пятница, 14 сентября 2012 г.

John Featherstone set a benchmark for newspapers. - The Star (South Africa)

John Featherstone, who died yesterday at the age of 74 after a long illness that he bore with his customary fortitude, was a legend in the South African newspaper industry.

The word legend has become seriously devalued in modern times, but John was the real deal.

An introvert, he would oversee some of the most fundamental innovations not just for what would become Independent Newspapers, but for the newspaper industry as a whole, the legacies of which we still benefit from today.

He was the architect of what is today Independent Newspapers KwaZulu-Natal, which was created by his acquisition of the privately owned Mercury into the then Argus group to form what became Natal Newspapers, all of which he then successfully relocated out of the Durban city centre to purpose-built premises on the outskirts of the Greyville race track, where they are today.

In doing so, he laid the commercial foundations for the continued existence and success of not just The Mercury, but also the Daily News.

In Johannesburg, I worked with him several years as he laid the groundwork for what would become Allied Publishing, the first ever jointly owned newspaper collective in the country, distributing the newspapers of the three English language newspaper houses nationally every day, seven days a week.

John was the man who, with Terry Moolman and Stephen Mulholland, stepped in to forge Times Media Limited out of the ashes of the old South African Associated Newspapers company in 1986. Today, that company is Avusa, governed still by the basic philosophy and strategy that they crafted to rescue a very proud newspaper group from financial disaster.

He also served as the managing director of Caxton and CTP Holdings, working hand in hand with Moolman, probably one of the biggest South African newspaper figures of them all.

In our own company, John Featherstone struck up the first ever property joint venture between real estate companies and newspapers when he author-ed the property supplement in the Weekend Argus with the then giants of Cape real estate, Cecil Golding and Samuel Seeff. That agreement later became the blueprint for the company that we crafted between real estate agents and the Saturday Star.

John lived and breathed newspapers. If there was ever anyone who had ink in his veins, it was him. He was an intensely private man who would spend an incredible amount of time in contemplation rather than bantering with colleagues, and it was this capacity for deep thought that provided the wellspring for his foresight.

As a thinker and a strategist, he was always able to apply his incredible financial and business acumen to practical problems.

The difference, though, bet-ween him and others was that John had the drive to ensure the plan was fully executed and not left to gather dust in a drawer.

Many might have thought him aloof, but nothing could have been further from the truth; instead he was determined to do whatever he could to protect and develop the company he worked for, and ultimately led with such distinction, as well as the newspaper industry in the country.

On the dawn of the new democracy and the liberation of South Africa, John was a vital member of the executive team at the Argus Printing and Publishing company which oversaw the sale of a controlling interest in the company to Irish businessman Sir Anthony O'Reilly.

His abilities soon shone through.

When I spoke to Sir Anthony yesterday, he said John Featherstone had been the first man he'd met at the beginning of the discussions to buy into the country.

'I was immediately struck by his integrity of purpose and the quality of his negotiating skills,' O'Reilly remembered yesterday.

'He made a very important contribution to Independent Newspapers - worldwide - both through his involvement in the South African company and as a director on the international board.'

John retired in 1996. It wasn't his time to go, but his ill health left him with no option.

He bore his illness with fortitude and grace, but privately he was tormented by the frustration of wanting to contribute more and being unable to do so. It was as great a loss for us as a company as it was for him.

He'd originally intended to train as an actuary on leaving school, but chose a career in newspapers by becoming a cub finance reporter before switching over to management as his career progressed. Who knows just what he could have achieved if he had continued with actuarial science?

Instead, even after his retirement, he would journey to Johannesburg where he sat as a member on our company's pension fund and where his contributions were immense, playing no small role in ensuring that the fund remained a top achiever for years.

We mourn as a company at his passing.

In an industry of giants, commercially and editorially, John Featherstone was right at the top and he set the benchmark, intellectually, professionally and ethically, for all who follow.

PM says Labour is economy champion.(Business) - The Birmingham Post (England)

Byline: John Revill Business Staff

The Prime Minister yesterday declared New Labour is synonymous with business.

During a rare foray into the economic sphere dominated by Chancellor Gordon Brown, Mr Blair said the fundamental elements of the Labour Government's approach to the economy were stability in macroeconomic management, a competitive tax regime, flexibility in labour, capital and product markets and the rejection of protectionism.

He acknowledged that these have traditionally been seen as positions of right-of-centre parties, but said it was now natural for Labour to be the pro-business party.

Mr Blair told his audience of City bankers: 'These basic rules -macro-economic stability, competitive tax rates, flexibility and free trade -are clear.

'Break them and your economy suffers.

'They used to be more naturally associated with right-wing politics. Today, they are part of the agenda of a modern progressive centre-left.

'As Gordon Brown showed last week, it is now axiomatic for New Labour to be pro-stability, pro-business and pro-enterprise.'

Tax as a proportion of GDP had been lower under his administration than in most of Margaret Thatcher's period in office, and remained 'way below' the EU average, he said. He was critical of European 'inflexibility' reflected in Brussels directives on working hours, agency workers and investment services and indicated that the Government would continue to oppose tax harmonisation in Europe.

The Prime Minister said last week's Budget represented a clear unity of purpose across the Government.

'This is the British path to prosperity: to keep our hard-won economic stability but then to add to it, the investment allied to reform in education, science and technology. Not just in our schools, but across our workforce.'

The Prime Minister also pledged to increase Government support for education, science and technology to improve Britain's competitive edge in a ever changing world.

Alongside investment in education and training, backing for science will be the key contribution Government can make to ensuring the UK's long-term economic health, he insisted.

A ten-year programme to be unveiled this summer will guarantee a rising share of gross domestic product (GDP) invested by the Government in science and innovation, he said. Mr Blair said previous governments had a mixed record when it came to research and development.

'Science and technology are no longer optional extras to be cut back in hard times,' said Mr Blair. 'They are the wellsprings of future prosperity.'

TA Associates to Acquire Vatterott Educational Centers from Wellspring Capital Management. - Real Estate & Investment Week

Vatterott Educational Centers, Inc. ('Vatterott' or 'the Company') announced that TA Associates ('TA') and management have entered into an agreement to acquire the Company from Wellspring Capital Management ('Wellspring').

Vatterott, headquartered in St. Louis, Missouri, is one of the leading providers of career-oriented post-secondary education in the United States. Vatterott offers a diversified range of diploma programs, associate degrees and bachelor degrees in advanced trade industries, allied health, culinary arts and computer technology. The Company serves more than 7,500 students annually on 22 campuses across nine midwestern states. The Vatterott management team, led by chief executive officer Pam Bell, will continue to lead the Company under TA's ownership.

Ms. Bell said, 'Wellspring was instrumental in helping Vatterott position itself for its next stage of development. We look forward to working with TA as we continue to provide outstanding programs for the growing number of students who seek practical job-focused education to learn a new trade and gain meaningful employment in this tough economic environment.'

Under Wellspring's ownership, Vatterott has grown into a leading career school. Over the past six years, Wellspring revamped Vatterott's real estate portfolio, built a world-class technological infrastructure, diversified its program curriculum and assembled a 'best in class' management team led by Ms. Bell.

William F. Dawson, Jr., a Managing Partner of Wellspring Capital said, 'Vatterott has been a very successful investment for Wellspring and is a terrific example of our ability to develop and transform businesses in our portfolio. While Vatterott was a well-regarded school with good market share when we acquired it, we were able to grow the Company from a narrowly focused family business into a professionally administered institution. We believe Vatterott will continue to thrive under TA's ownership. We wish Pam Bell, her management team and the people of Vatterott continued success in the future.'

Jeffrey S. Barber, a Managing Director of TA Associates said, 'We are excited to partner with the Vatterott management team to build upon the school's mission to provide quality student-centric, career-focused training. We believe the school provides its students a unique offering of high-quality education and job training across a wide range of in-demand programs.'

The transaction, which is expected to be completed in the fourth quarter, is subject to certain regulatory approvals and customary closing conditions.

BMO Capital Markets served as financial advisor to Vatterott with respect to this transaction. Paul, Weiss, Rifkind, Wharton & Garrison LLP is acting as legal counsel and Dow Lohnes PLLC as regulatory counsel to Wellspring and Vatterott. Goodwin Procter LLP is acting as legal counsel and Powers Pyles Sutter & Verville PC as regulatory counsel to TA. About Vatterott Educational Centers, Inc. St. Louis-based Vatterott was established in 1969 and currently operates twenty two (22) campuses in Ohio, Illinois, Tennessee, Missouri, Iowa, Nebraska, Oklahoma, Kansas and Texas. Vatterott provides post-secondary diploma, associate degree and bachelor degree vocational training programs. About Wellspring Capital Management Wellspring Capital Management, founded in 1995, is a leading middle-market private equity firm that manages more than $2 billion of private equity capital. The firm's objective is to bring partnership, experience and value creation to each investment. By teaming up with strong management, Wellspring is able to unlock underlying value and pursue new growth opportunities through strategic initiatives, operating improvements and add-on acquisitions. The firm functions as a strategic rather than tactical partner, providing management teams with top-line support, M&A experience and financial expertise, and access to resources. About TA Associates Founded in 1968, TA Associates is one of the largest and most experienced private equity firms. The firm has invested in nearly 400 companies and manages more than $16 billion in capital. With offices in Boston, London, Menlo Park and Mumbai, TA Associates leads buyouts and minority recapitalizations of profitable growth companies in the technology, financial services, business services, healthcare and consumer industries. More information about TA Associates can be found at www.ta.com.

Keywords: Education, Continuing, Other Education, Professional Services, Banking, Finance, Education, Capital Markets, Computers, Education, Finance, Financial, Financial Services, High Quality Education, Investing, Investment, Private Equity, Real Estate, Secondary Education, Technology, Wellspring Capital Management and Vatterott Educational Centers Inc. and TA Associates.

Wellspring Cashes in on Education Sale.(News) - Mergers & Acquisitions Report

Byline: Ken MacFadyen

Wellspring Capital Management exited its investment in Vatterott Educational Centers after a six-plus year holding period. TA Associates, which closed a $4 billion fund last month, is the buyer, paying an undisclosed amount for the St. Louis-based post-secondary education provider.

Vatterott operates 22 campuses across nine Midwestern states, offering a range of programs, including both associate and bachelor degrees in advanced trades, allied health, culinary arts and computer technology. Wellspring acquired the company in 2003 for a reported $105 million.

A Wellspring representative would not comment on returns, although outwardly the deal appears to be a solid homerun for the firm. Earlier this year, sister publication Investment Dealers' Digest reported that Wellspring was able to line up $90 million of senior financing for Vatterott in a dividend recapitalization that allowed the firm to recoup more than $40 million in proceeds.

For TA Associates, the investment marks a return into the education space, a sector that has served as one of the few bright spots for PE investors. Warburg Pincus, for instance, scored a partial exit of its investment in Bridgepoint Education, floating the company earlier this year, while Chicago Growth Partners and ClearLight Partners sold US Education Corp. last year in a strategic deal that reportedly more than tripled the firms' investment.

Meanwhile, on the acquisition front, Sterling Partners took a control stake in the Paul Green School of Rock Music in July, while Veronis Suhler Stevenson, the same month, agreed to merge its Cambium Learning platform with Voyager Learning in a deal that allows VSS to maintain a control stake in the combined company.

USPTO ISSUES TRADEMARK: WELLSPRING SCHOOL OF ALLIED HEALTH - US Fed News Service, Including US State News

ALEXANDRIA, Va., July 9 -- The trademark WELLSPRING SCHOOL OF ALLIED HEALTH (Reg. No. 3991219) was issued on July 5 by the USPTO.

Owner: Well-Spring Resources, Inc. CORPORATION MISSOURI 9140 Ward Pkwy., Suite 100 Kansas City MISSOURI 64114.

The trademark application serial number 85127341 was filed on Sept. 10, 2010 and was registered on July 5.

Goods and Services: Medical training and teaching services for the allied health professions in the fields of athletic trainer, certified nurse assistant, paramedic, exercise physiology, health administration, health information technician, massage therapist, medical assistant, medical coder, nutrition and dietetics counseling, personal trainer, phlebotomist, physical therapist, radiation therapist, ultrasound technician. FIRST USE: 20101000. FIRST USE IN COMMERCE: 20101000

Massage therapy services. FIRST USE: 20101000. FIRST USE IN COMMERCE: 20101000