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Pegasus Capital Advisors is The First North American PE Buyout Firm Accredited by the Green Climate

Pegasus Capital Advisors, L.P. (“Pegasus”), a leading private equity firm providing strategic growth capital to middle-market companies focused on the sustainability and wellness sectors, announced today its accreditation by the Green Climate Fund (“GCF”). Pegasus is the first North American private equity buyout firm to be accredited by the GCF. As an accredited entity, Pegasus will have the ability to partner with GCF to fund projects and companies that align with GCF’s mission. The GCF was established by the 194 countries who are parties to the United Nations Framework Convention on Climate Change(“UNFCCC”) in 2010. It aims to deliver equal amounts of funding to mitigation and adaptation

Stellex Capital Management Completes Acquisition of Custom Glass Solutions

NEW YORK & LONDON--(BUSINESS WIRE)--Custom Glass Solutions, LLC (“CGS” or the “Company”) was acquired today by affiliates of Stellex Capital Management (“Stellex”), a middle market private equity firm with offices in New York and London. The financial terms of the transaction were not disclosed. Based in central Ohio, CGS is a leading manufacturer of large-format laminated, tempered, value-added glass products used in vocational and recreational vehicle applications. Prior to the transaction, the Company was a subsidiary of Guardian Glass, LLC, which itself is part of Koch Industries, Inc. "We are tremendously excited about the acquisition of Custom Glass Solutions,” said Mike Stewart, Manag

What Happened to Sears and Toys "R" Us?

What's the real story behind the sad disappearance of legacy retailers like Sears and Toys "R" Us, the closing of hundreds of stores and the tragic loss of hundreds of thousands of jobs? Obviously, the retail markets are changing rapidly, with corporate conquistadors like Amazon invading the landscape (though Bill Moyers points out that retailers like Home Depot are still robust). And we don't think a changing landscape is the whole story. The Steelworkers ran an article in July about the workers who lost their jobs at Toys "R" Us, noting that the two private equity companies and a real estate firm were able "to eke $470 million in fees out of the debt-ridden toy store after acquiring it in

Laid-Off Toys ‘R’ Us Workers Find Powerful Ally in Public Pensions

Michelle Perez, a former Toys “R” Us worker and single mother, used to have only a basic understanding of Wall Street. But she recently helped bring one of the world’s most powerful investment firms to heel. Ms. Perez, 28, from Vancouver, Wash., has been traveling the country, putting pressure on the private equity firm Kohlberg Kravis Roberts and the other former owners of the failed retailer to help the 30,000 workers who were laid off this summer with no severance pay. Ms. Perez and her fellow employees found a powerful ally in some of the nation’s largest public pension funds, which supply private equity with billions to invest. In June, Minnesota’s state pension fund halted further inve

Sears Didn’t ‘Die.’ Vulture Capitalists Killed It.

If you’ve been following the impending bankruptcy of America’s iconic retailer as covered by print, broadcast and digital media, you’ve probably encountered lots of nostalgia and sad clucking about how dinosaurs like Sears can’t compete in the age of Amazon and specialty retail. But most of the coverage has failed to stress the deeper story. Namely, Sears is a prime example of how hedge funds and private equity companies take over retailers, encumber them with debt in order to pay themselves massive windfall profits, and then leave the retailer without adequate operating capital to compete. Part of the strategy is to sell off valuable real estate, the better to enrich the hedge fund, and sti

A Progressive Bank Grows, and Ramps Up its Focus on Philanthropy

Amalgamated Bank, a progressive financial institution born from the 1920s labor movement, has been on the move lately, making a series of steps toward expansion that include a growing focus on serving foundations and donors. In just the past year, Amalgamated expanded into San Francisco with a merger, held an initial public offering, launched a foundation and donor advised fund platform, and hired a prominent voice in progressive grantmaking to oversee banking with its philanthropic client base. “We really are trying to pivot away from just being a bank for the New York labor movement to really being a national bank for the progressive nonprofit community,” Keith Mestrich, Amalgamated’s pres

North America's Building Trades Unions Applaud JFK Airport Terminal One Revitalization Plan

October 4, 2018 – Today, Sean McGarvey, President of North America’s Building Trades Unions (NABTU) issued the following statement commending the Terminal One plan to revitalize John F. Kennedy International Airport: “We commend New York Governor Andrew Cuomo for his announcement today on the new $13 billion Terminal One plan to revitalize JFK Airport. “This project was awarded to a team including Ullico, along with the Carlyle Group and JLC Infrastructure. It will allow the pension funds of our hardworking members to invest in critical infrastructure and put over 4,000 union members to work, while also supporting 8,000 permanent jobs upon completion. “The Terminal One rebuild will also allo

Solar-power plant planned for southwestern Ohio would be state’s largest

Note from Heartland: We are proud to share the accomplishments of our friends at Hecate Energy. They are developing a 300 MWac solar PV project in Highland County, Ohio. Pending regulatory approvals, they expect it to be operational by the end of 2021. The reason why Hecate Energy wants to build in Highland County near the village of Mowrystown? It’s the sunniest part of Ohio. A Chicago-based company wants to build what would be Ohio’s largest solar power generating plant in the southwestern part of the state. The reason why Hecate Energy wants to build in Highland County near the village of Mowrystown? It’s the sunniest part of Ohio. The company plans to build a 300-megawatt power plant on

Appalachia Could Get a Giant Solar Farm, If Ohio Regulators Approve

AEP's plan would bring jobs to an impoverished region, but its structure would break the established regulatory mold in a state that has pushed back on renewables. Appalachian Ohio, a region hurt by the decline of coal, may become home to one of the largest solar projects east of the Rockies. American Electric Power submitted a plan Thursday evening to work with two developers to build 400 megawatts of solar in Highland County, Ohio. It would more than triple the state's current solar capacity and be a big step forward for solar energy in a part of the country where renewable energy has been slow to develop. AEP says the plan would save consumers $218 million over 20 years because solar powe

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