European Venture Capital Journal articles from March 2008

European Venture Capital Journal archives from March 2008

Is there anybody there? The private equity market is still waiting for the investment banks to show signs of revival.(EDITOR'S NOTE)
March 1, 2008... [ILLUSTRATION OMITTED] It doesn't look like activity is set to reignite in the European leveraged loan market anytime soon. The prolonged silence is deafening, deal makers are sick of hearing pins drop and most of the large US investment...

European media M&A market steady.(EUROPE)(Industry overview)
March 1, 2008... Despite the global credit crunch, European media merger and acquisition (M&A) activity remained strong in the first half of 2007 and is expected to hold up through 2008. Media-related private equity transactions however were down slightly on...

Pechel supports French mid-market.(PARIS)
March 1, 2008... [ILLUSTRATIONS OMITTED] French private equity firm Pechel Industries Partenaires has reached a second close of its new fund, Pechel Industries III, with commitments of 101m [euro]. Investors in the fund to date include international...

Media companies up for grabs.(MADRID/HELSINKI)
March 1, 2008... [ILLUSTRATION OMITTED] GMT Communications Partners is understood to be sounding out interest in the potential sale of two of its portfolio companies, one in Spain, another in Finland. The London-based TMT specialist is assessing the...

Aston Martin attracts Islamic financing.(LONDON/GULF/ASIA)
March 1, 2008... [ILLUSTRATION OMITTED] Syndication has closed on a 225m [pounds sterling] Islamic financing facility to back the leveraged buyout of Aston Martin. The deal is the first European LBO to be backed entirely by Islamic financing. WestLB are...

VCs eye Russian opportunities.(MOSCOW)
March 1, 2008... [ILLUSTRATION OMITTED] Venture capital providers, GIMV and KBC Private Equity (KBC group) are entering into a partnership agreement for private equity investments in the Russian market. Each partner is planning to invest about 10m [euro]...

PEP lands in Poland.(MILAN/WARSAW)
March 1, 2008... [ILLUSTRATIONS OMITTED] Italian veteran Private Equity partners is boosting its international presence with the opening of a new branch in Poland. Private Equity Martin Miszerak Partners Polska will start activities in the region in...

NESTA leads the way: UK National Lottery endowment helps young companies attract private investment.(NEWS ANALYSIS)
March 1, 2008... [ILLUSTRATION OMITTED] NESTA, the UK body set up by the UK Government to support innovation and creativity in the UK, is off to a flying start in 2008 with three investments announced within a two week period. It all marks something of...

The BVCA and the PR battle: following the release of yet another report on the positive effect of private equity, Tom Allchorne looks at the challenges ahead for the BVCA as it steps-up its campaign to promote the industry.(NEWS ANALYSIS)
March 1, 2008... [ILLUSTRATION OMITTED] In this post-Walker report world, selling the private equity concept has never been of greater urgency. It's within this context that a handful of reports have been published already in 2008 exclaiming the benefits...

Power struggle: as economic fears grow and the LBO market dries up, is now the time for private equity investors to start dictating terms as GPs struggle to fundraise and invest?(NEWS ANALYSIS)
March 1, 2008... [ILLUSTRATION OMITTED] With the global economy heading for a downturn and possible recession, questions need to be asked about the current systems in place meant to align GP and LP relationships. The economic and financial environment of...

Turning Japanese: LPs are turning their interests towards the Japanese market for increased diversification. European investors GIMV and BASF Ventures are targeting this interest with a new venture fund.(NEWS ANALYSIS)(Industry overview)
March 1, 2008... Belgian investor GIMV, traditionally targeted at venture and buyout investment in Europe has teamed up with German-headquartered BASF Ventures, the Development Bank of Japan and Fintech Global Incorporated to hit the new sweet spot for limited...

Monoline mess: the sub-prime crisis has hit the monoline insurance industry hard. Gareth Butler looks at the implications for private equity and what firms need to be aware of.(NEWS ANALYSIS)
March 1, 2008... [ILLUSTRATION OMITTED] To people used to striking ambitious deals with potentially huge returns, insurance can seem like the mundane end of the financial services industry: it is not the first sector you'd expect to be hit by crisis with...

Trading around the balance sheets: cash-strapped banks in the wake of the credit crunch are looking to dispose of limited partnership interests in private equity funds and portfolios of direct investments. Private equity secondaries players are rubbing their hands with glee.(NEWS ANALYSIS)
March 1, 2008... [ILLUSTRATION OMITTED] Cash-needy banks look set provide a boost in deal flow for the private equity secondaries market. Secondaries players are buzzing with anticipation of a flurry of bargain private equity deals being thrown out of...

Spark of inspiration for interior design: UK VC leads funding for mydeco.com, a site where home decorating meets web 2.0.(EARLY STAGE)(Company overview)
March 1, 2008... Mydeco.com is a UK Internet business founded by the team behind lastminute.com, the online travel and leisure business. An interior design website, it has just raised 5m [pounds sterling] in a seed round, which is, according to lead investor...

Circle closes on 360 fundraising: Italian VC raises 100m [euro].(EARLY STAGE)
March 1, 2008... 360[degrees] Capital Partners, the French/Italian venture capital firm, has raised 100m [euro] for its maiden fund following a first closing on 50m [euro] in December 2006. For the last half it attracted investment from the European...

3i drops early stage: private equity house merging venture team with growth capital division.(EARLY STAGE)
March 1, 2008... 3i, the UK venture capital and buyouts house, is moving away from investing in early stage companies as part of a reorganisation exercise which will see the venture business merge with the growth capital unit. A large majority of the team...

Investors combine for venture: Bank of Scotland and Oxford angel network team up.(EARLY STAGE)
March 1, 2008... Bank of Scotland Corporate Growth Equity and Oxford Investment Opportunity Network (OION) have launched a co-investment programme aimed at young technology companies in the UK. The two organisations are combining their talents--OION's in...

European VC hits record low.(EARLY STAGE)
March 1, 2008... Statistics reveal deal count declines for sixth year in a row European venture capital hit its lowest point since 2001 last year with 897 deals completed, a drop of 10% on 2006. The report suggests the drop in deal activity has been offset by...

ITP times it right: technology investor raises US$500m for latest fund.(TECH CLOSE)(Investcorp Technology Partners)
March 1, 2008... [ILLUSTRATION OMITTED] Investcorp Technology Partners (ITP), a buyout investor in growing, small- and medium-sized technology businesses, has closed Investcorp Technology Partners III, LP (ITP Fund III), with US$500m in total committed...

Two new for Shore Capital: VCTs target credit crunch opportunities.(VCT LAUNCH)(Shore Cable is launching two new Puma Venture Capital Trust )
March 1, 2008... Shore Capital is launching two new Puma VCTs targeting investment opportunities arising from the credit crunch. The new funds, which offer investors a 30% income tax relief and tax free returns, will provide secured loans to well-run companies...

Bowmark's speedy fundraising: Bowmark Capital Partners IV closes at 265m [pounds sterling] three months after launch.(FINAL CLOSE)
March 1, 2008... [ILLUSTRATION OMITTED] Making the most of a burgeoning investor appetite for the mid-market, UK-focused private equity firm Bowmark Capital LLP has reached a final close on its most recent fund, Bowmark Capital Partners IV with total...

More funds for mezz: Acto Mezzanine reaches final close at 187m [euro].(MEZZANINE CLOSE)
March 1, 2008... Acto Mezzanine has reached a final close of Acto Mezzanine FCPR at 187m [euro], ahead of its target size of 150m [euro]. The new darling of private equity, the mid-market, looks set to be the benefactor of investments from this latest mezzanine...

Lyceum's first fund since MBO.(CLOSE)
March 1, 2008... Lyceum Capital has reached a final close of its new fund, Lyceum Capital Fund II, at 255m [pounds sterling], more than 25% over its target of 200m [pounds sterling]. This is the firm's first fund since it gained independence in May 2006...

Platina breezes out.(GREEN ENERGY)
March 1, 2008... Platina Finance, a private equity house headquartered in London and Paris, has sold windfarm companies Mistral en Beauce and Ferme Eolienne La Remise des Bruyeres in a double exit. They are being acquired by French electricity provider...

Gyro sold to mystery firm.(SECONDARY)
March 1, 2008... An unnamed US private equity firm has paid 50m [pounds sterling] for Gyro International, a UK business-to-business marketing company, which has generated a 2.3x return for the vendors. Octopus Investments led an MBO in February 2005...

LGV makes infectious exit.(HEALTHCARE)
March 1, 2008... Bank of Scotland Integrated Finance has backed an MBO of Vema Group, a Bolton-based healthcare business, for an undisclosed sum. The company, which provides infection control solutions to the hospital and care home sectors, is being sold by...

Exit Planit Fusion.(PARTIAL SALE)
March 1, 2008... August Equity has made a partial exit of its investment in Plank Holdings through the sale of the company's retail division Planit Fusion to 20-20 Technologies for 19m [pounds sterling]. Planit Holdings is a developer of Computer Aided...

Cable sale nets Argos Soditic 10x.(SECONDARY)
March 1, 2008... Argos Soditic has made a return in excess of 10x through the sale of Maillefer Extrusion, a Swiss cable machinery producer, to Alpha Groupe for an undisclosed amount. Maillefer provides manufacturing solutions to the world's wire, cable...

All smiles for Merrill lynch: private equity division buys UK dental business from LGV Capital.(SECONDARY)
March 1, 2008... [ILLUSTRATION OMITTED] The private equity arm of investment banking giant Merrill Lynch has made its first solo investment. Merrill Lynch Global Private Equity (MLGPE) has acquired Integrated Dental Holdings (IDH), the UK's largest...

HgCapital leaves Sanctuary: beauty products and spa business acquired by soap specialists Cussons.(TRADE SALE)
March 1, 2008... UK mid-market firm HgCapital has sold the Sanctuary Spa Group to PZ Cussons, the consumer products group and maker of Imperial Leather and Carex soap, for 75m [pounds sterling]. A UK female body care brand, the Sanctuary Spa also runs a spa...

VSS makes Clarion call: US media buyouts powerhouse buys exhibitions business from HgCapital.(SECONDARY)
March 1, 2008... [ILLUSTRATION OMITTED] UK mid-market firm HgCapital has sold Clarion Events, a UK exhibition and events company. The London-based group has been acquired by US private equity house Veronis Suhler Stevenson (VSS) for 120.5m [pounds...

Paine ends for Montagu: US private equity outfit buys Germany's Stabilus.(SECONDARY)
March 1, 2008... UK mid-market firm Montagu Private Equity has sold Stabilus, a German maker of gas springs, to US private equity house Paine & Partners. Financial details have not been officially announced, but reports place the transaction value at 500m...

Capital sale for Solcara.(TRADE SALE)(Solcara has acquire by ArgentVive)(Brief article)
March 1, 2008... The Capital Fund has sold software company Solcara for 4.5m [pounds sterling] to ArgentVive, an AIM-listed e-commerce business established in September 2007. Solcara was founded in 2001 and provides information management software for more...

DFJ sells buy.at.(VENTURE)
March 1, 2008... UK venture capital firm DFJ Esprit has sold portfolio company buy.at, a UK e-commerce business, to US Internet giant AOL The London-headquartered business will operate as a wholly-owned subsidiary of Advertising.com, AOL's online...

Classic sale by LGV.(SECONDARY)(Classic Hospitals sale by LGV Capital )(Brief article)
March 1, 2008... Spire Healthcare, the renamed BUPA Hospitals group owned by Cinven, has acquired Classic Hospitals from LGV Capital for 145m [pounds sterling]. Classic Hospitals is the UK's sixth largest private acute hospital operator, running 10...

3i sells Medico-Legal Reporting.(SECONDARY)(Nomura Private Equity has acquired Medico-Legal Reporting)(Brief article)
March 1, 2008... Nomura Private Equity, the buyout arm of the Asian bank, has acquired Medico-Legal Reporting, a UK business that provides injury claimants with the medical evidence necessary to support their claims, from 3i for an undisclosed amount. 3i...

Media moguls on the prowl: media is always going to be a popular sector for private equity due to its cash generation and high profit margins. But with deal prices soaring and debt harder to come by, private equity mega deals in the space are predicted to be few and far between.(FEATURE: MEDIA)
March 1, 2008... [ILLUSTRATION OMITTED] First the good news. Media deals are tipped to keep flowing in 2008 following a record year for sector M&As in the UK and steady activity in continental Europe. It would be more of a surprise if they did not....

Eastern promise for B2B: private equity firms eye up the East to expand their B2B investments.(FEATURE: MEDIA)
March 1, 2008... Two of the best known names in UK venture and private equity are looking East as they seek to expand their B2B successes in less developed markets. Crevan O'Grady, 3i's head of media, recently visited Istanbul to start scouting out Turkey...

We've only just begun: institutional investors are waking up to the merits of infrastructure investing and an increasing number of funds dedicated to the sector are starting to emerge. Ian Fraser takes a look at an asset class that has the potential to reach dizzy heights.(FEATURE: INFRASTRUCTURE)
March 1, 2008... [ILLUSTRATION OMITTED] When the 1-35W bridge spanning the Mississippi River at Minneapolis collapsed last August, it provided a wake-up call about the dire state of the US roads network. Surprisingly, however the disaster--in which 13...

Joining the mainstream: investors have woken up to PFI's charms.(FEATURE: INFRASTRUCTURE)
March 1, 2008... When Barclays Private Equity was seeking to raise its first fund dedicated to the government's Private Finance Initiative in 1996, it was an uphill struggle. Not only was the asset class still relatively little known, the expectation was that a...

Holding the fort: UK mid-market players are demonstrating resilience in tough times, while many of the larger buyout houses struggle with the debt components of their transactions. But a shift in focus to smaller, less debt-dependent deals may lead to congestion in an overcrowded market.(FEATURE: UK MID-MARKET)
March 1, 2008... [ILLUSTRATION OMITTED] UK mid-market sponsors, their bankers and associated professionals are keen to stress that this private equity space looks set to continue with resilience in the face of the global credit crunch and the threat of...

Aiming for peak performance: the Swiss fund-of-funds sector has had to tailor its offering to the evolving demands of investors, with some fund-of-funds becoming increasingly specialist while others attempt to offer a comprehensive package. For listed vehicles, however, it has been a difficult time, with share prices hit by the wider jitters affecting public markets.(LP ANALYSIS)
March 1, 2008... [ILLUSTRATION OMITTED] Switzerland's history of banking and investment made it an obvious location for alternative investment funds and, since the 1990s, a wide range of private equity fund-of-funds has sprung up. While obtaining some of...

Ticking the right boxes: Angela Sormani talks to Amanda Capital CEO Petteri Ankila to see how the business has progressed since Finvest merged with Sampo six years ago to create the fund-of-funds as we know it today.(LP PROFILE)(Amanda Capital Plc)(Interview)
March 1, 2008... [ILLUSTRATION OMITTED] In October 2002, Finvest, at the time Scandinavia's only listed private equity fund-of-funds, acquired Nordic insurance business Sampo's private equity interests. The merged entity was renamed Amanda Capital. Sampo's...

Change for PEITS sake: this month sees final amendments to the UK listing regime for investment entities coming into effect. The changes should enable Private Equity Investment Trusts to open up private equity further to retail investors. David Nicholson asks if 2008 will be the year for listed private equity vehicles?(LEGAL AND REGULATORY)
March 1, 2008... [ILLUSTRATION OMITTED] Far from the brash, ruthless parasites that have been depicted as, private equity fund managers are really quite lovable, good-hearted members of the community who enjoy nothing more than spreading the rewards of...

Awards 2007.(Awards list)(Brief article)
March 1, 2008... [ILLUSTRATIONS OMITTED] Stephen Cavell, Graphite Capital Financial Sponsor of the Year-Small Fund [ILLUSTRATION OMITTED] Christopher Masek, Industri Kapital Financial Sponsor of the Year Mid-Size Fund [ILLUSTRATION OMITTED]...

New monitoring group members.(BVCA APPOINTS)
March 1, 2008... Following its recent strategic review which surveyed all member firms, the BVCA-The British Private Equity and Venture Capital Association has established four sector committees that will operate under the BVCA umbrella organisation. Two new...

ISIS veteran Thorp elected to AIC board.(PEOPLE)
March 1, 2008... [ILLUSTRATION OMITTED] The Board of the Association of Investment Companies (AIC), the lobby group of the investment trust industry, has elected ISIS partner David Thorp to the board. He replaces Lough Callahan who has stepped down. Hamish...

Double shuffle at Oostvogels.(PEOPLE)(Oostvogels Pfister Feyten)(Brief article)
March 1, 2008... [ILLUSTRATIONS OMITTED] Luxembourg law firm Oostvogels Pfister Feyten has promoted Gerard Maitrejean to partner. Maitrejean joined the firm in 2002 and has over 15 years experience in corporate law, mergers & acquisitions and general...

Turkish fund gets chairman.(PEOPLE)(The European Investment Fund )(Brief article)
March 1, 2008... The European Investment Fund (EIF), advisor to Istanbul Venture Capital Initiative (iVCi), a dedicated 200m [euro] fund-of-funds and co-investment programme for Turkey has named Akin Ongor as chairman of the iVCi Strategic Network. The...

Advent unveils European promotions.(PEOPLE)(Advent International has anounced promotions Andy Dawson to director, Tom Allen to director and Nick Rose has been promoted to assistant director)(Brief article)
March 1, 2008... Private equity player Advent International has made a series of promotions in its latest round. In the London office it has made: Andy Dawson a director, who concentrates on the consumer sector; Tom Allen has also been promoted to director....

TVM adds life science principal.(PEOPLE)(TVM Capital has appointed Dr Kia Parssanedjad to its life science team)(Brief article)
March 1, 2008... [ILLUSTRATION OMITTED] TVM Capital has appointed Dr Kia Parssanedjad to its life science team, based in Munich. As a principal, he will be involved in deal origination and the evaluation of new investments, as well as research and support...

Jung promoted at GLSV.(PEOPLE)(Global Life Science Ventures (GLSV) has promoted Kuno Jung to principal)(Brief article)
March 1, 2008... Global Life Science Ventures (GLSV) has promoted Kuno Jung to principal. Dr. Jung joined GLSV as an investment manager in the Zug office in 2006--his CV included cofounding Aravis Ventures, a life science VC, and occupying the CEO position at...

Advent installs Boden in new position.(PEOPLE)(Advent International has appointed Conor Bod as head of portfolio board development)(Brief article)
March 1, 2008... [ILLUSTRATION OMITTED] Advent International has appointed Conor Boden to the newly created role of head of portfolio board development. He joins from 3i. In the new role, Boden's main focus will be on extending Advent's existing...

Stirling recruits associate.(PEOPLE)
March 1, 2008... [ILLUSTRATION OMITTED] Stirling Square Capital Partners has appointed Julien Horreard as an associate. From July 2004 to December 2007 Horreard worked in the M&A team at UBS Investment Bank in London, where he was promoted to associate...

Palamon hires media veteran to board.(PEOPLE)
March 1, 2008... [ILLUSTRATION OMITTED] Mid-market house Palamon Capital Partners has appointed Lorenzo Pellicioli to its board of advisors. Pellicioli is CtuTently CEO of the De Agostini Group, the Italian conglomerate with interests ranging from finance...

Magma gets Getz.(PEOPLE)
March 1, 2008... [ILLUSTRATION OMITTED] Israeli venture capital firm Magma Venture Partners has appointed Iris Getz as a general partner, where she will join the current team of Modi Rosen, Yahal Zilka, Eitan Dekel, Zvi Limon and Shraga Katz. Getz...

August adds to investment team.(PEOPLE)
March 1, 2008... [ILLUSTRATION OMITTED] UK small cap investment firm August Equity has hired David Lonsdale to its investment team. He joins from British Sky Broadcasting (BSkyB), where he worked in the corporate finance division and was responsible for UK...

Paternoster hires Baker.(PEOPLE)(Paternoster has appoints Chris Baker to its team as an investment director)(Brief article)
March 1, 2008... [ILLUSTRATION OMITTED] Paternoster, the pensions liability investor, has added Chris Baker to its team as an investment director. Baker takes responsibility for the management of the firm's assets, working alongside Cliff Speed. With 25...

IPES opens in Jersey.(PEOPLE)(International Private Equity Services Group)(Brief article)
March 1, 2008... [ILLUSTRATION OMITTED] Fund administrator, International Private Equity Services Group (IPES) has opened an office in Jersey under the name of IPES (Jersey) Limited. The Jersey team is headed by Andrew Mason, managing director. He...

Deloitte nabs Close Bros MD.(PEOPLE)(Deloitte has recruited Fenton Burgin as a partner )(Brief article)
March 1, 2008... [ILLUSTRATION OMITTED] Deloitte, the UK business advisory firm, has recruited Fenton Burgin as a partner within its debt advisory practice. Burgin was one of the managing directors that set up Close Brothers European Debt Advisory Group....

Hunt for Infinity.(PEOPLE)
March 1, 2008... [ILLUSTRATION OMITTED] Infinity Asset Management, a Manchester-based private equity house, has added John Hunt to its investment team, pictured above with Sarah Butler. Hunt joins from BDO Stoy Hayward, as a partner, and has almost 20...

Fee revenue in financial services space soars: fees reach over 5bn [pounds sterling] in the UK financial and business services sectors.(DATA ROOM)(Statistical data)
March 1, 2008... The private equity industry generated a total of 5.4bn [pounds sterling] of income for the financial and professional services sector, in the financial year 2006-7. The figures are part of a research paper titled The Impact of Private Equity as...

Private equity market reaches trillion mark: private equity assets under management top the $2 trillion mark with further growth to come.(DATA ROOM)
March 1, 2008... Private equity reached a landmark $2 trillion in assets under management in mid-2007 and raised just over $500bn of new funds in the process, according to data from Private Equity Intelligence. And the industry is predicted to top the $5...

European loan market competes for liquidity: Paul Watters, director and head of Standard & Poor's European Loan and Recovery Ratings, explains why proper benchmarking of risk would help reignite activity in the primary leveraged loan market across Europe.(BUYOUTS COMMENT)(Industry overview)
March 1, 2008... The silence in the European leveraged loans market is deafening. Following the change in market conditions, initially triggered by rising delinquencies in the US subprime mortgage market, primary activity has come to a near standstill--creating...

LBO syndications arranged.(BUYOUTS)(Company overview)
March 1, 2008... API TARGET NATION: NORWAY DATE ANNOUNCED: 07/02/08 DEAL TYPE: LBO ACQUIRER: 3i TOTAL VALUE: US$395M MANDATED ARRANGER: GE FINANCING: UNKNOWN 3i has mandated GE (Global Coordinator), Calyon, Danske Bank,...

Refinancing.(BUYOUTS)(Bookrunner Dresdner Kleinwort deal with Sports Group)(Brief article)
March 1, 2008... Sports Group TARGET NATION: GERMANY DATE ANNOUNCED: 28/01/08 SPONSOR: INDUSTRI KAPITAL MANDATEDARRANGER: DRESDNER KLEINWORT FINANCING: 225.7M [euro] Bookrunner Dresdner Kleinwort has closed an add-on facility for...

EU competition law.(BUYOUTS)(Arsys Internet mergers with Mercapital S.A. and Carlyle Group L.P.)(Kohlberg Kravis Roberts & Co. mergers with Northgate Information Solutions)
March 1, 2008... Arsys Group PRIVATE EQUITY BACKERS: CARLYLE AND MERCAPITAL BUSINESS DESCRIPTION: WEB HOSTING DEAL VALUE: 160M [euro] NOTIFIED: 21/12/07 PROVISIONAL DEADLINE: N/A CLEARED: 04/02/08 The EU has approved the purchase...

Buyouts with European targets 25 January 2008 to 27 February 2008.(BUYOUTS)(Report)
March 1, 2008... BUYOUTS WITH EUROPEAN TARGETS 25 JANUARY 2008 TO 27 FEBRUARY 2008 Date announced Target name Target industry Target nation 25/01/08 cash life Insurance Germany Vorsorge...

Seeking buyers.(Reed Elsevier PLC joint venture with Reed Elsevier N.V.)(Austrian Airlines mergers with TUI AG)(Table)
March 1, 2008... SEEKING BUYERS Seeking buyers includes listings of all European companies that have announced plans since January 25, 2008 to February 27, 2007 to sell divisions, stakes or their entire company. It also includes purported sales efforts...

Announced deals.(Goldman Sachs and Co. joint ventures with Blyk)(Groupe Etanco mergers with Industri Kapital)(Report)
March 1, 2008... ANNOUNCED DEALS Announced deals includes listings of private equity and venture capital transactions involving European targets announced between January 24, 2008 and February 20, 2008. The listings are ordered by target nation, and...

Unlocking value in the mid-market: the year ahead looks tough. NBGI PE's Richard Morley is happy he is focused on the mid-market.(COMMENT)
March 1, 2008... By now we're all familiar with the refrain: 2008 is going to be a difficult I year. Anecdotally there are rumblings of lenders becoming less generous, deals taking that little bit longer to complete, and private equity firms taking more time...