European Venture Capital Journal articles from July 2007

European Venture Capital Journal archives from July 2007

Brown lures private equity's big fish to the Labour Party: the co-founder of Apax Partners may become the chief fundraiser.(EDITOR'S NOTE)
July 1, 2007... The Labour party may have a new Prime Minister in the brainiac Gordon Brown but do they have the money to fight an election campaign? Labour's coffers are at cripplingly low levels as a consequence of Lord Levy's cash for peerages debacle. So...

European funds smash fundraising records.(BRUSSELS)(European Venture Capital Association)(Brief article)(Statistical data)
July 1, 2007... European private equity funds raised 112bn [euro] in 2006, a new record, according to figures released by the European Venture Capital Association (EVCA). Buyout funds attracted 84bn [euro] with (17bn allocated to venture capital, a 60%...

Carlyle to launch fund on Euronext.(AMSTERDAM)
July 1, 2007... US buyouts giant Carlyle is to become the latest private equity firm to try and tap the public markets for capital by listing a US$1bn fund on Euronext Amsterdam. Carlyle Capital will be priced at between US$20 and US$22 per share. The...

UK business misses out on 52bn [pounds sterling] of sales.(LONDON)(Survey)(Brief article)
July 1, 2007... Small and medium enterprises (SMEs) across the UK are losing out on 52bn [pounds sterling] of sales due to a lack of funding according to figures published by GE Commercial Finance. In a survey of 400 SME managers in the ElK, the report found...

Brown takes over at No 10.(LONDON)(Gordon Brown )(Brief article)
July 1, 2007... Gordon Brown has taken over the reigns as prime minister of the UK amid fears the former Iron Chancellor is about to come down hard on private equity tax breaks. Speaking at the GMB Union Conference in Brighton, he said: "We will make sure...

Vigilance in the face of leverage.(HEILIGENDAMM (GERMANY))(Brief article)
July 1, 2007... The head of the IMF, Rodrigo Rato, has warned regulators to be vigilant in the face of ever growing leverage at the G8 Summit in Germany. He spelled out his fears that rising interest rates could spell danger for some LBO deals. He said: "Some...

Austria see largest buyout ever.(VIENNA)(Mid Europa Partners)(One GmbH)(Brief article)
July 1, 2007... Mid Europa Partners and France Telecom are to acquire Austrian mobile operator One GmbH for an 1.4bn [euro], the largest industrial leveraged buy-out ever in Austria. Mid Europa will own a controlling stake in the company (65%), with France...

EVCA opens up on three fronts.(ROME)(The European Venture Capital Association)(Brief article)
July 1, 2007... The European Venture Capital Association officially revealed plans to operate on three platforms at its annual symposium in Rome. The organisation is not splitting or changing its fee structure but focusing specific attention on three...

During testimony the Committee warns that "the BVCA was savaged because they treated us like mugs". Private Equity in the Dock.(NEWS ANALYSIS)
July 1, 2007... The UK private equity industry has taken a bruising over the past few weeks. The BVCA and a clutch of heavyweight private equity managers--Robert Easton, managing director of the Carlyle Group, Philip Yea, chief executive of 3i, Dominic Murphy,...

Brown blues: what will life be like for private equity firms under Gordon Brown's premiership?(NEWS ANALYSIS)
July 1, 2007... Gordon Brown is now Prime Minister of the UK. After years of waiting to settle into Number 10, the Iron Chancellor has finally gotten in, and just when private equity in the UK is suffering from the most intense political and regulatory...

Russia: Europe's rising star: despite warnings from Western Governments about investing in Russia, private equity players will not be swayed. Denis Samsonov reports from Moscow.(NEWS ANALYSIS)
July 1, 2007... "Russia is full of capital," says Andrew Morozov, Country Investment Manager of Cisco Systems responsible for Russia and CIS countries. With a PhD in Physics and an MBA from Wharton, Morozov returned to Russia after 17 years in the US to invest...

Germany's missed opportunity: as German politicians continue to fight over the merits of private equity investments, the Mittelstand, those mid-market companies that really need investment, are being ignored.(NEWS ANALYSIS)
July 1, 2007... The speculation over where Germany is headed in its approach to private equity is entering its final phase following the publication by the Ministry of Finance on the proposed private equity law. And the reaction from the industry has not...

VCs head to Spain: it isn't difficult to attract some of Silicon Valley's brightest minds to Spain which offers the lifestyle and climate that they are accustomed to. So venture capitalists hit the road to find these hi-tech brains on the Spanish Tech Tour.(NEWS ANALYSIS)
July 1, 2007... The pick of Spain's fledgling technology companies look well placed to attract tens of millions of euros in new venture capital in the short to medium-term as a direct result of a recent beauty parade before pan-European VCs in Madrid and...

Lehman to launch US$500m IPO: US firms turns to public markets for new fund-of-funds vehicle.(LISTING)
July 1, 2007... Lehman Brothers Private Equity is to list a fund-of-funds on Euronext Amsterdam in July where it aims to raise US$500m. It will use the money raised to invest in mature secondary positions in private equity funds, and has been structured so...

Standard Life raises 900m [euro]: private equity arm closes fund-of-funds.(CLOSURE)
July 1, 2007... UK fund manager Standard Life Investments (SLI) has closed its latest fund-of-funds offering on 900m [euro], the fourth in the series issued by the business. European Strategic Partners 2006 (ESP 2006) held its initial close in March 2006,...

Greenpark smashes target: 730m [euro] for third fund.(FUND RAISING)
July 1, 2007... London-headquartered secondaries specialist Greenpark Capital has raised 730m [euro] for its third fund, Greenpark Institutional Investors III (GII3), well exceeding the original target of 500m [euro]. The fund has a broad remit, able to...

Partners adds firepower to investment armoury: Swiss alternative asset investor in the hunt for direct opportunities.(CLOSURE)
July 1, 2007... Swiss investment firm Partners Group has closed its direct investment fund on 500m [euro] despite demand exceeding this mark. Partners Group Direct Investments 2006 will target buyout and growth capital opportunities in North America and...

Marfin's 5.19bn [euro] fund launched with investments of 2.5bn [euro]: the Athens-listed fund is favoured by Dubai Financial.(FUND RAISING)
July 1, 2007... The investment arm of the Greek bank Martin Popular began book building this month to raise 5.19bn [euro] through a rights offering for investment in South East Europe making it the largest fund of its kind in the region. This target seems...

Terra Firma raises 5.4bn [euro]: Guy Hand's firm closes third fund.(LAUNCH)
July 1, 2007... Terra Firma, the UK buyout house led by Guy Hands, has closed Terra Firma Capital Partners III (TFCP III) on 5.4bn [euro], with 200m [euro] coming from the firm and the management team. The fund has received commitments from a host of LPs,...

Commerzbank exits Jupiter: TA Associates adds an eleventh financial investment to its portfolio.(MBO)
July 1, 2007... TA Associates, the 7.7bn [euro] buyout house has backed the MBO of Jupiter Asset Management from Commerzbank AG for 740m [euro]. Jupiter has 20bn [euro] in assets under management in private equity funds, hedge funds, mutual funds and...

HgCapital sells IRIS to H&F in a 500m [pounds sterling] deal: in the money with an IRR of 79%.(SECONDARY)
July 1, 2007... HgCapital, the 2.7bn [euro] European sector-focused mid-market private equity investor sold IRIS Software and Computer Software Group to Hellman & Friedman, the US$16bn San Francisco-headquartered private equity house for an enterprise value of...

Quinlan Private buys Jurys Inns for 1.165 bn [euro]: the Irish real estate and private equity house adds another jewel to its portfolio.(REAL ESTATE)
July 1, 2007... A group of investors led and advised by Quinlan Private, a 10bn [pounds sterling], Dublin-headquartered international property and private equity group, acquired the Jurys Inns division of the Jurys Doyle Hotel Group for approximately 1.165bn...

Mid Europa lead Austria's largest leveraged buyout: another telecom company in private equity hands.(TELECOM)
July 1, 2007... Mid Europa Partners, the 1.1bn [euro], London-based CEE specialist private equity firm and France Telecom will acquire 100% of Austrian mobile operator One GmbH from its existing shareholders for an enterprise value of about 1.4 billion [euro]....

Eastern evolution: with economic growth in Central and Eastern Europe outpacing the West, the private equity market is rapidly evolving. But with cheap debt and increasing competition for deals, prices are hitting unprecedented levels. Can deft managers still find bargains in this region?(CEE)
July 1, 2007... In many ways, Central & Eastern Europe (CEE) offers a near-perfect environment for private equity firms at present. The region enjoys an average growth rate of double that in Western Europe, with some parts, such as the Baltics, growing at over...

Bank build-up: as financiers undercut to gain marketshare in the region, PE managers pocket cut-price loans.(CEE)
July 1, 2007... Together with the marked increase in funds raised and deployed in the region, the incredible rise in the availability of leveraged finance is one of the main trends to emerge in the CEE buyout market in the past year. This rise is a direct...

Venture capital wanted: despite the best efforts of the government the Irish market still has lots of room to grow.(IRELAND)
July 1, 2007... A buoyant economy with a strong focus on technology means the outlook for Irish venture capital firms is positive. But there are continuing challenges in attracting domestic institutional investment and building big-enough funds to compete with...

Attracting pension funds: the quick buck of property versus the longer term nature of venture capital.(IRELAND)
July 1, 2007... One of the main challenges facing Irish VC funds has been attracting investment from the country's pension funds. This source of funds could make a significant difference to fundraising in the future, given that Irish pension funds, including...

All rise for the City's Queen Bee: Amanda Palmer caught up with Nicola Horlick for a chat about her new fund, being the wrong sex and the City.(PROFILE)(Interview)
July 1, 2007... Nicola Horlick has long been regarded as the City of London's Queen Bee. She has worked in the fund management industry for over two decades and has participated in the growth of some of the UK's premier asset management businesses, including...

EVCA's chairman.(INDUSTRY)
July 1, 2007... Helmut Schuhsler, managing partner at German VC firm TVM Capital, has been named as the new chairman of the European Venture Capital Association (EVCA), replacing Mercapital's Javier Loizaga, who has held the position since June 2006. He...

Palamon reorders.(PEOPLE)
July 1, 2007... Palamon Capital Partners has restructured its top tier of management as the firm looks to widen ownership and responsibilities within the firm. Co-Founder Michael Hoffman is appointed to the new position of chairman. Co-founder and managing...

Aberdeen's SE team.(PEOPLE)
July 1, 2007... UK investment firm Aberdeen Asset Managers Growth Capital has appointed Ned Dorbin as a senior investment manager to the South East team. Dorbin will focus on new investment opportunities involving smaller UK companies requiring up to 4m...

CAM opens in Zurich.(PEOPLE)(CAM Private Equity)(Brief article)
July 1, 2007... French funds-of-funds manager CAM Private Equity has added a Swiss subsidiary. Based in Zurich, CAM Private Equity Schweiz AG will be headed by Benedickt Brenninkmeijer, the former CEO of the listed private equity firm shaPE Capital. "By...

Advent's ICT expert.(PEOPLE)
July 1, 2007... UK venture firm Advent Venture Partners has appointed Paul Fisher to the ICT investment team. Fisher will focus on finding and investing in digital media and convergence companies and also providing expertise and experience to the Advent...

London's Quadrangle.(PEOPLE)
July 1, 2007... The US$6bn, media private equity investment firm Quadrangle has opened an office in London as it looks to invest its second private equity fund, Quadrangle Capital Partners II, which has over US$2bn in committed capital. This is the firm's...

Bol recruits Tardy.(PEOPLE)(Bank of Ireland appoints Christophe Tardy )(Brief article)
July 1, 2007... Bank of Ireland appointed Christophe Tardy as director of leveraged syndicated finance. Tardy will join in early July and will be based in London. He previously he spent 15 years at Societe Generale becoming part of the European syndicated...

Kreos recruits.(PEOPLE)(Kreos Capital appoints Luca Colciago )(Brief article)
July 1, 2007... The UK venture debt provider Kreos Capital has appointed Luca Colciago as partner. He joins from Noble Fund Managers, an alternative assets manager active in venture capital and venture debt. Prior to Noble, Colciago was a venture finance...

Rutland adds.(PEOPLE)
July 1, 2007... Rutland Partners, the UK private equity partnership, has added Daniel Freed to its investment team. Freed joins after spending three years at CIBC World Markets where he worked on European M&A transactions across a wide range of sectors prior...

Adveq opens NY office.(PEOPLE)(New York)(Brief article)
July 1, 2007... Swiss private equity fund-of-funds manager Adveq has opened an office in New York. The US team will be part of Adveq's overall investment management team which is led by Rainer Ender based in Zurich. Vice president Gaia Arnaboldi is...

SEP's London team.(PEOPLE)
July 1, 2007... UK venture capital firm Scottish Equity Partners (SEP) has recruited Fearghal O'Riordain, formerly of Accel Partners. He will operate from SEP's London office. He spent five years at Accel Partners. He was a founding principal of Accel in...

ACP hires head of equity capital raising.(PEOPLE)
July 1, 2007... ACP Capital, the SME-focused merchant bank has installed Emmanuel Pezier as head of equity capital raising strategy. He joins from Bear Stearns International Limited where he was managing director principal in the European ECM Group. During his...

Bryan, Garnier recruits director Jeancard.(PEOPLE)(appointment of Henri-Pierre Jeancard )(Brief article)
July 1, 2007... Bryan, Garnier & Co, the independent pan-European investment bank, has named Henri-Pierre Jeancard as a director in charge of structured products origination in the corporate finance division. He has worked in investment banking for 12 years....

Headway prepares for fundraising.(PEOPLE )(Headway Capital appoints Francois Bernardeau and Julian Asquith)(Brief article)
July 1, 2007... London-based Headway Capital, a private equity secondaries specialist, has added two new senior staffers ahead of its fundraising for Headway Investment Partners II. Francois Bernardeau, the former president and chief executive of Natexis...

Inflexion hires HIK chair.(PEOPLE)(Knowledge International)(Inflexion Private Equity appoints Stephen Warshaw)(Brief article)
July 1, 2007... Inflexion Private Equity has placed Stephen Warshaw as chairman of Healthcare Knowledge International (HKI), the consultancy firm to the NHS it acquired in April 2004. Warshaw is a former CEO of Santemedia Holdings, which was acquired by a...

Bol names new head of specialised finance.(PEOPLE)(Bank of Ireland appoints Adrian Sainsbury )(Brief article)
July 1, 2007... Bank of Ireland has appointed Adrian Sainsbury as head of global specialised finance. He will be based in London and will have responsibility for asset based lending, media finance, healthcare, shipping and general UK Corporate business. ...

NBGI adds to Northern England team.(PEOPLE)(NBGI Private Equity appoints Joseph Bergin )(Brief article)
July 1, 2007... NBGI Private Equity, a UK private equity firm focused on the smaller end of the mid-market, has recruited Joseph Bergin as director. He will be based in Manchester, and will take role across all aspects the firm's investment activities...

E-Synergy builds clean tech team.(PEOPLE)(appointment of Sam Richardson )(Brief article)
July 1, 2007... Early-stage tech investor E-Synergy has hired Sam Richardson as investment director of its 30m [pounds sterling] Sustainable Technology Fund. In the role Richardson will be responsible for identifying and investing in UK entrepreneurs and...

European funds raise 112bn [euro]: mega buyout firms invest 50bn [euro] in 2006.(DATA ROOM)
July 1, 2007... The final figures are in and European private equity funds raised a record 112bn [euro] in 2006 in a year which also saw a record 71bn [euro] invested and 31bn [euro] divested according to statistics released by the European Venture Capital...

Investor relations: in the global age communication is king. Anthony O'Connor explores how investor relations have evolved for private equity firms.(LP ANALYSIS)
July 1, 2007... When it comes to investor relations activities at the upper end, private equity houses realise that LPs are growing in numbers, sophistication and doling out larger allocations to private equity. In the not-so-good-old-days fund managers,...

Another roll of red tape: the burden of bureaucracy looks set to increase in October when new rules governing directors' duties come into force. Vicky Meek looks at how private equity will be affected.(LEGAL AND REGULATORY)
July 1, 2007... AS part of the process of simplifying UK company law and making it more relevant to smaller businesses, embodied in the Companies Act 2006, the Government has amended the laws governing directors' duties. Some of the changes are due to come...

LBO syndications arranged to June.(BUYOUTS)
July 1, 2007... COMPANIES IN THIS SECTION BTC CANAL DIGITAAL CBR CEVA SANTE DAY FAT FACE GAMBRO INCISIVE MEDIA iSTA JUPITER Armitage Venesta Washroom Systems TARGET NATION: UK DATE ANNOUNCED:...

Refinancing.(BUYOUTS)
July 1, 2007... COMPANIES IN THIS SECTION ALMATIS BODYBELL BRENNTAG BUFFALO GRILL CORTEFIEL DONCASTERS GARTMORE IMCD IXETIC MACH Almatis TARGET NATION: GERMANY DATE ANNOUNCED: 27/04/07 SPONSOR...

Private equity-backed takeovers subject to EU competition law.(BUYOUTS)(Editorial)
July 1, 2007... COMPANIES IN THIS SECTION BOOTS ANP APCOA AXCOM BTC COUNTRYWIDE DENTON EMI ENTERPRISE iSTA Alliance Boots PRIVATE EQUITY BACKER (S): KKR BUSINESS DESCRIPTION: PHARMACY-LED HEALTH AND...

Buyouts with European Targets May 17 to June 22 2007.(BUYOUTS)
July 1, 2007... BUYOUTS WITH EUROPEAN TARGETS MAY 17 TO JUNE 22 2007 Date announced Target name Target industry 18/05/07 Nopco Paper Technotogy Wholesale trade-nondurable goods ...

Seeking buyers.(List)
July 1, 2007... SEEKING BUYERS Seeking buyers includes listings of all European companies that have announced plans since 18 May, 2007 until 22 June, 2007 to sell divisions, stakes or their entire company. It also includes purported sales efforts that...

Keeping abrest of all of the industry's upcoming events.(CALENDAR)(Calendar)
July 1, 2007... The EVCJ comprehensive calendar JULY 2007 2 JULY TradeTech Dark Pools 2007 London http://www.wbr.co.uk/TradeTechDarkPools/ 17-20 JULY Private EquityWorld Africa 2007 JohannesburG South Africa ...

Announced deals.
July 1, 2007... ANNOUNCED DEALS Announced deals includes listing of private equity and venture capital transactions involving European targets announced between May 17, 2007 to June 21, 2007. The listings are ordered by target nation, and...

Activist investment: Tom Cartwright thinks private equity managers should take a leaf out of the hedge fund playbook.(COMMENT)
July 1, 2007... There has recently been an enormous amount of coverage and public debate about the benefits of private versus public ownership. One thing that is evident is that good management teams are able to perform both inside and outside the public...