also participated in the deal, with ASK Wealth Advisors and some family offices buying a portion of the offering, the people said. EAAA India Alternatives Ltd., one of the country's largest domestic private credit funds, bought about $85 million of the bonds, said one of the financing is a landmark in India's growing private credit industry, which is getting a boost as Prime Minister Narendra Modi's infrastructure push increases funding demands for everything from solar power to roads.A representative for Shapoorji didn't immediately respond to requests for comment outside of normal business hours. Davidson Kempner declined to comment. Ares, Cerberus, Farallon, EAAA and ASK did not immediately reply to Bloomberg's requests seeking comments.
Time of India
30-05-2025
- Business
- Time of India
Shapoorji Pallonji Group secures $3.4 billion in private credit deal
Shapoorji Pallonji Group has secured $3.4 billion in financing through a private credit deal, marking the largest of its kind in India. The zero-coupon rupee bonds, yielding 19.75% and maturing in three years, attracted major investors like Ares Management, Cerberus Capital, and Deutsche Bank. This deal highlights the growth of India's private credit sector, driven by increased infrastructure demands. Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads Mumbai: Indian real estate and construction conglomerate Shapoorji Pallonji Group has completed a $3.4 billion financing in the country's biggest ever private credit deal , according to people familiar with the a dozen large investors - some using multiple funds - bought zero-coupon rupee bonds that offer a yield of 19.75%, the people said, asking not to be identified because the information is private. The debt matures in three investors include Ares Management Corp , Cerberus Capital Management, Davidson Kempner Capital Management and Farallon Capital Management, people said. Deutsche Bank acted as the sole arranger of the deal and also invested in invested about $900 million and will down-sell a portion of the debt, the people said, adding that Cerberus and Davidson bought about $475 million and $425 million worth of bonds, investors also participated in the deal, with ASK Wealth Advisors and some family offices buying a portion of the offering, the people said. EAAA India Alternatives Ltd., one of the country's largest domestic private credit funds, bought about $85 million of the bonds, said one of the financing is a landmark in India's growing private credit industry, which is getting a boost as Prime Minister Narendra Modi's infrastructure push increases funding demands for everything from solar power to roads.A representative for Shapoorji didn't immediately respond to requests for comment outside of normal business hours. Davidson Kempner declined to comment. Ares, Cerberus, Farallon, EAAA and ASK did not immediately reply to Bloomberg's requests seeking comments.
