European Venture Capital Journal articles from March 2006

European Venture Capital Journal archives from March 2006

Editor's note.
March 1, 2006... UK Chancellor of the Exchequer, Gordon Brown, will make his ninth Budget speech on March 22, amid hopes from the UK private equity industry that it can influence the UK Treasury to maintain an environment in which the UK continues to be one of...

Awards 2005.(John Sinik from Deutsche Bank receives award)(Alison Rose from Royal Bank of Scotland receives award)(Advent International receives award)
March 1, 2006... EVCJ annual awards drinks reception held at The Trafalgar Hotel, London, January 31st [ILLUSTRATION OMITTED] Adam Reinebach, publisher, Thomson global private equity publications [ILLUSTRATION OMITTED] Dan Primack, editor at...

Rich pickings for secondaries.(NEWS ANALYSIS)(private equity funds increases)
March 1, 2006... While private equity fund raising hit record highs in 2005 and looks set to do the same in 2006 with around 680 new funds on the road looking to raise some US$217bn, secondaries players are preparing themselves for lucrative years ahead with...

VNU: a high price to pay?(analysis of mass media takeover targets VNU and Daily Mail and General Trust)(rankings of takeovers in mass media industry)
March 1, 2006... If the private equity consortium pursuing Dutch publisher VNU succeeds in winning over shareholders it is likely to have to pay a hefty price. Some analysts say the consortium may have to pay between 30 [euro] and 31 [euro] a share, which...

Bridging the gap.(works of Regional Venture Capital Funds )
March 1, 2006... Since 2002, the nine Regional Venture Capital Funds (RVCF) set up by the UK Government raised a total of 250.5m [pounds sterling], and invested in almost 200 companies. Established to support growing companies languishing in the equity gap,...

Trade buyers turn to PE.(NEWS ANALYSIS)
March 1, 2006... Trade buyers, frustrated by competition rules, which block them from acquiring their direct competitors and who are determined to avoid them falling into competitive hands, are seeking private equity houses to take controlling stakes in those...

3i testing the waters?(investment of 3i Group PLC in Quadriga Capital Russia)
March 1, 2006... Last month 3i invested US$20m in Quadriga Capital Russia Private Equity Fund II and in so doing becomes the largest single private investor in the fund. 3i is not typically in the business of making investments in funds in order to gain entry...

Mowbray Capital pulls the plug.(Mowbray Capital)(Brief article)
March 1, 2006... It looks like the European venture comeback is going to be slower than some optimists were hoping. Mowbray Capital, which hoped to be the first European venture capital fund-of-funds, has ceased its fund raising efforts. After nearly two...

EC looks at fund regulation.( European Commission )(Brief article)
March 1, 2006... The European Commission has announced it is to take a closer look at investment fund regulation with the appointment of two expert groups specifically charged with examining current EU legislation. The two groups will convene on several...

GIMV to expand?(NEWS)(Brief article)
March 1, 2006... Belgian private equity firm GIMV is looking into potential European expansion but has yet to enter negotiations with other firms. There were rumours the firm was to buy Finnish investor CapMan as GIMV had approached certain large shareholders...

BP Marsh floats on AIM.(NEWS)(Alternative Investment Market )(Brief article)
March 1, 2006... BP Marsh & Partners, a VC firm for early stage financial consultants, has listed on the London Stock Exchange's Alternative Investment Market (AIM). The IPO launched on 1.40 [pounds sterling] a share, raising 13m [pounds sterling] and giving...

Ex-minister launches Russian fund.(NEWS)
March 1, 2006... UFG Asset Management, which spun out of Russian bank United Financial Group when the latter was acquired by Deutsche Bank, has launched a US$250m fund aimed at SME's in the country. See Fund News this issue.

Oostvogels opens in UK.(NEWS)(Oostvogels Pfister Roemers )(Brief article)
March 1, 2006... Luxembourg-based law firm Oostvogels Pfister Roemers (Oostvogels) is expanding its client base and has opened an office in London, the first Luxembourg-based law firm to open a UK operation. The launch of the new office is a response to...

Interregnum gets more money.(Brief article)
March 1, 2006... Interregnum has raised 10m [pounds sterling] through a share issue in order to increase the capital base of the company. In total 151,515,152 shares were placed at a price of 6.6p, with Schroder Investment Management, Artemis Investment...

Wealth Management attracts interest.(Brief article)
March 1, 2006... Private equity houses are becoming more active as acquirers of wealth management businesses, according to Wealth Management Insights, a new report from the corporate finance team at PricewaterhouseCoopers LLP. The report reveals private equity...

UK pension funds increase alternative investments.(NEWS)(Brief article)
March 1, 2006... UK pension fund investment into alternative assets is on the up, according to Watson Wyatt Investment Consulting. In 2005, UK pension funds advised by Watson Wyatt Investment Consulting awarded almost four times the number of alternative...

Partners Group plans IPO.(NEWS)
March 1, 2006... Partners Group, the Swiss-based global alternative asset manager, is planning to list on the SWX Swiss Exchange. The IPO is expected to take the form of a public offering in Switzerland and private placements in selected countries and will...

UK activity up.(SEED THROUGH EARLY STAGE)(private equity market)(Brief article)
March 1, 2006... The UK can expect to see a significant upturn in UK private equity activity in 2006, according to PiCapital, with healthcare, media and leisure tipped as the hottest sectors. This is the view of around 250 private investors, who were polled for...

Amadeus and Imperial join forces for new energy project.(Amadeus Capital Partners joint with Imperial College London )
March 1, 2006... Amadeus Capital Partners and Imperial College London have teamed up in the first Knowledge Transfer Partnership (KTP) between a VC and a university. The 250,000 [pounds sterling] project is being funded by the UK's Department of Trade &...

Russian popularity continues to grow.(Private equity)
March 1, 2006... Over the last year, Russia has been attracting more and more private equity money, with a number of domestic funds being raised to compete alongside an increasingly hungry Western European appetite. Tom Allchorne looks at the appeal. UFG...

CGS launches second fund.(FUNDS)(CGS Management )(Brief article)
March 1, 2006... Swiss buyout firm CGS Management has launched CGS Private Equity Partnership II, a 100m [euro] fund targeting mid-sized companies in Switzerland and the German-speaking neighbouring countries. It will adopt a buy-and-build approach, targeting...

Finance Wales fund launches.(FUNDS)
March 1, 2006... Finance Wales, the investment body set up by the Welsh Assembly Government, has launched a 5m [pounds sterling] environmental fund. Headed by Rhian Pugh, the fund will target Welsh companies operating in the environmental sector, including such...

SGAM raises 80m [euro].(FUNDS)(Societe Generale Asset Management )(Brief article)
March 1, 2006... Societe Generale Asset Management Alternative Investments (SGAM Al) has raised 80m [euro] on the first closing of its Eastern European fund. SGAM Eastern Europe will target mid-market companies in Central Europe and the Balkans, focusing on...

IBIS targets funding gap.(IBIS Capital)(Brief article)
March 1, 2006... IBIS Capital, a UK media investor, has launched a 30m [pounds sterling] fund aimed at small British media companies. The fund is structured as two 15m [pounds sterling] VCTs, enabling investments to be made of up to 2m [pounds sterling] per...

Chrysalis targets arts.(FUNDS)(Brief article)
March 1, 2006... Chrysalis VCT is raising 25m [pounds sterling] in two new share classes. One share class (the General Fund) will invest in established unquoted companies for the purpose of funding expansion, acquisitions, MBOs or turnaround opportunities....

Sitka tops up.(FUNDS)(Noble Fund Managers acquires Sitka Health Fund VCT)(Brief article)
March 1, 2006... Noble Fund Managers has launched a top-up for its recently acquired Sitka Health Fund VCT, to raise more than 700,000 [pounds sterling]. Sitka and its team were acquired by Noble Fund Managers in October 2005 bringing the total number of...

Winch Capital closes.(FUNDS)(Edmond de Rothschild Investment Partners )(Brief article)
March 1, 2006... Edmond de Rothschild Investment Partners has carried out the first and only closing of its private equity fund Winch Capital FCPR at 165m [euro]. The fund exceeded its original target of 150m [euro], just four months after it launched. ...

Eqvitec raises 130m [euro].(FUNDS)(Eqvitec Technology Fund III )(Brief article)
March 1, 2006... Eqvitec Technology Fund III has reached its target amount, raising 130m [euro] in its first closing. The fund is looking to invest between 1m [euro] and 10m [euro] in approximately 25 to 30 Nordic early and growth phase technology companies as...

Nationwide Autocentres reaps rewards.(EXITS)(acquired Phoenix Equity Partners )
March 1, 2006... Its current management and NBGI Private Equity, in a 49m [pounds sterling] secondary buyout transaction, have sold Nationwide Autocentres, a UK-based MOT and car servicing specialist. The acquirer is Phoenix Equity Partners who beat off strong...

Bridgepoint sells Robinia.(EXITS)(Barclays Private Equity )(Brief article)
March 1, 2006... Barclays Private Equity has acquired care services business Robinia in a secondary management buyout from Bridgepoint for 80m [pounds sterling], taking a majority stake in the business. LDC, the mid-market private equity provider, is expected...

CESA sold for 1.37bn [euro].(Mergers)(Brief article)
March 1, 2006... Mercapital and Bridgepoint have sold CESA, a Spanish wind farm operator, to ACCIONA, the construction and energy group, for a total of 1.37bn [euro].The value includes 973m [euro] for 93.1% of CESA's equity along with E397m of debt, and the...

Marazzi to float.(EXITS)(Brief article)
March 1, 2006... Italian tile maker Marazzi is to float on the Mercato Telematico Azionario of the Milan Stock Exchange providing a partial exit for its private equity backers Permira and Private Equity Partners. The two firms invested in the business in...

3i exits Witwood Food Products.(EXITS)(Brief article)
March 1, 2006... 3i has sold its minority shareholding in Witwood Food Products, a manufacturer of specialist food coatings for the frozen and chilled food industry. 3i will sell its shares back to the company in a deal which represents an IRR of 16.5% over the...

Gresham exits Altair.(EXITS)(Brief article)
March 1, 2006... Gresham Private Equity has sold its three-year-old investment in Altair, a UK manufacturer of air filtration systems, for an undisclosed sum to US firm GE Energy. Gresham Private Equity invested in Altair in February 2003 through its publicly...

Apax puts Histoire d'Or on market.(Brief article)
March 1, 2006... Apax Partners is to sell Histoire d'Or, a French jewellery chain, and has mandated ING to provide the staple financing. Reports suggest the business has already caught the eye of four or five private equity firms. It is expected to fetch at...

EQT sells Findus to CapVest.(EQT II contracts with capvest)(Brief article)
March 1, 2006... EQT II has signed an agreement with FoodVest, a holding company controlled by private equity firm CapVest Equity Partners to sell Findus in a secondary buyout transaction. Financial details of the transaction were not disclosed. EQT acquired...

Primary sells Pegasus.(EXITS)(Brief article)
March 1, 2006... Primary Capital, the mid-market UK buyout house, has realised its investment in Pegasus Security Holdings, a company it has owned for over seven years. The company, which is a provider of manned guarding services, has been acquired by ISS UK,...

AlpInvest spin-off makes exit.(AlpInvest acquired Professional Business Solutions Group )(Brief article)
March 1, 2006... Taros Capital, the AlpInvest spinout, has sold its stake in German company Professional Business Solutions Group (PBSG) for an undisclosed amount. The name of the new owner is not being disclosed. AlpInvest acquired PBSG, a software...

ISIS doubles money on Language Line sale.(ISIS Equity Partners merges with Language Line Inc)(Brief article)
March 1, 2006... ISIS Equity Partners has made a 2.2x return on its 25m [pounds sterling] sale of UK telephone interpretation services Language Line. The company has been sold to its US namesake, Language Line Inc, the leading provider of the same service in...

Qsil in secondary buyout.(EXITS)(Sementis Copia I)(Erfurt und Micro-Venture Lucrum 1)(Ventizz Capital)(Brief article)
March 1, 2006... German venture firms Sementis Copia I and Erfurt und Micro-Venture Lucrum 1 have sold their combined stake in Qsil, a German manufacturer of fused quartz, in a secondary buyout to Ventizz Capital. No financial or return details were...

Vision Capital sells Deloro Stellite.(EXITS)(Duke Street Capital)(Brief article)
March 1, 2006... Duke Street Capital is acquiring Deloro Stellite from Vision Capital for around 165m [euro]. Return details were not disclosed. Vision Capital acquired a minority stake in the company in February 2003 for an undisclosed sum. Deloro Stellite is...

Indigo sells Aster-Cephac.(EXITS)(Indigo Capital Ltd.)(SGS Group)(Brief article)
March 1, 2006... Indigo Capital has sold its four-year investment in Aster-Cephac, a Paris-based provider of early clinical pharmacology trials and bioanalytical drug development services. No financial details were disclosed. The business was acquired by SGS...

Cegelec in US$1.3bn.(EXITS)(LBO France)(Brief article)
March 1, 2006... Buyout specialist LBO France is to acquire a 90% stake in French electrical engineering group Cegelec for around 1.1bn [euro]. Cegelec management will continue to hold around 10% of the business. The 90% stake is being bought in a secondary...

Konrad Hornschuch sold in secondary buyout.(EXITS)(DZ Equity Partner)(L-EA Private Equity)(Brief article)
March 1, 2006... Halder, which is part of the GIMV group, has sold its 72.9% stake in surface specialist Konrad Hornschuch in a secondary buyout to DZ Equity Partner and L-EA Private Equity. The management of Hornschuch will increase its shareholding. The sale...

CVC cuts IG interest to 10%.(EXITS)(Brief article)
March 1, 2006... CVC has reduced its stake in IG Group, the U K spread betting company that floated on the London Stock Exchange in April 2005. CVC, which sold 35% of its shares at the time of the IPO, now owns 10% of the company, raising E68m in the latest...

3i makes 3.4x return on Williams Lea deal.(EXITS)(3i Group PLC)(Williams Lea Group Ltd.)(Deutsche Post AG)(Brief article)
March 1, 2006... Williams Lea, the UK-based reprographic business, has been bought by Deutsche Post in a 253m [euro] deal, representing an exit for minority stakeholder 3i. Deutsche Post has bought a 75% share in the company, including 3i's minority stake,...

Carlyle makes 4x return on QinetiQ IPO.(EXITS)
March 1, 2006... QinetiQ, the UK Government's defence research company, has launched on the London Stock Exchange at 200 pence per share, valuing the company at 1.3bn [pounds sterling]. Carlyle made 161.5m [pounds sterling] on its 34% stake, a 4x return. ...

3i sells TG+ stake.(EXITS)(3i Group PLC)(TNT NV)(Brief article)
March 1, 2006... TNT NV, a global provider of mail, express and logistics services, is to acquire TG+, a Spanish domestic distribution company. The transaction is subject to regulatory approval. The return on the deal was undisclosed. TG+ is the result of...

Optos lists on LSE.(EXITS)(London Stock Exchange)(Brief article)
March 1, 2006... Optos, a UK medical technology company, has floated on the London Stock Exchange, representing an exit after almost 15 years for the business angels that first invested in the business. The offer price of 250 pence, at the top end of the 200...

Industri Kapital reduces Oriflame shareholding.(EXITS)(Oriflame Cosmetics SA )(Brief article)
March 1, 2006... The Industri Kapital 1997 fund has sold 2,500,000 Swedish Depositary Receipts (SDRs) in Oriflame Cosmetics SA to a number of Swedish and international institutional investors, corresponding to 4.2% of the total number of shares and votes in the...

AdEPT Telecom lists on AIM.(EXITS)(Alternative Investment Market)(Brief article)
March 1, 2006... ADEPT Telecom has successfully listed on the Alternative Investment Market (AIM) of the London Stock Exchange. A total of 5.8 million common shares at a price of 140 pence were placed to institutional and other investors in the UK and Europe....

Accent Equity sells Nordic Bake-Off.(EXITS)(Vaasan and Vaasan Oy)(Brief article)
March 1, 2006... Accent Equity is selling Nordic Bake-Off to Vaasan & Vaasan, a Finnish Group of bakery businesses owned by CapVest Equity Partners less than a year since it acquired the business. Financial details of the transaction are not disclosed. ...

Afinum sells tail-end portfolio.(Brief article)
March 1, 2006... HarbourVest Partners and Alp-Invest Partners have completed a secondary transaction through the establishment of a new fund, Paragon Partners Secondary LP. Paragon Partners has acquired an existing portfolio of three European companies...

LBO syndications arranged February.(leveraged buyout)(Mergers)
March 1, 2006... BSN Medical TARGET NATION: UK DATE ANNOUNCED: 27/01/06 DEAL TYPE: LBO ACQUIRER: MONTAGU PRIVATE EQUITY TOTAL VALUE: 1BN [euro] MANDATED ARRANGERS: JPMORGAN & MIZUHO CORPORATE BANK FINANCING: 755M [euro] The...

Refinancings.(refinancing analysis of United Kingdom, Italy, Germany)
March 1, 2006... AA TARGET NATION: UK DATE ANNOUNCED: 17/02/06 SPONSORS: CVC CAPITAL PARTNERS & PERMIRA MANDATED ARRANGER: BARCLAYS FINANCING: 1.85BN [pounds sterling] The new money portion of the Automobile Association's (AA) 1.85bn...

Private equity-backed takeovers subject to EU competition law.(AVR Inc. to be acquired by CVC Capital Partners, Kohlberg Kravis Roberts and Co., Oranje-Nassau Groep BV )
March 1, 2006... COMPANIES IN THIS SECTION AVR BSN MEDICAL CADBURY SCHWEPPES COM HEM NOCIBE Q-TELEKOM AVR PRIVATE EQUITY BACKERS: CVC CAPITAL PARTNERS & KKR BUSINESS DESCRIPTION: WASTE MANAGEMENT COMPANY DEAL VALUE: 1.4BN [euro] ...

Weil Gotshal poaches.(Marco Compagnoni joins Weil, Gotshal and Manges)(Brief article)
March 1, 2006... Lovells' global head of private equity Marco Compagnoni has left the firm for Weil, Gotshal & Manges, along with lawyer Jonathan Wood. The two departures make it four exits from Lovells in three months, having lost Oliver Felsenstein and Derek...

Abingworth appts.(Abingworth Management appoints Andy Sandham)(Brief article)
March 1, 2006... Abingworth Management has appointed Andy Sandham as a venture partner. In this role he will identify and create new businesses and provide strategic and operational support for existing companies within the Abingworth portfolio. Sandham will be...

E&Y expands.(Ernst and Young appoints Ken Williamson, Mark Brockway, Andy Simmons )(Brief article)
March 1, 2006... Ernst & Young has made three recruitments in its UK-based M&A practice, including Ken Williamson as a partner. Alongside Williamson, Mark Brockway has joined as a director and Andy Simmons as an associate director and all three will specialise...

Deloitte hires.(Deloitte and Touche hires Chris Hyams )(Brief article)
March 1, 2006... Deloitte has poached Chris Hyams, an international M&A specialist, from PricewaterhouseCoopers' transaction services practice in Paris. He joins Deloitte as a partner in its private equity transaction services team in London. Hyams said:...

Quartilium recruits.(Olivier Thevenet appointed)(Brief article)
March 1, 2006... Finama Private Equity--Quartilium, the private equity fund-of-funds arm of Groupama in France, has appointed Olivier Thevenet as investment manager. Thevenet, 33, started his career at McKinsey & Co as a management consultant. He then joined...

Impax adds.(Impax Asset Management appoints Jonathan Fogg )(Brief article)
March 1, 2006... Jonathan Fogg has been made an investment manager at Impax Asset Management, where he will work on The Recycling Fund, the first venture capital fund dedicated to the UK recycling sector. Established in 2003 by WRAP (the Waste & Resources...

Candover recruits.(Candover Investments PLC appoints Bertrand Finet)(Brief article)
March 1, 2006... Candover has appointed Bertrand Finet as a partner in its Paris office. Finer, 40, has over 15 years' experience working in private equity, most recently at CVC Capital Partners in Paris. He has worked on a number of mid-to-large cap deals...

Oostvogels opens in London.(Oostvggels Pfister Roemers)(Brief article)
March 1, 2006... Luxembourg-based financial and business law firm, Oostvggels Pfister Roemers has opened an office in Dominion Street in London, making it the first Luxembourg-based legal house to open a UK office. Stef Oostvogels, partner at Oostvogels,...

Interregnum hires.(John Leggate appointed)(Brief article)
March 1, 2006... Interregnum has appointed John Leggate, CIO, group vice-president, digital & communications technology and group vice-president procurement & supply chain management at BP, as a non-executive director. His appointment is part of a major...

DLJ promotes.(DLJ Merchant Banking Partners, Neal Pomroy)(Brief article)
March 1, 2006... DLJ Merchant Banking Partners, the mid-market private equity arm of Credit Suisse, has promoted senior operating partner Neal Pomroy to managing director after over a year at the firm. Pomroy joined CSFB in 2004 as head of the portfolio...

Aon promotes.(Giles Murphy promoted; Tim Davies, Jon Higgins and Jim Rutherford appointed)(Brief article)
March 1, 2006... Aon Limited, the UK insurance broker and risk management consultancy, has made a number of promotions within its M&A group. Tim Davies, Jon Higgins and Jim Rutherford have been appointed as directors, and Giles Murphy has been promoted to...

Dawson to Impetus.(Guy Dawson joins Impetus Trust)(Brief article)
March 1, 2006... Merrill Lynch's former head of European investment banking has been appointed to the board of Impetus Trust, the UK venture philanthropy pioneer. Guy Dawson, a founding partner of Tricom Partners, an independent corporate finance advisory...

Permira reshuffle.(Jorg Rockenhauser, Richard Sanders and Federico Saruggia promoted)(Evelyn Ehlert and Graham Wrigley resigns)(Brief article)
March 1, 2006... Permira has promoted three and will see two more resign as it reshuffles ahead of its reported 10bn [euro] fund raising. Promoted to partner are Jorg Rockenhauser, Richard Sanders and Federico Saruggia, all of who take up their roles with...

Paul Capital appts.(Paul Capital Partners appoints Jamie Johnson)(Brief article)
March 1, 2006... Paul Capital Partners has appointed Jamie Johnson to its investment team as a managing director in the firm's San Francisco office. He will focus on identifying and making commitments to top-performing private equity funds, contributing...

Mourant in Guernsey.(Mourant du Feu and Jeune opens new office)(Brief article)
March 1, 2006... Mourant du Feu & Jeune has opened an office in Guernsey, led by Darren Bacon, who joined the firm from Cary Olsen. Initially the new office will specialise exclusively in international financial business. In particular, it will focus on...

CVC appts.(Capital Partners appoints Alexander Fotakidis )(Brief article)
March 1, 2006... CVC has hired Alexander Fotakidis as investment director in the international team based in London. He joins from CIBC World Markets, where he spent five years working as part of the European leveraged finance group. At CIBC, he was involved in...

TowerBrook adds.(TowerBrook Capital Partners appoints Andrew Rolfe)(Brief article)
March 1, 2006... Andrew Rolfe, former president of Gap Inc's international division, has joined TowerBrook Capital Partners as an advisory board member and senior venture partner. Rolfe will work on investment opportunities in both the US and Europe with a...

AXA hires.(AXA Private Equity appoints Marton Hunek )(Brief article)
March 1, 2006... Marton Hunek has joined AXA Private Equity from AGF Private Equity. He has become a senior investment manager in the LBO co-investment team. He started his career in 1996 as project manager at GKI Economic Research Co, a leading Hungarian...

Kennet recruits.(Kennet Venture Partners appoints Eileen Tanghal )(Brief article)
March 1, 2006... Kennet Venture Partners has appointed Eileen Tanghal as director. She will be based in the company's London office. She has spent the last three years with Amadeus Capital Partners, where she was an associate, focusing on hardware components...

TowerBrook appts.(TowerBrook Capital Partners appoints Winston Ginsberg)(Brief article)
March 1, 2006... TowerBrook Capital Partners has hired Winston Ginsberg as a managing director in the London office, where he will be involved in deal sourcing and execution across the range of TowerBrook's sectors. Between 2000 and 2005 Ginsberg was a general...

PwC promotes.(PricewaterhouseCoopers L.L.P. appoints Stuart Warriner )(Brief article)
March 1, 2006... PricewaterhouseCoopers has named Stuart Warriner the Northern head of corporate finance. He is currently a partner responsible for private equity in the region, and will now be taking on an additional and newly established role to co-ordinate...

New Advent office.(Advent International PLC opens office in Amsterdam)(Brief article)
March 1, 2006... Advent International has officially opened its Amsterdam office. Teartse Schaper, who will be supported from London by managing director John Singer, will lead the office. This opening brings the total number of Advent's offices to 14, nine of...

Intermediate adds.(Intermediate Capital appoints Justin Dowley)(Brief article)
March 1, 2006... Intermediate Capital has appointed Justin Dowley as both a new non-executive director of the company and independent chairman of the audit committee. Dowley is a partner of Tricorn Partners, the independent corporate advisory firm, which he...

Record year for European tech M&A.(mergers and acquisitions)(Brief article)
March 1, 2006... European technology M&A had a record year in 2005, with a 103% increase in value and a 27% increase in activity on 2004, according to Regents Associates' European Technology Acquisition Review. Last year saw M&A deal value leap to...

Mega deals boost technology.(Brief article)
March 1, 2006... The global value of technology M&A was up by almost 90% in 2005, with the top three deals accounting for over 25bn [euro] alone, according to the Technology Insights report published by PricewaterhouseCoopers Corporate Finance. Despite an...

Pitango and Star top Israeli funds.
March 1, 2006... Pitango and Star have topped the list of most active venture capital funds in Israel, according to the WC Research Center. Both firms made 11 first round investments each in 2005. JVP and Sequoia each made eight first round investments. Five of...

Tax liabilities: a growing threat to M&A.(DATA ROOM)
March 1, 2006... Issues relating to taxation are the biggest cause of Warranty and Indemnity (W&I) claims in the UK, according to latest research from insurance broking and risk consulting firm Aon. The firm analysed the W&I deals underwritten between 1990 to...

Mezzanine: 1st 1bn [euro] facility on cards in 2006?(mezzanine financing)
March 1, 2006... The European mezzanine market had another record-breaking year in 2005, with issuance totalling 10.7bn [euro], comfortably exceeding 2004's record of 5.8bn [euro], according to rating agency Fitch. And according to the agency, market demand is...