N&Q: Family business sells out to private equity group; family office deals…

Succession leads to sale of family business

Pronovias, a Spanish bridal fashion group, has been sold to London-based private equity group, BG Partners. The deal was partly done because the current owner, Alberto Palatchi, was unable to secure a family successor for the business, according to local press reports. Palatchi will continue to own 10% of the business and sit on the board.

Family office deals

Bill Gates’ Cascade helps fund trucking venture

Cascade Investment, Bill Gates’ investment group, has helped to fund a Seattle-based startup called Convey, which aims to be the Uber of the trucking industry. Other big backers include the venture capital group set up by Jeff Bezos, the founder of Amazon, called Bezos Expeditions, and Dara Khosrowshahi, the CEO of  Expedia.

RadioShack bought by family office

According to a Reuters report, which quoted sources close to the deal, RadioShack has been acquired by Kensington Capital Holdings, a family office based in the suburbs of Boston. The report said the famous US brand, which had filed for bankruptcy protection two years ago, had already owed Kensington $23 million.

Chinese family office backs AI company

Liulishuo, a China-based artificial intelligence and education startup, has received backing from Beijing-based family office, Wu Capital, the family office of Yajun Wu, the chairwoman of Longfor Properties.