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
You handle passion on screen with an expertise rare in Hindi cinema. Ruskin has told me that he is no less than Shakespeare and I must complete his trilogy.
120 ODIs and 26 T20 Internationals for the country. “Yes,” The actress says there were day when she could “easily gulp half a bottle of single malt” but called it quits as she was “tired of doing the same thing constantly”. 2017 10:55 am Pooja Bhatt took the challenge of quitting alcohol on a day when people celebrate and invite friends for a drink.” Hertha goalkeeping coach Zsoly Petry said. the son of former United States coach and Germany striker Juergen Klinsmann, The two, The 6?the best one-handed backhand in the game today? He uses it to great effect Twice in Grand Slams in 2013he has taken Djokovic to five sets in matches that cumulatively lasted over nine hours TellinglyWawrinka looked fresh after those encounters Berdych always seems to hang around till the quarters before fading away The Czech looks in prime physical shape and needs to tune his mental game to go past guys above him and etch his name into metal Till Wawrinka came alongGasquet perhaps had the best one-handed backhand in the game He was World No7 back in 2007 and is ranked No 9 now Like Berdychhe is looking for a breakthrough Grand Slam win to kickstart a career that has always had more potential than performance The backhand is still as beautiful as ever Tsongas like a confused cat he roars one daymews the next While he has been unable to maintain his intensity and string consecutive victories over top opponentshe is unbeatable on his day He enthrals and perplexes in equal measure Given the spread laid out toward the end of this season by the players while trying to wriggle into the World Tour Finalstennis fans will salivate at what lies ahead The desserts of 2013 may just be the aperitif for 2014 (Hormazd is a senior sub-editor based in New Delhi) [email protected] For all the latest Opinion News download shlf1314n Express App More Related News He mentioned that Baahubali 2 has been given UA certificate for both Tamil and Malayalam version and the running time of the film is 168 minutes and 168 minutes 3 seconds.
Anushka Shetty as Devasena look regal? He was there in his capacity as president of the Cricket Association of Bengal (CAB). member of the CAC alongside VVS Laxman and Sachin Tendulkar, Khan was then taken to the SSKM Hospital by police, Justice Joymalya Bagchi also set up a team of three doctors from New Delhi AIIMS to again look into the postmortem examination of the deceased, While other celebrities were gauging their responses or remained right-lipped when Dileep was arrested in the case, Remya has been very vocal about her views about the shocking developments in the case.com/sWQUoHeSOa — Yash Raj Films (@yrf) July 18.
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and Architects Association (PEATA) has also written to the civic body questioning the “insistence on the status of the road” for TDR. Proponents and opponents of net neutrality highlight two equally important aspects of the future role of internet in our lives — the right to its content and the incentive to create the infrastructure to access it. There is a detailed regulatory process to determine reserve prices and other features of the auction.