European Venture Capital Journal articles from March 2004

European Venture Capital Journal archives from March 2004

Standard Life breaks 1bn [euro] barrier.(Funds)(Brief Article)
March 1, 2004... Standard Life has reached a final close of 1.09bn [euro] on its latest fund called European Strategic Partners II (ESP II), which is 26% larger than its predecessor fund European Strategic Partners. Commitments were received from North...

Capricorn VP to raise seed fund.(Funds)(Capricorn Venture Partners)(Brief Article)
March 1, 2004... Capricorn Venture Partners is to move from its advisory roots to raising a 40m [euro] to 60m [euro] seed and start-up fund, which will invest in spin offs from IMEC research centre in Leuven, Belgium. IMEC is a leading nanoelectronics and...

Capital Z acquires Hutton Collins interest.(News)(Brief Article)
March 1, 2004... Abbey National has sold its interest in the Hutton Collins Mezzanine Partners fund to US-based Capital Z Investment Partners. Hutton Collins set out to raise a 500m mezzanine fund almost two years ago. Capital Z will make a new commitment to...

Vision Capital acquires CS portfolio.(News)(Brief Article)
March 1, 2004... Vision Capital has acquired the entire investment portfolio of CS Structured Credit Fund for an undisclosed sum. The portfolio companies are being acquired by a new investment partnership with 100m [pounds sterling] of committed capital managed...

Cape exceeds target.(Funds)(Cimino and Associato Private Equity )(Brief Article)
March 1, 2004... Cimino & Associati Private Equity (Cape) and Natexis Cape SGR have reached a first close on Cape Nalexis Private Equity Fund at some 87m [euro], exceeding its original target of 60m [euro]. Fund raising began in October 2003 and the team hopes...

Interregnum boosts funds.(Funds)(Brief Article)
March 1, 2004... Technology investment and advisory firm Interregnum has placed 21,849,290 new ordinary shares of five pence each at seven pence per share to raise 1,529,450 [euro] before expenses The fund raising is conditional on, inter alia, shareholders of...

Private Equity Holding appoints new manager.(News)(ALPHA Associates)(Brief Article)
March 1, 2004... Troubled listed investor Private Equity Holding (PEH) has appointed ALPHA Associates as its new manager effective April l, 2004. ALPHA Associates is a new company set up by the present management of Swiss Life Private Equity Partners and led by...

Government review to encourage PE investment.(Private equity)
March 1, 2004... As part of the two-year review of the Financial Services and Markets Act 2000, the UK government has issued a consultation seeking views on potential changes to the existing exemptions for high net worth and sophisticated investors in the...

PEF V reaches first close.(Funds)(Brief Article)
March 1, 2004... Enterprise Investors has reached a first close on its most recent fund Polish Enterprise Fund V. The fund has a target of 300m [euro] and will focus on Poland with up to 30% of capital reserved for investments in the Baltic countries, Bulgaria,...

NEIF 3 launched.(Funds)(One NorthEast )(Brief Article)
March 1, 2004... Regional development agency One NorthEast has launched its third regional investment fund, NEIF 3 The 13m [euro] loan and equity fund will help fund businesses at a critical time in their development when investment from financial institutions...

Nova Capital expands team.(News)(Brief Article)
March 1, 2004... Nova Capital Management has announced two new hires who will build up the firm's capability to manage venture portfolios. Nova is currently evaluating such potential deals from sources such as corporate venturers, financial investors and banks,...

AFIC promotes LBOs.(News)(Association Francaise des Investisseurs en Capital)(Brief Article)
March 1, 2004... Companies subject to a leveraged buyout are more likely to experience rapid economic growth than those that have not had private equity backing, according to a recent report published by the French venture capital association AFIC in...

LMA issues standard documentation.(News)(Loan Market Association )(Brief Article)
March 1, 2004... The Loan Market Association has issued a leveraged loan primary document for use in the leveraged loan market in Europe. The LMA hopes this will follow the success of the Recommended Forms of Primary Document, which it launched in 1999 for the...

Noble Venture Finance debut.(Funds)(Noble Fund Management )
March 1, 2004... Noble Fund Management has raised 45m [euro] for its first venture finance fund, Noble Venture Finance I (NVF). The fund will provide asset-backed finance to growth companies in the EU following the investment in these companies by venture...

SEP appointed to manage LDC portfolio.(News)(Brief Article)
March 1, 2004... Scottish Equity Partners (SEP) has been appointed by LDC to manage its healthcare and biotechnology portfolio. SEP will provide investment advice on LDC's portfolio of life science and healthcare companies, which includes Dundee-based cancer...

Confidence boost for the UK.(News)(British Venture Capital Association)(Brief Article)
March 1, 2004... The UK private equity industry is increasingly confident in the current business climate, according to the latest Confidence and Attitudes Survey from the British Venture Capital Association. The number of private equity investors who find...

Chemical sector attracts PE backing.(News)
March 1, 2004... The chemicals sector is becoming increasingly attractive to private equity firms. Around 30% of deals by value within the global chemicals sector were backed by private equity funding, according to findings from the Chemical Industries...

IPE Expansion Fund seeks French opportunities.(News)(Brief Article)
March 1, 2004... Philippe Nguyen and Wilbur Ross have formed a joint venture and launched a $250m French private equity fund, which they have called IPE Expansion Fund. Nguyen founded Investors in Private Equity (IPE) in 2002 with four other partners and three...

Invest Equity targets accession countries.(News)(Brief Article)
March 1, 2004... Invest Equity has launched the Greater Europe Fund and has already attracted a commitment of 20m from sponsors Investkredit Bank and Osterreichische Volksbanken and Germany's KfW bank. Invest Equity is a Vienna-based private equity and...

Basel II risks weightings for PE under scrutiny.(Private Equity)(Brief Article)
March 1, 2004... With mounting concerns over the blanket risk weighting to be applied to all bank investments in private equity under Basel II, the European Venture Capital & Private Equity Association (EVCA) has commissioned a study, the findings of which...

Private equity lawyers' forum first conference.(News)(Brief Article)
March 1, 2004... The Private Equity Lawyers Forum will host its first annual conference on April 2, 2004. The conference is open to all in-house lawyers working within the private equity sector. The programme will comprise workshops on compliance and...

New name for Digital Networks.(News)(DN Capital )(Brief Article)
March 1, 2004... Digital Networks Global Ventures has changed its name to DN Capital to emphasise the firm's position as a venture capital business focused on technology rather than a pure technology company, as its previous name might suggest. The firm's new...

NIB Capital resurrects Alpinvest name.(News)(NIBC Private Equity )(Brief Article)
March 1, 2004... Independent merchant bank NIB Capital is spinning 0ff its private equity division NIBC Private Equity and transferring the ownership to its joint venture partners, Dutch pension funds ABP and PGGM The group will be renamed Alpinvest, reviving...

Media sector attracts funds.(News)(Brief Article)
March 1, 2004... Confidence in the European media sector looks set to continue in 2004, according to the latest Media Insights report from PricewaterhouscCoopers Corporate Finance. M&A activity is on the increase with deal values predicted to reach 20bn and the...

Positive outlook for European private equity.(News)(3i European Enterprise Barometer Index)(Brief Article)
March 1, 2004... The latest quarterly 3i European Enterprise Barometer Index measuring private companies' confidence in business, political and economic climates has posted a further rise from the increase reported in Q4, The index is now at its most positive...

Lazard hires to build London PE team.(News)(priavte equity)(Brief Article)
March 1, 2004... Lazard, the investment bank, has persuaded Graham Keniston-Cooper to leave Cinven in order to head its new London-based investment team. At Cinven Keniston-Cooper looked after consumer investments. He joined Cinven as a director in 1992...

Exits remain a challenge.(Exits)(private equity realisations facing difficult exit conditions)(Brief Article)
March 1, 2004... Private equity realisations in Europe are running at under 40% of anticipated levels, according to a report by KPMG's private equity group called Insights into Realising Value. The report includes the results of a survey of 100 European private...

Electra sells Vendcrown.(Exits)(Electra Investment Trust PLC)(Brief Article)
March 1, 2004... Electra Investment Trust has sold Vendcrown, the holding company of Premium Credit Limited, to MBNA Europe Bank. Premium Credit was acquired in 1996 from HSBC Gibbs Holdings Limited (now HSBC Insurance Brokers Holdings Limited) in a transaction...

EAC to float Leapfrog.(Exits)(European Acquisition Capital)(Brief Article)
March 1, 2004... European Acquisition Capital is reportedly once again looking to take Leapfrog Day Nurseries, its April 1998 start up investment, to IPO on the London Stock Exchange. European Acquisition Capital invested 12.1m in Leapfrog and in May 2002...

Charterhouse Coral Eurobet refi.(Exits)(refinancing)(Brief Article)
March 1, 2004... Charterhouse is reaping the benefits of its investment in Coral Eurobet following a 830m [pounds sterling] refinancing of the senior and mezzanine debt that backed the group's 860m [pounds sterling] LBO in 2002. The refinancing will see 160m...

Candover sells Clondalkin to WP.(Exits)(Brief Article)
March 1, 2004... Candover has realised its investment in Irish packaging and printing specialist Clondalkin in a secondary buyout. Warburg Pincus has acquired the business for 630m. Completion is subject to regulatory clearances. Senior management will hold a...

Espotting deal sealed.(Exits)(Brief Article)
March 1, 2004... Investors in Internet start-up Espotting Media are anticipating a substantial return on their investment following an amended agreement to merge with NASDAQ-listed FindWhat.com, a developer and provider of performance-based marketing and...

MGPE Italy sells Konig.(Exits)(Brief Article)
March 1, 2004... Deutsche Morgan Grenfell, Deutsche Bank's Italian private equity fund advised by Morgan Grenfell Private Equity (MGPE Italy), is to realize its investment in Konig, a manufacturer of snow chains for cars, light transportation vehicles and...

Apax & JPMorgan sell Merlin.(Exits)(Merlin Entertainments )(Brief Article)
March 1, 2004... APax Partners and JPMorgan Partners have sold their stake in Merlin Entertainments in a secondary buyout backed by Hermes Private Equity. The deal was valued at 72.5m [pounds sterling]. Merlin Entertainments is an attraction operator, which...

IK completes Nobia sale.(Exits)(Brief Article)
March 1, 2004... Industri Kapital has sold its remaining shares in fitted kitchen company Nobia to a consortium of Swedish and international institutional investors. The fund has sold 14,662,848 shares for an undisclosed sum. This corresponds to 25.4% of the...

BS Private Equity sells STC.(Exits)(Societa Trasporti Combinati )(Brief Article)
March 1, 2004... BS Private Equity will retain a 20% stake in Societa Trasporti Combinati (STC), an Italian short sea transportation group, following a secondary buyout of the group by Star Social Responsible Fund, a medium-size close end fund sponsored by...

PPM Ventures gains on Oxoid.(Exits)(Oxoid Inc.)(Brief Article)
March 1, 2004... PPM Ventures has realised its investment in Oxoid, a manufacturer of diagnostic products for the microbiology market. The business was sold to Fisher Scientific International for 177.5m [pounds sterling]. PPM originally acquired Oxoid from...

CD&R sells Kinko's to FedEx.(Exits)(Clayton, Dubilier and Rice Inc.)(Brief Article)
March 1, 2004... FedEx Corporation has signed an agreement to acquire Clayton, Dubilier & Rice's (CD&R) portfolio company Kinko's for $2.4bn in cash. CD&R paid $214m for a 29.6% interest in the document solution and business services provider in 1996. In...

Partial Interfloor exit for Rutland.(Exits)(Hunter Boots sold off)(Brief Article)
March 1, 2004... Rutland has spun the Hunter Boots business out of Interfloor for an undisclosed sum. The Hunter Boots business is subject to a management buy-in, which is supported with equity from the management team and GLE Development Capital. Fortis Bank...

Barclays realises LJ Group.(Exits)(Brief Article)
March 1, 2004... Barclays Private Equity has sold its minority shareholding in LJ Group back to the directors following a holding period of just under 20 years. The group has achieved a 4.91 money multiple and a 20.94% IRR on its investment. Barclays...

Delta Fluid refi exits CBGC.(Exits)(Delta Fluid Products Limited )
March 1, 2004... Close Brothers Growth Capital (CBGC) has exited its April 2002 investment in Delta Fluid Products Limited through an 8m [pounds sterling] refinancing that sees GE Commercial Finance take out the loan provided by CBGC, as well as acquiring...

Invex partial exit from Crystal Home.(Exits)(Crystal Home Improvement)(Brief Article)
March 1, 2004... Invex Capital has partially exited its investment in Crystal Home Improvement, via refinancing supported by Lloyds TSB Acquisition Finance. Invex Capital bought Crystal Home Improvement, the Essex-based independent home improvement business, in...

CVC may float Halfords.(Exits)
March 1, 2004... Halfords, the UK's biggest retailer of car parts, bikes and accessories, may return to the rigors of a UK public market listing if plans currently underway at CVC Capital Partners come to fruition. Although CVC Capital Partners is not...

Bourne Leisure returns to owner's hands.(Exits)(Brief Article)
March 1, 2004... Candover and Legal & General Ventures (L&GV) have sold their combined 28% stake in caravan park chain Bourne Leisure for an undisclosed sum. The return on the equity investment represents a multiple in excess of two times. L&GV has been an...

3i sells Jaycare in secondary buyout.(Exits)(Brief Article)
March 1, 2004... Phoenix Equity Partners has bought Jaycare, a UK packaging company for the pharmaceutical and consumer healthcare markets, and in so doing has provided 3i with an exit from its investment in the firm, which it made in September 2000. 3i paid...

Buying at auction.(Buyouts)
March 1, 2004... The first six weeks of 2004 saw a jump in M&A activity, which to some will justify the growing optimism surrounding deal flow prospects for 2004. A good proportion of these deals, over the 100m [euro] enterprise value, include either private...

UK buyouts stagnate.(Buyouts)(Centre for Management Buy-Out Research)(Illustration)
March 1, 2004... The number of UK buyouts completed each year has remained almost static since 1990 with the volume of private equity-backed deals decreasing over the last six years. Findings from the Centre for Management Buy-Out Research (CMBOR) suggest the...

Accelerated IPO to threaten UK buyout prices?(Buyouts)
March 1, 2004... Two more accelerated IPOs are in the offing, following on the heels of the Northumbrian Water and Center Pares deals last year. The first is Torex Retail, a predominantly UK supplier of solutions to the retail sector, including Argos,...

LBO syndications arranged in February.(Buyouts)(Leveraged buyouts)
March 1, 2004... QUICK VIEW Accantia Aliplast Almatis Baxi Blagden Packaging Brenntag Bulgarian Telecommunication Company (BTC) Clondalkin Debenhams Esporta Global Garden Products GrandVision ...

Refinancings.(Buyouts)
March 1, 2004... QUICK VIEW ALcontrol Cablecom Carbo Cegelec Coral Eurobet Demag Esporta Esselte Norcros Picard Surgeles Verdugt ALcontrol ALcontrol is in the market with a 82.675m [euro]...

High yield.(Buyouts)
March 1, 2004... QUICK VIEW Schefenacker Invensys Invensys Mandated lead arranger Deutsche Bank is confronting a mixed response from banks invited to join Invensys' 1.6bn [pounds sterling] loan as sub-underwriting mandated lead arrangers. The...

Private equity-backed takeovers subject to EU competition law.(Buyouts)(Schneider Electric)(Legal & General Ventures )
March 1, 2004... Baxi Group Private equity backer: BC Partners Business description: Heating group Deal value: Undisclosed Notified: 10/02/04 Provisional deadline: 11/03/04 Cleared: n/a Baxi Group is awaiting clearance from the...

Mezzanine: losing popularity?(Data Room)(Brief Article)
March 1, 2004... The use of mezzanine in European buyouts fell in 2003, according to the latest figures from ratings agency Fitch. There were fewer transactions using mezzanine in 2003 down from around 40 deals in 2002 to around 35. By value the decrease...

Finnish market static.(Data Room)
March 1, 2004... Finnish investments remained static in 2003 and fund raising experienced a slow down, according to preliminary statistics from the Finnish Venture Capital Association. The total amount invested by Finnish private equity firms reached 328m...

US venture capital looking up.(Data Room)
March 1, 2004... US venture capital ended Q4 2003 on a positive note in with investments totaling $4.9bn in 679 companies, according to the PricewaterhouseCoopers/ Thomson Venture Economics/National Venture Capital Association Money-Tree Survey. This figure is...

New Kennet FD.(People)(Finance director)(Brief Article)
March 1, 2004... Kennet Venture Partners Limited, the European technology venture capital firm, has appointed Manish Mittal as finance director. Mittal has spent the last three years with Advent Venture Partners. Prior to this he worked at...

Interregnum non-exec.(People)(Brief Article)
March 1, 2004... Melvyn Morris has been appointed non-executive director of technology investment and advisory firm Interregnum. Morris is an experienced senior executive and technologist. He has founded and developed five profitable technology companies and...

Digital Networks name change.(People)(DN Capital)(Brief Article)
March 1, 2004... Digital Networks Global Ventures has changed its name to DN Capital to emphasise the firm's position as a venture capital business focused on technology and avoid confusion with its status as a technology company, as its previous name may have...

ICG into Spain.(People)(Intermediate Capital Group)(Brief Article)
March 1, 2004... European mezzanine house Intermediate Capital Group (ICG) has opened a permanent office in Madrid. The Madrid office has a broad sector focus and is able to do mezzanine transactions from 10m [euro] up to 400m [euro]. In a landmark transaction...

Abingworth recruits.(People)(Brief Article)
March 1, 2004... Life sciences specialist Abingworth Management has appointed Michelle Doig to advise Abingworth on funding and refinancing its portfolio companies. She is based at the company's headquarters in London, UK. Doig was formerly director...

Parayre joins CSFB.(People)(Thibault Parayre and Credit Suisse First Boston)(Brief Article)
March 1, 2004... CSFB has hired Thibaut Parayre from JP Morgan to fill the newly created position of head of European mezzanine capital markets in the European leveraged finance division. Parayre joins CSFB as a director. Parayre will be responsibile for...

Lazard hires.(People)(Brief Article)
March 1, 2004... Lazard has appointed Graham Keniston-Cooper and Victor Vadaneaux to its London office to further develop Lazard's European private equity investment business--see news this issue. The appointments will enhance Lazard's existing presence in the...

Unigestion appts.(People)(Appointments)(Brief Article)
March 1, 2004... Stephan Matter has been appointed marketing director for Unigestion's private equity activities. Matter joins from T Rowe Price where he was responsible for business development in Germany and Austria over the past three years. Prior to that he...

Promotions at Quester.(People)(Brief Article)
March 1, 2004... Quester has promoted Jonathan Gee to director. Gee has been a member of the Quester team since 2001 and has focused for the most part on Quester's activities in the life science and healthcare sectors as well as its university-related...

DVC boosts team.(People)(Deutsche Venture Capital )(Brief Article)
March 1, 2004... Deutsche Venture Capital (DVC) has appointed two new members to its advisory board and management team. Thomas Limberger, CEO GE Germany, Austria, Switzerland, has joined the advisory board of DVC and Dr Jan zur Hausen is appointed partner of...

Wingfield to Morgan Stanley.(People)(Brief Article)
March 1, 2004... Simon Parry Wingfield, previously of Goldman Sachs, will be joining the leveraged finance team at Morgan Stanley in London. Parry Wingfield will report to Richard Atterbury, head of leveraged finance and the financial sponsors group at Morgan...

GMT industry council.(People)
March 1, 2004... GMT Communications Partners (GMT) has formed the GMT Industry Council, a select network of key industry media professionals who will provide an insightful market perspective for GMT on its current and prospective portfolio companies. In...

Greenpark Capital moves.(People)(Brief Article)
March 1, 2004... Greenpark Capital has moved to 2-5 Old Bond Street, London, W1S 4PD. Tel: +44 20 7647 1400; fax: +44 20 7647 1440

Nova grows.(People)(Nova Capital Management)(Brief Article)
March 1, 2004... Nova Capital Management is expanding in the venture arena with the appointment of two senior experts to spearhead its business in the secondary acquisition and management of venture portfolios. Olav Ostin joins as partner, venture assets...

SEP expands.(People)(Scottish Equity Partners )(Brief Article)
March 1, 2004... Scottish Equity Partners (SEP) has been appointed by LDC to manage its healthcare and biotechnology portfolio. SEP will provide investment advice on LDC's portfolio of life science and healthcare companies, which includes Dundee-based cancer...

Hermes appts.(People)(appointments)(Brief Article)
March 1, 2004... Hermnes, the London-based pension fund manager, has appointed Peter de Koning as its representative in The Netherlands. As institutional relations advisor de Koning will support Hermes' corporate governance and shareholder engagement...

Feddersen resigns.(People)(Brief Article)
March 1, 2004... Having reached retirement age professor Dieter Feddersen has resigned as chairman of the supervisory board of Deutsche Beteiligungs. He will leave his office with the conclusion of the company's annual meeting on March 18, 2004. Professor...

Razzano to Investindustrial.(People)(Dante Razzano )(Brief Article)
March 1, 2004... Investindustrial has appointed Dante Razzano as principal. Razzano has been a leading investment banker and buyout investor in Italy for the past 15 years with both Citigroup and Morgan Grenfell. He is also non-executive director of Ducati...

CapMan Oslo appts.(People)(Brief Article)
March 1, 2004... CapMan has made three appointments to its new Oslo office. They are senior partner Kai Jordahl, investment director Erik Berger and investment manager Hans Tindlund. Berger started in the technology business unit on January 1 and Jordahl and...

CDC moves.(People)(CDC Capital Partners)(Brief Article)
March 1, 2004... CDC Capital Partners, the government-backed private equity group, has moved offices following file restructuring that split the business into two separate entities; one responsible for investment management and the other for asset holding...

New DB loans head.(People)(Deutsche Bank appointments)(Brief Article)
March 1, 2004... Deutsche Bank has appointed Michael Paasche to the newly created position of head of loan products, a role that includes responsibility for managing the bank's global leveraged loan portfolio, overseeing loan sales & trading in the Americas and...

ViaNova recruits.(People)(Brief Article)
March 1, 2004... ViaNova has appointed Dr Neil Cross, a former board director of 3i to its European buyout 2004 industry panel. Cross, also a former chairman of the European Venture Capital Association joins Roger Brooke, founder and former chairman of Candover...

Earlybird builds team.(People)(Brief Article)
March 1, 2004... Earlybird is expanding its medical devices team with the appointment of Thorn Rasche as venture partner and Graham Lay as venture adviser. Rasche was the former managing director of Ethicon Endo-Surgery in Germany and the vice president Europe...

New GIMV board member.(People)(Brief Article)
March 1, 2004... GIMV's Information and communication technology department (ICT) has appointed Gilbert Declerek, president and CEO of IMEC as a member of its advisory board. His years of experience and networking in the technology industry will provide added...

Central & Eastern Europe: a market in transition.(Legal and Regulatory Exchange)
March 1, 2004... Greater harmonisation of Central and Eastern Europe's fiscal, legal and regulatory systems with those of the EU is expected to spark a new wave of inward investment and increased trade attracted by the region's high growth, low costs and...

Grappling the fund management problem.(LP Corner)
March 1, 2004... Many European institutional investors arrived on the private equity scene alongside an explosion of fund raising activity globally. In Europe alone EVCA figures show a jump from just over 20bn [euro] funds raised in 1998 to 48bn [euro] in 2000....

Recruitment: a good time to look for a job in private equity.(Recruitment)
March 1, 2004... But, as Paola Subacchi discovers, the competition remains tough. Today private equity and venture capital, seen as the grubby end of corporate finance five or ten years ago, attract the brightest and the best who previously were only interested...

Checking out transaction support: Joanna Gant talks to advisers involved in unearthing the truth surrounding a potential PE investment and finds the arsenal of transaction support tools is growing, as are the number of providers.(Transaction support)
March 1, 2004... Mindful that a little knowledge can be a dangerous thing, no self-respecting private equity (PE) investor these days goes into a company armed with anything other than a comprehensive, full strength, pre-purchase report. This increasing need...

The Netherlands: Anthony O'Connor finds out what Dutch LPs are up to.(The Netherlands)(AlpInvest Partners)
March 1, 2004... Although The Netherlands is one of the smallest countries in the EU, it has some of the largest pension funds in the region, in terms of total assets under management. It is home to well known global companies like Shell and Philips and other...