CANDOVER Investments will spin off its private equity management arm to a group of its directors as part of its wider plan to wind down the firm. It will offload Candover Partners Limited (CPL) to new entity Arle Capital Partners, an investment advisory firm set up by the group of its executives, for a nominal sum and sell 29 per cent of its investment portfolio to an entity backed by Arle and private equity group Pantheon.The value of the sale is expected to come in at around £60m – a heavy discount to the carrying value of the assets. The funds will be returned to its investors as the firm seeks to claw back losses incurred during the financial crisis.Candover also announced long-standing chairman Gerry Grimstone plans to step down after the sale closes, adding “the search for a successor has begun”.Malcolm Fallen, Candover’s chief executive, said: “This is the last significant step in implementing our plans to return cash to shareholders over time.“The sale of CPL to its executives will create an independent, motivated and incentivised manager focused on maximising and realising the value in the portfolio.”Candover’s move to sell its portfolio of companies and return cash to investors follows a failed attempt to sell the business in August.The firm was undone by a series of ill-judged acquisitions at the height of the boom. But when the market went sour, Candover saw the net value of its assets fall by half and was forced to allow investors a chance to cancel outstanding commitments to the fund.The Candover Partners sale comes after an announcement in September that it had agreed the sale of its Equity Trust unit to private equity rival Doughty Hanson, in a deal valuing the business at £297m.It also said in October a deal to sell its Ontex nappy-making business to US buyout firm TPG and the private equity unit of Goldman Sachs had gained EU regulatory approval.The sale of the remainder of Candover’s assets could still take years to complete, with the firm insisting there will be no fire-sale.GERRY GRIMSTONECANDOVERCHARISMATIC chairman Gerry Grimstone will soon sever his relationship with Candover that has lasted over a decade. The 60-year-old announced yesterday he will step down when the sale of Candover Partners Limited to a group of its executives closes next year. His time at the firm has been tumultuous – for many years Candover was a roaring success story, wielding a Midas touch that was the envy of the private equity industry.But Grimstone experienced the flip side of the coin when the financial crisis hit and the value of its portfolio plummeted. He received criticism for a number of acquisitions at the firm that were deemed ill-judged.Grimstone, though, is no stranger to criticism. He came under fire from the left for his role in the privatisation drive of the early 1980s.As assistant secretary at the Treasury from 1982 to 1986, he was a key adviser to Margaret Thatcher during her landmark £5.4bn asset sales. He oversaw 20 major sell-offs including offloading the water companies and privatising BT. While the sales were lauded in the City, it was famously described as “selling off the family silver” by Harold Macmillan. He later went on to advise the Labour government as it attempted to claw back funds during the financial crisis by selling off state assets.While he made his name as a civil servant, he made his fortune as an investment banker. He joined Schroders in 1986, where he rose to vice chairman of worldwide investment banking, splitting his time between London, Hong Kong and New York.He maintains an interest in the civil service, holding the position of chairman of the Nominations Committee and member of the Remuneration Committee. He was overlooked for the chairmanship of the court of directors at the Bank of England.The physically imposing Grimstone has a reputation for being both intelligent and combative.The divorcee with three children has also been a member of the Standard Life board since 2003. by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesPeople TodayNewborn’s Strange Behavior Troubles Mom, 40 Years Later She Finds The Reason Behind ItPeople TodayBetterBe20 Stunning Female AthletesBetterBemoneycougar.comThis Proves The Osmonds Weren’t So Innocentmoneycougar.comZen HeraldNASA’s Voyager 2 Has Entered Deep Space – And It Brought Scientists To Their KneesZen HeraldAlphaCute30 Rules That All “Hells Angels” Have To FollowAlphaCuteDefinitionDesi Arnaz Kept This Hidden Throughout The Filming of ‘I Love Lucy’Definition KCS-content whatsapp Tags: NULL Candover to sell CPL to its management More From Our Partners Biden received funds from top Russia lobbyist before Nord Stream 2 giveawaynypost.comRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comKiller drone ‘hunted down a human target’ without being told tonypost.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.org980-foot skyscraper sways in China, prompting panic and evacuationsnypost.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.org Show Comments ▼ Monday 6 December 2010 9:00 pm Share whatsapp
2013 3· 15
in the electricity supplier first;
has just announced that it will adjust the organizational structure of the fast and easy network yesterday once again released a strong market offensive signal to the outside world. In March 13th, Yi Xun network CEO Bu Guangqi at micro-blog said, easy fast network will be in 3· 15; the introduction of price compensation "price protection" service: from the 3· this year; 15, as long as the designated goods consumers in the network fast and easy to buy the price cut in less than 24 hours, fast and easy network will take the difference of active compensation to the consumer’s account.
fast and easy net senior operations director Pan Biao told reporters, because the service has just launched, need a period of time related products and operation test, so in the day of the launch of the 3· 15 price guarantee range, fast and easy to appropriate restrictions, including some special offer, buy goods and prices in the range below 5% the first batch of goods will not participate in price guarantee. However, the next will be limited to the purchase of a limited amount of insurance coverage, in the long run, we will continue to expand the initiative to take the direction of price compensation." Pan Biao stressed.
it is reported that this is the first time China’s electricity supplier will be active compensation included in the scope of service. After the development of electronic commerce, although some enterprises have also launched a price protection policies, but basically belongs to the category of passive compensation, which is only found in the user commodity prices to come after the enterprise will pay out.
it is worth noting that, as early as last November, Yi Xun has for its main rival Jingdong mall launched the "lose your service commitment as long as consumers in the fast and easy purchase of goods than the Jingdong mall with the money commodity price is expensive, it will return to the consumer price. At that time, for you will lose the service, the Jingdong has Xiangyi mall fast network issued a warning letter, accused of unfair competition of easy fast, easy fast network responded that the service is to make prices more transparent, commercial competition in the sun, in accordance with the provisions of relevant laws and the interests of consumers. The reporter also observed that, due to the competition between the two sites who lower prices, the day of a certain electronic products in two hours, several times the price, the purchase of this product consumers really get benefits.
yesterday, Bu Guangqi in an "International Finance News" interview with reporters did not evade the background, he told reporters that the Yi Xun has launched a price protection service, can be seen as an upgraded version of the service you will lose. "The price will be expensive and you will compensate for the use of overlapping services. Like when the payment conditions, the maximum payment will be the difference between the corresponding points."
move so many people in the industry questioned, easy to quickly set off a new round of price war in disguise, for this argument, Bu Guangqi does not seem to exclude. He said that oil prices once again become a hot spot in the national NPC and CPPCC, that lack of competition in the market price regulation system is not reliable, "so, the price war is not a shameful thing, only in an environment of fair competition can afford to fight a price war, but behind the price competition, the key is on fire