European Venture Capital Journal articles from July 2003

European Venture Capital Journal archives from July 2003

Fund raising: at the bottom? (News).
July 1, 2003... Market sentiment about fund raising prospects during 2003 look justified by the amount of private equity and venture capital funds raised in the first quarter. The overall figures are less than half of the previous quarter (Q4 2002) and when...

Altor's debut exceeds target. (News).(Altor Equity Partners)
July 1, 2003... Altor Equity Partners, the private equity firm launched by Industri Kapital cofounder Harald Mix, has raised [euro]650m in its first fund raising effort. Mix, chief investment officer at Altor, said: "We are delighted to have received such...

2002 Euro investment activity. (News).(Brief Article)
July 1, 2003... Investment activity for 2002 was presented at the EVCA's annual symposium, held this year in Vienna, found that among its UK-based membership for the first time US institutions were not the major private equity provider of funds. In terms...

Tech fundaments remain strong. (News).(Brief Article)
July 1, 2003... Hermann Hauser, co-founder of madeus Capital Partners, speaking at the EVCA annual symposium in Vienna was bullish on the future of technology investing. He pointed to three factors supporting his view. Firstly he said: "The fundamental...

Permira hires for Debenhams bid. (News).(Permira plans to acquire Debenhams plc)(Brief Article)
July 1, 2003... Permira has signalled the seriousness of its intentions to buy listed retailer Debenhams plc, which it launched a bid for on May 12, with the announcement that it has secured an in principle agreement from Stuart Rose to act as non-executive...

NEDs to be sourced from PE firms? (News).
July 1, 2003... The report by Professor Laura Tyson, Dean of London Business School, looking into the question of recruitment and development of non-executive directors at the invitation of the UK Secretary for Trade and Industry, has presented its findings....

Capvis closes 2nd fund. (News).(Brief Article)
July 1, 2003... Capvis, the Swiss mid-market buyout firm, has closed its second fund since gaining independence from Swiss Bank Corporation (when it was known as SBC Equity Partners) in 1999. Last year the Capvis team bought the minority stake that UBS...

1st closing of AXA PE Fofs II. (News).(AXA Private Equity raises funds for its second fund-of-funds vehicle)
July 1, 2003... AXA Private Equity has raised [euro]120m for its first close on its second fund-of-funds vehicle. The official closing is on target for July this year. The final target, which AXA Private Equity expects to reach by year-end, is [euro]250m. ...

Austrian PE on the up. (News).(AVCO discusses its investment activity during 2002)(Brief Article)
July 1, 2003... AVCO, the Austrian venture capital association, which hosted the EVCA's annual symposium in early June, took the opportunity to present figures for its investment activity during 2002. Thomas Jud, managing director of AVCO, and Gerhard Fiala,...

More VCT doldrums. (News).(Northern Venture Managers has trouble raising funds)(Brief Article)
July 1, 2003... Northern Venture Managers is suffering the general malaise of the venture capital trust sector having only managed to raise [pounds sterling]3m from an expected [pounds sterling]15m when it launched a public share offer for the 2002/03 and...

Augusta Finance moves into Germany. (News).(executive appointment)(Brief Article)
July 1, 2003... Augusta Finance is joined by Benedikt von Schroder, a former managing director and head of investment banking at Morgan Stanley in Germany. His most recent position, however, was as partner at Clayton Dubilier & Rice, the US private equity...

PE exec numbers paint clear picture. (News).(private equity executives under employment, Europe; statistics)(Brief Article)
July 1, 2003... The growth and decline in the number of executives employed by the private equity and venture capital communities across Europe clearly illustrate the influx of new players during the technology boom at the end of the 1990s and in 2000 and how...

GIMV's new German fund. (News).(to focus on buyouts)(Brief Article)
July 1, 2003... GIMV is launching a new buyout fund to take advantage of the opportunities created by the recession in Germany. The [euro]150m fund, Halder GIMV Germany, will focus on buyouts of Mittelstand companies. The listed Belgian investor will provide...

Dedicated secondary Israeli fund. (News).(Vintage Venture Partners finance)(Brief Article)
July 1, 2003... Vintage Venture Partners is raising a secondary fund dedicated to Israel-related venture investments and has held a first closing at $30m. The fund hopes to raise a total of $60m by year-end and has so far had commitments from institutional...

Transparency and disclosure. (News).(British Venture Capital Association research)(Brief Article)
July 1, 2003... In response to the growing debate over transparency and disclosure as regards the performance of private equity EVCA conducted an opinion poll among its membership during Q1 2003 and revealed the results at the annual symposium, held in Vienna....

Managers focus on portfolios. (News).(KPMG L.L.P. report)(Brief Article)
July 1, 2003... In tough market conditions private equity houses are devoting more time and resources to monitoring their investment portfolios and employing wider industry knowledge and operational expertise, according to a recent report from KPMG's private...

ISIS close to target. (News).(ISIS Equity Partners finance)(Brief Article)
July 1, 2003... ISIS Equity Partners has announced a further close on ISIS Equity Partners III bringing total commitments to [pounds sterling]151m. The fund aims to close on December 31, 2003 with a target of [pounds sterling]175m. The fund was launched in...

France leads PE tech investments. (News).(private equity technology finance reports by PricewaterhouseCoopers Ltd.)(Brief Article)
July 1, 2003... France has overtaken the UK in private equity technology investments, accounting for 23% of total investment in Europe in 2002, according to PricewaterhouseCooper's Money for Growth technology report. The UK continues to lead in terms of...

Increasing confidence in UK PE market. (News).(private equity report by British Venture Capital Association)(Brief Article)
July 1, 2003... The UK private equity industry's confidence of an improvement in market conditions has more than doubled in three months, according to the British Venture Capital Association's second quarterly Confidence and Attitudes Survey. Over a third...

3rd fund close for SVLS. (News).(Schroder Ventures Life Sciences)(Brief Article)
July 1, 2003... Schroder Ventures Life Sciences has closed its third International Life Sciences Fund (ILSF III) at $402m. ILSF III attracted 18 new investors. Of the cash raised, approximately half came from North America and half came from the UK and...

Triangle launches Fund IV. (News).(Triangle Venture Capital Group GmbH finance)(Brief Article)
July 1, 2003... German-based Triangle Venture Capital has announced the launch of its fourth early stage venture capital fund. Triangle Fund IV has a target of between [euro]50m and [euro]75m and a first close is expected at the end of 2003 with a final close...

NEDs voice concerns. (News).(non-executive directors U.K.)(Brief Article)
July 1, 2003... Almost half UK non-executive directors (NEDs) have considered standing down as concern over personal liabilities escalates, according to a survey by Legal Director magazine in conjunction with city law firm Taylor Wessing. Over 50 NEDs...

BVCA champions VCTs. (News).(British Venture Capital Association and Venture Capital Trust)
July 1, 2003... The British Venture Capital Association (BVCA) has made a submission in response to the UK government's proposal to introduce US style Small Business Investment Schemes (SBICs), which was announced in April this year. The consultation process...

Innovacom closes 5th fund. (News).(France Telecom subsidiary)(Brief Article)
July 1, 2003... Innovacom, the venture capital subsidiary of France Telecom, has held a first closing on its fifth fund at [euro]50m. The fund is called Innovacom 5. It is hoped that the fund will eventually reach its target of [euro]100m, which is something...

ABN AMRO creates FI Equity. (News).(ABN AMRO Bank N.V. and FI Equity Partners, Hong Kong)(Brief Article)
July 1, 2003... A new subsidiary called FI Equity Partners has been created within ABN AMRO's financial institutions group. Arnold van Os, who will be based in Amsterdam, will lead FI Equity Partners. The business will be based in Hong Kong as well as...

Deutsche Bet holds 2nd close. (News).(Deutsche Beteiligungs)(Brief Article)
July 1, 2003... Deutsche Beteiligungs DBAG Fund IV has held its second closing at [euro]180m. The fund previously held its first close late last year on [euro]121m. The final target of the fund is [euro]250m. Deutsche Beteiligungs is confident it will...

Cape Natexis raises fund. (News).(Cimino and Associati Private Equity S.p.A. finance)(Brief Article)
July 1, 2003... A first time Italian mid market buyout fund has been launched by a group called Cape Natexis Private Equity. The fund plans to raise some [euro]80m to [euro]110m from investors. Although this is the first institutional fund that the group has...

Cambridge all about biotech. (News).(Library House publishes Cambridge Cluster Report 2003)(Brief Article)
July 1, 2003... Library House, the independent Cambridge-based research house for the technology investment community, has published the Cambridge Cluster Report 2003, which is the first of its kind and will be repeated on an annual basis. Cambridge, often...

BVCA new reporting guidelines. (News).(British Venture Capital Association)(Brief Article)
July 1, 2003... The British Venture Capital Association has published new reporting and valuation guidelines, which look likely to give it the status of international standard-bearer for best practice in these areas. Reporting and valuation guidelines have...

Onians Fellowship 2004. (News).("Enterprise and Entrepreneurship" www.theRSA.org/onians)(Brief Article)
July 1, 2003... Baring Private Equity Partners (BPEP) and the Royal Society of Arts (RSA) are seeking applications for the 2004 Onians Fellowship award. The Onians Fellowship was established in 2000 in memory of Dick Onians, managing partner of BPEP for 15...

Gravitas Partners launches. (News).(independent accountancy practice U.K. and Europe)(Brief Article)
July 1, 2003... Gravitas Partners announced its presence in the market in June, despite having been up and running since March this year. Gravitas is a fully independent accountancy practice that will value business assets such as shares, options and...

BC Partners sells Aviagen to Advent. (Exits).(Aviagen Group Limited, Advent International)(Brief Article)
July 1, 2003... BC Partners has sold its 1994 investment in Aviagen Group Limited, the UK! US-based poultry breeding and life sciences business, to Advent International. BC Partners bought the business from Nutreco for $550m in 1994 and then in 1998 it...

LDC sells Emblem Group to EDO Corp. (Exits).(Brief Article)
July 1, 2003... LDC, the private equity arm of Lloyds tiTSB, has sold Emblem Group to EDO Corporation for [pounds sterling]15.25m. LDC, then Lloyds Development Capital, bought the business from Morgan Crucible towards the end of 2000. The purchase price was...

AKsys sold to PPM Ventures. (Exits).(by Deutsche Beteiligungs, Beteiligung fur die deutsche Wirtschaft mbll, and Sud Private Equity GmbH)(Brief Article)
July 1, 2003... Deutsche Beteiligungs, Beteiligung fur die deutsche Wirtschaft mbll and Sud Private Equity GmbH, which financed the December 2001 buyout of CWW-GERKO Akustik GmbH and RKI Kunststoffe GmbH from Ruttgers to form AKsys, have sold the business in a...

EAC sells Velo to West Private Equity. (Exits).(European Acquisition Finance, Veto Limited)(Brief Article)
July 1, 2003... European Acquisition Finance has sold its 81% shareholding in Veto Limited, the fleet funding and management specialist, to West Private Equity. The remaining 19% was held by management at the time of the November 1999 buyout, which saw the...

ECI sells Hoseasons. (Exits).(Hoseasons Holiday Group)(Brief Article)
July 1, 2003... ECI has sold Hoseasons Holiday Group a K self catering holiday specialist, to its senior management team for [pounds]40m in a secondary buyout, generating a return of over four times its original investment. HgCapital provided equity funding...

Advent realises Spanish investment. (Exits).(Advent International divests Alcala Farma to Pliva Pharma Holding and Chiesi Espana)(Brief Article)
July 1, 2003... Advent International has sold its holding in Spanish pharmaceuticals firm, Alcala Farma. The transaction involved two separate deals with the generics division of the company being sold to Pliva Pharma Holding and the branded products division...

Frans Bonhomme returns to Apax. (Exits).(PAI Partners, Cinven and Astorg Partners divests Frans Bonhomme to Apax Partners)(Brief Article)
July 1, 2003... PAI Partners, Cinven and Astorg Partners have realised their investment in French plastic pipe distributor Finns Bonhomme. Apax Partners has bought the business in a tertiary buyout transaction valued at [euro]520m. Apax invested in the...

Carlyle makes gain on Andritz. (Exits).(Carlyle Group divests Andritz AG)(Brief Article)
July 1, 2003... Carlyle Group has made its second exit from its [euro]1bn European buyout fund. Carlyle has sold its shares in the Austrian Andritz Group and generated a return of two times the original investment for its investors. Carlyle acquired...

PAI exits PtP. (Exits).(PAI Partners divests Michel Thierry)(Brief Article)
July 1, 2003... PAI Partners has sold the French firm Michel Thierry to the company's management team. No other equity sponsor was involved but Societe Generale provided debt financing for the deal. The private equity house, part of BNP Paribas until a year...

Generale de Sante stake sold. (Exits).(Sante Luxembourg divests)(Brief Article)
July 1, 2003... The Sante Luxembourg consortium, led by Cinven, has sold its stake in French private hospital group, Generale de Sante. An Italian company, Sante Holdings Srl, bought a 33% interest in the company for [euro]158.5m and the balance of Sante...

Hat trick for Eagle Venture Partners. (Exits).(divestments in Russia and Kazakhstan)(Brief Article)
July 1, 2003... Eagle Venture Partners, a manager of four EBRD funds in Russia and Kazakhstan, has realised three of its portfolio companies. Dutch investor GIMV, which holds a majority stake in the fund, will also benefit from the transactions. The fund...

Secondary buyout of HPI. (Exits).(by 3i Group PLC)(Brief Article)
July 1, 2003... 3i has realised its investment in vehicle information provider, HPI Limited, via a secondary buyout financed by Phoenix Equity Partners. The return from the investment was 1.8 times 3i's original investment. Phoenix has acquired a 70% stake in...

ISIS exits twice. (Exits).(ISIS Equity Partners divests)(Brief Article)
July 1, 2003... ISIS Equity Partners exited two of its investments in June by achieving trade sales. The first was AIMS Group Services, a leading independent environmental consultancy firm, which was sold to Alfred McAlpine plc. ISIS Equity Partners...

Montagu Private Equity sells Risdon Pharma. (Exits).(European manufacturer of plastic packaging for pharmaceuticals)(Brief Article)
July 1, 2003... Montagu Private Equity (formerly HSBC Private Equity) has sold Risdon Pharma, the European manufacturer of primary plastic packaging for the pharmaceutical industry, to Rexam for [euro]125m making a return of over two times money. Montagu...

BPE exits Minimax in secondary. (Exits).(Barclays Private Equity divests)(Brief Article)
July 1, 2003... Barclays Private Equity exited its investment in Minimax, the European fire protection systems specialist based in Bad Oldesloe in Germany, by selling the business to Investcorp in June. Barclays Private Equity invested in Minimax in June 2001...

Big buyouts: a fair target? Big buyout funds have been getting a lot of flack lately because investors are concerned that the promised returns won't materialise. (Buyouts).(Europe, U.S.; venture capital, private equity)
July 1, 2003... Industry participants, especially some limited partners, have become increasingly vocal on the issue of big buyouts. Concerns that mega buyout funds will not deliver promised returns are attributed to a number of factors, which include full...

LBO syndications arranged in June. (Buyouts).(leveraged buyouts)
July 1, 2003... Actaris Mizuho Corporate Bank has launched the senior sub-underwriting phase of the [euro]365m financing backing Montague Private Equity's secondary buyout of Actaris from LBO France. One ticket is on offer with co-arrangers offered...

Refinancings. (Buyouts).(European companies)
July 1, 2003... Albion Chemicals Bank of Scotland has launched syndication of a [pounds sterling]57.2m recapitalisation for Albion Chemicals. The borrower was originally in the market in August 2001 with a [pounds sterling]70m senior debt facility to...

Secondary buyouts announced June 2003.(Illustration)
July 1, 2003... Secondary buyouts announced June 2003 Date of Company name Company business original deal & country description 1997 Aviagen Group, Poultry breeding UK company...

Abbey National sells [euro]700m loan book. (Buyouts).(Abbey National Treasury Services, to sell leveraged loans to GE European Leveraged Finance Group)
July 1, 2003... Abbey National Treasury Services has signed a deal to sell around [member of]700m leveraged loans to GE European Leveraged Finance Group. The deal, which is the single largest transaction made to date by GE's leveraged finance team, comprises...

Private equity-backed takeovers subject to EU Competition law-28/5/2003-30/6/2003. (Buyouts).(European Union)
July 1, 2003... Actaris Montagu Private Equity has led and arranged the secondary buyout of Actaris, a manufacturer of metering systems from LBO France for a consideration of [euro]420m excluding transaction costs and working capital funding. The...

Eversheds grows team. (People).(appoints Richard Moulton a partner)(Brief Article)
July 1, 2003... Eversheds is expanding its private equity practice with the appointment of Richard Moulton as partner. Moulton was previously with Ashurst Morris Crisp where he advised on major deals such as Cinven's [pounds sterling]820m acquisition of NCP...

Pragma recruits two. (People).(Pragma Capital hires Michel Chabanel and Pascal Gagna)(Brief Article)
July 1, 2003... Pragma Capital, the private equity joint venture between Credit Agricole and Credit Lyonnais, has added two senior hires to its management team. Michel Chabanel joins as senior investment partner from the Paris office of Royal Bank of Scotland...

Hotbed appts. (People).(Simon Cooke appointed private equity network's head of property )(Brief Article)
July 1, 2003... Hotbed, the private equity network, has appointed Simon Cooke, former chief executive of Deutsche Property Asset Management, as its head of property. During his time at DePAM from 1990 to 2003 Cooke played a key role in growing the business...

Booth to CIBC. (People).(CIBC World Markets has hired Warwick Booth)(Brief Article)
July 1, 2003... CIBC World Markets has hired Warwick Booth to join its European leveraged finance group as an executive director with responsibility for secondary leveraged loan sales. He will be part of the group's distribution team, reporting to Greg Lomas....

Lehman Brothers appts. (People).(Jon Macintosh hired as an MD and principal in company's European mezzanine investing team)(Brief Article)
July 1, 2003... Lehman Brothers has hired Jon Macintosh as an MD and principal in its European mezzanine investing team within the private equity division. Macintosh joins from DB Capital Partners and previously spent four years at Morgan Grenfell Private...

New AFIC president. (People).(Gilles Mougenot)(Brief Article)
July 1, 2003... Gilles Mougenot has been elected president of the French private equity and venture capital association, AFIC. Dominique Oger will take over as vice president. Mougenot is also currently president of Argos Soditic France. He began his...

White & Case moves. (People).(London office of law firm moves to Lion Plaza)(Brief Article)
July 1, 2003... The London office of global law firm White & Case will move to Lion Plaza, 5 Old Broad Street, London EC2. The 328-strong London office, which has 38 partners, intends to move to the new office by Easter 2004. The move will enable the firm to...

New recruit at Carlyle. (People).(Cees van Lede has joined the advisory board of Carlyle Group's buyout fund, Carlyle Europe Partners)(Brief Article)
July 1, 2003... Cees van Lede, former CEO and chairman of the management board of Akzo Nobel NV, has joined the advisory board of Carlyle Group's [euro]1bn buyout fund, Carlyle Europe Partners. In this capacity he will advise the company on industrial,...

FirstStage Capital moves. (People).(to Elsinore House in London)(Brief Article)
July 1, 2003... FirstStage Capital has moved to Elsinore House, 77 Fulham Palace Road, London W6 8JA, Tel: +44 (0) 20 8563 1563; Fax +44 (0) 20 8563 2767

Lloyd to BLP. (People).(Berwin Leighton Paisner recruits Geraint Lloyd as partner)(Brief Article)
July 1, 2003... Berwin Leighton Paisner (BLP) has boosted its institutional private equity and funds practice with the recruitment of Geraint Lloyd as partner. Lloyd joins from Osborne Clarke. Commenting on the appointment, David Collins, head of corporate...

Chester joins MVision. (People).(Paula Chester joins company as director)(Brief Article)
July 1, 2003... Paula Chester has joined MVision as director. She will be based at the firm's New York office. Chester was previously the director of private equity for the $1 OObn New York State Common Retirement Fund, where she was responsible for a...

Gray to Penta Capital. (People).(Pentech Ventures has appointed Derek Gray to its advisory group)(Brief Article)
July 1, 2003... Pentech Ventures, the early stage technology division of Penta Capital, has appointed Derek Gray to its advisory group. The Pentech advisory group comprises successful technology entrepreneurs who work with investee companies to help them...

Russell grows team. (People).(appointed Renata Milczarek as director, private equity Europe)(Brief Article)
July 1, 2003... Russell, formerly Frank Russell, is boosting its private equity team with the appointment of Renata Milczarek as director, private equity Europe. Based in the Paris office, Milczarek will report to Helen Steers who is head of the European...

Augusta Finance appts. (People).(appointed Benedikt von Schroder to its German team)(Brief Article)
July 1, 2003... Augusta Finance has appointed Benedikt von Schroder, a former managing director and head of investment banking at Morgan Stanley, to its German team. His most recent position was as partner at Clayton Dubilier & Rice, the US private equity...

EVCA reveals last 5 quarters' activity. (Data Room).(European Venture Capital Association, survey; investment statistics)
July 1, 2003... A survey of EVCA members has revealed that investment activity in the first quarter of this year was down on the previous three quarters, by total value of investments, but comparable with total investment figures in the first quarter of 2002....

Fees: unable to move out of the spotlight. (LP Corner).(private equity, venture capital firms; fees for managing investors' money)
July 1, 2003... Poor returns have reinvigorated the debate over fees charged by private equity and venture capital firms for managing investors' money and signs are that in some quarters it's not all talk, but action as well. Current market conditions,...

Defaulting investors: paying the price. (Legal & Regulatory Exchange).(venture capital, private equity; Europe)
July 1, 2003... With fund raising levels down and many GPs struggling to close funds LPs now have the upper hand in a tough market and can afford to impose their views on best market practices. Many, suffering the ravages of the economic downturn, are...

Expanding horizons. (Overview).(private equity, institutional investors; Europe, venture capital)
July 1, 2003... A strong domestic base of institutional investors is vital to the growth of a private equity industry. Limited partners in the Nordic countries have been enthusiastic backers of their local firms, helping them to become some of the major...

Nordic buyout market: still punching above its weight? (Overview).
July 1, 2003... Nordic countries enjoy a reputation as Europe's most sophisticated and mature regional buyout market. But how is the industry there coping with a changing dynamic among the local players and the unsettled economic climate? Louise Cowley reports...

Central & Eastern Europe: the accession years. (Cover Story: Central & Eastern Europe).(European Union)
July 1, 2003... Long-awaited EU accession looks set to encourage private equity activity in Central and Eastern Europe as legislation and costs of doing business start to converge to European norms. Players are preparing themselves to bridge the gap between...

Seeking buyers June.(companies, Europe; 2003 period)
July 1, 2003... Seeking buyers June. Seeking buyers includes listings of all European companies that have announced plans since May 24, 2003 until June 30, 2003 to sell divisions, stakes or their entire company. It also includes purported sales...

Calendar.
July 1, 2003... 17-18 September Corporate Restructuring. London. Ph: +44 20 7915 5055 www.iir-conferences.com/restructuring 30 Sept-1 October European Investment Forum. Milan. www.e-unlimited.com/eif 18-9 October Debt...

Announced June deals.(private equity and venture capital transactions, June 2003; Europe)
July 1, 2003... Announced June deals Announced deals includes listings of private equity and venture capital transactions involving European targets that were announced from May 24, 2003 to June 30, 2003. The listings are ordered by target nation, and...