European Venture Capital Journal articles from June 2001

European Venture Capital Journal archives from June 2001

Investment rate falls.(venture capital companies)(Brief Article)
June 1, 2001... This month's venture capital special report - see page 31 onwards - is timely. Early stage investors are largely welcoming a return to normality post dot.com bubble thanks to realistic valuations and plenty of opportunities, which are, overall,...

Euro VC & PE 2000 performance figs.(venture capital, private equity)(Statistical Data Included)
June 1, 2001... The private equity asset class in Europe continued to perform well in 2000, with outstanding results for the top quarter in all stages of investment, showing an internal rate of return (IRR) of 33.3 per cent since inception. The...

More PE for Post Office.(private equity, Post Office Pensions Trustees Ltd.)(Brief Article)
June 1, 2001... Post Office Pensions Trustees Limited (POPTL), manager of the [pound]16 billion UK Post Office pension fund, has completed a [pound]450 million expansion of its allocation to private equity. The fund's commitment to private equity now...

BoS to step up structured finance.(Bank of Scotland)(Brief Article)
June 1, 2001... Bank of Scotland and Halifax have announced they are to merge in a deal worth circa [pound]29 billion. Both parties retain their separate brands Halifax, Bank of Scotland, Clerical Medical and so forth - and they will be housed under a holding...

PE funding on the up.(private equity for the European mergers and acquisitions market)(Brief Article)(Statistical Data Included)
June 1, 2001... Private equity funding within the European M&A market looks set to accelerate in the coming six months, largely due to the restructuring of European industry, according to a report produced by private equity provider Cinven, in association with...

Hands to bow out of Nomura.(Guy Hands)(Brief Article)
June 1, 2001... Guy Hands, head of Nomura's Principal Finance Group, is leaving to set up an independent private equity fund for which he hopes to raise [pound]2 billion over the coming months. Negotiations between Hands and Nomura are still underway...

DKC and Allianz merger.(Dresdner Kleinwort Capital)(Brief Article)
June 1, 2001... INTEGRATION PLANS BETWEEN DRESDNER Kleinwort Capital (DrKC) and Allianz look likely to emerge by mid summer. DrKC, which earlier this year outlined its plans to double its existing circa $4 billion exposure to private equity in the next two to...

Botts gets boost from Hermes.(Hermes Pensions Management acquires stake in Botts Holdings)(Brief Article)(Statistical Data Included)
June 1, 2001... Hermes Pensions Management Limited (Hermes) is stepping up its private equity activity with an agreement to acquire up to 21 per cent of Botts Holdings Limited (Botts), the parent company of Botts & Company Limited, a private equity fund...

MBO guide launched.(management buyout)(Brief Article)
June 1, 2001... A GUIDE TO MBOS HAS PINPOINTED that most advisors seriously underestimate the time an MBO will take. Leeds-based Shulmans Solicitors have put together the guide that includes tips and interviews with over 30 MBO directors, with experience of...

UK early stage post strong returns.(early stage funds)(Brief Article)(Statistical Data Included)
June 1, 2001... Early stage UK funds saw strong returns of 78.9 per cent in 2000, outperforming all other funds for the year and over three, five and ten year periods, while generalist and development funds put in a less impressive performance with returns in...

PE hit hard by new pension proposals.(private equity)(Brief Article)
June 1, 2001... UK government plans to abolish the Minimum Funding Requirement (MFR) look set to have a major impact on private equity firms, according to a paper by William M Mercer, the human resource and employee benefits consultancy. The paper submitted to...

Softbank UK and Europe merge.(Brief Article)
June 1, 2001... Softbank UKVentures and Softbank Europe Ventures have merged and in so doing have scaled back their combined fund size. Separately the two operations had a combined $950 million to invest but this has dropped to $600 million post merger. The...

US VC investments down Q1 2001.(venture capital)(Brief Article)(Statistical Data Included)
June 1, 2001... US venture investment figures plummeted to a two-year low, according to the results of the PricewaterhouseCoopers Money Tree Survey in partnership with Venture One. All technology sectors suffered with total investment falling to $10.1 billion....

UK investment peaks at [pound]8bn.(Brief Article)(Statistical Data Included)
June 1, 2001... The British Venture Capital Association (BVCA) has announced record results for 2000, with over [pound]8 billion invested in 1,431 companies. Of this total, [pound]1.5 billion was invested in high tech companies and [pound]1.9 billion of new...

e-capital loses out on VEO.(buyout of Virtual European Office Ltd.)(Brief Article)
June 1, 2001... e-capital, the technology incubator has sold its business development consultancy subsidiary, Virtual European Office Limited (VEO) to the management, in the light of the increased losses at VEO. According to e-capital, the revenue from VEO had...

Aurora Capital is born.(Brief Article)
June 1, 2001... Emerging markets private equity specialist, CDC Capital Partners and Norfund, the Norwegian investment fund for developing countries have launched Aurora Capital, an alliance targeting risk capital investments in the small and medium sized...

Spanish fund raising trebles.(Brief Article)(Statistical Data Included)
June 1, 2001... Spanish fund raising boomed in 2000, over three times the amount raised in 1999, according to Spanish corporate finance newsletter, Capital & Corporate. Total Spanish funds raised in 2000 reached [epsilon]1.8 billion. Taking into account...

Axiomlab raises further [pound]12m.(Brief Article)
June 1, 2001... Technology-focused investor Axiomlab has raised [pound]12 million from an institutional placing. The regional provider of development capital and business building expertise is looking to expand its operations and its team, as well as...

Report on Swedish wireless start-ups.(Brief Article)(Statistical Data Included)
June 1, 2001... ARIAD HAS PUBLISHED A REPORT on the Nordic wireless start-up scene, with a particular focus on Sweden. The report surveys 175 small, unlisted Nordic wireless start-ups. Among the key findings were the percentage of start-ups seeking financing...

Sofinnova fund IV raises [epsilon]330m.(Brief Article)
June 1, 2001... Sofinnova Partners has secured [epsilon]330 million for its new fund, Sofinnova Capital IV. The high demand for places in the fund from previous and new investors meant that it exceeded its original target of [epsilon]230 million. This...

EuroMedia Venture Fund closes.(Brief Article)
June 1, 2001... EUROMEDIA VENTURE FUND HAS CLOSED AFTER RAISING $150 million mainly from a group of corporate investors. The fund will be managed by INVESCO Private Capital, a New York-based VC firm. The fund will invest primarily in US technology...

Benchmark closes Israeli fund.(Benchmark Capital)(Brief Article)
June 1, 2001... BENCHMARK CAPITAL HAS CLOSED ITS BENCHMARK Israel fund at $220 million. This continues Benchmark's expansion after it raised a fund of $750 million last year to invest exclusively in Europe. Benchmark's sixth fund will apply the US...

TVM's first dedicated life science fund.(Techno Venture Management)(Brief Article)
June 1, 2001... Techno Venture Management (TVM) has had the initial closing of its first fund to focus exclusively on life sciences. The fund has raised [epsilon]70 million to date with an ultimate target of [epsilon]250 million. In the past TVM's...

InnKap aims high with third fund.(InnovationsKapital)(Brief Article)
June 1, 2001... InnovationsKapital has closed its third fund, InnKap 3, at SEK1.2 billion ([epsilon]132 million.) The Swedish VC hopes to become one of the region's leading early stage investors. The fund, which began raising at the end of last year, has...

Dunedin raises [pound]45m buyout fund.(Dunedin Capital Partners)(Brief Article)
June 1, 2001... DUNEDIN CAPITAL PARTNERS has secured [pound]45 million in the initial close of its buyout fund. This is the first fund to be raised in 10 years by the firm that manages the Dunedin Enterprise Investment Trust. Dunedin started raising the...

Fund II and alliance for Capricorn VP.(Capricorn Venture Partners)(Brief Article)
June 1, 2001... Capricorn Venture Partners has simultaneously announced the launch of its new fund and an alliance with Neo Group Ventures. Capricorn Venture Fund II aims to raise [epsilon]100 million to invest in early stage technology companies across...

MCC launches global Earlybird Fund.(Moore, Clayton and Co.)(Brief Article)
June 1, 2001... MOORE, CLAYTON & CO, THE USbased financial advisory boutique, has launched its first venture capital fund. The MCC Earlybird Fund will invest globally in new technology start-ups. The fund is seeking $50 million by the end of July. Old...

Standard Life launches quoted FoF.(fund-of-funds Standard Life European Private Equity Trust)(Brief Article)
June 1, 2001... STANDARD LIFE INVESTMENTS' private equity team has rolled 19 of its fund-of-funds commitments into an investment trust, called Standard Life European Private Equity Trust plc, which will commence trading on the London Stock Exchange on May 29,...

Behrman heads for Europe.(Behrman Capital closes fund)(Brief Article)
June 1, 2001... Behrman Capital, the US private equity house, has announced the final close of a $1.2 billion buyout fund, Behrman Capital III. Darryl Behrman, managing partner said the fund is seeking its first international investment. Darryl Behrman,...

Morpheus first exit since merger.(Morpheus Technology Ventures sells Empace)(Brief Article)
June 1, 2001... Morpheus Technology Ventures (Morpheus) has made its first realisation since its formation from the merger of two of Scotland's leading technology development businesses, ISI Group and The Value Innovators (TVI). The firm has sold its hothoused...

BoS helps Healthcare Scotland exit.(Murray Johnstone Private Equity, Granville Baird sell stakes)(Brief Article)
June 1, 2001... A berdeen 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...

French secondary buyout for EAC.(European Acquisition Capital purchases 5 a Sec)(Brief Article)
June 1, 2001... 5 a Sec, the world's largest dry cleaning franchising chain based in France, has been bought by UKbased mid market buyout house, European Acquisition Capital (EAC) in a secondary buyout transaction. The terms were not disclosed. EAC invested in...

3i exits Media Audits.(Brief Article)
June 1, 2001... 3i has exited its investment in Media Audits, which was a 1979 investment inherited as part of the Baronsmead Investment Trust portfolio, which 3i purchased in the autumn of 1997. Livingstone Guarantee introduced Media Audits to Barclays...

Sovereign Capital floats Capcon.(Brief Article)
June 1, 2001... Sovereign Capital, previously Nash Sells & Partners, successfully floated Capcon, a leading provider of outsourced cash, stocktaking, product launch and product promotion audit and information services to the licensed trade, on the Alternative...

Secondary buyout for Graphite Capital.(Ridgmont Care Homes buyout from Cinven)(Brief Article)
June 1, 2001... Graphite Capital, which was operating as F&C Ventures until last month, has backed Ridgmont Care Homes in a [pound]16 million secondary buyout from Cinven. Cinven predominantly operates at the larger LBO end of the market. Debt was provided by...

People moves.(appointments and selections in the investment industry)
June 1, 2001... Bridgepoint loses 2 to L&GV Legal & GeneralVentures has appointed Hagen Schulte and Dr Hans Jorg Schnabel as directors of its Frankfurt office. Both Schulte and Schnabel are currently with mid market private equity firm Bridgepoint...

Biotechnology: still a VC niche.(venture capital)
June 1, 2001... Despite what many have described as a rapid deterioration in VC confidence over the last quarter, venture capital investing in European biotechnology and healthcare is growing rapidly and fierce competition in the fund raising sector is proving...

Four keys to corporate venturing success.(corporate venture capital)
June 1, 2001... Corporate venture capital is on the rise. Dr Ekkehard Franzke, vice president of management consultants Bain & Company and head of bainlab in the Germanspeaking countries, gives an analysis of the critical factors required for creating...

Protecting VC investments in TMT.(technology, media and telecoms)(Statistical Data Included)
June 1, 2001... Following the lead of the US, the past few years have seen a significant increase in venture capital (VC) activity in the UK and Europe. Although the recent rate of growth is not expected to continue in 2001/2002 in line with expectations of a...

Getting real.(venture capital and technology)
June 1, 2001... Fingers got burned in the dot.com collapse of last year, but valuable lessons have been learned. venture capitalists are, by nature, optimists: their stock in trade is growth and development. They would claim that optimism is edged with a...

Investing seed capital.
June 1, 2001... Seed capital is in short supply goes the familiar refrain although in fact the different types of seed capital has increased both in depth and number of players in recent years. Few people invest seed capital and if you leave the definition...

PE recruitment drops a gear or two.(private equity)
June 1, 2001... Recruitment in private equity is experiencing a slowdown this year compared with levels of activity in the previous two years. While volumes are down overall, hiring is still going on but because there is such a large pool of candidates...

Mercury Private Equity -- Broadening its horizons.
June 1, 2001... Following completion of its long-awaited MBO in December last year, the team at Mercury Private Equity has spent the last few months focused on fundraising efforts, integrating the new team members and setting a new name for the firm, which...

EON Communications.(receives funding)
June 1, 2001... EON Communications, a cable start up company, has secured a [pound]265 million debt and equity package proving ample fundingis available for the right telecoms deals. The equity portion, totalling [pound]110 million, was co-led by the London...

[epsilon]770m MBO of Alstom Contracting.(management buyout)(Brief Article)
June 1, 2001... CDC Equity Capital and Charterhouse Development Capital have backed the MBO of Alstom Contracting in a deal worth [epsilon]770 million. The division of Alstom responsible for electrical engineering and services will be known as Cegelec. The...

Cinven buys photo business of GrandVision.(photo finishers Photo Service and Photo Station bought and sold)(Brief Article)(Statistical Data Included)
June 1, 2001... Cinven has bought Photo Service and Photo Station, which make-up GrandVision's entire photo finishing division. The total package comprises equity, senior debt and mezzanine worth [epsilon]282 million (Ffr1.85 billion). Cinven, the company's...

Strakan gets [pound]30.5m.(Strakan Group Limited )(Brief Article)(Statistical Data Included)
June 1, 2001... International pharmaceutical company, Strakan Group Limited has raised [pound]30.5 million funding. Of this total, some [pound]28.5 million has been committed from three investors - existing institutional shareholders, 3i and LMS Capital and a...

French secondary buyout for EAC.(Brief Article)(Statistical Data Included)
June 1, 2001... 5 a Sec, the world's largest dry cleaning franchising chain based in France, has been bought by UKbased mid market buyout house, European Acquisition Capital (EAC) in a secondary buyout transaction. The terms were not disclosed. EAC is also...

[0] Secondary buyout for Graphite Capital.(Ridgmont Care Homes buyout from Cinven)(Brief Article)
June 1, 2001... Graphite Capital, which was operating as F&C Ventures until last month, has backed Ridgmont Care Homes in a [pound]16 million secondary buyout from Cinven. Cinven predominantly operates in the larger LBO market. Debt was provided by Fortis Bank...

Barclays Ventures buys Media Audits.(Brief Article)(Statistical Data Included)
June 1, 2001... Barclays Ventures has acquired a significant minority stake in Media Audits from 3i. 3i inherited Media Audits, which was a 1979 investment made by the Baronsmead Investment Trust portfolio, which 3i purchased in the autumn of 1997. ...

Cannons gets taken private.(health clubs )(Brief Article)(Statistical Data Included)
June 1, 2001... Cannons, the chain of health clubs and gyms, is to be taken private in a public to private transaction led by Royal Bank Private Equity. Royal Bank Private Equity's bid is supported by a debt package underwritten by Royal Bank of Scotland. ...

GE equity commits to blaxxun.(Blaxxun Interactive Inc.)(Brief Article)(Statistical Data Included)
June 1, 2001... GE Equity, the private equity arm of General Electric Co, has acquired a stake in blaxxun interactive, a leading technology company for Community and virtual worlds software. GE Equity joins existing investors King Jelko Wertpapierhandelsbank,...

The Funding Corp gets [pound]115m to start-up.(Brief Article)(Statistical Data Included)
June 1, 2001... Financial services provider, The Funding Corporation has secured a [pound]115 million funding round, one of the largest funding rounds for a financial start-up in the UK. Local organisations and high profile investors participated in the round...

Zone Vision gets $12m funding.(Brief Article)(Statistical Data Included)
June 1, 2001... Advent International has led the $12 million investment in Zone Vision, a rapidly expanding thematic channel broadcaster and distributor of international cable and satellite channels. For this Advent gets a 12 per cent stake in the company. The...

Opsys gets more funding.(Brief Article)(Statistical Data Included)
June 1, 2001... Oxford-based technology group, Opsys Limited has secured [pound]8 million in its most recent funding round to support its two-year expansion programme. Venture capital investors 3i and Quester are leading the funding of the initial phase of the...

BioProtein Technologies gets [epsilon]8m.(Brief Article)(Statistical Data Included)
June 1, 2001... BioProtein Technologies has raised [epsilon]8 million in its first round of external fundraising. Investors include Netherlands-based Gilde Europe Food and Agribusiness fund (GEFAF), Societe Generale Assets Management (SGAM) and Creago from...

Digiplex secures further funding.(DigiPlex S.A.)(Brief Article)(Statistical Data Included)
June 1, 2001... Digiplex, the pan-European operator of carrier neutral colocation facilities has raised third round funding from its existing shareholders the Carlyle Group and Providence Equity Partners. The total equity raised by the company now exceeds...

Heritage Image takes [pound]3.25m 2nd round.(Heritage Image Partnership)(Brief Article)
June 1, 2001... Online picture library, Heritage Image Partnership (HIP) has secured a second round of funding worth [pound]3.25 million. HIP provides access to the picture and photographic collections of leading British museums, art galleries and libraries....

First Hungarian deal for bmp.(Brief Article)
June 1, 2001... Berlin-based venture capital firm, bmp has just completed a first round of funding in Hungarian content provider, Hirek Media and Internet Technologies Kft. The amount invested was not disclosed. bmp and Central Eastern Europe Venture GmbH,...

3i backs Ms Murdoch and Alli with [pound]6m.(3i invests in Shine Entertainment)(Brief Article)
June 1, 2001... Elisabeth Murdoch and Lord (Waheed) Alli have received [pound]6 million in first stage financing for their recently established television and production company, Shine Entertainment, from 3i. Elisabeth Murdoch is the daughter of the media...

Scienion spinout gets funded.(Brief Article)
June 1, 2001... Scienion, a biotechnology start-up, has received DM12 million in start-up funding, DM8.5 million of which came from lead investor 3i, Peppermint Financial Partners and IBB Beteiligungsgesellschaft. tbg Technologie-Beteiligungs-Gesellschaft...

Seeking buyers.(European companies seeking buyers)
June 1, 2001... Seeking buyers includes listings of all European companies that have announced plans since 23 April 2001 until 23 May 2001 to sell divisions, stakes or their entire company. It also includes purported sales efforts that have appeared in the...

Announced May deals.
June 1, 2001... Announced deals includes listings of private equity and venture capital transactions involving European targets that were announced from 28 April 2001 to 25 May 2001. The listings are ordered by target nation, and alphabetically within each...