European Venture Capital Journal articles from February 2003

European Venture Capital Journal archives from February 2003

Disappointing close for JP Morgan Partners. (Funds).(Reaches final close on JP Morgan Partners Global Investors LP partnership fund)
February 1, 2003... A year on from its first close, JP Morgan Partners, the private equity arm of JP Morgan Chase has reached a final close on JP Morgan Partners Global Investors LP partnership fund. The fund has raised $1.7 billion from major institutions and...

Man Group reinforces PE commitment. (News).(Man Investment Products buys 67.5% stake in fund-of-funds manager Westport Private Equity and 25% interest in Parallel Ventures)
February 1, 2003... Man Investment Products has acquired a 67.5 per cent stake in fund-of-funds manager Westport Private Equity and a 25 per cent interest in Parallel Ventures. This is a further step in the group's strategy to broaden its private equity focus that...

LODH spins life science out. (News).(Lombard Odier Darier Hentsch is outsourcing management of its private equity investments in life science sector)(Brief Article)
February 1, 2003... Lombard Odier Darier Hentsch (LODH), Swiss banking group formed earlier this year by the merger of Lombard Odier and Darier Hentsch, is outsourcing the management of its private equity investments in the life science sector. The portfolio will...

AXA PE launches $200m FoFs. (Funds).(AXA Private Equity launches fund-of-funds)
February 1, 2003... AXA Private Equity has started marketing for its most recent offering - a S200 million fund-of-funds dedicated to the US and Western Europe. The new fund follows the success of the group's secondary fund, which closed earlier this year at $480...

DEWB takeover of optic. (News).(Deutsche Eisenbahn Versicherung Lebensversicherungsverein aG takes over Swiss optical investor)(Brief Article)
February 1, 2003... Listed German investor DEWB (Deutsche Effecten-und Wechsel-Beteiligungsgesellschaft) has taken over Swiss optical investor, optic. DEWB is acquiring about 84 per cent of optic shares through a share swap with a transaction volume of around...

Irish govt supports new VC fund. (News).(New biotech fund is sponsored by Enterprise Ireland)
February 1, 2003... A new biotech fund, sponsored by Enterprise Ireland, the Irish government's trade and technology body, has been launched. The [euro]25 million European Bioscience Fund I will focus on identifying early stage investments in the bioscience sector...

Pomona Capital V beats target by $181m. (Funds).
February 1, 2003... Pomona Capital has closed its fifth secondary fund, Pomona Capital V, well above target at $581 million. Like its predecessors, the fund will be used to buy interests in private equity funds from limited partners looking to exit their...

Mishcon de Reya joins with Arkios. (News).(Mishcon Corporate Finance has merged with corporate finance boutique Arkios Limited)
February 1, 2003... Mishcon Corporate Finance, the corporate finance arm of Mishcon de Reya, has merged with corporate finance boutique Arkios Limited. The newly merged group will retain the Arkios name. Misheon invested in Arkios in September, when it took a 50...

Swiss biotech firms to merge. (News).(HBM BioVentures and NMT New Medical Technologies will merge)
February 1, 2003... HBM BioVentures and NMT New Medical Technologies, two Swiss firms with similar biotech-focused investment strategies, are to merge. Full details of the deal, which should complete in February, have not yet been disclosed. The merger will create...

MPC Capital launches fifth FoF. (Funds).(Launches its fifth fund-of-funds, MPC Global Equity V)
February 1, 2003... German asset management group MPC Capital has launched its fifth fund-of-funds, MPC Global Equity V. Market conditions permitting, MPC Capital hopes to raise [euro]50 million from high net worth individuals by the end of 2003. Investors...

Mourant acquires Redbridge. (News).(Brief Article)
February 1, 2003... International legal and specialist services provider Mourant has acquired private equity fund administrator Redbridge Offshore Limited for an undisclosed sum. Redbridge has funds under administration in excess of $5.2 billion of committed...

Barclays closes European fund. (Funds).
February 1, 2003... Barclays Private Equity has closed its most recent offering at [euro]1.25 billion, just over its original target of [euro]1.2 billion. While Barclays Private Equity has been investing client money since 1987 this is its first formal fund...

New London affiliate for HMTF. (Funds).(Hicks, Muse, Tate & Furst backing Pilippe von Stauffenberg)(Brief Article)
February 1, 2003... Hicks, Muse, Tate & Furst is backing Philippe von Stauffenberg, a principal in the firm's London office, in forming a new investment affiliate based in London. The new firm, which will have an exclusive relationship with Hicks, Muse, will take...

1st woman chair for BVCA. (Funds).(Ann Glover to become vice chair of the British Venture Capital Association)(Brief Article)
February 1, 2003... Ann Glover, founder and MD of Amadeus Capital Partners and head of the BVCA's high tech committee, will become vice chair of the BVCA this April when the annual rotation takes place. The vice chair is currently Richard Green of Kleinwort...

Dial Corp Fin & Translink int'l merge. (Funds).(Dial Corporate Finance and Translink Corporate Finance)(Brief Article)
February 1, 2003... Dial Corporate Finance and Translink Corporate Finance are merging their activities in the UK to create an M&A advisory network. Dial is a private equity, corporate finance advisory and consulting business founded in 1996 and based in...

CapMan celebrates fund close. (Funds).
February 1, 2003... Nordic buyout house CapMan celebrated the New Year with the close at [euro]253.3 million of its largest offering to date CapMan Equity VII. CapMan now has [euro]1.67 billion under management. Of this [euro]1.14 billion is allocated for direct...

Carlyle backs QinetiQ. (News).(Brief Article)
February 1, 2003... QinetiQ, the UK government's science and technology business, has secured backing from US investor Carlyle. The transaction also marks Carlyle's first commitment to a UK venture. Until now, the US group has made all of its European investments...

Northzone Ventures reaches first close. (Funds).(Brief Article)
February 1, 2003... Nordic technology investor, Northzone Ventures has reached the first close of Northzone IV K/S at [euro]48 million. The fund is aiming for a final close of between [euro]80 million and [euro]100 million and will focus on investing in Nordic...

Bancroft on track with fund II. (Funds).(Brief Article)
February 1, 2003... Central and Eastern European investor Bancroft has held a first close on its second fund at [euro]80 million. The fund launched in February last year with a target of [euro]250 million. The new fund will follow the same strategy as Bancroft's...

Sea Lion Ventures to stock market. (News).(Caledonia Invstments formed venture)
February 1, 2003... Caledonia Investments has formed Sea Lion Ventures in a joint venture with Stephen Schweich and Patrick Seely. Sea Lion Ventures plans to raise funds to invest in various private equity opportunities. Its first will invest in technology and...

Boost to UK corporate venturing. (News).
February 1, 2003... The UK government's Pre-Budget Report may have focused attention on what the Chancellor will deliver in April but 2002's Budget is still giving the private equity industry plenty to chew over. Legislation included in the UK's Finance Act 2002...

Indigo tops target for fourth fund. (Funds).
February 1, 2003... Mezzanine investor Indigo Capital has closed its fourth fund at [euro]475 million, well above the original target of [euro]400 million and nearly double the size of its last fund. The firm said investor demand exceeded the [euro]475 million cap...

First close for Nordic Mezzanine II. (News).(Brief Article)
February 1, 2003... Nordic Mezzanine has held a first closing, at [euro]150 million, for its second fund. The vehicle, launched towards the end of last year, has a total target of [euro]200 million, double the size of its Nordic Mezzanine Fund I. A final closing...

Eurazeo's PE strategy evolves. (News).(Brief Article)
February 1, 2003... Eurazeo has formed a strategic alliance with Colony Capital, a US-based investment firm focused on acquiring real estate assets and operating companies. The partnership aims to establish a [euro]400 million European real estate investment fund,...

Englefield Capital launches. (News).(Brief Article)
February 1, 2003... Much excitement and envy from the buyout community has greeted the arrival of Englefield Capital with [euro]660 million to spend. The reason for this is that this is this a first time team. Dominic Shorthouse and Adam Barron have worked...

IT Provider raises [euro]130m. (News).(Swedish venture co.)
February 1, 2003... IT Provider, a Swedish venture capital firm focused on early stage technology investing, has held a first closing of its fourth fund at [euro]130 million. The fund aims to raise up to [euro]230 million (SEK2 billion), with a final close...

MPM Capital raises $900m. (News).(Brief Article)
February 1, 2003... MPM Capital, the US-German biotech venture capital investor, has closed its third fund at $900 million, well above the initial target of $750 million. The fund represents a big leap in funds under management and a sign of investor confidence in...

Lloyds TSB moves into mezz. (News).(Brief Article)
February 1, 2003... Lloyds TSB has created a new division within its corporate group. Acquisition Capital will oversee the activities of the bank's venture capital arm, LDC, and its Acquisition Finance Unit (AFU), which is extending its financing capabilities to...

Activa Capital nearing target. (News).(Brief Article)
February 1, 2003... French mid-market specialist Activa Capital is well on the way to reaching its final target of [euro]150 million with a first close of [euro]90 million. Hermes Investment Management is a cornerstone investor, committing to 25 per cent of the...

Matrix Private Equity rolls out second fund. (News).(Brief Article)
February 1, 2003... Matrix Private Equity is sticking to its plan to launch a fund each year with its second Matrix Enterprise Fund, a special purpose fund for investors seeking lower-risk, tax efficient products. The new fund has a target of [pounds sterling]5...

NEDs change face. (News).(Derek Higgs review of non-executive directors)
February 1, 2003... UK listed companies look set to face a boardroom shake-up following Derek Higgs' much-publicised review of the role and effectiveness of non-executive directors. The question on most people's lips is whether British boards will work more...

Novartis increases venture fund. (News).(Brief Article)
February 1, 2003... Pharmaceuticals giant, Novartis, has pledged an extra CHF50 million ([pounds sterling]35 million) to its Novartis Venture Fund, which now totals CHF300 million ([euro]205 million). The additional capital will be used to make new investments as...

Denmark: angels boost deal flow. (News).(Angle Network and Danish Investment Fund conducted research)
February 1, 2003... Business angels are a key part of the venture capital cycle and a vital source of deal flow for VCs, according to a survey by the Danish Business Angel Network and the Danish Investment Fund. From a survey of 76 business angels in Denmark,...

Pantheon Europe Fund III closes [euro]470m. (News).
February 1, 2003... Pantheon Ventures has overcome the prevailing fund raising climate to close its third European fund-of-funds (P[euro]uro III) at nearly double the original target. The fund initially hoped to raise [euro]200 million exclusively from investors...

Nova Capital is formed. (News).(Nova Capital Management; portfolio management co.)
February 1, 2003... Three high profile corporate finance professionals have teamed up to launch Nova Capital Management, a portfolio management company targeting under-performing and under-managed portfolios run by private equity and venture capital firms....

M&S chairman into PE. (News).(Marks & Spencer)(Brief Article)
February 1, 2003... Marks & Spencer (M&S) chairman Luc Vandevelde will make his first foray in private equity in the this year with a new fund called Change Capital Partners, unconnected with the retail chain. His position as chairman moved to part-time from the...

DBG raised [euro]67.2m for Eastern Europe. (News).(Brief Article)
February 1, 2003... DBG Eastern Europe, part of German private equity firm Deutsche Beteiligungsgesellschaft, has completed a first closing of its second fund at [euro]67.2 million. The fund, DBG Eastern Europe II, hopes to raise a total of [euro]80 million, with...

End for Barlage Knoth & Cie. (News).
February 1, 2003... Barlage Knoth & Cie (BKCie) is just one of many to prove that it is not an easy ride for a first time fund in the current climate. Newcomer BKCie has withdrawn its fund raising efforts after it failed to raise the remaining [euro]20 million it...

Martin Currie launches second FoFs. (News).(Brief Article)
February 1, 2003... Edinburgh-based invcstment manager Martin Currie is planning to launch a second fund-of-funds in the first quarter of this year targeting buyout, venture, mezzanine and special situations funds investing in mid-market companies with an...

Atlas Venture reduces fund further. (News).
February 1, 2003... Atlas Venture will further reduce the size of its most recent fund Atlas Venture VI to $600 million to better align with current market conditions. This represents a total reduction of 38 per cent from its original size of $967 million. In...

1st exit for Rosewood Partnership. (Exits).(Brief Article)
February 1, 2003... The Rosewood Partnership, a Leeds-based turnaround fund, has realised its first investment through the sale of Bristol-based print supply company, Bousfield, to Openshaw Group. The deal also included the disposal of significant property assets...

CapMan exits Teknikum. (Exits).
February 1, 2003... Nordic buyout specialist CapMan has realised its investment in rubber and polymer product manufacturer, Teknikum. CapMan funds Finnventure Funds I, II and II held an aggregate stake of 26 per cent in the Teknikum Group. The funds invested in...

Duke Street cashes in on Focus Wickes. (Exits).
February 1, 2003... Apax's acquisition of a 28.9 per cent stake in DIY retailer Focus Wickes has enabled Duke Street Capital to realise over [pounds sterling]340 million from its investment while retaining a significant stake in the company. Apax paid [pounds...

Welzorg's third PE deal. (Exits).(Brief Article)
February 1, 2003... Industri Kapital's acquisition of Welzorg sees the Dutch mobility aid company pass to its third group of private equity owners. Gustav Ohman, director of Industri Kapital, described Welzorg as a growth company. "There is strong potential for...

3i deal gives CBPE partial exit. (Exit).(Brief Article)
February 1, 2003... Close Brothers Private Equity (CBPE) has realised a return of around [pounds sterling]10 million on the sale of United Transport International's Dutch subsidiary, United Transport Tankcontainers, to 3i. Koert van Wissen and Roel Molenaar led...

3i exits Maybridge Chemicals. (Exits).(Brief Article)
February 1, 2003... Maybridge Chemicals, the Cornish company that produces organic compounds for drug discovery and pharmaceutical development, has been sold for [pounds sterling]29 million to Fisher Scientific International of the US. 3i backed a [pounds...

Dianoema acquires GMD. (Exits).(Brief Article)
February 1, 2003... Dianoema, an Italian designer of web applications for the healthcare market, has acquired venture-backed e-healthcare provider GMD. Munich-based GMD has received backing from various VCs since its inception. Financial details of the transaction...

DEWB sells Carl Zeiss Meditec stake. (Exits).(Brief Article)
February 1, 2003... DEWB, the listed German firm that recently took over Swiss investment group optic (see news this issue), has sold one of its existing investments in ophthalmic systems provider, Carl Zeiss Meditec. DEWB sold its 9.2 per cent stake in the...

BAEPE buys Paroc from IK. (Exits).(Bank of America Equity Partners Europe acquires Paroc from Industri Kapital)
February 1, 2003... Bank of America Equity Partners Europe (BAEPE) has provided Industri Kapital with an exit through its acquisition of Paroc, a Finnish insulation manufacturer, in a secondary buyout. Michael Rosenlew, a director at Industri Kapital, said the...

Secondary buyout of Prezioso. (Exits).(PPM Ventures has acquired Prezioso from Barclays Private Equity France)(Brief Article)
February 1, 2003... PPM Ventures has acquired Prezioso from Barclays Private Equity France in a [euro]170 million secondary buyout. PPM Ventures was involved in another secondary buyout in France at the beginning of 2002, although on this occasion as the vendor,...

Halder partial exit on Happich. (Exits).(reduces stake in Happich Fahrzeug und Industrieteile via merger with Ellamp Interiors)(Brief Article)
February 1, 2003... German private equity firm Halder has reduced its holding in automotive supplier Happich Fahrzeug und Industrieteile through a merger with Italian company Ellamp Interiors. The new company will be renamed GHE. The transaction enables Halder to...

3i makes 3x on Transalliance. (Exits).(3i has sold its stake in French transport group Transalliance)(Brief Article)
February 1, 2003... 3i has sold its stake in French transport group Transalliance for [euro]20.5 million, realising an IRR of 80 per cent. The venture capitalist backed a [euro]46 million buyout of the company in 2000. The sale to the company's CEO Philip Michel...

3i exits Nordisk Renting.(sells 35% stake)(Brief Article)
February 1, 2003... 3i has sold its 35 per cent stake in Swedish real estate group, Nordisk Renting, for SEK627 million ([euro]70 million). The acquirer, Finnish financial services group Nordea, previously held a 40 per cent stake in the company and has now...

3i gets $22m from Adaytum. (Exits).(Adaytum sold to Cognos)(Brief Article)
February 1, 2003... 3i-backed Adaytum, which was founded in a flat in Bristol, has been sold for $160 million. The acquirer Cognos, a Nasdaq-listed company headquartered in Ottawa, Canada, specialises in business intelligence and performance planning software for...

Candover sells Airtechnology. (Exits).(Brief Article)
February 1, 2003... Candover has agreed to sell Airtechnology, a UK-based supplier of motors, fans and environmental control systems for the aerospace and defence markets, to listed US firm, AMETEK. The deal provides a partial exit from Candover's investment in...

EQT exits Nordic Info. (Exits).(Brief Article)
February 1, 2003... EQT has realised its investment in Nordic Info Group by selling the business to Experian for DKK1.1 billion on a cash and debt-free basis. The return on the investment was not disclosed. Nordic Info Group is a Denmark-based credit and...

SG Capital Europe exits secondary buyout. (Exits).
February 1, 2003... French anti-trust authorities have cleared the sale of French transport group Joyau, by SG Capital Europe, to the German firm, Schenker. The value of the deal, which was first announced in October, was not disclosed. Investing through its...

Brownhills secondary buyout. (Exits).(Brief Article)
February 1, 2003... The secondary buyout of Brownhills, the UK's largest retailer of motorhomes, has provided Royal Bank Development Capital with an exit from its 1999 investment. NBGI Private Equity backed the [pounds sterling]32 million buyout of the company....

Electra and Pi Capital win on Sporting Index. (Exits).(from Duke Street Capital)
February 1, 2003... Duke Street Capital's [pounds sterling]52.7 million offer for gambling and spread betting business, Sporting Index, provides an exit for the company's original investors, which include the Electra Investment Trust and Pi Capital. David...

MGPE loses out on Vantico. (Exits).(Morgan Grenfell Private Equity looks set to lose out on investment in epoxy resin manufacturer)
February 1, 2003... Morgan Grenfell Private Equity looks set to lose out on its investment in Luxembourg-based epoxy resin manufacturer, Vantico. The company, which is in restructuring talks with its lenders, has agreed a debt-for-equity swap with its bondholders....

New Value's first exit. (Exits).(Swiss investment company exits Innoplana Umwelttechnik)
February 1, 2003... New Value, a Swiss investment company focusing on innovative, economically and ecologically sustainable companies, has achieved its first exit with the sale of Innoplana Umwelttechnik. "The successful sale of the Innoplana investment, in spite...

SG Capital Europe exits secondary buyout. (Exits).(Joyau to be sold to Schenker)(Brief Article)
February 1, 2003... French anti-trust authorities have cleared the sale of French transport group Joyau, by SG Capital Europe, to the German firm, Schenker. The value of the deal, which was first announced in October, was not disclosed. Investing through its...

Uncertainty hangs over the buyout market. (Buyouts).
February 1, 2003... At EVCA's last count the amount of uninvested capital in the European private equity market had reached around [euro]45 billion. However, the volume of funds raised for European buyout investing fell for the second year running in 2002 while...

Private equity cushions M&A fall. (Buyouts).(mergers and acquisitions)
February 1, 2003... Reports on M&A levels in 2002 from both KPMG and CMBOR highlight the increasing importance of private equity in the weakened M&A market. KPMG's Corporate Finance analysis of global M&A deals shows a 47 per cent reduction in value and a 24...

Buyout houses upbeat. (Buyouts).(in Europe)(Brief Article)
February 1, 2003... European buyout firms are hopeful of matching past returns despite a challenging exit environment. They expect to produce average annual returns of about 17 per cent over the next five years, in part by building up their focus on operational,...

Swiss buyouts boom in 2002. (Buyouts).
February 1, 2003... A record year for management buyouts in Switzerland summarises 2002, according to SECA, the Swiss Private Equity & Corporate Finance Association, and the Corporate Finance Group. Although the number of deals announced last year is well below...

Dresdner eyes stronger LBO presence. (Buyouts).(Dresdner Kleinwort Wasserstein)
February 1, 2003... Dresdner Kleinwort Wasserstein has set aside fresh capital and announced a new strategy aimed at lifting the bank into the top 10 LBO shops in Europe by the end of the year. The strategy will see the bank target deals of $250 million or more,...

German buyouts face challenges. (Buyouts).
February 1, 2003... Germany's private equity market is showing little sign of finally delivering the riches it has been said to promise for so long. Speaking at a seminar hosted by SJ Berwin on the German market Andrew Richards, Frankfurt-based director of 3i...

High yield bonds backing buyouts. (Buyouts).(talks between JP Morgan and CSFB)
February 1, 2003... Brake Brothers CSFB and JP Morgan, the mandated lead arrangers of the [pounds sterling]295 million senior debt financing backing the Brake Brothers LBO, are still locked in talks with the syndicate to secure a waiver to give investors in...

Private equity-backed takeovers subject to EU competion law. (Buyouts).(Bain Capital Fund and Dor Chemicals approved for purchase)
February 1, 2003... Dor Chemicals/Trespaphan The European Commission has approved the acquisition by Bain Capital Fund and Dor Chemicals of Trespaphan, Moplefan and Dor Film Australia, to create a joint venture active in the manufacture and supply of flexible...

Leveraged loans attract CDOs. (Buyouts).
February 1, 2003... European CDO managers are increasingly using leveraged loans as collateral, according to a report by Standard & Poor's European Structured Finance Ratings group. In 2002, the European Structured Finance Ratings group rated a total of six...

BoS to Milton Keynes. (People).
February 1, 2003... Bank of Scotland corporate banking has appointed a dedicated team to be based in Milton Keynes. The new office, which will serve companies in the mid to large corporate market ([pounds sterling]10 million plus turnover) in Milton Keynes,...

Maddox moves on. (People).
February 1, 2003... Bridges Community Ventures, the new mission driven venture capital company founded by Apax, 3i and Tom Singh of fashion retailer New Look, has appointed Carolyn Maddox as executive director. Maddox brings 14 years of experience in private...

Delorme crosses over. (People).
February 1, 2003... Franck Delorme is leaving French venture capital firm Sofinnova Partners to pursue operational and entrepreneurial opportunities. The firm says Delorme's departure will not affect its IT investment strategy, on which Delorme had focused for...

Hayden leaves RBS. (People).
February 1, 2003... Enterprise Finance Europe has appointed Peter Hayden, formerly director at Royal Bank of Scotland commercial services, as a director in its UK southern region, based in London. Hayden joins a growing team of receivables and asset-finance...

Hicks, Muse promotes. (People).
February 1, 2003... Hicks, Muse, Tate & Furst has promoted two of London-based investment professionals to principal. They are Robert Darwent and Luca Velussi. Darwent (30) joined Hicks, Muse in 1998 and before that was employed in the private equity group of...

CapMan legal counsel. (People).
February 1, 2003... Martti Timgren has been appointed legal counsel for the CapMan Group. He comes from Butzow Nordia Advocates Ltd, where he was a partner as well as the chairman and a member of the board of directors. Timgren is a member of the legal task...

Candover appts Paris MD. (People).
February 1, 2003... Candover has appointed Cyrille Chevrillon as a managing director. Chevrillon will join Candover's executive board and will be based in Paris with a specific brief to generate and transact large buyouts in France heading up Candover's existing...

Arney joins Candover. (People).
February 1, 2003... John Arney has departed JP Morgan Partners to become a director at Candover where he will focus on originating and transacting deals in the media, support services and chemical sectors. He will join Candover's board.

Murray leaves LBS. (People).
February 1, 2003... Dr Gordon Murray is leaving London Business School to take up a new Chair in Management at University of Exeter's School of Business and Economics. Dr Murray has been a member of the British Venture Capital Association's high tech committee for...

RBS lev finance hires. (People).
February 1, 2003... Royal Bank of Scotland has appointed Stuart Hewer as associate director for its leveraged finance team in Frankfurt, where he will be responsible for arranging and overseeing LBO transactions. Hewer will report to Gerd Bieding in Germany. ...

Carlyle promotes. (People).
February 1, 2003... Carlyle Group has strengthened its European buyout fund with the promotion of two new managing directors. They are Robert Easton and Franck Falezan both of whom have been promoted internally from director positions on Carlyle's European buyout...

Fitzsimons TTP CEO. (People).
February 1, 2003... Gerry Fitzsimons has been appointed CEO of TTP Ventures. He replaces David Connell, one of the original founders of TTP Ventures, who becomes executive chairman, taking over from the current non-executive chairman, David Parnell. This...

2 new partners for BHD. (People).
February 1, 2003... Brobeck Hale and Dorr, the technology law firm, has appointed two new partners n its London office. This means the firm now has 19 partners, with 12 in London, three in Oxford and five in Munich. The new partners are Christopher Prout md...