European Venture Capital Journal articles from April 2002

European Venture Capital Journal archives from April 2002

LBO financial sponsor of the year. (Awards).(Brief Article)
April 1, 2002... Winner: Cinven Cinven wins the 2001 award for LBO financial sponsor of the year on the joint basis of the investments it made and the investments it realised. On the money deployed side Kappa Packaging bought the corrugated and...

Mid-market financial sponsor of the year. (Awards).(Brief Article)
April 1, 2002... Bridgepoint Capital Bridgepoint Capital again wins this award for the second year running thanks to a string of exits and investments, which leave the impression the firm was operating in favourable market conditions. Investments in 2001...

Venture capital house of the year. (Awards).(Brief Article)
April 1, 2002... Apax Partners Apax Partners wins venture capital house of the year 2001 for having displayed ongoing commitment to backing early stage companies seeking startup and expansion financing in a year when many venture capital, and for that...

LBO debt provider of the year. (Awards).(Brief Article)
April 1, 2002... Winner: Goldman Sachs For LBO debt provider of the year those banks supporting deals with total debt tranches that fall at 6350 million or above were considered. Goldman Sachs is the winner of this category on the strength of the mega...

Mid-market LBO debt provider of the year. (Awards).(Brief Article)
April 1, 2002... Winner: The Royal Bank of Scotland In selecting a winner for the 2001 mid-market debt provider evcj looked at banks that operated in buyout transactions with debt tranches falling into the [euro]15 million to [euro]350 million total value...

Mezzanine debt provider of the year. (Awards).(Brief Article)
April 1, 2002... Winner: Intermediate Capital Group This year evcj split the mezzanine award into two categories. For mezzanine debt provider of the year, evcj looked at player's commitment to mezzanine as a debt class, offering mezzanine as part of a debt...

Mezzanine debt/equity provider of the year. (Awards).(Brief Article)
April 1, 2002... Winner: Indigo Capital For this category, evcj looked at dedicated mezzanine and equity providers and dealt with this as a separate category on account of the fact that the mezzanine/equity provider is usually more involved in driving the...

Realisation of the year. (Awards).(Brief Article)
April 1, 2002... Redbus Investments Redbus Investments wins EVCJ's realisation of the year 2001 award for its investment in Redbus Film Distribution. Redbus sold its 90 per cent share holding in Redbus Film Distribution to Helkon Media AG in a deal worth...

Private equity accountancy firm of the year. (Awards).(Brief Article)
April 1, 2002... Winner: PricewaterhouseCoopers In selecting a winner for evcj's private equity accountancy firm of the year awards for 2001, an emphasis was placed on firms' European commitment to private equity. The number of MBOs advised on during 2001...

Private equity law firm of the year: Firm and fund work. (Awards).(Brief Article)
April 1, 2002... Winner: SJ Berwin In considering the criteria for judging evcj's private equity law firm of the year for firm and fund work, the geographic reach of the private equity practice, in particular dedicated personnel across Europe, was noted....

Private equity law firm of the year: Buyout transaction work. (Awards).(Brief Article)
April 1, 2002... Winner: Clifford Chance In considering the criteria for winner of the buyout transaction work award, the panel looked at the number of management buyouts that were advised on during 2001. The number of partners and associates working as...

Asset-based finance provider of the year. (Awards).(Brief Article)
April 1, 2002... Winner: NMB Heller NMB Heller wins asset-based finance provider of the year in 2001 for its continued support of a cross section of private equity backed businesses. Examples of this include its backing of personal injury claims company...

Hungarian MBO/MBI club launches. (News: Private Equity).(Brief Article)
April 1, 2002... A year on from the launch of its MBO network in Poland, Dresdner Kleinwort Capital is replicating the model in Hungary as it strengthens its presence in the Central European region. The MBI & MBO Club is being managed with Pedersen &...

20-partner limit lifted for PE firms. (News: Private Equity).(Brief Article)
April 1, 2002... A change in UK legislation means the majority of private equity firms structured as limited partnerships become exempt from the 20-partner limit on March 22 this year. The change will apply to limited partnership collective investment schemes....

Trident Point Capital accesses liquidity for LPs. (News: Private Equity).(Brief Article)
April 1, 2002... Trident Point Capital, a US-based alternative asset manager, is setting itself up as a broker for secondary private equity interests. Established last November by Michael Rudnicki, formerly with investment consulting firm BARRA RogersCasey...

PwC launches business services team. (News: Private Equity).(PricewaterhouseCoopers)(Brief Article)
April 1, 2002... PricewaterhouseCoopers has established a new team within its corporate finance division dedicated to the business services sector. Simon Hawes, a partner at the firm, will lead the new team. He says deregulation and privatisation have led to a...

QinetiQ seeks strategic PE partner. (News: Private Equity).(Brief Article)
April 1, 2002... QinetiQ, the UK government's science and technology business is seeking a strategic partner. The announcement comes at a time when Edmund Truell, chairman of the British Venture Capital Association, is calling for greater private equity...

Final close for Prime Edge. (News: Private Equity).(Prime Edge Capital)(Brief Article)
April 1, 2002... Prime Edge Capital, the collaterised private equity obligation launched earlier this year has achieved a second and final close at [euro]175 million. There are already plans in the pipeline for a Prime Edge II product, which will focus on US...

Capvent FoF to target smaller funds. (News: Private Equity).(Capital Venture Partners, fund-of-funds)(Brief Article)
April 1, 2002... Capital Venture Partners (Capvent) has launched its second fund-of-funds, Capvent Global Private Equity II, which will invest in private equity funds no larger than $300 million. The Zurich-based manager is looking to raise $400 million. ...

Andersen in talks to merge with rival KPMG. (News: Private Equity).(Brief Article)
April 1, 2002... Andersen, the accountancy firm at the centre of the Enron scandal, and its rival auditor KPMG are hoping to seal a deal that will merge Andersen's operations outside the US with KPMG. If the proposed takeover goes ahead, it will signify the end...

AFIC records 46% drop in investments. (News: Venture Capital).(Association Francaise des Investisseurs en Capital)(Brief Article)(Statistical Data Included)
April 1, 2002... Preliminary results from the French venture capital association's 2001 private equity survey reveal a 46 per cent drop in investments to 62.7 billion, compared to 2000. The Association Francaise des Investisseurs en Capital (AFIC) reports a...

Polish Private Equity Association established. (News: Venture Capital).(Brief Article)
April 1, 2002... Poland now has its own private equity association. The Polish Private Equity Association (PPEA) was launched in Warsaw with the aim of developing the country's private equity and venture capital industry. PPEA also wants to encourage foreign...

Israel: VC fund raising drops 63%. (News: Venture Capital).(venture capital funds)(Brief Article)(Statistical Data Included)
April 1, 2002... Investments in Israeli venture capital funds fell by 63 per cent in 2001 compared to the previous year, according to a survey conducted by the Israel Venture Capital (JVC) research centre. Despite tax reforms exempting foreign investments...

Singapore bio fund seeks European deals. (News: Venture Capital).(Biomedical Sciences Investment Fund )(Brief Article)
April 1, 2002... Singapore's Economic Development Board's Biomedical Sciences Investment Fund has opened a London office from which to invest in Europe. No specific amount has been allocated to European investments but the London office will be drawing from the...

2001 preliminary PE performance figures. (News: Venture Capital).(private equity, venture capital performance)(Brief Article)(Statistical Data Included)
April 1, 2002... Private equity and venture capital performance for 2001 was announced at the EVCA's annual investors symposium in March this year. The impact of the uncertain economic environment of recent years is reflected in the one-year horizon returns of...

Accenture drops venture arm. (News: Venture Capital).(Accenture Technology Ventures)(Brief Article)(Statistical Data Included)
April 1, 2002... Global management consulting and technology services firm, Accenture will cease its venture activity following a loss on investments including a charge of $212 million. The firm will reposition its venture and investment portfolio and aggregate...

PwC defines causes of tech investing successes. (News: Venture Capital).(PricewaterhouseCoopers)(Brief Article)
April 1, 2002... Having conducted detailed interviewing of 350 US, European and Israeli early stage technology companies that started life in 1999, 2000 or 2001 PricewaterhouseCoopers has discovered that European companies tend to be cash generative within two...

PE firms must work harder for returns. (News: Venture Capital).(private equity)(Brief Article)
April 1, 2002... Private equity houses will have to work harder to get value from their investments, according to a study conducted by KPMG and Manchester Business School. The survey of 24 private equity firms, which manage a total of [pounds sterling]57...

Sofinnova Ventures on sixth fund. (News: Funds).(Brief Article)
April 1, 2002... San Francisco-based Sofinnova Ventures, the fully independent counterpart of its former French parent, Sofinnova Partners, has launched its sixth fund, a year on from the final close of its last fund. Sofinnova Venture Partners VI is aiming...

Galileo raises [pounds sterling]5.2m. (News: Funds).(Galileo Innovation)(Brief Article)
April 1, 2002... Business accelerator Galileo Innovation has raised [pounds sterling]5.2 million via a placing on London's Alternative Investment Market. The firm was set up last September to provide management expertise, structure and financing to UK...

First close for Innova/3. (News: Funds).(Brief Article)
April 1, 2002... A year on from its launch, Warsaw-based Innova Capital has reached a [euro]110 million first close on its third fund, Innova/3. The fund will have an anchor presence in Poland, but will also be eyeing opportunities in Hungary, the Czech and...

CBPE Fund VI achieves target. (News: Funds).(Close Brothers Private Equity)(Brief Article)(Statistical Data Included)
April 1, 2002... Close Brothers Private Equity (CBPE) has closed CBPE Fund VI at [pounds sterling]202 million. The fund is the firm's first to include commitments from US investors and includes around [pounds sterling]90 million from first time investors. ...

Advent seeks Turkish delights. (News: Funds).(Advent International, Turk Venture Partners Ltd.)(Brief Article)
April 1, 2002... Turk Venture Partners Limited, Advent International's Turkish affiliate has closed its first fund, Turkish Private Equity Fund I at $41 million. The fund is one of the first investing in Turkey to be raised and managed by a local team. It has...

ATP ups commitment to private equity. (News: Funds).(Brief Article)(Statistical Data Included)
April 1, 2002... Danish pension fund manager ATP has boosted its commitment to private equity funds. ATP Private Equity Managers is hoping to commit [euro]4.5 billion to investments in private equity by 2005, which is around ten per cent of its total assets. At...

Perfectis exceeds target on debut fund. (News: Funds).(Perfectis Private Equity)(Brief Article)
April 1, 2002... French mid-market player, Perfectis Private Equity has closed its debut fund at [euro]80 million. It is over a year since the fund announced its first close at [euro]55 million in October 2000, but the fund has exceeded its original target of...

Standard Life launches ESP II. (News: Funds).(Standard Life Investments, European Strategic Partners II)(Brief Article)
April 1, 2002... Standard Life Investments has unveiled European Strategic Partners II (ESP II), a fund-of-funds investing in both European private equity funds and direct investments. The fund has a target of [euro]1 billion and is the successor to European...

Primary Capital closes 2nd fund. (News: Funds).(Brief Article)
April 1, 2002... Primary Capital, the predominantly UK mid-market private equity fund, has closed fund raising on its second fund at [pounds steling]100 million. First closing of the fund at [pounds sterling]50 million was shortly after its launch in September...

Nordea reaches second close. (News: Funds).(Nordea Private Equity)(Brief Article)
April 1, 2002... Nordea Private equity, the private equity arm of Nordea Asset Management, has announced the second closing of its first fund-of-funds at 6180 million. The Thematic Fund of Funds I K/S launched last May is expected to close next month. ...

EC supports growing businesses in South Africa. (News: Funds).(European Community to set up Risk Capital Facility)(Brief Article)
April 1, 2002... A private equity fund is being set up to support economic development in South Africa. A grant of around [pounds sterling]55 million has been allocated to the project by the European Community and the South African Government. The Industrial...

Metropolitan VP raising 2nd fund. (News: Funds).(Metropolitan Venture Partners)(Brief Article)
April 1, 2002... Metropolitan Venture Partners, the technology venture capital fund started within the London Stock Exchange-quoted alternative fund management company Man Group as part ofajoint venture with Larry Hite, is launching a second fund. The fund, MET...

CPP brings Bridgepoint to target. (News: Funds).(Canadian Pension Plan)(Brief Article)
April 1, 2002... Bridgepoint Capital's most recent fund, European Private Equity Fund II (EPEF II) has reached its [pounds sterling]1.6 billion target following a [pounds sterling]100 million commitment from the Canadian Pension Plan (CPP) Investment Board....

PPM Ventures hits the jackpot. (News: Exits).(sold stake in Moliflor Loisirs to Legal and General Ventures investment group)(Brief Article)(Statistical Data Included)
April 1, 2002... PPM Ventures has sold its interest in French gaming group, Moliflor Loisirs to an investor group led by Legal & General Ventures (LGV) and including Royal Bank Private Equity. Total value of the transaction was [euro]400 million. Since PPM...

The end is nigh for Storm. (News: Exits).(Storm files bankruptcy)(Brief Article)(Statistical Data Included)
April 1, 2002... Optical switched service provider Storm, which had attracted around $400 million in commitments, has gone into receivership. KPMG Corporate Recovery has been appointed as administrator. Founded in 1998, Storm's management completed a $50...

Sand Aire sells Bradwell Aggregates. (News: Exits).(Brief Article)(Statistical Data Included)
April 1, 2002... Sand Aire Private Equity has sold its 40 per cent stake in ready mixed concrete and aggregates business Bradwell Aggregates for an undisclosed amount. Sand Aire backed the management buy-in of the company in 1998. The return on the investment...

Gresham Trust exits John Hampden Press. (News: Exits).(Gresham Trust sales stake in John Hampden Press)(Brief Article)(Statistical Data Included)
April 1, 2002... Gresham Trust has sold its stake in UK-based John Hampden Press in a secondary buyout transaction. Gresham Trust financed the original management buyout in 1991, valued at [pounds sterling]2.7 million. NMB Heller, Royal Bank of Scotland and...

3i exits Stiell. (News: Exits).(Alfred McAlpine acquires Stiell)(Brief Article)(Statistical Data Included)
April 1, 2002... Facilities management specialist, Stiell has been acquired by UK infrastructure services group, Alfred McAlpine for [pounds sterling]85 million. 3i has more than doubled its original commitment to the company, generating a return of [pounds...

Candover makes RIM sale. (News: Exits).(Candover sells Regional Independent Media to Johnston Press)(Brief Article)(Statistical Data Included)
April 1, 2002... Candover has realised its investment in Regional Independent Media. The regional media group has been sold to Johnston Press in a deal worth [pounds sterling]560 million, creating one of the UK's largest regional newspaper publishing groups....

A healthy return for Barclays Private Equity. (News: Exits).(sells Doctors Healthcare Group to Sonic Healthcare Ltd.)(Brief Article)(Statistical Data Included)
April 1, 2002... UK private pathology operator, The Doctors Healthcare Group has been acquired by Australian company Sonic Healthcare Limited for [pounds]65 million. The deal is an exit for Barclays Private Equity, which backed the public to private management...

Nomura exits pub scene. (News: Exits).(Nomura International's Principal Finance Group sells Inn Partnership to Pubmaster)(Brief Article)(Statistical Data Included)
April 1, 2002... Nomura International's Principal Finance Group (PFG) has sold its 1,200-strong pub group Inn Partnership to Pubmaster for [pounds sterling]523 million. Tudor Street Acquisitions, a company formed and backed by Nomura International,...

Rutland sells Coppice Group. (News: Exits).(MELH 888 Ltd. acquires)(Brief Article)(Statistical Data Included)
April 1, 2002... Rutland Trust has sold its interest in Coppice Group in a management buyout. The manufacturer and supplier of aluminium foil containers has been sold to MELH 888 Limited, a new company owned by Lloyds TSB Development Capital and the managing...

Siparex triples its money. (News: Exits).(sells stake in Lamy Chollet to 3i Group and Jean-Louis Chollet)(Brief Article)(Statistical Data Included)
April 1, 2002... French investor Siparex has sold its interest in the real estate group Lamy Chollet, generating a return of three times its original investment and an IRR of 32.5 per cent. Siparex has sold its shares in a secondary buyout to the group's...

Young's Bluecrest proves a good catch for LGV. (News: Exits).(Cap-Vest Ltd. acquires from Legal and General Ventures)(Brief Article)(Statistical Data Included)
April 1, 2002... Legal & General Ventures (LGV) has realised its 1998 investment in seafood business Young's Bluecrest to Cap Vest Limited in a secondary buyout. LGV's 79 per cent stake was sold debt-free in a transaction valued at [pounds sterling]137 million....

Nomura drinks to pub exits. (News: Exits).(Cinven and Enterprise Inns to acquires Voyager Pub Group and Unique Pub Co. from Nomura International)(Brief Article)(Statistical Data Included)
April 1, 2002... Cinven and Enterprise Inns have won the battle to acquire Unique Pub Company and Voyager Pub Group from Nomura International. The two groups were put up for sale earlier this month with a price tag of between [pounds sterling]2 billion and...

Suez sells stake in Labeyrie. (News: Exits).(Industri Kapital acquires from Suez Industrie)(Brief Article)(Statistical Data Included)
April 1, 2002... Suez Industrie, the private equity arm of Suez Lyonnaise des Eaux, has sold its controlling stake of 61.5 percent in French publicly listed company, Labeyrie. Nordic private equity firm Industri Kapital has acquired control of the luxury food...

Buyouts with a European target March 1 to 26, 2002. (News: Buyouts).(Brief Article)(Illustration)(Statistical Data Included)
April 1, 2002... Buyouts with a European target March 1 to 26, 2002 Date Target name Target industry sector 04/03/2002 Curtain Styling Ltd Textile and Apparel (French) Products ...

Hanrider jumps ship. (People Moves).(Wolfgang Hanrider appointed co-head and managing director of Carlyle Europe Venture Partners)(Brief Article)
April 1, 2002... Dr Wolfgang Hanrider has left Munich-based Star Ventures Management, where he was managing partner, to join Carlyle Europe Venture Partners, where he will be based between the firm's London and Munich offices. Dr Hanrieder becomes managing...

First Stage Capital moves. (People Moves).(Brief Article)
April 1, 2002... First Stage Capital, the corporate finance advisor to early stage technology companies seeking venture capital, has moved offices and can now be found at Zetland House, 5-25 Scrutton Street, London EC2A 4HJ. Tel +44 (0)20 7613 4333 and fax +44...

GE Equity promotes Flannery. (People Moves).(Brief Article)
April 1, 2002... GE Equity has appointed John Flannery as president. Flannery has been with GE Equity for eight year and is and part of the leadership team that formed GE Equity in 1994. Before being appointed president, he was managing director for six of GE...

Primary Capital board appt. (People Moves).(Brief Article)
April 1, 2002... Primary Capital, the London-based mid-market buyout firm, has appointed Peter Jacobs as director. Jacobs was a director at PricewaterhouseCoopers (PwC) and leader of the firm's private equity and TMT corporate finance teams in the Thames Valley...

KKR appts in Europe. (People Moves).(Kohlberg Kravis Roberts)(Brief Article)
April 1, 2002... Kohlberg Kravis Roberts (KKR) has appointed Dr Axel Eckhardt head of Capstone Europe, a management consultancy that will be retained exclusively by KKR to provide advice, strategic input and management services on KKR's potential and ongoing...

Prelude expands. (People Moves).(Brief Article)
April 1, 2002... Prelude Technology Investments, the technology venture capital investor that advises Prelude Trust plc, has appointed Russell Haggar to its investment management team. Since Haggar has been head of Internet and data communications consulting at...

Vertex Israel appoints Moshe Shahaf. (People Moves).(Brief Article)
April 1, 2002... Vertex Management Israel, an Israeli venture capital fund and a member of the International Vertex Group, has appointed of Moshe Shahaf as managing partner. Prior to joining Vertex, Shahaf was partner at Formula Ventures and worked as an...

Burns to Inflexion. (People Moves).(Andrews Burns joins firm)(Brief Article)
April 1, 2002... Andrews Burns has joined the advisory panel to Inflexion, the mid-market private equity firm. Burns has significant experience in the leisure sector. His roles include finance and commercial director of Rank Video Services Europe, with...

Hicks Muse donates. (People Moves).(Brief Article)
April 1, 2002... Hicks, Muse, Tate & Furst has donated [pounds sterling]100,000 to The Prince's Trust, the UK's leading youth charity. The money will be committed over a five-year period towards the charity's business programme. These funds will be matched by...

Brant-Westerberg launched. (People Moves).(Brief Article)
April 1, 2002... Ives Brant, ex-editor in chief of Tornado Insider, has launched Brant-Westerberg with Steve Westerberg, a senior sales and marketing executive previously with AOL-Time Warner, Conde Nast, CBS and Tornado Insider. According to Brant: "Our...

Lloyds TSB DC expands. (People Moves).(Brief Article)
April 1, 2002... Jonathan Simm has taken on the new role of head of Lloyds TSB Development Capital's South West region in the UK, with responsibility for its Reading, Southampton, and Bristol activities. The division is headquartered in Reading, where Simm will...

Potter to NewMedia SPARK. (People Moves).(David Potter)(Brief Article)
April 1, 2002... David Potter, former deputy chairman of Investec Bank UK, has been appointed as a non-executive director of NewMedia SPARK. From 1990 to 1998 Potter was group CEO of Guinness Mahon Group, incorporating Henderson Crosthwaite and Guinness...

Changes at Eurazeo. (People Moves).(Brief Article)
April 1, 2002... Eurazeo, the French private equity company, is hoping to change its management structure on May 15 this year at the AGM. It is proposed that a supervisory and an executive board is created and that Bruno Roger, currently chairman and CEO of...

Swiss fund-of-funds: leading the way. (Focus: Switzerland).(Brief Article)
April 1, 2002... Switzerland has always been at the forefront of the fund-of-funds business, which has proved to be one of the largest growth areas within the private equity industry in the past few years. This explosion has been fuelled largely by the rising...

Swiss venture capital: small but perfectly formed? (Focus: Switzerland).(Brief Article)
April 1, 2002... Although the venture capital market in Switzerland is small compared to that of its neighbours, the number of funds based there has increased in the last four or five years and firms there have seen a steady flow of deals. Bernard Dalle is...

Swiss buyouts: an uphill struggle.(Brief Article)
April 1, 2002... Situated at the heart of continental Europe, Switzerland's private equity firms embody the pan European investment philosophy, more out of necessity then choice. With a population of just seven million the country offers a limited number of...

European recruitment update. (Cover Story: Recruitment).(Brief Article)
April 1, 2002... While there is no doubt that recruitment into private equity and venture capital houses has dipped dramatically over the last couple of years there is still hiring going on, particularly on the private equity side, and sectors like biotech are...

Water into wireless: the quest by Anglian Water Group (AWG) to return cash to shareholders has placed Cellstructures well on the road to market leadership. (Deal of the Month: Ambury Investments).(Penta Capital)
April 1, 2002... Penta Capital has so far invested in businesses as diverse as La Tasca restaurants, truck trailer rental and corporate records software management. Now the firm has made its first major acquisition with investee company Cellstructures - the...

Corbett Keeling. (Company Profile).(director Simon Keeling talks strategy)(Company Profile)
April 1, 2002... Corbett Keeling has been raising finance for private companies since the mid 1990s when what was then referred to as the funding gap for early stage companies began to be plugged to some extent by private investors. The funding gap is back and...

Calendar.(Brief Article)
April 1, 2002... 13-15 April IVA Annual Israel Hi-Tech Conference. Inter-Continental Hotel, Tel Aviv. * +972 3644 0273 16 April Global Biotech for European Investors. London. Contact: Pernilla Hellsten * +44 20 7405 5544 ...

Seeking buyers March.(companies for sale)(Illustration)
April 1, 2002... Seeking buyers March Seeking buyers includes listings of all European companies that have announced plans since February 22, 2001 until March 20, 2002 to sell divisions, stakes or their entire company. It also includes purported sales...

Announced March deals. (Announced Deals).(private equity, venture capital transactions)
April 1, 2002... Announced March deals Announced deals includes listings of private equity and venture capital transactions involving European targets that were announced from February 25, 2002 to March 25, 2002. The listings are ordered by target...

Closure for EO? (News: Exits).(Brief Article)
April 1, 2002... EO, the online share distribution platform, faces being closed down by its major shareholder, NewMedia SPARK. Founded by John St John, the former head of global equity markets at Lehmans, EO aimed to bridge the link between brokers and retail...