European Venture Capital Journal articles from February 2005

European Venture Capital Journal archives from February 2005

EVCJ awards 2004.
February 1, 2005... FINANCIAL SPONSOR OF THE YEAR--LARGE FUNDS Winner: CVC Capital Partners Highly commended: Barclays Private Equity Highly commended: Permira FINANCIAL SPONSOR OF THE YEAR--MID-SIZE FUNDS Winner: ABN AMR0 Capital Highly...

QIPOs find favour with private equity.(Qualifying Initial public offerings)
February 1, 2005... The ingenuity of lending banks is being put to the test by private equity firms these days. Firms looking to IPO their investments at a future date are forcing bankers to come up with ever more creative debt structures to help maximise...

European high yield makes a comeback.(News Analysis)
February 1, 2005... The European new issue high yield bond market broke previous records in 2004. with the total topping the 20bn [euro] mark for the first time in its 12-year history. And a sustained healthy flow of issuance is likely to continue through this...

When is big too big?(News Analysis)(Grupo Auna aquisition by venture capital companies)
February 1, 2005... The news about the possible 11bn [euro] buyout of Grupo Auna broke at the end of last year. The acquisition of Spain's second largest telecoms company by Apax, Blackstone, CVC, Carlyle and Providence Equity Partners would be the largest buyout...

Advantage Capital 2nd fund.(Funds)(Brief Article)
February 1, 2005... Advantage Capital has launched its second fund, Advantage Capital Partners 2, with a target of 30m [pounds sterling] and capped at 50m [pounds sterling]. The vehicle will be structured as a 12-year UK LP. The minimum subscription for...

SCM reviews PE performance.(Strategic Capital Management's review on global private equity)
February 1, 2005... SCM Strategic Capital Management has unveiled its first global private equity performance review. SCM's 2004 Performance Review analyses a sample of 319 partnerships as well as 18 funds-of-funds of the vintage years 1997-2002 and uses...

NeoMed innovation IV closes.(Funds)(Brief Article)
February 1, 2005... NeoMed Management, the Norway-headquartered venture capital firm, has reached a first close of its new life sciences VC fund, NeoMed Innovation IV LP, with committed capital of 38m [euro]. The cornerstone investors include Argentum...

Quester reopens VCT 5.(venture capital trust)(Brief Article)
February 1, 2005... Quester has reopened its fifth venture capital trust. The top-up share issue is seeking to raise an additional 10m [pounds sterling] on top of VCT 5's existing 22m [pounds sterling] net assets. This is an established fund offering new...

First close for WP III Tech.(Funds)(Wellington Partners III Technology Fund )(Brief Article)
February 1, 2005... Munich-based venture capital firm Wellington Partners has reached an 85m [euro] first close on Wellington Partners III Technology Fund (WP III Tech). Investors in the fund include Access Capital, AlpInvest, von Braun & Schreiber, the European...

Advent Venture closes fund 4.(Funds)(Advent Venture Partners)(Brief Article)
February 1, 2005... Advent Venture Partners has held a first closing on Advent Private Equity Fund IV (APEF IV), with total commitments of 128m [pounds sterling], (US$250m, 188m [euro]). With a target of 200m [pounds sterling], the fund has so far accepted...

2005: the future is bright.(News)(Brief Article)
February 1, 2005... VCs are confident increased deal activity will be sustained for the first six months in 2005 and secondary buyouts are expected to provide the largest source of new investment opportunities, according to The Private Equity Confidence Survey...

HarbourVest backs Nova Capital.(HarbourVest Partners L.L.C. supports Nova Capital Management to acquire West LB)(Brief Article)
February 1, 2005... HarbourVest Partners has backed Nova Capital Management (Nova) to acquire and manage the assets of the West LB Growth Fund from West LB. Nova, a specialist management company for private equity and venture capital portfolios, now has four...

Moore Management joins CISX.(News)(Channel Islands Stock Exchange)(Brief Article)
February 1, 2005... Moore Management, the specialist fired administrator based in Jersey, UK has become a category 1 member of the Channel Islands Stock Exchange (CISX). As a category 1 member, the company, which has over US$15bn of assets under...

Nova expansion continues.(News)(Nova Capital Management)(Brief Article)
February 1, 2005... Nova Capital Management (Nova) is building on its success in Europe with the opening of an office in the US and has also announced its first deal in the US and two senior hires to manage the business. Nova has acquired the partnership...

Bank of Ireland acquires Burdale.(News)
February 1, 2005... The Bank of Ireland (BoI) has bought Burdale Financial Holdings Limited, a UK-based asset-based lender and a majority owned subsidiary of Wachovia Corporation, for approximately 71m [euro] (49m [pounds sterling]). The acquisition has been...

MBO at Invest Equity.(News)(management by objective)(Invest Equity)(Brief Article)
February 1, 2005... The management of Austrian private equity house Invest Equity has announced a change in its ownership structure. The four partners now hold 70% of the shares of the management company with the balance being held by Investkredit Bank AG, the...

Second close for CapMan fund.(Funds)(Brief Article)
February 1, 2005... Nordic private equity investor CapMan has reached the second close of its fourth mezzanine fund, CapMan Mezzanine IV, on 142.5m [euro]. CapMan Mezzanine IV will make mezzanine investments in middle market Nordic companies in manufacturing,...

Standard Life FoF reaches first close.(Funds)(fund-of-funds)(Standard Life Investments Private Equity Ltd.)(Brief Article)
February 1, 2005... Standard Life Investment has reached a first close of 250m [euro] on European Strategic Partners 2004 (ESP 2004), a private equity fund-of-funds vehicle. The fund, which was officially launched at the same time as the first closing was...

Iberian fund reaches second close.(Funds)
February 1, 2005... Espirito Santo Capital, the private equity arm of Banco Espirito Santo, and Sigefi Private Equity has reached a second close in its cross-border fund SES Iberian Fund I. The fund, which is advised by Spanish firm SES Iberia Private Equity,...

Nokia forms new fund.(Funds)(Nokia Venture Partners)(Brief Article)
February 1, 2005... Nokia Venture Partners, the venture arm of Nokia, has formed a new fund, the US$100m Nokia Growth Partners. Focused on mid-to-late stage venture, the fund will be led by Markus Salolainen and Rob Trice, who have both been promoted to...

Protection needed for private investors.(News)
February 1, 2005... Pre-Budget plans are promising to boost private investment in unlisted companies in the UK, but there are concerns that there is not adequate protection for private investors. Under the new, less restrictive rules which are expected to come...

PE back office steals the limelight.(News)(Private Equity)
February 1, 2005... The last year has been a busy and eventful year for the private equity software supply industry, with operational and back-office functions receiving more column inches in the private equity press during 2004 than ever before. Indeed EVCJ even...

NMB-Heller restructures.(News)(Brief Article)
February 1, 2005... GE Commercial Finance's Corporate Financial Services Europe unit has signed an agreement with ING to restructure NMB Heller, the asset-based finance provider it acquired in October 2003, Under the agreement, GE Commercial Finance will buy ING's...

AXA closes secondary fund on 750m [euro].(Funds)(AXA Private Equity)(Brief Article)
February 1, 2005... AXA Private Equity has closed AXA Secondary Fund III on US$1.04bn. This fund raising combined with the 237m [euro] raised for its Early Secondary Fund of Funds that was closed in June 2004, reinforces AXA Private Equity's position in the...

Baronsmead VCT increases share issue.(F&C Asset Management)(Brief Article)
February 1, 2005... F&C Asset Management has announced that its current Venture Capital Trust (VCT) fundraising, the Baronsmead VCT 2 C share issue, is to be increased from 20m [pounds sterling] to 22m [pounds sterling]. The fund raising began in September and...

Closing for AGF fund-of-funds.(Funds)(AGF Private Equity)(Brief Article)
February 1, 2005... AGF Private Equity, the French fund-of-funds manager, has held an intermediate closing of AGF Private Equity Holding at 180m [euro]. Launched last year, the fund has a target of 200m [euro], which it hoped to reach before the end of 2004. It...

Trident fund 1st close.(Funds)(Brief Article)
February 1, 2005... JO Hambro Capital Management has held a first closing on Trident Private Equity Fund II (TPE II) at around 45m [pounds sterling] (65m [pounds sterling]). The money has come from a combination of existing and new investors, and will remain...

VCT mergers take off.(Venture Capital Trusts merges)(Brief Article)
February 1, 2005... Chrysalis, formerly Classic Fund Management, is to become the first group to merge its Venture Capital Trusts into one vehicle. Discussions have already commenced with Chrysalis A, Chrysalis B and Chrysalis C with a view to merging all four...

HSBC targets Asia.(HSBC Asian Ventures Syndicate)(Brief Article)
February 1, 2005... HSBC is providing investors with the opportunity to participate in the burgeoning Asian markets by introducing the HSBC Asian Ventures Syndicate, which aims to provide long-term capital growth through private equity investments in small to...

CalPERS reduces PE allocation by 1%.(California. Public Employees' Retirement System)(pension fund's private equity investments)(Brief Article)
February 1, 2005... The California Public Employees' Retirement System (CalPERS) Board of Administration has voted to adopt a modest revision to its asset allocation mix that better reflects the system's current investment holdings in an effort to reduce risk and...

Biotech outperforms pharma.(News)(biotechnology, pharmaceuticals, venture capital companies investments)(Brief Article)
February 1, 2005... The biotechnology sector had its second best year ever in 2004 in terms of the money it raised from investors worldwide, according to a report at the Genesis London biotechnology conference. Biotech share performance outstripped big pharma, for...

Business plans service launched.(News)(Beer & Partners and Blue Sky Business Planning teamed up)(Brief Article)
February 1, 2005... Beer & Partners, the UK business angel network, and Blue Sky Business Planning, have teamed up to launch a new service to help small and medium-sized enterprises (SMEs) attract equity investors. The service is an online tool and guides...

CapMan eyes property.(News)(CapMan Oy plans private equity fund)(Brief Article)
February 1, 2005... CapMan, the Nordic private equity house, has announced it is studying the possibilities of setting-up a Finnish private equity real estate fund. The firm is currently in discussion with institutional investors about the plans, and Jukka Iivari...

UK Government borrowing too high?(News)(Brief Article)
February 1, 2005... Members of the British Venture Capital Association (BVCA) believe the level of UK Government borrowing is too high. In the BVCA's latest quarterly survey, 78% of the 165 respondents felt that public borrowing was either "too high" (20%) or...

Second Spanish P2P.(News)(Peer to peer computing)(Brief Article)
February 1, 2005... Thee Spanish private equity market is getting used to the public-to-private phenomenon. Airport retail company Aldeasa has become Spain's second private equity-backed public-to-private transaction. Uria & Menendez has advised a consortium of...

Triago launches Triago-X.(News)(Brief Article)
February 1, 2005... Private equity adviser Triago has launched Triago-X, a dedicated group for secondary transactions of private equity fund interests. As a natural extension of its fund raising activities, Triago has advised a number of institutions and...

Debt causes problems for SMEs.(News)(small and medium sized companies' unpaid invoices)
February 1, 2005... Small businesses in the UK are losing around 6.5bn [pounds sterling] every year due to unpaid invoices, according to research by GMAC Commercial Finance (GMAC CF). Cash flow is vital for the financial health of SMEs and can make or break a...

UNICO survey promotes uni technology transfer.(News)(University Companies Association, university )
February 1, 2005... The University Companies Association (UNICO) has published its third annual survey of UK university commercialisation activities. The survey provides UK institutions with benchmarks for the commercialisation of academic research and enables...

SBIC to boost French venture.(News)(Small Business Investment Companies, Association Francaise des Investisseurs en Capital)
February 1, 2005... Following an announcement made by Nicolas Sarkozy the former French finance minister on 29 November, AFIC the French venture capital association, is eagerly anticipating the launch of a SBIC (Small Business Investment Companies) initiative,...

HMTF breaks free.(News)(Hicks, Muse, Tate and Furst Inc.)(Brief Article)
February 1, 2005... The European arm of Hicks, Muse, Tate & Furst has completed its split from the US firm and is set to change its name. Hicks Muse (Europe) is now wholly-owned by its European-based partners and will continue to be headed by Lyndon Lea,...

CalPERS dispute.(News)(California. Public Employees' Retirement System and California First Amendment Coalition cases)(Brief Article)
February 1, 2005... The California Public Employees' Retirement System (CalPERS) has reached a settlement in the litigation brought by the California First Amendment Coalition (CFAC) over the release of private equity records. Under the settlement, CalPERS...

Uni spin outs await new tax rules.(News)(university)
February 1, 2005... In response to the Income Tax Earnings and Pensions Act 2003 (Schedule 22), which introduced changes designed to close tax loopholes, Gordon Brown in his pre-Budget report announced that, in valuing a shareholding acquired by an academic in a...

DLA and Piper Rudnick merge.(News)(Piper Rudnick L.L.P.)(Brief Article)
February 1, 2005... Law firms DLA and Piper Rudnick are to merge from January 1, 2005. The merger comes just two months after Piper Rudnick merged with Gray Car Ware & Freidenrich. The new organisation is to be called DLA Piper Rudnick Gray Cary. The tie-up...

Valuation guidelines published.(News)(Association Francaise des Investisseurs en Capital, British Private Equity and Venture Capital Association, European Private Equity and Venture Capital Association)(Brief Article)
February 1, 2005... A final draft of the valuation guidelines developed by AFIC (Association Francaise des Investisseurs en Capital), BVCA (British Private Equity and Venture Capital Association) and EVCA (European Private Equity and Venture Capital Association)...

PE handbook launched.(News)(private equity, Debevoise and Plimpton's product introduction)(Brief Article)
February 1, 2005... UK private equity houses are more heavily regulated than their US counterparts, according to the Debevoise & Plimpton European Private Equity Handbook. The handbook, the first from law firm Debevoise & Plimpton on the European market,...

Fund sizes to increase says SCM report.(News)(Strategic Capital Management, management fees changing)(Brief Article)
February 1, 2005... Private equity and real estate funds will increase in size according to Strategic Capital Management's newly published annual review of "Terms & Conditions 2004". The Annual Review of Terms and Conditions 2004 is based on 176 private equity...

Sovereign Capital changes structure.(News)(Sovereign Capital Partners LLP formed)(Brief Article)
February 1, 2005... Sovereign Capital, the UK lower mid-market private equity investor, has formed Sovereign Capital Partners LLP, which will manage funds previously managed by Sovereign Capital Limited. The manager (rather than "the Fund") was previously...

Man Group to cut Westport share.(News)(Man Group PLC's securities)(Brief Article)
February 1, 2005... Man Group has entered into an agreement to reduce its stake in Westport, the UK fund-of-funds manager, to less than 50%. A spokesman for Man said the company had not developed in the way the group had hoped when they bought the business,...

Strict regulation for UK mid-market.(News)(Brief Article)
February 1, 2005... UK mid-market companies are putting compliance and regulatory requirements at the top of their boardroom agendas, according to the Gresham Monitor. Research also shows that while businesses are spending considerable time tackling compliance and...

Amadeus: mega deal of 2005?(News)(Amadeus Global Travel Distribution S.A.)(Brief Article)
February 1, 2005... Amadeus, the Spanish-headquartered travel reservation group, is on the verge of being taken private following shareholder approval of a bid from BC Partners and Cinven. The two private equity houses have issued a public tender of over 100%...

JVP most active Israeli VC.(News)(venture capital companies rankings)
February 1, 2005... The Israeli Venture Capital Research Centre has released its compilation of 2004's most active Israeli venture capital funds. JVP tops the list of most active funds based on first investments with nine first investments (compared to two in...

Global entrepreneurship report published.(News)
February 1, 2005... Seventy-three million adults worldwide are either starting a new business or managing a young business of which they are also an owner according to the Global Entrepreneurship Monitor 2004 Executive Report. The report, produced by a number...

VCs cautious about pension liabilities.(News)(venture capital)(Brief Article)
February 1, 2005... A third of mid-market fund managers have said they will not invest in a company with a pensions deficit from a defined benefit scheme according to a Grant Thornton survey. Every respondent to the survey had completed at least one deal...

JFA new structure.(News)(Brief Article)
February 1, 2005... The Jersey Funds Association has revised its structure to make it a more effective communications body for its members. A series of new subcommittees have been formed to focus on different industry sectors. A product and strategic...

Cipio Partners acquires Infineon.(News)(Infineon Technologies AG.)(Brief Article)
February 1, 2005... Cipio Partners has acquired the corporate venture capital portfolio of Infineon Technologies AG. The portfolio, invested by Infineon Ventures GmbH since 1998, comprises approximately 30 direct investments as well as several fund...

Q4 strong for European IPOs.(Exits)(initial public offerings)
February 1, 2005... PricewaterhouseCoopers' latest IPO Watch Europe survey tracking volume and value of IPOs on Europe's main stock exchanges, has recorded a good Q4 across the market as a whole, the best in volume terms for several years. There were 151 IPOs...

Granville Baird sells Nobis.(Exits)
February 1, 2005... Granville Baird Capital Partners has sold its majority stake in Nobis Beteiligungen GmbH, a German commercial cleaning business, for an undisclosed sum, to ISS Global A/S, the facility services groups. Granville Private Equity Managers...

Gilde sells Plastal to Nordic Capital.(Exits)(Gilde Investment Management BV)(Brief Article)
February 1, 2005... Gilde Investment Management has sold Plastal, the Swedish-headquartered car bumper manufacturer. Nordic Capital Fund V has bought an 82% stake in the company, expected to go through in February, for an undisclosed sum. Gilde Buy-Out Fund...

LDC sells Bushboard.(Exits)(Lloyds TSB Development Capital Ltd., Uberior Equity)(Brief Article)
February 1, 2005... LDC has sold its stake in Bushboard a UK manufacturer of laminate worktops and commercial washroom systems, to Uberior Equity, the private equity arm of Bank of Scotland. Bank of Scotland Integrated & Acquisition Finance funded the purchase....

LDC makes more than 100% return on Adfil sale.(Exits)(Lloyds TSB Development Capital Ltd.)(Brief Article)
February 1, 2005... LDC has sold its 40% share in Adfil, the UK manufacturer of construction fibres, to Low and Bonar Plc, a British plastics maker and supplier, for 12.8m [pounds sterling], 2.8m [pounds sterling] of which is deferred and contingent. LDC...

Cinven's Fitness First sells Gymbox.(Exits)(Brief Article)
February 1, 2005... Fitness First, the UK health club operator owned by Cinven, has sold London-based leisure and fitness club Gymbox to CEO Richard Hilton. The deal was funded by HSBC. Gymbox was created in 2001 by Hilton with the backing of Fitness First....

AMJPE and 3i sell stake in Zero Waste.(Exits)(Aberdeen Murray Johnstone Private Equity, 3i Group PLC, Augean PLC)(Brief Article)
February 1, 2005... Aberdeen Murray Johnstone Private Equity and 3i have sold their combined 60% share in Zero Waste, UK landfill operator, to Augean plc in a 26m [pounds sterling] deal. The sale has seen AMPJE return 12.8m [pounds sterling] to investors in...

Segulah sells CCS.(Exits)(Clean Chemical Sweden AB )(Brief Article)
February 1, 2005... Segulah has sold CCS. Clean Chemical Sweden AB to US pharmaceutical company CB Financial details of the transaction were undisclosed. CCS is a leading supplier of pharmaceutical and non-pharmaceutical body care and eye care products to Swedish...

Apax and Duke Street sell Wickes.(Exits)(Apax Partners Ltd.)(Duke Street Capital)
February 1, 2005... Apax and Duke Street Capital portfolio company Focus Wickes, the second largest DIY retailer in the UK, has sold its Wickes division to builders merchants Travis Perkins for a cash consideration of 950m [pounds sterling]. The transaction is...

Apax sells Groupe Hubert for 105m [euro].(Exits)(Brief Article)
February 1, 2005... A Pax Partners France has sold its majority stake in Groupe Hubert, the French distributor of products for the bakery, confectionery and food services sector, to the Irish group LAWS for 105m [euro]. Apax Partners acquired Groupe Hubert...

CBPE sells Park Resorts to ABN AMRO Capital.(Exits)(Brief Article)
February 1, 2005... Close Brothers Private Equity (CBPE) has sold caravan park operator Park Resorts to ABN AMRO Capital for a total consideration of 165m [pounds sterling]. CBPE will retain a minority stake in the business. The transaction will see Park...

Palamon sells TeamSystem.(Exits)(Brief Article)
February 1, 2005... Palamon Capital Partners has sold TeamSystem SpA to Bain Capital in a secondary buyout transaction. Financial details of the transaction were undisclosed. With the disposal of its 67% stake in TeamSystem, Palamon has generated an IRR in excess...

Spirit sells pubs to Tchenguiz.(Exits)(Brief Article)
February 1, 2005... private equity-backed pub operator Spirit Group has agreed to sell 364 pubs to Globe Pub Company, a newly formed business owned by the investment vehicle of Robert Tchenguiz, for 345m [pounds sterling]. The sale will see Globe acquire an...

Gresham exits Beck & Pollitzer.(Exits)(Brief Article)
February 1, 2005... Gresham has sold its share in Beck & Pollitzer, a UK-based engineering services contractor, for 28.8m [pounds sterling]. The sale to Bank of Scotland Integrated Finance generated a 2.5x return for Gresham I, which invested 7.2m [pounds...

Granville floats ArmorGroup.(Granville Baird Capital Partners divests, ArmorGroup International)(Brief Article)
February 1, 2005... Granville Baird Capital Partners has floated ArmorGroup International, a UK-based provider of defensive protective security services and security training services, on the London Stock Exchange. Granville has not sold any of its shares and...

Inion achieves IPO.(Exits)(Brief Article)
February 1, 2005... Finnish medical device company Inion has completed the first Scandinavian medical technology IPO in over three years. The offering raised net proceeds of 30m [pounds sterling] and was oversubscribed more than six times. Shares were sold at...

AIM float for MicroEmissive Displays.(Exits)(Brief Article)
February 1, 2005... MicroEmissive Displays Group (MED), a developer of light-emitting polymer-based microdisplays for digital cameras and camcorders, has floated on AIM. The company is valued at 25.7m [pounds sterling] following a placing price of 150 pence per...

CVC cuts Halfords stake.(CVC Capital Partners)(Brief Article)
February 1, 2005... CVC Capital Partners has reduced its stake in Halfords, the UK bike and car parts chain, from 46% to 19.8% after a six-month lock-in period. Forty-six million shares were placed at 295 pence, raising around 135m [pounds sterling]. Jonathan...

ISIS floats Staffline.(Exits)(ISIS Equity Partners)(Staffline Recruitment)(Brief Article)
February 1, 2005... ISIS Equity Partners has floated Staffline Recruitment, a UK recruitment provider, on AIM. The IPO gave the company a share price of 80 pence per share, within the target range according to ISIS, and gave it a market value of around 16.7m...

HgCapital makes 4x gain on Raymarine.(Exits)(Brief Article)
February 1, 2005... HgCapital will realise 82m [pounds sterling] in cash from its investment in Raymarine following the company's flotation on the London Stock Exchange at 152 pence per share, which represents a market capitalisation of 125.5m [pounds sterling]....

Doughty Hanson sells shopping centres.(Doughty Hanson & Co Real Estate's Jakobsberg Centrum acqiured by Blenheim Properties)(Brief Article)
February 1, 2005... Doughty Hanson & Co Real Estate has sold Jakobsberg Centrum, a major shopping centre in Stockholm, to Blenheim Properties, a pan-European real estate investment company based in London, for SEK865m (around 97m [euro]/US$128m). The sale of...

LDC sells stake in Morley Electric. .(Exits)(Lloyds Development Capital sells Morley Electric Motors to ATB Austria Antriebstechnik AG )(Brief Article)
February 1, 2005... Lloyds Development Capital (LDC) has sold Morley Electric Motors to industrial group and motor manufacturer ATB Austria Antriebstechnik AG for an undisclosed fee. Morley is a UK manufacturer of electric motors and LDC acquired its stake in...

Barclays makes 2x return on GLS exit.(Exits)(Barclays Private Equity)(Brief Article)
February 1, 2005... Barclays Private Equity has sold its 70% shareholding in GLS, a specialist educational supply company to a specialist subsidiary of Findel plc in a 26.95m [pounds sterling] deal. The private equity firm achieved a total return of over two times...

EAC makes French realisation.(Exits)(Batipart Group acquires ReactiMalt SAS )(Brief Article)
February 1, 2005... Private equity fund manager EAC has signed an agreement to sell ReactiMalt SAS (Renaissance Group) to Suren Holding, a subsidiary of Batipart Group. The sale price is undisclosed. EAC invested 16m [euro] in the group in June 2000 and,...

VPSA sells French tech company.(Exits)(Okyz to Adobe Systems Inc)(Brief Article)
February 1, 2005... VPSA (formerly Viventures Partners), as sold its stake in French technology company Okyz to Adobe Systems Inc, the US IT company that produces Adobe Acrobat. Terms of the acquisition were not disclosed. V2 FCPR, a VSPA fund, became the main...

GIMV sells Gealan to AXA Private Equity.(Exits)(Gealan)(Brief Article)
February 1, 2005... GIMV has sold its 90% stake in Gealan, a German manufacturer and distributor of PVC window and door profiles, to AXA Private Equity. The business has been divested through GIMV's German subsidiary, Halder, and made a net capital gain off...

AXA reduces stake in Bull.(Exits)(AXA Private Equity)(Bull)(Brief Article)
February 1, 2005... AXA Private Equity has made a partial exit from Bull, a French designer and developer of servers and software for open architecture environments. The return was not disclosed. AXA now owns less than 5% of the company, a reduction of its...

LDC sells KIG.(Exits)(LDC)(KIG Holdings)(Brief Article)
February 1, 2005... LDC has sold its share in KIG Holdings, a UK group comprising a number of businesses supplying branded industrial products and safety access solutions, to part of KIG's management team. LDC has made a 2.5x return on the sale. LDC originally...

AXA exits Champeau-Gau sale.(Exits)(AXA Private Equity)(Champeau-Gau group)(Brief Article)
February 1, 2005... AXA Private Equity has sold its stake in the Champeau-Gau group, a French manufacturer of wood roof truss systems for the single family home market, to the management team led by Jean-Pierre Champeau and Max Gau. The sale achieved an IRR of 40%...