| Fri 17 Apr 2009, 16:31 | | REI - Reinet Investments S.C.A. Depositary Receipts - (Correction) (Lehman |
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REI
REI
REI - Reinet Investments S.C.A. Depositary Receipts - (Correction) (Lehman
Brothers` Merchant Banking Business Jointly Acquired By Reinet And
Current Management Team
Reinet Investments S.C.A. Depositary Receipts
issued by Richemont Securities AG
(Incorporated in Switzerland)
ISIN: CH0045793657
Depositary Receipt Code: REI
CORRECTION OF THE ANNOUNCEMENT:
PRESS RELEASE
17 APRIL 2009
LEHMAN BROTHERS` MERCHANT BANKING BUSINESS JOINTLY ACQUIRED BY REINET AND
CURRENT MANAGEMENT TEAM
Reinet Investments S.C.A., through its wholly-owned subsidiary Reinet Fund
S.C.A. F.I.S., and the current management team of Lehman Brothers Holdings
Inc.`s Merchant Banking business have completed the acquisition of the assets of
Lehman Brothers` Merchant Banking business. Reinet and the management team have
created a new entity, which has been named Trilantic Capital Partners
(`Trilantic`). Trilantic will manage approximately $3.3 billion in portfolio
assets through the two former Lehman Brothers funds - Fund III and Fund IV (`the
Funds`).
Through the transaction, which has been approved by the Funds` limited partners,
Reinet has purchased a 49% stake in Trilantic for $10 million and will take over
Lehman Brothers` $230 million of un-invested limited partner commitments to Fund
IV. The management team will own the remaining 51% of the partnership.
Charles Ayres, former managing director and head of global merchant banking for
Lehman Brothers, will manage the new entity along with his four other partners:
E. Daniel James, Joseph Cohen, Vittorio Pignatti-Morano and Javier Banon.
Johann Rupert, Executive Chairman of Reinet, said:
"Alan Quasha, principal of Quadrant Management and Vanterra Capital, played the
key role in leading the transaction. Without his experience and diligence the
deal would not have closed. Alan will serve on Trilantic`s Investment Committee.
The former Lehman Brothers franchise and closely knit team provide a strong
platform with significant uncommitted capital at a time of great investment
opportunities in the private equity middle market."
About Trilantic
Trilantic Capital Partners manages funds that seek significant long-term capital
appreciation through direct investments in established operating companies in
partnership with management. The funds invest in companies with sound business
fundamentals, proven operating teams and a compelling business strategy. Since
1986, the Trilantic management team has raised and managed four institutional
funds and several employee investment vehicles, with total committed capital in
excess of $8.0 billion. To date, the Global and Europe Funds IV have made
investments of some $800 million in aggregate. Further commitments by limited
partners to invest in the funds currently amount to some $1.7 billion.
About Reinet
Reinet Investments S.C.A. is a partnership limited by shares incorporated in the
Grand Duchy of Luxembourg. Reinet Investments holds the entire ordinary share
capital of Reinet Fund S.C.A. F.I.S., a specialised investment fund holding
assets with a current aggregate value of some Euro 2 billion. The investment
will be made through Reinet Fund S.C.A. F.I.S.
Reinet shares are listed on the Luxembourg Stock Exchange and Reinet South
African Depository Receipts are listed in Johannesburg.
Reinet Investments Manager S.A.
for and on behalf of Reinet Investments S.C.A.
Website: www.reinet.com
Sponsor
RAND MERCHANT BANK (a division of FirstRand Bank Limited)
Date: 17/04/2009 16:31:34 Produced by the JSE SENS Department.
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