Darby Overseas Investments,Ltd. ("Darby"), the private equity arm of Franklin Templeton Investments,announced that its Darby Asia Mezzanine Fund II ("DAMF II") provided aUS$33.5 million senior secured convertible loan to PECH Holdings LLC, theholding vehicle of Prestolite Electric Beijing Ltd. ("PEBL"), which is theChina-based operating joint venture controlled by Prestolite ElectricIncorporated ("Prestolite"). Proceeds from the transaction were used byPrestolite for corporate purposes. Further details on the transaction werenot disclosed.
pandora beadsFounded in 2001 and based in the Tongzhou District, an eastern suburb ofBeijing, PEBL is the leading full-line provider in China of medium- andheavy-duty alternators and starter motors to both original equipmentmanufacturers and the aftermarket. PEBL offers the broadest line ofheavy-duty alternators in China, and is the largest supplier of alternatorsto both the Chinese bus and truck markets. In addition to starter motorsand alternators, PEBL also supplies related component parts, includingregulators, armatures, rotors, and shafts.
Prestolite, which is based in Plymouth, Michigan, is a major globalmanufacturer of alternators and starter motors sold in the medium- andheavy-duty vehicle, military, and industrial markets. With operations inNorth America, South America, Europe, and Asia, Prestolite providesvalue-added, highly engineered products under the Prestolite Electric,Leece-Neville, and Indiel brand names. Prestolite is primarily owned by afund managed by First Atlantic Capital, Ltd. ("First Atlantic"), a New Yorkbased private equity firm.
David Hudson, Darby's senior managing director for Asia and GlobalInfrastructure, commented: "PEBL is well positioned to take advantage ofstrong prospects in the China medium- and heavy-duty vehicle industry. Weare attracted to PEBL because of its strong leadership, broad offering andinnovative new products."
Joseph Lefave, Prestolite's president and CEO, commented: "Mezzaninefinance is replica breitling an attractive source of long-term capital to supportPrestolite's growth. We are very pleased to take advantage of Darby'sbroad experience in mezzanine financing."
Final equity commitments to the US$254 million DAMF II were completed inOctober 2007. Investors include China Investment and Finance, a subsidiaryof China CITIC Bank; Mizuho Corporate Bank; Franklin Templeton Investments,the Asian Development Bank, KfW, FMO and two funds managed by AXA PrivateEquity.
Darby has been managing mezzanine funds in Asia since 2002. The firm hasbeen a pioneer in providing mezzanine products -- a hybrid of both debt andequity -- to various emerging market regions, including Latin America,Asia, and more recently Central and Eastern Europe. In July 2006 Darby andHana Financial Group, one of Korea's leading financial institutions,announced the closing of their jointly managed Darby-Hana Korea EmergingInfrastructure Fund, which raised KRW580 billion, and is currently 55%invested.
Darby Overseas Investments, Ltd. was founded in 1994 by The HonorableNicholas F. Brady, who served as U.S. Secretary of the Treasury between1988 and 1993. Darby's CEO, Richard Frank, joined the firm in 1997 afterhis career at the IFC/ World Bank. In Replica fendi wholesale 2003 Darby became a fully ownedsubsidiary of Franklin Resources, Inc. (NYSE: BEN), a global investmentmanagement organization operating as Franklin Templeton Investments. Formore information visit
Franklin Templeton Investments provides global and domestic investmentmanagement solutions managed by its Franklin, Templeton
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