European Venture Capital Journal articles from June 2006

European Venture Capital Journal archives from June 2006

Where private equity fears to tread.(private equity firms )
June 1, 2006... The issue of pension fund deficits undermining corporate investment and M&A activity in the UK was underlined in May when the UK government offered to "invest" between 1.1bn [pounds sterling] and 1.3bn [pounds sterling] in the Post Office,...

Rise of the private equity debt fund: the relationship between private equity and the debt market has become much more intimate in recent years. But with firms getting bigger and bigger and increasing liquidity in debt trading, European private equity is branching out.(NEWS ANALYSIS)
June 1, 2006... Not satisfied with earning huge private equity management fees, plus carried interest, two of the world's largest buyout firms are casting their net wider than private equity, with debt proving particularly attractive. Carlyle and Blackstone...

KKR opens public market floodgates.(KKR Private Equity Investors)
June 1, 2006... KKR Private Equity Investors (KKR PEI) listed on Eurolist by Euronext Amsterdam in May and was the largest IPO on Euronext since the beginning of the year in terms of capital raised. Investor demand for the product was stronger than expected...

Hybrid bonds: likely to lower cost of LBO financings?(cash flow restrictions)
June 1, 2006... Hybrid bonds have started to move into non-investment grade territory in recent months, begging the question of whether they can they be incorporated into the balance sheets of private equity-backed companies. Given their relatively flexibility...

Braveheart to fundraise via AIM IPO.(NEWS)
June 1, 2006... Braveheart, the Scottish-based investment group, plans to float on the London Stock Exchange's Alternative Investment Market (AIM) and raise 20m [pounds sterling] in late May. Braveheart was set up in 1997 to pool the investment capital of high...

Q1 2006 record Euro CLO issuance.(European Collateralised Loan Obligation )(Brief article)
June 1, 2006... Standard & Poor's (S&P) reports that 11 transactions priced or closed in the European Collateralised Loan Obligation (CLO) market during Q1 this year, compared to just five such deals in Q1 2005. Reasons for the growth in this asset class is...

PE exceeds stock market.(Research from Private Equity)(Brief article)
June 1, 2006... Research from Private Equity Intelligence's 2006 Performance Monitor reveals LP investments in private equity funds have beaten the stock market by 24% over 10 years. Historically, the biggest buyout funds in the US and Europe have...

Mid-market brimming with confidence.(NEWS)(Brief article)
June 1, 2006... Market confidence levels among mid-market private equity investors are riding high, according to a survey carded out by Grant Thornton Corporate Finance. During Q1 2006, 92% of mid-market VCs predicted the volume of transactions would increase...

Triago-X to list.(management of Triago Group)(Brief article)
June 1, 2006... Triago-X, the secondary transactions specialist, is another firm trying its luck in the public markets. The group has announced its intention to float on Alternext of Euronext[TM] Paris. The listing is dependent on market conditions and...

Amadeus handed ECF.(Department of Trade and Industry)
June 1, 2006... Amadeus Capital Partners has won approval to set up an Enterprise Capital Fund (ECF), a UK Government initiative to bridge the 250,000 [pounds sterling] and 2m [pounds sterling] equity gap for seed stage technology businesses. Amadeus will...

UK small co investment peaked Dec 05.(Venture Index)(Brief article)
June 1, 2006... Venture Index, which tracks sub 1m [pounds sterling] investment in small unquoted UK companies, has said investment in this area peaked in December last year with 375 deals being completed with a combined value of 50.2m [pounds sterling]. ...

Enterprise Ireland 175m [euro] handout.(SEED THROUGH EARLY STAGE)
June 1, 2006... Enterprise Ireland has received a 175m [pounds sterling] funding package from the Irish government that will be distributed, via a formal tendering process, among the country's venture capital investors to stimulate investment activity in...

Imperial Innovations wins spinouts R&D grants.(Complexation Nano Filtration)(research and development)
June 1, 2006... Imperial Innovations, the technology commercialisation company based at Imperial College London, has seen six of its portfolio companies awarded prestigious Research and Development Grants worth nearly 700,000 [pounds sterling] in total from...

PE is attractive to SIPPS investors.(SEED THROUGH EARLY STAGE)(Brief article)
June 1, 2006... Providers of Self Invested Personal Pensions (SIPPs) are giving a warm welcome to investments in unquoted companies through their pensions, allowing private investors to take full advantage of the new, more flexible regime, according to Hotbed,...

Vision Capital secures 1bn [euro].(FUNDS)
June 1, 2006... Vision Capital, a buyer of direct private equity portfolio assets, is eyeing a potential pool of 1bn [euro] for future investments. The new investment programme comprises a 350m [euro] committed core fund, Vision Capital Partners VI LP, which...

PalmerCap raises 85m [pounds sterling].(real estate private equity fund)(Brief article)
June 1, 2006... * Palmer Capital Partners has raised 85m [pounds sterling] for its second Active Value Fund:, of this 80m [pounds sterling] comes from investors such as Morley Fund ManagementCBRE Investors, Foreign & Colonial, Hermes and CBRE Investors Morley...

Madisongets CHF50m.(Madison Private Equity)(Brief article)
June 1, 2006... * Swiss buyout firm Madison Private Equity is raising CHF50m (32.25m [euro]) to continue its strategy of offering succession solutions to family businesses. The extra capital will be used to back new acquisitions and support the existing...

Nordea bond for private clients.(FUNDS)(Brief article)
June 1, 2006... * Nordea is offering its private clients the opportunity to access the private equity asset class, which so far has only been available to large institutional investors in the region. Nordea is launching a bond for these investors and is the...

Partners mezz close.(public pension )(Brief article)
June 1, 2006... * Partners Group European Mezzanine 2005 has reached a final closing at 265m [euro]. The fund will provide investors with access to direct mezzanine opportunities primarily in European buyout transactions. The fund was heavily oversubscribed...

Waterland final close.(Waterland Private Equity Investments)(Brief article)
June 1, 2006... * Waterland Private Equity Investments has reached a final closing of Waterland Private Equity Fund III (WPEF III.). The new fund, launched in November 2005, has closed on 400m [euro]. The interest from both existing and new investors was...

NorvestorIV fund close.(FUNDS)
June 1, 2006... * Norwegian private equity group, Norvestor Equity has held a final closing of its fourth fund Norvestor IV LP on 167m [euro]. Commitments have come from leading Norwegian and international investors, such as DnB NOR, Telenor, Bear Stearns,...

FoFs for Amanda Capital.(Scandinavian fund-of-funds Amanda Capital)(Brief article)
June 1, 2006... * Listed Scandinavian fund-of-funds Amanda Capital, with eight other Finnish institutional investors, has launched Amanda III Eastern Private Equity LP, to invest in private equity funds targeting investments in Russia and Eastern Europe. The...

Targacept: European venture in the US.(biotech fundraising)
June 1, 2006... Based in North Carolina Targacept specialises in the design, discovery and development of a new class of drugs to treat central nervous system diseases and disorders, such as Parkinson's and Alzheimer's. It started life in 1982 as part of RJ...

Logstor acquired in secondary.(merger of Logstor)
June 1, 2006... Montagu Private Equity is acquiring Logstor for an undisclosed amount from its current owners Axcel, FIH and Polaris. The acquisition has been made in partnership with the company's current management team. Preben Tolstrup will continue as CEO...

H&T sold by Rutland.(H and T Group)(Swedish pawnbroker Svensk Pantbelaning)(Brief article)
June 1, 2006... H&T Group, the UK pawnbroker, has floated on AIM, representing an exit for shareholder Rutland Partners. The business had an enterprise value of 91.9m [pounds sterling], with a market capitalisation of 54.2m [pounds sterling]. The money raised...

Enermet sold to Bayard Group.(automatic meter reading)(Brief article)
June 1, 2006... Industri Kapital, Fortum Oyj and MB Funds are selling Enermet Group Oy to Bayard Group for around 90m [euro]. Return details on the transaction were not disclosed. The exit marks the end of IK 1994 Fund. Overall the fund has delivered a top...

VC-backed NoemaLife floats.(EXITS)
June 1, 2006... Bologna-based NoemaLife SpA (formerly Dianoema), which specialises in software for the healthcare sector, has floated on the Milan Stock Exchange with a market capitalisation of 38m [euro]. The IPO was six times oversubscribed, and the money...

BVCA looks at IPO appeal.(EXITS)
June 1, 2006... Between 1998 and 2004 private equity firms backed approximately half the UK companies that floated on the London Stock Exchange's main market. Based on this assessment, the British Venture Capital Association (BVCA) and the London Stock...

Bmp to float YOC.(venture capital firm)(Brief article)
June 1, 2006... bmp, the German venture capital firm, is to float YOC, a service provider for the mobile marketing sector, on the Frankfurt Stock Exchange. The Berlin-based business will list on the new Entry Standard by June 30. bmp invested in YOC in...

Infinity exit for VCs.(Infinity Pharmaceutical)(Discovery Partners International)(Brief article)
June 1, 2006... VC-backed cancer drug discovery company Infinity Pharmaceutical is to merge with Discovery Partners International, a NASDAQ-listed company, representing an exit for its US and European investors. Infinity, which is based in Massachusetts in the...

Zumtobel IPO.(EXITS)
June 1, 2006... KKR's portfolio company Zumtobel, an Austrian lighting business, has floated on the Vienna Stock Exchange with a market capitalisation of 16m [euro]. The largest ever IPO in Austria, 603m [euro] worth of shares were listed at 20.50 [euro] per...

IK reduces Oriflame stake.(Industri Kapital)(Brief article)
June 1, 2006... Industri Kapital has reduced its shareholding in Oriflame to 4.5%. The Industri Kapital 1997 fund has sold 4.3million Swedish Depository Receipts (SDRs) in Oriflame Cosmetics SA, corresponding to 7.2% of the total number of shares and votes in...

Exits on the up.(Global consumer markets)
June 1, 2006... Venture-backed exits grew in value and number in 2005, as the US and Israel saw increasing M&A valuations, while Europe experienced an increase in IPOs, a trend set to continue this year and into 2007, according to Transition, the fourth annual...

Debenhams IPO priced at bottom of range.(EXITS)
June 1, 2006... Debenhams has returned to the stock market less than three years after being bought by private equity backers CVC Capital, Merrill Lynch Private Equity and Texas Pacific. The price range of its IPO on the London Stock Exchange priced at 195...

Northzone exits NextGenTel.(shares were acquired )(Brief article)
June 1, 2006... TeliaSonera AB has acquired 82.3% of all shares outstanding in Norwegian broadband provider NextGenTel Holding ASA. The shares were acquired from Northzone, Geocapital Partners, and the other major shareholders. The consideration amounts to...

Charterhouse makes quick Avent exit.(sales growth of the company)(Brief article)
June 1, 2006... Charterhouse Capital Partners is to sell Avent Holdings, a UK provider of baby and infant feeding products, to Royal Philips Electronics for 460m [pounds sterling] (675m [euro]), less than a year after it acquired the business. Charterhouse...

Former Internet start-up gets PE backing.(Exponent Private Equity)(Brief article)
June 1, 2006... Exponent Private Equity has acquired former Internet start-up Magicalia for 13m [pounds sterling] from original investors Matrix Private Equity and Atlas Venture. Online publishing group Magicalia received two rounds of funding, 1.4m [pounds...

Gresham makes 4x return on Alstec sale.(Gresham Private Equity sold its stake in Alstec Group)(Brief article)
June 1, 2006... Gresham Private Equity, the UK mid-market private equity firm, has sold its stake in Alstec Group, a nuclear and airport services operator, generating a 4x return on its investment. The company has been bought by Babcock International, the UK...

CVM sells care homes.(EXITS)(Brief article)
June 1, 2006... Close Venture Management Limited (CVM) has sold its interests in Applecroft Care Home Limited (Applecroft) and Barleycroft Care Home Limited (Barleycroft) to its partner in the investments. CVM managed the investments on behalf of Close...

Two exits for ABN AMRO.(EXITS)(Brief article)
June 1, 2006... ABN AMRO Capital is celebrating the exit of two investments from its portfolio; Radio Holland Group (RHG) and Rontgen Technische Dienst (RTD). RHG supplies innovative, efficient and functional solutions in the fields of satellite and radio...

Investcorp sells Minimax.(acquisitions)(Brief article)
June 1, 2006... Investcorp has sold Minimax, a German provider of fire protection systems and services, to Industri Kapital in a tertiary buyout. Barclays Private Equity was the first private equity firm to Invest in Minimax, backing an MBO from Preussag, now...

GIMV exits LA Gym.(acquisitions)(Brief article)
June 1, 2006... GIMV, the Belgian private equity firm, has sold its 81.3% interest in LA Gym to HealthCity Group, the largest fitness chain in the Netherlands, for an undisclosed sum. The proceeds from the sale has improved GIMV's equity value as of December...

VCs exit CropDesign.(acquisitions)(Brief article)
June 1, 2006... VC-backed agro-technology company CropDesign has been bought by BASF, the German chemicals group. CropDesign is a Belgium-based company that specialises in discovering and developing genetic traits in seeds to enhance grain yield in corn and...

Capiton sells EHR.(Essener Hochdruck Rohrleitungsbau acquisitions with Capiton)(Brief article)
June 1, 2006... German buyouts specialist Capiton has sold high pressure piping business Essener Hochdruck Rohrleitungsbau (EHR) to Bilfinger Berger for an undisclosed sum. It brings to an end a two-year relationship between Capiton and EHR, which began in...

HM capital sells ETG to Candover.(Candover acquisitions EurotaxGlass)(Brief article)
June 1, 2006... Buyout house Candover is to acquire EurotaxGlass (ETG), an automotive data specialist, from HM Capital Partners (formerly Hicks, Muse, Tate & Furst), for an enterprise value of 450m [euro]. ETG has its roots in two companies: the UK's Glass's...

3i and Electra sell Tensar stakes.(EXITS)
June 1, 2006... 3i and Electra Private Equity have realised their investment in Tensar International, a UK civil engineering company, after 12 years as minority shareholders in a deal worth 68m [pounds sterling] to Tensar Corp, a US-based company. Arcapita, a...

Schmack Biogas IPO.(EXITS)
June 1, 2006... Schmack Biogas, a German builder and operator of biogas plants, has floated on the Frankfurt Stock Exchange with a market capitalisation of 71.3m [euro]. The company is backed by S-Refit, a Bavarian technology investor that invested in 2001 and...

LBO syndications arranged May.(leveraged buyouts)(List)
June 1, 2006... COMPANIES IN THIS SECTION ADARE BERLINGER VERIAG CEGELEC COM HEM DEUTSCH CONNECTORS EUROTAXGLASS'S INT FCI FINDUS GAMBRO GROUPE EUOR HMSR LOXAM Adare TARGET NATION: UK DATE...

Refinancings.(BUYOUTS)
June 1, 2006... COMPANIES IN THIS SECTION ALGECO CEVA EDITIS FRAIKIN GROUPE NEW LOOK NUTRITION & SANTE PANRICO PICARD SURGELES REFRESCO RHIAG SPRINGER Algeco TARGET NATION: FRANCE DATE...

Private equity-backed takeovers subject to EU competition law.(rules for investment banks)(List)
June 1, 2006... COMPANIES IN THIS SECTION CENTER PARCS ELIOR MINIMAX SSP STAHL UPC SVERIGE Center Parcs PRIVATE EQUITY BACKER: BLACKSTONE BUSINESS DESCRIPTION: HOUDAY HOMES OPERATOR DEAL VALUE: APPROXIMATELY...

Ashton Penney appts.(new appointment)(Brief article)
June 1, 2006... Jeremy Knight, group publishing director of Caspian Publishing, is to join Ashton Penney, the interim management provider for private equity and venture-backed companies. He replaces Valeria Vescina, who is leaving to spend more time with her...

Alfa expands.(new appointments)
June 1, 2006... Alfa Capital Partners has appointed two new members to its private equity team: managing director Slava Sinadski and investment director Denis Kourakin. The firm has also promoted Vladislav Mamoulkine to managing director of its private equity...

HSBC poaches.(new appointment)(Brief article)
June 1, 2006... HSBC Corporate, investment banking and markets division has nabbed two Morgan Stanley bankers as it seeks to increase its presence in the leveraged finance market. Kevin Adeson is to join as global head of leveraged finance and Oliver Duff is...

Pedersen expands.(new appointment)(Brief article)
June 1, 2006... Executive recruitment agent Pedersen & Partners has opened offices in Athens, Greece and Belgrade, Serbia & Montenegro. Pedersen & Partners is the largest executive search firm in Central and Eastern Europe, operating 18 wholly-owned offices in...

SJ Berwin promotes.(promotions)
June 1, 2006... SJ Berwin has made a raft of promotions, with Justin Dolling, William Holder, Richard Lever, Tandeep Minhas, Duncan Woollard, Jorg Windt, Carlos Iglesias Gil and Roberto Pomares all made partners. Justin Dolling specialises in advising...

Ariadne hires.(new appointment)(Brief article)
June 1, 2006... Investment and advisory firm Ariadne Capital has appointed John O'Connell, the founder of software company Staffware, as its new chairman. O'Connell built up Staffware into a worldleading business process management (BPM) systems house over 20...

Linklaters name change.(PEOPLE)
June 1, 2006... Linklaters Oppenhoff & Radler, the German practice of law firm Linklaters, will now operate under the name Linklaters.

GLSV adds.(new appointments)(Brief article)
June 1, 2006... Global Life Science Ventures (GLSV), the German-Swiss venture firm, has added to its investment team with two new appointments: Dr Stephen McCormack as principal and Dr Kuno Jung as investment manager. Both will be based at GLSV's office in...

CCC hires.(appointments of Climate Change Capital )(Brief article)
June 1, 2006... Climate Change Capital (CCC), the specialist merchant banking group, has appointed John Roberts to its international advisory board. Roberts was chief executive of United Utilities plc for over five years until March 2006. He has spent his...

AGF recruits.(new appointments)(Brief article)
June 1, 2006... Jean Plamondon has joined French firm AGF Private Equity as investment director within the fund-of-funds team where he will be active in primary and secondary fund investments as well as co-investments in buyout deals. Plamondon is a...

Revcap appts.(George Mitchell resigns from Real Estate Venture Capital Management LLP)(Brief article)
June 1, 2006... Former governor of Bank of Scotland and ex-chief executive of the corporate banking arm at HBOS has been named as nonexecutive chairman of Real Estate Venture Capital Management LLP (Revcap), and is also taking a small undisclosed stake in the...

VCM recruits.(VCM Capital Management new appointment)(Brief article)
June 1, 2006... Peter Schwanitz has been appointed a managing director of VCM Capital Management (VCM), the German fund-of-funds manager. He will be responsible for the buyout segment and will also work on institutional marketing and client relationships....

Allianz appts.(Allianz Private Equity appoints Andress Goh )(Brief article)
June 1, 2006... Andress Goh has joined Allianz Private Equity Partners. She joins from the London team of GIC Special Investments where she had been active in leading European private equity fund and co-investments since 1999. She will initially be based in...

Candover expands.(new appointments)(Brief article)
June 1, 2006... UK private equity firm Candover has been busy updating its personnel, creating two new roles, making a number of promotions as well as hiring four new investment directors. Into the newly created position of originations director steps...

CBCM adds.(Commerzbank Corporates and Markets)(appointments)
June 1, 2006... Commerzbank Corporates & Markets (CBCM) has named Rolf Betz as co-head of ECM and M&A. He has spent the past three years at DVB Bank AG, where he was a member of the board of managing directors with responsibility for the bank's corporate...

3i new team.(new appointments)(Brief article)
June 1, 2006... 3i has appointed Akshaya Bhargava to head its new focus on the global business process outsourcing (BPO) market. The new team will focus on private equity opportunities, which may be buyouts with a value up to US$1bn or growth capital...

Seven Hills appts.(appointment of Jeremy DelmarMorgan)(Seven Hills Venture Partners)(Brief article)
June 1, 2006... Seven Hills Venture Partners, the Scottish life sciences development company, has appointed Jeremy DelmarMorgan as non-executive chairman. He has also invested personally in the business. Delmar-Morgan began his career at stockbrokers Teather &...

BoS hire.(Bank of Scotland new appointment)(Brief article)
June 1, 2006... Bank of Scotland integrated finance has appointed Robin Winning to the role of director of integrated finance, based in London. He joins as a senior member of the Bishopsgate-based team led by Mark Hammond, head of integrated finance. ...

AGF hires.(new appointment)(Brief article)
June 1, 2006... AGF Private Equity has recruited Thierry Laugel as a partner within the venture capital team where he will work in the field of life sciences. He joins from CDC Entreprises Innovation, where he was an investment manager responsible for...

Gresham recruits.(new appointment)(Brief article)
June 1, 2006... Gresham has appointed Mike O'Brien as an investment executive to the new investment team, based in London. Prior to joining Gresham, O'Brien worked for Computacenter plc in the strategy and corporate development teams where he supported a...

3i reshuffle.(Dr Peter Mihatsch stepping down from the group board)(Brief article)
June 1, 2006... 3i Group board member Dr Peter Mihatsch is to become chairman of a soon to be created advisory board for the firm's German business. As a result, he will be stepping down from the group board, which he has been a member of since 2004, as he...

Deloitte appts.(PEOPLE)
June 1, 2006... Deloitte has poached Matt Penny and Duncan Robertson from Ernst & Young. The two new recruits have joined the operations due diligence team of the UK business advisory firm.

SG appts.(PEOPLE)
June 1, 2006... Gareth Jones has left BNP Paribas to join SG as a vice-president in its European loan distribution team where he will focus on leveraged loans. He will work alongside Haresh Sheth and Patricia Vecenti and report to Chris Baines, head of...

AnaCap appts.(new appointments)(Brief article)
June 1, 2006... AnaCap Financial Partner, the UK-based private equity firm focused on the financial services sector, has appointed three members to its strategic advisory board: Andrew Jackson, founder of Intermediate Capital Group (ICG); Michael Callen,...

Sofinnova hires.(new appointment)(Brief article)
June 1, 2006... Sofinnova Partners has named Graziano Seghezzi as partner. He joins from Index Ventures, where he spent three years in Geneva, focusing on biotechnology and biopharmaceuticals. During that time he was a founding investor in and board member of...

Dechert's Weil raid.(new appointments)(Brief article)
June 1, 2006... Corporate and securities lawyers Graham Deifies and Wayne Rapozo have both left Weil Gotshal & Manges for Dechert, joining the London office of the US law firm. Graham Deifies specialises in private equity, M&A and corporate finance...

Noble recruits.(new appointment)(Brief article)
June 1, 2006... Noble & Company, the corporate finance advisory and broking arm of independent investment bank Noble Group, has appointed John Riddell as director and head of the financial institutions sector team, and Mark Froggatt as director and head of the...

Celtic Pharma appts.(new appointment)(Brief article)
June 1, 2006... Celtic Pharmaceutical Holdings, the UK-based private equity investor focused on the biotechnology and pharmaceutical industries, has installed Michael Earl as managing director, commercial. He joins Celtic Pharma from Chiron...

Barclays Ventures hires.(new appointment)(Brief article)
June 1, 2006... Barclays Ventures has added Emma Morris to its investment team as associate director based at its London office. Morris recently completed a six-month secondment with Barclays Ventures, where she worked on new investments, exits and portfolio...

Gordon Bros promotes.(promotions)(Brief article)
June 1, 2006... Gordon Brothers International, the retail restructuring specialist and liquidity solutions provider for retail and industry, has appointed Andy Meehan, currently chief executive Europe, to the new role of vice-chairman, Europe, as well as...

Blackstone appts.(new appointment)(Brief article)
June 1, 2006... Blackstone has appointed John Studzinski as a senior managing director and member of the firm's executive committee. In his new role, which he takes over from Tony James, who stays on as the US buyout giant's president, he will oversee and...

Calendar.(calendar)(Calendar)
June 1, 2006... JUNE 2006 14-16 JUNE EVCA Symposium Monte-Carlo, Monaco https://www.evcaspecials.com/symposium06 27-29 JUNE Asset Allocation Summit London Telephone +44 (0)20 7242 2324 JULY 2006 3-4 JULY ...

Refinancings on the up.(limited partners are piling into private equity )
June 1, 2006... Refinancing levels leapt to 19bn [pounds sterling] in 2005, according to statistics on private equity exits from CMBOR. When added to the 21bn [pounds sterling] of exits for 2005, a total of 40bn [pounds sterling] of liquidity has been realised...

Report on best global PE jurisdictions.(partnerships)(Brief article)
June 1, 2006... Apax Partners has published, in collaboration with the Economist Intelligence Unit, a report titled Unlocking global value--Future trends in private equity investment worldwide, which is a follow-up to its 2002 report. The report finds that the...