Acquisitions Monthly articles from November 2002

Acquisitions Monthly archives from November 2002

PE disclosure floodgates set to open. (Insight).
November 1, 2002... The performance of individual private equity vehicles has always been difficult to gauge, subject as it is to confidentiality agreements between the general partner and its individual shareholders. The whole area is also blighted by the...

Synopses of the largest global deals in October 2002. (Market intelligence).
November 1, 2002... FRANCE: Vodafone AG of Germany, a unit of Vodafone Group PLC, agreed to acquire a 26% stake in telecoms operator Cegetel Group SA, from BT Group, increasing its holding from 15% to 41%, for 4bn [euro] (US$3.95bn). Concurrently, Vodafone agreed...

Legrand. (M&A capital markets round-up).
November 1, 2002... Mandated lead arrangers CSFB, Lehman Brothers and Royal Bank of Scotland have closed the second senior syndication of the 2.22bn [euro] loan backing the buyout of French electrical engineering firm Legrand. At this level 18 banks joined as...

Jefferson Smurfit. (M&A capital markets round-up).
November 1, 2002... The second sub-underwriting phase of the 3.675bn [euro] buyout financing for Jefferson Smurfit is drawing a strong response from the market, with all the 11 banks that joined in the first sub-underwriting phase already below their target final...

Telediffusion de France. (M&A capital markets round-up).
November 1, 2002... Syndication of the 1.34bn [euro] senior debt for transmission towers business Telediffusion de France is steadily gaining commitments through BNP Paribas and Citibank/SSSB. The deal has seven firm sub-underwriting commitments, with at least two...

Elis. (M&A capital markets round-up).
November 1, 2002... Mandated lead arrangers CIBC World Markets and Credit Agricole Indosuez will close books on syndication of the 1.2bn [euro] debt package backing PAI's secondary buyout of Elis. Twenty-one banks and institutions have committed to the 910m [euro]...

Cesky Telecom. (M&A capital markets round-up).
November 1, 2002... The debt financing backing the 1.82bn [euro] LBO of a 51.1% stake in Cesky Telecom by Deutsche Bank Private Equity and TDC is now unlikely to launch to market until early next year, through mandated arrangers Citibank/SSSB, ING and JP Morgan....

Demag. (M&A capital markets round-up).
November 1, 2002... The sub-underwriting phase of the 1.225bn [euro] LBO financing backing KKR's buyout of Demag Holdings from Siemens has drawn a better than expected response from the market, with between 12 and 15 banks joining the deal through mandated lead...

Coral Eurobet. (M&A capital markets round-up).
November 1, 2002... Banks have now signed the 495m [pounds sterling] senior debt facilities supporting the secondary MBO of Coral Eurobet, through mandated lead arranger Lehman Brothers. Following a 40% oversubscription in the second sub-underwriting...

Green Property. (M&A capital markets round-up).
November 1, 2002... Bank of Scotland and Merrill Lynch have been mandated to arrange the debt financing backing the 1.05bn [euro] MBO of Irish property company Green Property. Syndication will take place in two take-and-hold phases. Tickets of 80m [euro] to...

Ferretti. (M&A capital markets round-up).
November 1, 2002... Ferretti, the luxury yacht builder, is in the process of being taken private by Permira. Mediobanca will underwrite and arrange the supporting loan, which is likely to be syndicated. The bank is also advising Permira on the sale. Permira...

Iberdrola. (M&A capital markets round-up).
November 1, 2002... The six banks mandated for the 1.5bn [euro] financing of CVC Capital Partner's 577m [euro] buyout of Iberdrola are ABN AMRO Bank (joint books), Banesto, BBVA (joint books), Credit Agricole Indosuez (documentation agent), Dresdner Kleinwort...

Esselte. (M&A capital markets round-up).
November 1, 2002... Mandated lead arranger UBS Warburg has completed syndication of the US$435m leveraged financing for Swedish office supplies manufacturer Esselte. RBC Capital Markets joined the deal as senior co-arranger and sub-underwriter of the debt...

Nocibe. (M&A capital markets round-up).
November 1, 2002... BNP Paribas is arranging the debt financing supporting the Bridgepoint Capital and TCR Industrial Managers-sponsored MBO of French luxury perfume and beauty retailer Nocibe. Proceeds will also partly repay existing debt of the Nocibe Group....

Encouraging increase in activity: average premia over share price one day and one month before the offer or bid talks were announced during Q3 were 29% and 37% respectively. (Market intelligence).
November 1, 2002... In contrast with previous 2002 quarterly surveys, the third quarter saw an encouraging increase in eligible activity and resulted in 22 completed transactions. While being the highest quarterly total this year and a step in the right direction,...

Few bright spots for head-hunters: only a handful of European firms have been hiring corporate financiers this year, and there have been very few new entrants to the sluggish M&A market. (Institutions).
November 1, 2002... This has been a cruelly bad year for head-hunters. As a glance at the table below will show, the bulge-bracket US investment banks have avoided recruiting as far as possible in 2002 and instead have been concentrating on their well-publicised...

Whose heads are being hunted? "What are the main challenges you are currently facing in terms of finding the right corporate financiers/dealmakers for your clients? (Corporate viewpoints).(Panel Discussion)
November 1, 2002... "One of the current challenges is to find senior level corporate financiers with excellent specific sector experience who are comfortable originating mandates across a number of different product areas, such as debt, equity and M&A....

CD&R steps up operations in Europe: US PE firm has recruited three people in Europe in the last few months. (Institutions).(Clayton Dubilier & Rice )
November 1, 2002... US private equity firm Clayton Dubilier & Rice (CD&R) has made three hires in London recently, bringing the number of professionals in Europe to 10. The firm had been relatively quiet in Europe until June 2002, when it backed the 434m...

Shacklock quits Dresdner Kleinwort Wasserstein. (Institutions).
November 1, 2002... Tim Shacklock, deputy chairman of Dresdner Kleinwort Wasserstein (DrKW) and long-time head of the corporate finance department, resigned last month. Shacklock, who was seen as the leading light of the firm's M&A capability, quit just two weeks...

Permira gets serious in France: Philippe Robert joins from CSFB as head of the Paris office. (Institutions).
November 1, 2002... This year's rapidly growing French buyout market has prompted private equity firm Permira to beef up its hitherto small Paris office. Following the recruitment of a new partner, Robert Van Goethem from Schroder Salomon Smith Barney, earlier in...

Sassoon leaves UBS Warburg for HM Treasury. (Institutions).
November 1, 2002... James Sassoon, vice-chairman of investment banking at UBS Warburg, is to move to the UK Treasury as managing director of Finance, Regulation and Industry. Sassoon joined SG Warburg in 1985, since when he has been heavily involved in the bank's...

Schneider/Legrand and Tetra/Sidel: hidden flaws in EU mergers revealed: inadequate resources, tight time limits and a lack of proper economic focus, along with an increased case load explain much. (Legal and Regulatory).
November 1, 2002... The double defeat suffered by the European Commission in Schneider/Legrand and Tetra/Sidel, together with the defeat last July in Airtours, has generated lots of hype. The Commission's Merger Task Force (MTF) has been condemned for its apparent...

Retail holds up in depressed market: M&A activity in the retail sector remained buoyant throughout the first nine months of 2002. What is going to happen in 2003? (Retail focus).
November 1, 2002... The retail sector has been an area of solace for advisers amid all the turmoil that has blighted M&A activity over the past year. The first three quarters of 2002 saw further significant consolidation in retail, following the announcement of...

MacLaurin foresees cross-border retail deals: Ian MacLaurin, the former Tesco chairman, says overseas companies are the likeliest buyers of UK supermarkets. (Retail focus).
November 1, 2002... Lord MacLaurin, the former chairman of Tesco who is now chairman of Vodafone, sees little prospect of consolidation among UK supermarkets in the short term. But he acknowledges that overseas buyers could step in. "Tesco, Sainsbury, Asda...

Granada-Carlton are go! Granada and Carlton, the later makers of the series Thunderbirds and Captain Scarlett, have agreed a 2.6bn [pounds sterling] (US$4bn) merger, tying together the two major stakeholders in the UK's commercial ITV network. (TMT sector report).
November 1, 2002... The talk of a merger between the UK's two biggest broadcasters, Granada and Carlton Communications, is as familiar as the Thunderbirds theme tune. But the endless chatter finally turned into a deal on October 11, when Granada and Carlton issued...

Vodafone bids for Cegetel. (TMT sector report).
November 1, 2002... In the telecoms sector, the deal of the month was unquestionably Vodafone Group's US$13.1bn bid for complete control of Cegetel, which owns most of France's prized SFR mobile phone network. The October 16 deal was something of a comeback for...

Logica and CMG: not a good idea? (TMT sector report).
November 1, 2002... The merger between Logica and CMG is on course to be finalised by the end of the year, creating a 1bn [pounds sterling] (US$1.5bn) systems integration and wireless messaging software company. It would be the third largest publicly listed...

TXU is victim of new regulation: the quick-fire sale of TXU Europe's retail business and three UK coal-fired power stations to powergen for a total consideration of just over 1.6bn [pounds sterling] dominated acquisition activity in the utility sector in October. (Utilities sector report).
November 1, 2002... The TXU fire sales last month had to be concluded in about a week to prevent the industry regulator assigning TXU's 5.5 million base of gas and electricity customers to a new "supplier of last resort". The company veered towards administration...

Eastern Europe beckons. (Utilities sector report).
November 1, 2002... Distribution companies in Eastern Europe are becoming the focus of considerable acquisition interest for their Western European counterparts, with the sale of strategic stakes in network operators in Poland and Slovakia totalling more than 500m...

The unpredictable Guinness Peat: activist fund manager engineers a reverse takeover and throws in a demerger for good measure. (FIG sector report).
November 1, 2002... Guinness Peat Group (GPG), the unabashedly activist fund management group led by New Zealander Sir Ron Brierley, last month announced a complex reverse takeover deal that reflects GPG's penchant for the unusual and the unpredictable. It had...

Monthly sector analysis: this sector analysis includes acquisitions and buyouts announced between 1 October and 31 October. UK public offers completed between these dates are included, whereas new and pending offers are excluded. The transactions are classified according to the US SIC code identifying the industry sector in which the target company is principally engaged. (Monthly Sector Analysis).
November 1, 2002... Monthly Sector Analysis Seller--activity Bidder--activity 10: MINING 1041: Gold ores High Desert Mineral Resources Newmont Mining Corp (US)--Gold, (CA)--Gold mining company coal...

Moving in the mid-markets (US$500m-US$30m). (Overview).
November 1, 2002... Sector watch: Manufacturing 45 The aerospace and defence sub-sector looks promising St Ivel proves a smooth deal for Uniq 47 Uniq sells its spreads business with ease as Mcqueen makes its debut Concert Party eyes...

Sector watch: manufacturing: the manufacturing sector has proved a constant mid-market industry over the last year, but it is the aerospace and defence sub sector that is likely to prove the most promising. (Moving in the mid-markets).
November 1, 2002... Mid-cap manufacturers have been in evidence in the M&A market across Europe throughout the year. Last month was no exception. It saw Aga Foodservice acquire French bakery equipment Group Bongard, from 3i for 55m [euro]. Rothschild advised...

Mid-market M&A movers meet in Prague.
November 1, 2002... Leading M&A practitioners from more than 30 countries met last month in Prague for the second M&A Mid-Market Forum. This annual event is organised by Acquisitions Monthly in association with M&A International, a global network of mid-market...

St Ivel proves a smooth deal for Uniq: Uniq sells its spreads business with ease as McQueen makes its debut. (Moving in the mid-markets).
November 1, 2002... The 86.5m [pounds sterling] (US$135m) sale of St Ivel Spreads by UK-based Uniq to Dairy Crest was a surprisingly smooth transaction in the current market conditions, enabling McQueen, the new corporate finance boutique, to enjoy a successful...

Concert party eyes performance at The Ivy. (Moving in the mid-markets).
November 1, 2002... There is still, at the time of writing, a chance that the battle for UK-based Signature Restaurants, the owner of one of London's most famous restaurants, The Ivy, might not end in a management buyout. The vehicle Pinco 1771, led by Signature's...

Is there a UK market for sponsorless mezzanine? As the use of warrantless mezzanine becomes more popular among private equity houses, will the UK mid-market follow the US down the road of high-risk sponsorless mezzanine with guaranteed warrants? (Moving in the mid-markets).
November 1, 2002... It is generally accepted that mezzanine debt as an asset class has come of age. This has been helped by the scarcity of senior debt and a pick-up in the larger buyout arena during the second half of this year. The current weakness of the...

Behind the buyouts. (MBO Supplement).
November 1, 2002... Candover and Cinven pay 600m [euro] for Kluwer 51 Permira chalks up first PTP in Italy 52 General Electric shelves private equity unit 52 Covenant gets a face lift 53 Phoenix Private Equity partners bolts on cosmetic surgery...

Candover and Cinven pay 600m [euro] for Kluwer: Cinven and Candover, with long track records of investing in the publishing and media industry, have acquired Wolter Kluwer's academic publishing arm. (Buyout of the month).
November 1, 2002... Private equity houses Candover and Cinven have reached an agreement in principle to buy Kluwer Academic Publishers (KAP), the academic publishing arm of Dutch publishing giant Wolters Kluwer for 600m [euro]. Barclays Capital has been mandated...

Permira chalks up another "first" in Italy: Permira has become the first private equity firm to back a public-to-private buyout in Italy. (Behind the buyouts).
November 1, 2002... The UK-based private equity firm, Permira, has become accustomed to pioneering deals in Italy. In the late 1980s, Schroder Ventures, as it was known, raised the first fund dedicated to Italy, worth 55m [euro], and backed the first ever buyout....

General Electric shelves private equity unit. (Behind the buyouts).
November 1, 2002... General Electric has become the latest corporate to rid itself of its private equity unit. The group announced that GE Equity, which invests directly into private businesses as well as making commitments to other third-party funds, is to be...

Covenant gets a face lift: Phoenix Private Equity partners bolts on cosmetic surgery business. (Behind the buyouts).
November 1, 2002... Covenant Healthcare, a management buy-in vehicle backed by Phoenix Private Equity, has acquired Transform, the UK's largest plastic surgery business. The acquisition comes hot on the heels of the acquisition of Abbey Hospital, which it...

KKR completes second Siemens deal. (Behind the buyouts).
November 1, 2002... US buyout house Kohlberg Kravis Roberts (KKR) completed its second acquisition of Siemens assets in as many months as the Munich-based company continues its divestment programme. The complex deal involves merging three network solution...

At the sharp end of the business: life has become tougher for its private equity firms. Nowhere is this more apparent than in the auction process. (Private Equity Column).
November 1, 2002... Both vendors and purchasers are feeling the chill wind of economic slowdown and as commercial uncertainty has increased, so have auctions become more fraught, expensive and much harder to win in recent months. Only this summer one of...

Coller rounds off largest secondary fund. (Fund of the month).
November 1, 2002... In today's grim climate, Coller Capital has exploited the counter-cyclical nature of secondary investing to smash its initial fundraising target. Coller International Partners IV, as the fund is known, initially set out to raise US$1bn and...

BPEP rounds off Asian Fund II. (Behind the buyouts).
November 1, 2002... Baring Private Equity Partners (BPEP) has announced the final closing of the Baring Asia Private Equity Fund II at US$257m. The vehicle will invest across North Asia, specifically in Hong Kong, Taiwan, China, South Korea and Japan as well as...

Sondex in secondary buyout. (Exits).
November 1, 2002... The integrated finance team at the Bank of Scotland has structured a debt and equity package to acquire Sondex in a 32.5m [pounds sterling] secondary buyout from Bridgepoint Capital which initially acquired the company in 1998. Sondex...

Nordic to sell Nycomed. (Exits).
November 1, 2002... Nordic Capital has agreed to sell Danish pharmaceutical company Nycomed to an investor group led by CSFB Private Equity. CSFB is joined in the acquisition by Blackstone Capital Partners and NIB Private Equity, in a deal that is expected to...

Duke Street plans partial exit from Focus. (Exits).
November 1, 2002... Following the failed IPO effort earlier this year, Duke Street Capital is reportedly considering selling part of its interest in Focus Wickes to a rival private equity firm. According to press reports, the company is looking to offload...

Nordic Mezz targets 200m [euro] for fund two. (Funds).
November 1, 2002... Nordic Mezzanine, the Finnish mezzanine debt provider, has launched a successor to the Nordic Mezzanine Fund, which raised 100m [euro] in 1999. The aim is to raise in excess of 200m [euro] with Nordic Mezzanine Fund II and it will target...

Pantheon raises third Asian vehicle. (Funds).
November 1, 2002... Pantheon Ventures, the global fund-of-funds business, has closed its third fund with a mandate to invest in private equity funds in Asia. While Pantheon began investing in the region in 1983, it did not raise its first Asian fund-of-funds...

Messier looks to private equity. (Funds).
November 1, 2002... Although he is being uncharacteristically shy, it is understood that former Vivendi boss and deal junkie Jean-Marie Messier is in the process of launching his own private equity operation. The controversial Frenchman, whose tenure at Vivendi is...

US firm closes first external offering. (Funds).
November 1, 2002... The Jordan Company has held a first and final close on its debut external fund. The New York-based firm has invested in mid-market buyout deals for more than two decades, through a closed-end investment trust listed on the London Stock...

Nordic region goes local: Denmark proves a more resilient contender than Sweden in the M&A arena as the Nordic region look inwards towards its local market. (Nordic region).
November 1, 2002... Local consolidation is the order of the day in the Nordic region this year. The building of a pan-Nordic platform, followed by European expansion, has lost its appeal, as the region becomes more insular and companies move back into familiar...

M&A deal data.
November 1, 2002... Benelux Target Bidder Banimmo SA (Prudential Investor Group (BE)--Investor Insurance Co Of America) group (BE)--Provide real estate management services Sales ($):...

New bids for UK public companies.
November 1, 2002... Definitions: ECM Adviser: The name of the firm providing equity capital markets advice. EPS(p:Earnings per share, in pence, as reported by the company at the accounting year end. Announcement Date--The date of the bidder's...

Pending bids for UK public companies.
November 1, 2002... Target Bidder P&O Princess Cruises PLC--Own, Carnival Corp (US)--Own, operate operate cruise ships cruise lines Financial Schroder Financial Merrill Lynch Adviser:...

Completed bids for UK public companies.
November 1, 2002... Target Bidder Lattice Group PLC--Gas utility National Grid Transco PLC (UK)-- Electric utility; holding company Financial JP Morgan/ Financial ...

Acquisitions of UK private companies.
November 1, 2002... The UK Private section comprises transactions with a UK target, with no listing, and with no corporate divestor. Deals are announced within the month. Previously (October 1998 issue and earlier) this section would have included UK...

UK Divestments.
November 1, 2002... UK Divestments Target Bidder Aquila Inc (US)--Electric and gas Undisclosed Acquiror Unknown-- utility Unknown SUB/DIV BEING SOLD: Aquila-UK Gas Storage...

Target rest of Europe.
November 1, 2002... Target Bidder ABB Export Bank-Residential Mortgage Zuercher Kantonalbank (SW) Transactions Unit (SW) --Provide mortgage services --Bank Sales ($): n/a Net Profits ($): Sales ($):...

Domestic North American acquisitions.
November 1, 2002... Target Bidder 1st Constitution Bancorp, Cranbury, Greater Community Bancorp (US) New Jersey (US) --Commercial bank --Commercial bank; bank holding ...

European acquisitions in North America.
November 1, 2002... Target Bidder Property & Rothermere Portfolio Investments (UK) Research LLC (US) --Publish --Provide real ...

European acquisitions in Asia.
November 1, 2002... Target Bidder CMS Energy Corp- CEPSA (SP) Colombian --Oil refining Exploration Assets (CO) --Oil and gas exploration, production Sales ($):...

Minority Stakes.
November 1, 2002... This section lists international acquisitions of minority stakes in companies with value of US$50m or more, possibly with a view to obtaining control. Situations concerned with acquisition of significant stakes are sometimes addressed by...

Country codes.
November 1, 2002... AA Albania AB Aruba AD Andorra AF Afghanistan Al Abu Dhabi AJ Ajman AL Algeria AM Armenia AN Angola AQ Antigua AR Argentina AS Austria AU Australia AZ ...

Nobody is rushing into deals: the difficult MBO market of the past twelve months has left private equity firms scared and despite a strong appetite for deals they are now extremely cautions. Corporate restructuring and consolidation across Europe provide good opportunities, though many firms are oriented toward defensive and anti-cyclical sectors. (Overview).
November 1, 2002... The year 2001 was one of the worst years in a long time for the buyout market across continental Europe--which dropped by 13% in value to 31.6bn [euro], despite strong growth in the previous five years. Private equity practitioners now look at...

MBO lending remains strong in falling debt market: it has been a strange year for banks lending to the MBO market. But after a quiet first six months things picked up over the summer. Ben Harding talks to leading European bankers. (Finance).
November 1, 2002... After a frustrating start to the year, typified by failed auctions and meagre deal completions, the issuance of new leveraged loans to MBOs increased dramatically toward the end of the summer. Speaking to Europe's top leveraged finance...

A pan-European perspective: a pan-European perspective on the small to medium-sized buyout market. (Sponsored Article).
November 1, 2002... 3i continues to lead the 8m [euro] to 800m [euro] European buyout market. This scale of activity gives 3i a unique vantage point on the trends and issues which are emerging in the market. The full figures show that for the year to March 2002...

Flight to quality: the big boys just keep getting bigger: capital overhang and a lack of appetite among us institutions spells bad news for private equity fundraisers. Yet several of the largest funds in history have been amassed over the past year. (Fund raising).
November 1, 2002... In the world of the fundraiser, the track record is king. Never has this been more so than in the past year. According to a report published by PricewaterhouseCoopers and 3i recently, US$151bn was raised globally for private equity...

Formula? What formula? Private equity is a bespoke business and 3i cuts the finest cloth in the industry, according to Jonathan Russell. (Sponsored Article).
November 1, 2002... There is no set formula to executing a successful management buyout. Each deal is different and can require dramatically different points of focus and to each a different set of considerations apply. On the financial side of our...

Too hot to handle? Private equity firms are difficult clients for corporate financiers but the two breeds of dealmakers increasingly need each other. Financial sponsors want their corporate finance advisers to be deal originators. (Advisers).
November 1, 2002... Financial sponsors are notoriously difficult clients for corporate financiers to handle. They are much more demanding than the average corporate client and have earned a reputation for being promiscuous in their choice of M&A advisers, for...

From uncertainty to opportunity: Ian Taylor looks at the opportunities for buyouts in the mid-market. (Sponsored Article).
November 1, 2002... Mid-market buyouts are holding their own in a market which appears to have shut up shop since the peak of 2000. With the slowdown in the total number and value of buyouts an established fact, and phrases such as `deeply depressed' commonplace,...

Where are they now? Falling M&A activity and an IPO drought mean that private equity houses are holding on to portfolio companies for longer. Acquisitions Monthly investigates the 1997-2001 vintage European buyouts. (Exits).
November 1, 2002... All too often, once a private equity house makes an investment, the company is forgotten about until a successful exit route is found. Meanwhile, media interest dwindles, and aside from the quarterly valuation reports sent from the general...

Bearing up in a challenging market: with a few notable exceptions, finding the right exit has once again proved a bit tricky for many companies this year. The unreliability of the IPO market has been a particular headache leaving some private equity sponsors waiting hungrily for their rewards. (Beyond the buyouts).
November 1, 2002... Updates on UK buyouts and buy-ins worth over 50 million [pounds sterling]: Sept 1997-December 2001 Divestor: UBS Capital NWP operates more than 8,000 pay phones, Newco: NWP Communications primarily on private sites such as...

Chain-gang tries to cut the shackles: efforts to reform Europe's legal structures leave much to be desired. (Legal and Regulatory).
November 1, 2002... Ask almost any lawyer in Europe whether the continent's legal structures help or hinder deal doing by private equity houses and most will struggle to give a straight answer. They make it sound like a chain-gang in shackles, hell bent on escape....

Promising future for French buyouts: although activity had been quieter than expected over the last year, several factors appear to favour future growth in the buyout market. (France).
November 1, 2002... After the UK, France has traditionally been the leader for management buyouts in Europe. This was certainly the case up to 1999, but in 2000 the value of buyouts in Germany exceeded the level in France for the first time. Deal value in France...

SFP. (France).
November 1, 2002... Michel Cherel established Societe Francaise de Palettes (SFP) as an owner-manager business in 1978. His idea was to exploit the market potential for recycling the small wooden crates used for packing fruit and vegetables. SFP collected used...

Germany lags behind UK in buyouts: despite failing to match the 2000 record value of 15.1bn [euro], last year the German market still achieved the second highest value in Europe. (Germany).
November 1, 2002... At 7.4bn [euro] this was well below the UK figure of 31.1bn [euro], but above the French total of 6.4bn [euro] for the second year in succession. In contrast to deal value, the volume of buyouts undertaken in 2001 showed a positive trend,...

Loewe. (Germany).
November 1, 2002... Thanks to private equity involvement, Loewe has gained the independence and resources to build a world leader in consumer electronics and expand into international markets. 3i's purchase of minority shareholder Matsushita's stake in Loewe...

Iberia's encouraging buyout market: though Spain remains one of Europe's smaller buyout countries, last year saw a reasonable level of activity in the Spanish market. (Iberia).
November 1, 2002... Though Spain remains one of Europe's smaller buyout countries, last year saw a reasonable level of activity in the Spanish market. Buyout value rose to 1.3bn [euro], an increase of almost 30% on the 958m [euro] seen in 2000. Moreover, this was...

Baron de Ley and Anodil. (Iberia).
November 1, 2002... Wanting to be involved in the good things of life may have been one of the reasons behind Mercapital's funding of Baron de Ley's purchase of the El Coto de Rioja Bodega from Bass plc. But it was also a sound business decision. During the...

Healthy prospects for Italian buyouts: the Italian buyout market has been surprisingly active in 2002, compared with the growth in private equity last year. (Italy).
November 1, 2002... According to figures recently released by the European Venture Capital Association (EVCA), 2001 saw the Italian private equity market decline for the first time in a decade. Total private equity raised in 2001 was 1.875bn [euro], little more...

Dutch buyouts deal flow remains slow: price expectations have dropped but quality deals are still scarce. (The Netherlands).
November 1, 2002... Aaccording to the Dutch Venture Capital Association (NVP), the total amount invested in buyouts in the Netherlands rose slightly last year to 243m [euro], although the total investment made by Dutch venture capitalist firms fell by 13%, to...