European Venture Capital Journal articles from December 2003

European Venture Capital Journal archives from December 2003

C share for Sitka's VCT.(Funds)
December 1, 2003... Sitka Health Fund VCT has launched an offer for subscript on of up to 12m [pounds sterling] 'C' shares. The capital, which would increase the fund to 20m [pounds sterling], will be used to expand the group's portfolio of investments. The...

Italy's first mezzanine fund on track.(Funds)
December 1, 2003... Italian Mezzanine, Italy's first mezzanine fund offering, is on track for a first close at the beginning of next year. Set up by Italian banker Roberto Liguori and with the backing and industry expertise of Gianfilippo Cuneo, founder of Bain,...

European GPs may face US regulation.(News)
December 1, 2003... The US Securities and Exchange Commission (SEC) is reassessing a frequently-used exemption from registration under the Investment Advisers Act of 1940 which, if it comes into force, may directly impact non-US private equity GPs as well as...

Quester seeks further 2m [pounds sterling].(Funds)
December 1, 2003... Following the launch of Sitka's 'C' share offering earlier this month. Quester has announced the launch of a top-up issue for its fifth venture capital trust, Quester VCT 5. The move follows a successful issue of Quester VCT 5 earlier this year...

Innovacom raises 120m [euro].(Funds)
December 1, 2003... French venture capital firm Innovacom has exceeded the target for its fifth fund, successfully raising 120m [euro] for its oversubscribed fund. The firm held an initial closing for Innovacom 5 at 50m [euro] this June, when it announced that it...

IPES expansion details.(News)
December 1, 2003... International Private Equity Services (IPES), Guensey-based independent provider of fund administration services, is expanding into Belgium and Jersey and is launching an online service for funds. IPES' expansion in Belgium and Jersey, in the...

First close for Halder-GIMV.(Funds)
December 1, 2003... Halder has reached a first close at 78m [euro] for the Halder-GIMV Germany programme, which was launched this summer. Investors in the first close include institutional investors from Germany, the UK, US, Japan and the fund's sponsor GIMV,...

Baronsmead VCT 4 seeking funds.(Funds)
December 1, 2003... Is it a sign that VCTs are making a small comeback as Baronsmead VCT 4, managed by ISIS Equity Partners, joins Quester and Sitka (see earlier this issue) in launching an offer for subscription to raise additional funds? Baronsmead VCT 4, which...

Institutions favour alternative investments.(News)
December 1, 2003... Institutional investors remain committed to alternative investments in spite of volatile market conditions, according to Goldman Sachs and Russell's sixth global report on alternative investing by institutions. Despite poor returns in the...

Advantage West Midlands to launch LBX.(News)(local business exchange for small and medium companies to raise equity finance)(Brief Article)
December 1, 2003... Regional development agency Advantage West Midlands is to launch a 3.2m [pounds sterling] web-based local business exchange (LBX) that aims to help small-and medium-sized companies raise equity finance of between 500,000 [pounds sterling] and...

Golding & VCM launch German mezz fofs.(Funds)
December 1, 2003... German based private equity fund-of-funds specialists Golding Capital Partners and VCM Venture Capital Management have set up a joint venture to launch the first mezzanine fund-of-funds in the region. VCM Golding Mezzanine has a target of...

Biotech investments make slow progress.(News)
December 1, 2003... While the global biotech industry is showing positive signs of recovery, venture capital commitments to the sector have yet to follow suit, according to Ernst & Young's mid-year biotech update. Venture capital investment into the sector...

UK uni spinouts fall.(News)
December 1, 2003... Despite process in many areas of technology transfer in the UK, the number of university spinouts created this year has fallen. This is according to the second Annual Survey on University Technology Transfer Activities, carried out by the...

ViaNova novel fof fee structure.(Funds)
December 1, 2003... ViaNova Capital has unveiled its maiden offering ViaNova European Buyout 2004, a private equity fund-of-funds, with a target of 500m [euro]. The fund's USP is that it will not charge any establishment costs, annual management fees or carried...

Proventure takes on Pohjola-Suomi funds.(News)
December 1, 2003... Nordic private equity fund advisor Proventure has signed an asset management agreement with the Pohjola and Suomi insurance group to take over the management of its private equity portfolio with effect from January 1, 2004. This will bring...

Nordic investors favour hedge funds over PE.(News)
December 1, 2003... Nordic investor allocations to alternative assets continue to grow, but the preference for these investors is to increase allocations to hedge funds rather than private equity. The findings are revealed in the survey Nordic Alternative...

Italian reform: more choice on shares.(News)
December 1, 2003... Italian corporate law reform has modified the rules applicable to the structuring and features of a company's shares. The new rules, effective January 1, will provide much greater flexibility and firms will be able to tailor their equity, stock...

FSA proposes change to listing rules.(News)
December 1, 2003... Companies currently not eligible for listing in the UK may be able to take advantage of relaxations in the listing criteria proposed by the Financial Services Authority (FSA). It is hoped this may also improve the chances for VC firms to exit...

Recovery will be sector specific.(News)
December 1, 2003... A Grant Thornton Corporate Finance survey has identified business services, healthcare, financial services, retail and leisure as the sectors where M&A activity is likely to increase in coming months. But on]y sub-sectors and niche operators...

EVCA queries IAS 27.(News)
December 1, 2003... The European Private Equity and Venture Capital Association (EVCA) is lobbying for an exemption from one of the International Accounting Standards (LAS), which come into force in January 2005. The primary objective of these standards is to...

AIM rules change.(News)
December 1, 2003... The Alternative Investment Market (AIM), the London Stock Exchange's market for small growth companies, changed its delisting rules with effect from December 1. The amendment will affect companies seeking to cancel their admission from AIM...

VCTs: time to consolidate?(News)
December 1, 2003... Legg Mason Investments has transferred the management of its Legg Mason Investors AIM VCT to Close Investment Limited (CIL) following its decision to focus on mutual fund distribution. The group believes the interests of the shareholders will...

Quick view.(Exits)
December 1, 2003... ABN AMRO Capital's first exit AMJPE exits Intron Bridgepoint and Electra sell Gower Candover sells Pandrol Initiative et Finance sells Groupe Plastex Nordic Capital & Ratos sell Hilding Anders Induslri Kapital cashes in Alfa Laval & Nobia IRRfc...

AMJPE exits Intron.(Exits)
December 1, 2003... Aberdeen Murray Johnstone Private Equity (AMJPE) has sold its stake in Intron to The Laird Group in a deal worth 11.6m [pounds sterling], which marks AMJPE's eighth exit this year. The sale delivered a return to AMJPE clients of 2.3x the cost...

RLPE's first deal provides 3i exit.(Exits)
December 1, 2003... Royal London Private Equity (RLPE) has closed its first deal by acquiring outsourcing firm Emprise from 3i in a 26m [pounds sterling] secondary buyout. RLPE has so far raised 71m [pounds sterling] for its debut fund and has invested 7.7m...

Palamon recap for TeamSystem.(Exits)
December 1, 2003... Palamon Capital Partners has completed a recapitalisation of TeamSystem, achieving a substantial return on its original investment while maintaining its ownership of the company. The complicated legal, tax and regulatory environment in Italy...

Permira: trio of exits.(Exits)
December 1, 2003... Permira has announced the sale of three of its portfolio companies in as many weeks, selling each one as a secondary buyout. The private equity group, which last month closed its third European buyout fund at 5bn [euro] after just six months of...

Industri Kapital cashes in Alfa Laval & Nobia.(Exits)
December 1, 2003... In a move that should help boost its current fund raising efforts Industri Kapital is returning money to investors from two investments that were listed on the Stockholm bourse last year. The Nordic group is currently seeking 2.5bn [euro] for...

ABN AMRO Capital's first exit.(Exits)
December 1, 2003... ABN AMRO Capital has secured its first exit since the UK team was established in 1999. It has sold Accantia to Duke Street Capital in a 225m [pounds sterling] secondary buyout. The UK-based health, beauty and feminine hygiene group owns leading...

IRRfc completes Ward realisation.(Exits)
December 1, 2003... IRRfc has completed the realisation of its investment in UK house builder, Ward Homes, through a trade sale to Wilson Bowden. The acquisition price was 28.6m [pounds sterling] and the buyer assumes net borrowings of 41.6m [pounds sterling] to...

KKR's first European IPO.(Exits)
December 1, 2003... Kohlberg Kravis Roberts has achieved its first flotation on a European exchange with the listing of Bermuda-based reinsurance group, Alea. The IPO on the London stock market raised 165m [pounds sterling] with Goldman Sachs and Merrill Lynch...

Nordic Capital & Ratos sell Hilding Anders.(Exits)
December 1, 2003... In preparation for a possible IPO, Swedish bed manufacturer Hilding Anders has been sold to global investment group Investcorp by its private equity investors Nordic Capital and Ratos. The value of the deal, through which Investcorp acquired...

Candover sells Pandrol.(Exits)
December 1, 2003... Candover has realised its investment in Pandrol, a global designer and manufacturer of rail track fastening and support systems. This gives Candover a final exit from its investment in the Charter engineering businesses. Pandrol has been...

ISIS secondary buyout of Art Group.(Exits)
December 1, 2003... ISIS Equity Partners has bought The Art Group, a business to business publisher of contemporary artists that provides high quality images to retailers such as IKEA and Habitat. The deal, worth 19m [pounds sterling], was a secondary buyout from...

Topway partial realisation.(Exits)
December 1, 2003... Baring Central European Fund (BCEF) has reduced its holding in Topway Industries by selling its interest in the subsidiary that is the holding company of Ultex, one of Romania's largest oilseed crushing facilities. Shares in the company, which...

Consortium sells SuSE Linux.(Exits)
December 1, 2003... An investor consortium comprising e-millennium 1, AdAstra and Apax Partners has sold its holding in software company SuSE Linux, which has been acquired by Novell in a deal worth $210m The transaction will create the world's largest supplier of...

PPM exits fashion chains.(Exits)
December 1, 2003... PPM Ventures has realised its investment in Sierra Group, the holding company for the high street fashion chains, Oasis and Coast. The Baugur Group, the Icelandic retail group and investment company, is acquiring Sierra for 152m [pounds...

Consortium to list NextGenTel in Oslo.(Exits)
December 1, 2003... Venture-backed broadband company NextGenTel is to list on the Oslo Stock Exchange in an equity issue that it hopes will raise NOK150m. The subscription price will be set within the range of NOK25 to NOK40 per share. The company secured a...

Bridgepoint and Electra sell Gower.(Exits)
December 1, 2003... Bridgepoint and Electra have realised a 1988 investment from their portfolios. Gower Group Limited, a UK supplier of self-assembly kitchens to DIY multiple chains, has been acquired by Nobia of Sweden in a SEK850m transaction. Gower was...

Initiative et Finance sells Groupe Plastex.(Exits)
December 1, 2003... French buyout house Initiative et Finance has realised its investment in Groupe Plastex, a manufacturer of motorcycle clothing and accessories, via a secondary buyout transaction Perfectis Private Equity has invested 5.5m [euro] to acquire a...

Buyouts dominate M&A scene.(Buyouts)
December 1, 2003... The US recovery shows signs of being stronger than expected and the country's stock markets have turned almost over night from bear to bull. And European stock markets are poised for a similar, if less marked, transformation. Among other things...

LBO loan pricing.(Buyouts)
December 1, 2003... Accantia Target nation: UK Date announced: 23/11/03 Deal type: Secondary buyout Acquirer: Duke Street Capital Total value: 225m [pounds sterling] Mandated arrangers: Bank of Scotland Financing: n/k Bank of...

Refinancings.(Buyouts)
December 1, 2003... Cablecom Group The financial restructuring of the Cablecom Group, the leading cable network provider in Switzerland, was completed last week. Latham & Watkins advised the consortium of Apollo Management, Soros Private Equity Partners and...

Private equity-backed takeovers subject to EU competition law.(Buyouts)
December 1, 2003... Global Garden Products Private equity backer: ABN AMRO Capital Business description: Manufacturer and distributor of lawn mowers and powered garden equipment Deal value: 555m [euro] Notified: 28/10/03 Provisional...

Germany: high hopes for Q4.(Data Room)
December 1, 2003... Figures from the German Venture Capital Association (BVK) for Q3 this year show an 18% drop in investment, compared to the second quarter, and 32% compared to the same period last year. Between July and September 297 companies received a total...

Automotive M&A dominated by PE players.(Data Room)
December 1, 2003... Private equity houses have accounted for over 65% of deal value in the global automotive M&A sector this year. Activity in the sector has been positive with 419 transactions identified by PricewaterhouseCoopers across Q1, Q2 and Q3 of 2003....

KPMG boosts team.(People)
December 1, 2003... KPMG's private equity group has strengthened its team with four promotions and the return of a partner. Michelle Bond has been promoted to M&A tax partner. She has specific experience in deal structuring and planning, tax due diligence and...

Jones Day moves.(People)
December 1, 2003... Jones Day Gouldens has changed its name to Jones Day and is moving offices to 21 Tudor street, London EC4Y 0DJ. Tel: +44 20 7039 5959; fax: +44 20 7039 5999.

New Arma partner.(People)
December 1, 2003... Arma Partners, an independent financial advisory firm serving the technology sector, has appointed Adam de Courcy Ling as a partner. De Courcy Ling was head of Credit Suisse First Boston's European technology M&A business from 2000 to 2003,...

Werner to RBS France.(People)
December 1, 2003... Royal Bank of Scotland (RBS) has appointed Pascal Werner as managing director and head of leveraged finance France. Werner will report directly to Eric Mallaroni and Euan Hamilton, heads of leveraged finance, and to Donald Bryden, country head...

Alta Berkeley recruits.(People)
December 1, 2003... Alta Berkeley has appointed Kevin Fielding, former CEO and president of ParthusCeva Inc as a partner at the firm. Fielding has a 20-year track record of building and managing companies in the semiconductor industry, both in Europe and in the...

Elbaz to Equitis.(People)
December 1, 2003... Laurent Elbaz has joined secondary management specialist Equitis as managing partner. With founder Herve Thomas, he will be responsible for all special operations across Europe. Elbaz was formerly chairman and managing partner of Ernst &...

New MD at Giza.(People)
December 1, 2003... Ori Kirshner has been appointed managing director at Giza Venture Capital. Kirshner joined the fund as vice president in 2000 bringing 20 years of industry experience. He will focus on investments in the sectors of communications and...

New recruit at CDC.(People)
December 1, 2003... Nkosana Moyo is joining CDC Capital Partners from the IFC, where he is currently responsible for small medium enterprise (SME) development for sub Saharan Africa, based in Johannesburg. He spent two and a half years at the IFC, where he worked...

Bank of America moves.(People)
December 1, 2003... Bank of America has moved its European headquarters to new premises at 5 Canada Square, Canary Wharf, London E14 5AQ. Tel: +44 (0) 20 7174 4000; fax: +44 (0) 20 7174 6400.

Deloitte fund raising appts.(People)
December 1, 2003... Deloitte has expanded its recently launched private equity fund placement service with the appointment of James Coleman from UBS as director. At UBS Coleman worked on transactions raising a total of $14.8bn from investors in private equity...

Dunedin promotes Fraser.(People)(Brief Article)
December 1, 2003... Dunedin Capital Partners has promoted Nicol Fraser to director. His promotion to director follows his success as investment director in developing investment opportunities throughout the UK, with a particular focus on the Midlands. This year be...

Jennings joins Hermes.(People)(Simon Jennings joins Hermes Private Equity(HPE))(Brief Article)
December 1, 2003... Hermes Private Equity (HPE) has added Simon Jennings to its fund investing team. Most recently Jennings has been working with Swiss and UK-based private equity fund-of-fund groups as an external consultant advising on a combination of...

SEP boosts UK team.(People)(Lara Bayley appointed to Scottish Equity Partners)(Brief Article)
December 1, 2003... Scottish Equity Partners (SEP) has appointed Lara Bayley to its London office to fill the newly created role of head of marketing. Bayley will help to support and drive SEP's continued expansion throughout the UK. Bayley's appointment...

SYIF appoints.(People)(Tony Parsons as a new board member)(Brief Article)
December 1, 2003... South Yorkshire Investment Fund (SYIF) has appointed Tony Parsons as a new board member. Parsons, who has 35 years in the banking profession, was formally the director of commercial banking at the Royal Bank of Scotland in South Yorkshire. ...

Kalido wins award.(People)(Kalido wins Corporate Venturing Award)(Brief Article)
December 1, 2003... Kalido has picked up the Corporate Venturing Award, sponsored by Edengene as part of the The National Business Awards 2003. Kalido received its award before an audience of over 1,200 industry professionals at London's Grosvenor House Hotel. ...

New face at AshtonPenney.(People)(Valeria Vescina appointed head of new private equity group)(Brief Article)
December 1, 2003... Valeria Vescina has been appointed head of AshtonPenney's new private equity group, which supplies top interim managers and turnaround professional to private equity groups to help them increase the potential of their investments. Vescina...

Interregnum promotes.(People)(Rupert Cook becomes director of advisory services)(Brief Article)
December 1, 2003... Interregnum, the information technology investment and advisory firm, has appointed Rupert Cook to its board as director of advisory services with immediate effect. Cook will report to Roger Jeynes, chief operating officer. Cook joined...

SCM expands team.(People)(Simone Drack)(Brief Article)
December 1, 2003... SCM Strategic Capital Management has appointed Simone Drack as analyst in its private equity department with responsibility for the day-to-day investment monitoring of the private equity investments held by SCM clients. Drack joins SCM from...

EVCJ wins award.(People)
December 1, 2003... At the British Venture Capital Association/ISIS Venture Capital Journalist of the year 2003 awards held in London in November, EVCJ was pleased to have all of its journalists (pictured) short listed and to take the runner-up award in the...

Venture: doing itself no favours.(LP Corner)
December 1, 2003... Venture capital fund raising, by all accounts, will take off again in the US next year. Advisers and investors are expecting that it could be blow out season for some of the best funds, which are due to arrive first on the market. The...

The Private Privak: a fund for Europe?(Legal and Regulatory Exchange)
December 1, 2003... Earlier this year the Belgian Parliament passed legislation creating a new type of collective investment vehicle designed to cater to the specific needs of the private equity industry. The Private Privak, a un-listed, closed ended, tax...

Why have all the angels gone?(Early stage investors)
December 1, 2003... Angel investors, seed investors and early stage investors, in that order of severity, saw their investments wiped out when venture capital and private equity valuations collapsed in late 2000 and during 2001. For many it's a case of a lesson...

Mezzanine: the hottest ticket in town.(Mezzanine)
December 1, 2003... Average mezzanine contributions to European LBOs are steadily increasing and have more than doubled over the past three years. Investment banks are hungry for deals and have already shown they understand the market by becoming more creative...

Who is investing in private equity real estate?(Real estate)
December 1, 2003... As an asset class, real estate has a far longer pedigree than private equity and applying private equity principles to real estate investing is an even more recent development. This concept, which originates in the US, is rapidly becoming a...

Seeking buyers November.(Seeking buyers)
December 1, 2003... Seeking buyers includes listings of all European companies that have announced plans since October 30, 2003 until November 28, 2003 to sell divisions, stakes or their entire company. It also includes purported sales efforts that have appeared...

Calendar.(Seeking buyers)(Calendar)
December 1, 2003... Calendar 26-27 January Structuring & Marketing International Private Equity Funds. London. * +44 20 7915 5055 * +44 207915 5056 27 January Sachs Bloomberg...

Announced deals November.(Announced deals)
December 1, 2003... Announced deals November Announced deals includes listings of private equity and venture capital transactions involving European targets that were announced from October 24, 2003 to November 28, 2003. The listings are ordered by target...

The good, the bad and the ugly: the private equity agenting process is going through a winnowing effect, with agents for buyout funds faring far better than those raising money for venture funds and individual portfolio companies.(State Of The Market)
December 1, 2003... Ron Lissak is a survivor. A garrulous, do-whatever-it-takes survivor. He'd better be. Because as Mr. Lissak, managing partner of San Francisco-based Catapult Advisors puts it, "This is the toughest market I've ever seen." For Lissak and...

Placement agents placing themselves overseas.(Europe)
December 1, 2003... Much has been made about the undeveloped prospects of the European private equity market. Often described by pros as "latent" or "less mature" in years past, many now believe the market is starting to come into its own. Evidence of this can be...

Placement agents lining up for seconds: secondaries keep matchmakers busy.(Secondaries)
December 1, 2003... During the fund raising boom of 1999-2001, placement agents could barely keep up with the frenetic pace of private equity fund raising. With new venture and LBO funds being launched every week, matchmakers had little problem finding their next...

The anatomy of a secondary transaction & benefits of a secondary advisor.(Sponsored Statement)
December 1, 2003... Activity in the Secondary Market for Private Equity has reached unprecedented levels, and the recent growth rates show no signs of slowing. New participants enter the market on a daily basis and fund-raising, as well as deal flow levels, are...

The sun is setting on Germany's cheap debt market.(Overview)
December 1, 2003... Germany's economy is facing tough challenges; it has high unemployment, a large budget deficit and an inflexible labour market. Add to these the fact that cheap debt, so long readily available to German businesses from the country's banking...

German fund structures.(Overview)
December 1, 2003... The tax environment in Germany has traditionally been a hindrance for those seeking to raise European private equity funds in the region. And the German government, despite industry lobbying has been slow to make changes. But three recent...

Soft money, tough choices.(Overview)
December 1, 2003... Germany's soft money schemes, through which the state has funded thousands of growing companies, face an uncertain future. Government spending was one of the catalysts in the country's venture capital explosion but when the market collapsed in...

Apax Partners.(Apax Partners)
December 1, 2003... Apax Partners is one of the world's leading private equity and venture capital firms. The firm dedicated to helping entrepreneurs build world class companies and its track record of working with entrepreneurs from start-ups to leveraged...

Challenges of succession in family-owned companies: Max Burger-Calderon, a founding partner of Apax Partners, Munich, maps out possible funding solutions for owner-managed businesses.(Apax Partners)
December 1, 2003... Today, Germany's owner-managed businesses find themselves in a tight financing squeeze. When small-and medium-size enterprises turn to their bank managers to discuss loan issues, the response elicited, to put it mildly, is usually one of...

Tax reform and the promised land: Dr Patrick Biagosch, tax and funds partner, and Christopher Kellett, private equity partner at Clifford Chance in Munich and Frankfurt, respectively, assess the situation.(Clifford Chance)
December 1, 2003... Germany has often been regarded as an under-achiever, or more positively as the land of unrealised potential, as far as private equity and venture capital is concerned. There was indeed a venture capital investment boom and a surge in the value...

Clifford Chance.(Cliford Chance)
December 1, 2003... At Clifford Chance the private equity practice is global. In Germany, Clifford Chance has a team of 12 partners and over 20 other professionals who focus on private equity, based in Dusseldorf, Frankfurt and Munich. This team has an enviable...