European Venture Capital Journal articles from July 2001

European Venture Capital Journal archives from July 2001

A tough time for fund raising?(new fund launches )(Brief Article)
July 1, 2001... You wouldn't think so with CVC Capital Partners closing its third fund, the largest raised in Europe to date, at a whopping [epsilon]4.65 billion. Candover, with much more sober ambitions -- a target of just [epsilon]2.5 billion -, has had...

Prime Edge follows CDO trend.(Brief Article)
July 1, 2001... Prime Edge, a new type of investment vehicle that is a cross between a traditional high yield collaterised debt obligation (CDO) and a private equity fund-of-funds, has achieved a closing of [epsilon]150 million. Depending on demand, the...

Carlyle opens in Spain.(Carlyle Group)(Brief Article)
July 1, 2001... Carlyle Group is further strengthening its position in Europe, opening an office in Madrid, which is to be led by Pedro de Esteban, the newly-appointed managing director for buyouts in Spain. Carlyle other European offices are in the UK,...

PE FIRMS TO UP M&A ROLE.(Brief Article)(Statistical Data Included)
July 1, 2001... PARTICIPATION OF PRIVATE EQUITY players within the overall M&A market will increase in the second and third quarters of the year, according to The Cinven Index - Private Equity and European M&A: Future Expectations. The survey, conducted...

EVCA releases 2000 figures.(Brief Article)(Statistical Data Included)
July 1, 2001... The European Venture Capital Association (EVCA) has released the 2000 Annual European Private Equity survey compiled in conjunction with PricewaterhouseCoopers at its 16th annual symposium, which was this year held in Rome. Last year saw...

Buyout boom in continental Europe.(Brief Article)(Statistical Data Included)
July 1, 2001... Buyouts across continental Europe enjoyed another record year in 2000, up by 16 per cent to [epsilon]37.4 billion, reveals the annual European Management Buy-out Review, published by CMBOR in conjunction with Deloitte & Touche and Barclays...

Mercury PE becomes HgCapital.(Brief Article)
July 1, 2001... HgCapital is the new name for Mercury Private Equity; the private equity house that last year became a new and independent entity following its MBO. Hg, the chemical symbol for mercury, is a reference to the firm's history before it gained...

Private placement arm for Rothschild.(Brief Article)
July 1, 2001... International investment banking group has appointed ex-Credit Suisse First Boston banker, Lloyd Campbell, to head up its Equity Private Placement business. Campbell, who is highly regarded as a private placement professional will assume the...

Linklaters Lagerlof merger.(Brief Article)
July 1, 2001... International law firm Linklaters and leading Swedish law firm, Lagerlof & Leman have agreed to merge, with effect from September 1. The merged entity will practice under the name Linklaters Lagerlof in Sweden and Linklaters elsewhere. Charles...

LongAcre enters Nordic market.(Brief Article)
July 1, 2001... TMT corporate finance house, LongAcre Partners has acquired Stockholm-based corporate finance house, Lommen Corporate Finance to form LongAcre Nordic. The acquisition marks the start of the firm's European expansion strategy. Longacre now has a...

RBPE CONTINUES TO GROW.(Royal Bank Private Equity )(Brief Article)
July 1, 2001... After a year of gradual building the team at Royal Bank Private Equity is not far from completion in London, Paris - to be led by Jean-Marc Barrabes - is on track, the only hole being Germany. While no third party fund raising is on the cards,...

Independence for Charterhouse.(Brief Article)
July 1, 2001... Charterhouse Development Capital has finally gained independence from HSBC. The chance for independence came about when HSBC bought Charterhouse Development Capital's parent company Credit Commercial de France in July last year, following an...

Private Equity Holding goes independent.(Brief Article)
July 1, 2001... Private Equity Holding is to break free of its parent, Swiss private bank, Vontobel, as a result of a breakdown in trust between the two parties. Private Equity Holdings' chief executive, Dominik Meyer and deputy Ulrich Geilinger, who were...

BoS grows French operations.(Bank of Scotland)(Brief Article)
July 1, 2001... Bank of Scotland has opened new offices in the centre of Paris that will house the Bank's corporate banking division. This is in line with its plans to expand its acquisition finance and structured finance operations, following the announcement...

ACP to target secondaries.(Access Capital Partners)(Brief Article)(Statistical Data Included)
July 1, 2001... Paris-based Access Capital Partners will allocate up to 20 per cent of its second fund-of-funds, ACP2 in secondary obligations. The fund, which held its first closing in April at [epsilon]200 million and has now raised close to 6240 million, is...

EIT to change remit?(Electra Investment Trust)(Brief Article)(Statistical Data Included)
July 1, 2001... Electra Investment Trust (EIT), currently in the second year of its realisation process that started early in 1999 as part of Electra Partners Europe's successful defence against a hostile bid from 3i, is returning another [pound]150 million to...

Independence for LGT Capital.(LGT Capital Partners)(Brief Article)
July 1, 2001... LGT Capital Management's alternative investment management team has relocated to Switzerland and set up as a separate company, changing its name to LGT Capital Partners. LGT Capital Partners is a private equity and hedge fund investor and...

Oxygen completes Tera takeover.(Oxygen Holdings PLC)(Brief Article)(Statistical Data Included)
July 1, 2001... Oxygen, the Internet investor, has acquired the outstanding shares it did not already own in Finnish consultancy and investment group, Tera. Oxygen is one of few that are following the consolidation trend, which was predicted for the...

Cube8 in trouble.(management issues)(Brief Article)
July 1, 2001... Cube8, a TMT investment company, has announced major staff cuts in an effort to stay standing. Cube8's finance director, John Winfield, recently left the team and group accountant Lucy Beverley has been promoted to finance director. Steve...

NewMedia SPARK to rescue GlobalNet.(Brief Article)
July 1, 2001... As part of an ongoing process n strengthening its balance sheet trough acquisitions, early stage technology investment group, NewMedia Spark has entered into an agreement to acquire GlobalNet financial.com, the international financial portal....

UK government fund gets go ahead.(Brief Article)(Statistical Data Included)
July 1, 2001... UK GOVERNMENT PLANS FOR A [pound]1 BILLION fund targeting venture capital initiatives have been approved. Following the state-aids clearance by the European Commission, UK chancellor Gordon Brown announced the launch of the new regional venture...

Air Liquide Ventures goes Nordic.(Brief Article)
July 1, 2001... Air Liquide Ventures, the venture capital arm of Air Liquide Group, the medical and industrial gases manufacturer, has set up offices in Stockholm, Sweden. The move is in line with the firm's plans to increase the size of its current...

3i expands Bristol business.(Brief Article)
July 1, 2001... Targeting the growing number of investment opportunities in the UK's southern region, 3i is strengthening its business capabilities. with the opening of its new offices in Temple Quay, a new business development park in Bristol. Combined with...

European technology reaches a peak.(Pricewaterhouse Coopers Money for Growth 2000 Report)(Brief Article)(Statistical Data Included)
July 1, 2001... Growth levels in technology VC investments across Europe are catching up with those in the US. In 2000 European technology investments reached a record [epsilon]11.5 billion, posting an increase of 68 per cent on the previous year, according to...

AngelBourse testing the water.(Brief Article)
July 1, 2001... Private share trading platform, AngelBourse is eagerly anticipating the new Financial Services and Markets Act, due to come into effect in autumn this year. The launch of its online primary capital raising and secondary trading market is...

Seeda to raise [pound]30m fund.(South East England Development Agency)(Brief Article)(Statistical Data Included)
July 1, 2001... Seeda (South East England Development Agency) is planning a [pound]30 million regional venture capital fund for investments in South East England. The fund will target small to medium sized enterprises in the region, committing between...

Italian funds outweigh deal flow?(Brief Article)(Statistical Data Included)
July 1, 2001... Italian private equity players are struggling to find sufficient opportunities to invest their funds, according to the Italian venture capital association, AIFI, which has unveiled preliminary figures for the first six months of 2001. Private...

Penta Capital launches Pentech.(Pentech Ventures)(Brief Article)(Statistical Data Included)
July 1, 2001... Pentech Ventures, a [pound]12 million fund targeting early stage investments primarily in software in the UK, with a Scottish bias, has been launched by its manager Penta Capital. Craig Armour at Penta Capital has been keen to get such a fund...

CBPE raises [pound]130m.(Close Brothers Private Equity)(Brief Article)
July 1, 2001... Close Brothers Private Equity has announced an initial closing of CBPE Fund VI. The fund hopes to raise a total of [pound]200 million by September and has already secured commitments of [pound]130 million with a further [pound]20 million...

1st closing for Digital Networks.(European Digital Infrastructure Fund I)(Brief Article)
July 1, 2001... Digital Networks has held an initial closing for its first fund, European Digital Infrastructure Fund I, at [epsilon]47.5 million. The fund started marketing in January and hopes to announce a final close of [epsilon]75 million by the end of...

Dunedin Capital doubles funds.(Dunedin Capital Partners)(Brief Article)(Statistical Data Included)
July 1, 2001... Dunedin Capital Partners, the independent private equity company, which manages Dunedin Enterprise Investment Trust, has almost doubled its funds under management, reaching [pounds] 200 million. This boost in liquidity follows the merger of...

[pound] 55m 1st close for Sovereign III.(Sovereign Capital fund)(Brief Article)
July 1, 2001... Sovereign Capital has held the first closing for Sovereign Capital III at [pounds] 55 million. The fund was launched last year when the company changed its name from Nash, Sells & Partners. The fund originally aimed to raise [pounds] 100...

Gensec launches Irish IT fund.(Brief Article)
July 1, 2001... Gensec, the South African investment bank, has announced plans for a venture capital fund focusing on Irish and European IT companies. The Gensec Ireland Venture Capital fund hopes to raise 650 million by year-end and will be listed on the...

Regional funds for NewMedia SPARK.(Brief Article)
July 1, 2001... NewMedia SPARK, the AIM listed early stage investment company, is looking to improve its investment capabilities with the development of its third party fund management business. Acquisitions and expansion of the firm's European network...

Accel closes 1st Euro fund.(Accel Partners)(Brief Article)
July 1, 2001... Accel Partners is closing its dedicated European fund at $500 million, a year after announcing the appointment of Kevin Comolli, the firm's first European partner. The Accel Europe Fund, which has been raising since the end of last year, will...

Accession Mezzanine Capital seeks [epsilon]150m.(Brief Article)
July 1, 2001... Accession Mezzanine Capital is the [epsilon]150 million fund currently being raised by Mezzanine Management for investment in the Czech Republic, Hungary, Poland, Slovak Republic and Slovenia. The fund's name reflects the fact that most of...

Schroder to launch listed FoFs.(fund-of-funds)(Brief Article)
July 1, 2001... Schroder Venture International Investment Trust (SVIIT) expects to launch its listed fund-of-funds vehicle in early July. Size and location, aside from the fact that it will not be on the London Stock Exchange, remain firmly under wraps. ...

Target Partners closes Executive Fund.(Brief Article)
July 1, 2001... Target Partners' Executive Fund has been raised exclusively from private investors and feeds into Target Partners' DM200 million pool of capital. Twenty -five investors have each committed between [epsilon]100,000 and [epsilon]1 million to the...

CVC tops the lot with [epsilon]4.65bn.(CVC Capital Partners' fund)(Brief Article)
July 1, 2001... CVC Capital Partners' third fund, recently closed at [epsilon]4.65 billion, will continue to invest in European buyouts, buy-ins, acquisitions, recapitalisations and growth equity transactions and brings GVC's capital under management to...

Venturedome placing and changes.(Brief Article)
July 1, 2001... Venturedome, the news and information provider for the European VC industry, has completed its recent placing, which was arranged by Acorn Corporate Finance. Venturedome needed to raise a minimum of [pound]300,000 to get the placing away and...

21 Invest closes 3rd party fund.(Brief Article)
July 1, 2001... 21 Invest Industry Fund has announced a final closing of [epsilon]323 million. It will be invested in mid-market buyouts and build-ups in Southern Europe. The fund was launched in 1999 and hopes to capitalise on the expanding private...

[epsilon]1.1bn 1st close for Candover.(Candover Investments PLC)(Brief Article)(Statistical Data Included)
July 1, 2001... Candover has succeeded in raising [epsilon]1.1 billion for its 2001 Fund. The fund's final close, at a total target of [epsilon]2.5 billion, is expected before year-end. The 2001 fund, launched in January, will continue the firm's...

Cabot Square exits Unilodge.(Brief Article)
July 1, 2001... Cabot Square Capital, the UK-based private equity and principal finance firm, has exited its investment in Unilodge through a trade sale to The Unite Group plc. Unilodge was sold for [pound]108.8 million, including the assumption of debt, and...

BoS helps Healthcare Scotland exit.(Bank of Scotland)(Brief Article)
July 1, 2001... ABERDEEN MURRAY JOHNSTONE PRIVATE Equity and Granville Baird have exited their stake in Healthcare Scotland, a private hospital group headquartered in Aberdeen, Scotland. Aberdeen Murray Johnstone Private Equity and Granville Baird backed the...

Deutsche Bet exits AvK/SEG.(Deutsche Beteiligungs; AvK/SEG Holding)(Brief Article)
July 1, 2001... Deutsche Beteiliungs has realised its investment in AvK/SEG Holding GmbH & Co KG by selling its 50 per cent stake to UK-based Newage International. The combined company aims to offer the broadest product range and achieve global market...

RBDC exits Malvern House.(Royal Bank Private Equity sells stake)(Brief Article)
July 1, 2001... Royal Bank Private Equity has sold its interest in Malvern House Acquisition, the holding company of igroup, a leading UK provider of non-conforming mortgages, to GE Capital. The deal is subject to regulatory approval. Terms were not disclosed...

Cinven floats Generale de Sante.(Brief Article)(Statistical Data Included)
July 1, 2001... Generale de Santa, provider of private hospital healthcare services in France has floated on the premier marche of Euronext in Paris. The float values the business at [epsilon]792 million, with the share priced fixed at [epsilon] 20.25. Private...

LDC sells Wolff Olins to Omnicom Grp.(Lloyds TSB Development Capital)(Brief Article)
July 1, 2001... WOLFF OLINS, THE INTERNATIONAL brand consultancy, has seen its 30 per cent stake held by Lloyds TSB Development Capital (LDC), the small to mid market buyout firm, sold to Omnicom Group. The terms of the deal were not disclosed but Wolff Olins...

NVM sells stake in Four D.(Northern Venture Managers, Four D Rubber Company Ltd.)(Brief Article)
July 1, 2001... Northern Venture Managers (NVM) has realised its investment in Four D Rubber Company Limited, the Derbyshire-based manufacturer of natural latex sheet, in a secondary buyout transaction. The integrated finance team at Bank of Scotland completed...

3i exits Goodridge.(sells stake to Close Brothers Private Equity)(Brief Article)
July 1, 2001... 3I HAS EXITED ITS INVESTMENT IN Goodridge, a company that predominantly supplies specialist automotive manufacturers, by selling its minority holding to Close Brothers Private Equity. Commercial sensitivity in this highly fragmented section of...

IK & Gilde exit Noviant.(Industri Kapital, Gilde Buy-out Fund)(Brief Article)
July 1, 2001... Industri Kapital and Gilde Buy-out Fund have exited their 1996 investment in Noviant by selling their stakes to the JM Huber Corporation, the diversified, multinational supplier of engineered materials, natural resources and technology-based...

Secondary buyout for MSSA.(Royal Bank Private Equity acquires Metaux Speciaux)(Brief Article)
July 1, 2001... Royal Bank Private Equity has acquired French specialty chemicals business, Metaux Speciaux (MSSA) in a secondary buyout transaction. The deal is the first French transaction for the firm and marks an exit for previous investors in the company,...

Corac to float.(Brief Article)
July 1, 2001... UK-BASED ENGINEERING COMPANY Corac is to float on the London Stock Exchange's Alternative Investment Market (AIM) this month. The company will have an estimated value of around [pounds]90 million. The IPO will raise an estimated [pounds]10...

People moves.(appointments and selections in the venture capital industry)
July 1, 2001... New chairman for EVCA Edoardo Bugnone has been appointed as the new chairman of the European Venture Capital Association for the year 2001-2002 at the Annual General Assembly of the EVCA held in Rome in June. Bugnone is the managing...

How would you source a deal?
July 1, 2001... Louise Bowman finds out. Identifying and funding successful ventures is the life-blood of every private equity organisation. And although most VC executives describe this ability as "an art" or something equally shrouded in mystery, all...

Scotland is awash with funds.
July 1, 2001... A lot of money has been raised by Scottish venture capital and private equity firms for investment in Scotland and the UK at large. There is also a sizeable chunk of money available for investment in Scotland, which is coming from its...

ProSeed Capital Holdings.
July 1, 2001... With its $5 million already largely invested ProSeed is raising the same sum again to transform itself from a seed investor into a much broader financial institution offering biotech consulting, investment banking and securities services. If...

Quartez: Truth is in the texting.(Media Ventures Mobile invests in Quartez)
July 1, 2001... Text messaging has fast become embedded in our mobile phone culture over a relatively short space of time and SMS (short message service) technology looks set to become one of the hot sectors of the moment. Nick Snow, managing director of Media...

Going back to his roots.(Pierre Nadeau of nCoTec)(Brief Article)
July 1, 2001... French-Canadian Pierre Nadeau joined early stage enabling communications technology investor nCoTec in the spring to spearhead its investment efforts in France, specifically in the Sophia Antipolis region in the south of the country. He is...

SpineVision raises [epsilon]6m.(Brief Article)
July 1, 2001... Sofinnova and New Medical Technologies (NMT) have funded SpineVision in its second financing round. The Paris-based company designs and markets spinal implants. SpineVision was created in 1999 by CEO Gerard Vanacker who has specialised in...

PHS MEMS secures 3rd round.(Brief Article)(Statistical Data Included)
July 1, 2001... PHS MEMS, a French microsystems company, has raised a total of [epsilon]31 million in a transaction led by SOFINOV (a subsidiary of Caisse de Depots et Placement du Quebec) and AXA Private Equity. AXA is a new investor in a group including ETF...

ECI goes dental.
July 1, 2001... ECI has provided [pound]3.3 million to start a company it hopes will become a leading dental laboratory group. Benchmark Dental Laboratory Holdings has been set up to acquire dental laboratories throughout the UK. The new company has...

Storage Telecom gets 1st round.(Brief Article)
July 1, 2001... Paris-based Storage Telecom, the European storage services provider, has secured first round financing of [epsilon]19 million. The round was led by US communications VC firm, Spectrum Equity Investors. The first round funding will help to...

[pound]34m for Cyclacel's 3rd round.(Brief Article)
July 1, 2001... In its third financing round the Dundee-based biotech company, Cyclacel has secured [pound]34 million from a syndicate of international investors led by INVESCO Private Capital. Parag Saxena, managing director of INVESCO Private Capital, will...

Pricerunner away with [pound]2.5m.(Brief Article)
July 1, 2001... Pricerunner.com, a shopping comparison website, has secured [pound]2.5 million in it's third round of financing. Danish communication solutions company, TDC (previously Tele Denmark) led the funding. Former investors, Atle, Bonnier Venture and...

1st round for CTS.(CRIL Telecom Software )(Brief Article)
July 1, 2001... French company CRIL Telecom Software (CTS) has secured first round funding of [epsilon]11 million. SOFTBANK Europe Ventures led the financing with Sofinnova Partners also participating. CTS provides network planning, deployment and management...

Artech raises [epsilon]7.5m.(Brief Article)(Statistical Data Included)
July 1, 2001... Artech, a French software company, has raised [epsilon]7.5 million in it's first round of VC funding. Wellington Partners, a German early stage investor, led the round with an investment of [epsilon]3.5 million and was joined by Part'Com, the...

Preferred Mortgages MBO.(Brief Article)
July 1, 2001... In a transaction valued at [pound]270 million Barclays Private Equity has backed the MBO of non-conforming mortgage lender, Preferred Mortgages. The company was purchased from Rotch Property Group, which retains a minority stake of 17 per cent....

BT agrees sale of Yell.(Brief Article)(Statistical Data Included)
July 1, 2001... After much speculation UK telecoms company BT has agreed the sale of Yell, its international directories business, to Apax Partners and Hicks, Muse, Tate & Furst for a total of [pound]2.14 billion. The transaction includes the Yellow Pages and...

Pharmacia sells Biovitrum.(Brief Article)
July 1, 2001... Nordic Capital and Boston-based biotech investment specialist, MPM Capital have led a consortium of investors to acquire a majority stake in Biovitrum, a Stockholm-based biotechnology company owned by Pharmacia AB. Total value of the...

Four D secondary buyout.(Four D Rubber)(Brief Article)
July 1, 2001... Bank of Scotland's Integrated Finance unit has completed a [pound]4.3 million debt and equity package to finance the secondary MBO of Four D Rubber, manufacturer of cast latex sheeting. The company was the subject of an MBI in April 1998, which...

3i backs EMS-Global.(Brief Article)
July 1, 2001... Global telecom security and professional services company, EMS-Global has secured [pound]5 million funding from 3i for its management buy-in. The funding values the company at approximately [pound]14 million. Funds raised will be used by...

3i fly with Go MBO.(Brief Article)
July 1, 2001... 3i and Barclays Private Equity have backed the management buyout of British Airways budget subsidiary, Go Fly, in a [pound]110 million deal. Tom SweetEscott, 3i director, said: "This investment reinforces our commitment to the larger buyout...

EQT buys Electrolux division.(Brief Article)(Statistical Data Included)
July 1, 2001... Northern-European private equity house EQT Partners has finalised negotiations with Electrolux to acquire the majority of Electrolux Leisure Appliances. Hakan Johansson, senior partner at EQT said the price paid was close to the operation's...

Dutch DIY deal for CVC.(Brief Article)(Statistical Data Included)
July 1, 2001... CVC Capital Partners announced it has acquired Cementbouw Handel & Industrie from Amstelland in a [epsilon]862 million deal. ABN AMRO, GIBC and ING provided debt facilities, the details of which were not disclosed. Cementbouw Handel &...

Central & Eastern Europe.(leveraged corporate buyout market)
July 1, 2001... "For the last five years private equity investment in central Europe has been almost exclusively development capital," says Joanna James who is based in London and leads Advent International's efforts in this region. Typically these investments...

France.(leveraged corporate buyout market)
July 1, 2001... France's dominance of the continental buyout market continues, as the flow of large high profile deals shows little sign of diminishing. Candover's [epsilon]920 million buyout of Picard Surgeles, CDC's [epsilon]770 million buyout of Cegelec and...

Germany.(leveraged corporate buyout market)
July 1, 2001... With the impending tax reforms, interest in Germany has never been greater both in terms of funds available and investment teams targeting the German buyout market. So, what are the factors holding it back? Angela Sormani reports. "The...

Italy.(leveraged corporate buyout market)
July 1, 2001... Over the last few years the Italian buyout market has grown significantly in size, number and level of experienced market participants, such as equity sponsors, lenders and advisors. Total funds raised in 2000 grew by 33 per cent, reaching...

Spain.(leveraged corporate buyout market)
July 1, 2001... Still not as well developed as its European neighbours, the Spanish buyout market is gaining pace, albeit at a steady rate. Characteristics predicted to boost deal flow include a predominance of family businesses that are competently-managed...

UK.(leveraged corporate buyout market)
July 1, 2001... Despite the prevailing economic gloom across the Atlantic the buyout market in the UK is still looking healthy. It continues to be the busiest in Europe with an established infrastructure and a strong corporate finance support system. Figures...

Nordic region.(leveraged corporate buyout market)
July 1, 2001... Denmark, Finland, Norway and Sweden make up the Nordic region, which has a strong and growing profile as centre of seed and early stage investing in technology, particularly wireless applications and biotechnology. This reputation was enhanced...

The LBO: an increasingly complex acquisition process.(leveraged corporate buyout market in France)
July 1, 2001... Xavier Thoumieux, partner at CDC Equity Capital, explains why When a quick look is taken at the short but eventful history of the leveraged buyout (LBO) market in France, what is striking is the extent to which the use of this technique...

Q1 2001 venture figures released.(European private equity investment levels)(Statistical Data Included)
July 1, 2001... Reprinted from the May 2001 issue of EVCJ (page 3) European private equity investment levels fell off by 60 per cent in Q1 2001 compared to activity levels in Q4, 2000, according to the first review of European investment activity levels by...