European Venture Capital Journal articles from May 2001

European Venture Capital Journal archives from May 2001

Predicted slow down is here.
May 1, 2001... Go straight to page 3 to see how levels of equity investment have moved over the last two quarters. This is the first time that Venture Economics, publisher of evcj, has released this data. All feedback should be directed to the head of...

Q1 2001 venture figures released.(European private equity investments)(Statistical Data Included)
May 1, 2001... European private equity investment levels fell off by 60 per cent in Q1 2001 compared to activity levels in Q4, 2000, according to the first review of European investment activity levels by Venture Economics. Venture Economics, which is part of...

New office for NWDC.(NatWest Development Capital moves to Edinburgh)(Brief Article)(Statistical Data Included)
May 1, 2001... NatWest Development Capital has opened a new office, this time in Edinburgh under the direction of Derek Gardner. Gardner, who is expected in time to build his own team, will share offices already populated by Royal Bank Private Equity and...

Q1 2001 UK buyout figures.(Brief Article)(Statistical Data Included)
May 1, 2001... UK buyouts in Q1 2001 reached a combined value of [pound]5.5 billion across 34 transactions, only those that were classified as larger buyouts -- that are over [pound]10 million in value -- were counted. These latest figures come from KPMG...

Coba boosts PwC's transaction services.(PriceWaterhouse Coopers)(Brief Article)(Statistical Data Included)
May 1, 2001... PricewaterhouseCoopers has expanded its Transaction Services team with the acquisition of Coba Group, a 30-strong strategy consulting business that specifically targets the private equity industry. Coba's team will join the Strategy team within...

Vestar Capital Partners opens in Milan.(Brief Article)
May 1, 2001... Two managing partners; Giorgio Gandini and Marco Mantica will staff the Milan office. Gandini has considerable experience of private equity investing, most recently as deputy head of Mediocredito Lombardo's merchant banking division where he...

F&C VENTURES RENAMED GRAPHITE CAPITAL.(Brief Article)(Statistical Data Included)
May 1, 2001... F&C Ventures, which earlier this year completed its management buyout from Foreign & Colonial Management, has renamed itself Graphite Capital. Choosing a name, notes Graphite Capital's Jeremy Gough, was a more protracted and difficult task than...

PE accountancy firm of the year.
May 1, 2001... DUE TO AN OVERSIGHT IN LAST MONTH'S issue the highly commended category in which PricewaterhouseCoopers was awarded was not included (April issue p10). The commendation noted: Highly commended in this category is PricewaterhouseCoopers. The...

3i offer for Atle unconditional.(Brief Article)(Statistical Data Included)
May 1, 2001... 3i group's joint offer with the Swedish listed private equity firm, Ratos for the entire issued share capital of Swedish listed investment trust that invests in private equity. Atle AB was been declared unconditional in all respects on April...

Venture Technologies fund raising.(Brief Article)(Statistical Data Included)
May 1, 2001... Venture Technologies has, like others recently, had to pull its Venture Technologies Academic Research Partners VCT plc. This was aiming to raise [pound]30 million but met with investor antipathy likely forced by current market conditions....

Springboard buys Private Capital Exchange.(Brief Article)(Statistical Data Included)
May 1, 2001... Springboard, the AIM-listed venture capital investment company that provided the funding to launch Venturedome, has acquired Private Capital Exchange, a company that was spun out of Venturedome in September last year. Private Capital...

IDG Ventures Europe launches.(in China)(Brief Article)(Statistical Data Included)
May 1, 2001... IDG Ventures Europe, which began operations in November last year, has formally announced its existence and the fact that it is about to make the first investment from its $100 million fund. The fund, as the name suggests, is targeted at...

Xworks reverses into Chrome Technologies.(Brief Article)(Statistical Data Included)
May 1, 2001... Xworks, the UK business investor and accelerator, has completed a reverse takeover of Chrome Technologies, which is listed on the London Stock Exchange's Alternative Investment Market (AIM). Chrome Technologies is a technology investment...

5th buyout fund for Duke Street.(Duke Street Capital)(Brief Article)(Statistical Data Included)
May 1, 2001... Duke Street Capital, a mid-market buyout house, has confirmed the launch of its fifth buyout fund, Duke Street Capital V, which has been fund raising this year and expects to close at the mid year point. The target of Duke Street Capital V is...

SEP CLOSES 2ND FUND.(Scottish Equity Partners)(Brief Article)(Statistical Data Included)
May 1, 2001... SCOTTISH EQUITY PARTNERS (SEP) HAS closed its second fund, SEP II, having reached the extended target of [pound]100 million. This is the first fund raised by SEP, which provides growth and development capital predominantly to Scottish...

Anti-dilution clauses cause problems.(for venture capitalists)(Brief Article)
May 1, 2001... EUROPEAN VENTURE CAPITAL PLAYERS ARE noting that anti-dilution clauses are playing havoc on negotiations for subsequent investment rounds. The clause, only usually found where a US investment bank or venture capital firm is a previous backer of...

2000 best ever for Euro biotech.(European biotechnology companies have best year to date)(Brief Article)
May 1, 2001... ERNST & YOUNG'S EIGHT ANNUAL European life sciences report records that this sector saw a comparatively good year in 2000. The report notes that the current dominance by the UK may be challenged in coming years. It concludes this on the basis...

EQT closes 5th fund at [epsilon]2bn.(EQT Partners)(Brief Article)(Statistical Data Included)
May 1, 2001... SWEDISH PRIVATE EQUITY FIRM EQT Partners has closed its fifth fund, EQT Northern Europe, at [epsilon]2 billion. EQT Northern Europe is a mid market fund that will invest in 10 to 12 buyouts of at least [epsilon]100 million in Northern Europe...

[epsilon]20m for Speed Ventures.(Scandinavian business incubator closes second financing round)(Brief Article)(Statistical Data Included)
May 1, 2001... Scandinavian incubator Speed Ventures closed a second round of financing securing [epsilon]20 million in a new share issue. Although funding from both previous and new investors reflects confidence in the company, this news follows an...

And Rutland turnarounds.(Rutland Fund)(Brief Article)(Statistical Data Included)
May 1, 2001... ALSO RECENTLY ANNOUNCED IS THE FOURTH and final close of The Rutland Fund, another UK-based turnaround fund. This fund is looking to invest its [pound]210 million capital in businesses with established products and services, rather than...

Penta closes fund no.1.(Penta Capital)(Brief Article)(Statistical Data Included)
May 1, 2001... Penta Capital, a late stage investor established by ex-Royal Bank Development Capital executives, has announced the final close of its first fund. Launched at the end of 1999 by an experienced investment team new to fund raising, Penta Fund I...

Illuminator launches TechRescue Fund.(Brief Article)(Statistical Data Included)
May 1, 2001... Illuminator, an early-stage Internet and technology investor, has announced it is launching a turnaround investment vehicle called the TechRescue Fund. The fund hopes to raise [pound]50 million to [pound]100 million to invest in listed and...

Atlas Venture VI hits $950m.(Brief Article)(Statistical Data Included)
May 1, 2001... Atlas Venture, an active investor in Internet software infrastructure has raised $950 million for its sixth fund, Atlas Venture VI, which will invest in early stage technology companies in the US and Europe. The new investment vehicle brings...

HSBC launches technology fund.(HSBC Private Equity)(Brief Article)(Statistical Data Included)
May 1, 2001... HSBC Private Equity has launched a [pound]108 million European technology fund. The fund was first announced last year and is set to focus on emerging technologies and the "new economy." This represents a shift in HSBC's investment policy,...

Lexington Partners closes int'l fund.(international fund)(Brief Article)(Statistical Data Included)
May 1, 2001... Lexington Partners, the US secondary player that is in the midst of recruiting for its London office, closed its international fund Lexington Capital Partners IV at the end of April. One third of investors in this fund originated in Europe and...

Final close for Cambridge Gateway.(assisted by NW Brown Capital Partners)(Brief Article)(Statistical Data Included)
May 1, 2001... Cambridge Gateway Fund, advised by NW Brown Capital Partners, has secured [pound]32 million in its final close. This total falls short of the [pound]50 million target. [pound]13 million was reached by the first close in March 2000. This...

$400m close for Star Ventures IX.(Star Ventures Enterprises IX)(Brief Article)(Statistical Data Included)
May 1, 2001... STAR VENTURES HAS ANNOUNCED THE close of its latest fund Star Ventures Enterprises IX (SVE IX). The fund has secured commitments of $400 million, exceeding its original target of $300 million. This is the thirteenth fund to be raised by the...

Willis returns to public markets.(with an initial public offering)(Brief Article)(Statistical Data Included)
May 1, 2001... Willis Group Holdings Limited has announced its intention to IPO its common stock. It will file a registration statement under the US Securities Act of 1933 in respect of the proposed offering. Willis plans to return to the equity market by...

CBPE exits Hamilton Acorn.(Close Brothers Private Equity)(Brief Article)(Statistical Data Included)
May 1, 2001... Hamilton Acorn, a long-standing investment from the Close Brothers Private Equity (CBPE) portfolio, has been sold to ANZA of Sweden for an undisclosed sum. The company, a supplier of paintbrushes to the UK professional market, was the...

Mercury PE makes a clean deal.(Mercury Private Equity sells Braitrim Holdings to Spotless Group Ltd)(Brief Article)
May 1, 2001... MERCURY PRIVATE EQUITY (MPE) HAS SOLD BRAITRIM HOLDINGS TO SPOTLESS GROUP LTD for [epsilon]180 million in cash. MPE acquired a majority stake in Braitrim in February 1998 and also provided the company with expansion capital, valuing the...

A double celebration for Conventum.(Mgine Technologies buys Wireless Commerce Ltd and Capslock OY)(Brief Article)(Statistical Data Included)
May 1, 2001... Finnish wireless technology company, Mgine Technologies OY's acquisition of Wireless Commerce Limited (WCL) and Capslock OY has killed two bird with one stone for Finnish investor, Conventum, which holds a share in both companies. The...

FLV Fund exits Filepool.(sells to EMC Corp)(Brief Article)(Statistical Data Included)
May 1, 2001... EMC Corporation, a leader in information storage systems, software networks and services has acquired venture capital-backed FilePool in a cash transaction valued at less than $50 million. A capital gain for one of the venture capital...

Pharma Interactive goes under.(files for bankruptcy)(Brief Article)(Statistical Data Included)
May 1, 2001... Pharmaceutical portal, Pharma Interactive CGS AB has tiled for bankruptcy as the conditions for running the business have radically deteriorated, which in turn, has made any further financing impossible. This is according to one of the...

Secondary buyout is exit for Alchemy.(Heavy Machinery Group Ltd)(Brief Article)(Statistical Data Included)
May 1, 2001... As a result of a secondary buyout backed by Bank of Scotland, Alchemy has realised its investment in Heavy Machinery Group Limited (HM Plant), a leading distributor of excavators and construction equipment in the UK. The IRR on Alchemy's...

Hotel sale success for Ratos.(Ratos sells holding in Scandic Hotels to Hilton Group)(Brief Article)(Statistical Data Included)
May 1, 2001... Swedish private equity provider, Ratos has realised a SEK1.7 billion profit via the sale of its holding in Scandic Hotels to the Hilton Group. Hilton Group is paying SEK144 per Scandic share, a total of SEK2.2 billion for Ratos' holding in...

Helkon Media gets Redbus Film.(Redbus Investments sells Redbus Film Distribution)(Brief Article)(Statistical Data Included)
May 1, 2001... Redbus Investments sold the majority of its share holding in Redbus film Distribution (RFD) and will continue to have a minority stake of just under 10 per cent in the company. Helkon Media AG acquired around 90 per cent of RED in a deal worth...

Hogadata gets bankruptcy protection.(from Commercial Court in Belgium)(Brief Article)(Statistical Data Included)
May 1, 2001... Hogadata, one of FLV fund's portfolio companies has filed for and obtained bankruptcy protection from the Commercial Court in Antwerp. The court has granted the company a provisional suspension of payment for six months. This will have no...

Wellington exits from Actelion.(Brief Article)(Statistical Data Included)
May 1, 2001... Munich-based venture capital specialist, Wellington Partners has sold its holding in Swiss biopharmaceutical company, Actelion, for CHF635 per share. Actelion floated on the Swiss SWX New Market last April when global stock markets were...

Quios goes for broke.(files for bankruptcy protection)(Brief Article)(Statistical Data Included)
May 1, 2001... VENTURE-BACKED GLOBAL MOBILE services company, Quios has ceased its activities and filed for bankruptcy, after it failed to successfully close a third round of funding. The company specialises in mobile media, providing mobile phone users with...

ECI exits Devonshire.(ECI Ventures divests Devonshire Pub Co. to Honeycombe Leisure)(Brief Article)(Statistical Data Included)
May 1, 2001... Private equity group, ECI Ventures has sold its shareholding in the Devonshire Pub Company to publicly quoted Honeycombe Leisure in a deal valuing Devonshire at [pound]32 million. The consideration consisted of [pound]10 million in cash and...

People moves.(multiple financial services industry appointment briefs)
May 1, 2001... SJ Berwin develops further SJ Berwin has announced a further development in its European expansion. SJ Berwin KnopfTulloch Steininger has strengthened its presence in Germany with the appointment of Dr Sebastien Gronstedt. Dr Gronstedt...

Financing European buyouts.(Statistical Data Included)
May 1, 2001... "The European leveraged finance market is slightly less price sensitive than we have seen in some of the other debt capital markets. This is because it is more of a private investor market in that debt tends to be held by bankers in Europe. The...

Forza Italia.(overview of Italy's investment climate)(Statistical Data Included)
May 1, 2001... The development of the Italian economic system during the last decade, the establishment of the Nuovo Mercato, as well as the improvement of the entrepreneurial environment with a rapid growth in the number and size of MBOs, have all...

iGabriel.(profile of investment company)
May 1, 2001... Ryan Prince, one of the co-founders of the iGabriel network, met Charles Muirhead towards the end of 1999 when he was beginning to ease out of Orchestream. Orchestream was floated on the London Stock Exchange in June last year making founder...

Kiwwi: all set to compete in Central and Eastern Europe's telecoms market.(Kiwwi CEE Holding AG)(Statistical Data Included)
May 1, 2001... Anthony O'Connor reports on the [epsilon]41 million round of funding that will deepen Kiwwi's penetration of Central and Eastern Europe's deregulated and about-to-be-deregulated telecoms markets. Vienna-based Kiwwi CEE Holding AG completed...

3i supports MBO for ERM.(management buyout of Environmental Resources Management)(Brief Article)(Statistical Data Included)
May 1, 2001... 3i has provided a [pound]55 million investment in the management buyout of Environmental Resources Management (ERM), a global supplier of environmental consulting services. Close Brothers, which advised ERM, also initiated the deal, which is...

Callahan Associates acquires Telenet.(Brief Article)(Statistical Data Included)
May 1, 2001... Callahan Associates has finalised its acquisition of 54.2 per cent of Telenet, for an undisclosed sum. The Belgian cable company, which is valued at [epsilon]1.8 billion, has also agreed to issue warrants giving Callahan Associates the right to...

MBI for European Ignition Products.(Reckitt Benckiser seels its ignition products business, to be named Standard Brands Ltd.)(Brief Article)
May 1, 2001... Reckitt Benckiser has sold its ignition products business, which includes the firelighter brand Zip, for [pound]29 million. The new company, which has sales in the UK, France, Belgium and Germany, will be based in Ireland and called Standard...

Barclays PE acquires Minimax.(Barclays Private Equity)(Brief Article)(Statistical Data Included)
May 1, 2001... Barclays Private Equity will acquire 100 per cent of the shares of Minimax from Preussag AG, subject to cartel approval. The value of the deal was not disclosed. Minimax, which has subsidiaries throughout Europe, manufactures fire protection...

[epsilon]20m MBO of Konrad Hornschuch.(management buyout)(Brief Article)(Statistical Data Included)
May 1, 2001... Belgium-based investment company GIMV has announced plans to invest [epsilon]20 million in a management buyout of German foil manufacturer Konrad Hornschuch, giving the Belgian company a 99 per cent stake in the company. Hornschuch management...

Red-M gets Apax & Amadeus backing.(Apax Partners, Amadeus Capital Partners)(Brief Article)(Statistical Data Included)
May 1, 2001... Red-M, UK-based Bluetooth network product solutions provider, has secured second round funding of $43.6 million. This figure is composed of up to $35 million in second round financing and a $8.65 million cash payment to Red-M's associate...

Graffinity Pharmaceutical Design.(completes round of financing)(Brief Article)
May 1, 2001... Graffinity Pharmaceutical Designs of Germany has completed a [epsilon]30.6 million pre-IPO fundraising round from a syndicate led by Merlin Biosciences. While the company has yet to set a date, it plans to list in around two years, most likely...

Anglian 16th PTP for Alchemy.(Anglian Group PLC goes public through Alchemy investment)(Brief Article)(Statistical Data Included)
May 1, 2001... Alchemy completed its 16th public to private transaction with a formal offer of shares in door and window company Anglian Group plc. Following bid talks announced on March 5, Naiglan Investments, a management-led newco backed by Alchemy...

Heavy Machinery Group.(Heavy Machinery Group Ltd. receives loan package from Bank of Scotland)(Brief Article)(Statistical Data Included)
May 1, 2001... Bank of Scotland has provided a [pound]36 million finance package to UK company Heavy Machinery Group Ltd. This facilitates an exit for 50 per cent shareholder Alchemy. The bank package comprises institutional loan stock, senior and...

Micromet gets 4th round.(Micromet receives funding through Advent Venture Partners)(Brief Article)(Statistical Data Included)
May 1, 2001... German drug development company Micromet secured [epsilon]40 million in an oversubscribed fourth round of venture funding. Advent International led a syndicate of life science investors. New investors include funds advised by Medical Strategy...

ETF leads [pound]10m for BuildOnLine.(ETF Group leads investment round for BuildOnLine)(Brief Article)(Statistical Data Included)
May 1, 2001... BuildOnLine, a provider of web-based software solutions to the property and construction industry, has secured a third round of finance. The group of investors includes BancBoston Capital, Delta Partners, Goldman Sachs, Global Retail Partners,...

Diversys raises $20 million.(Diversys Ltd.)(Brief Article)
May 1, 2001... Diversys has completed two agreements to secure a total of $20 million in new financing. MVM Limited, which provided seed funding to the British protein engineering company in December, has invested $3 million for a 5.9 per cent equity stake....

$5 million for Zielona Budka.(Zielona Budka-Zbigniew Grycan S.A.)(Brief Article)
May 1, 2001... Enterprise Investors has received a $5 million (PLN20.5 million) investment in Polish ice-cream manufacturer Zielona Budka-Zbigniew Grycan SA. Enterprise Investors currently holds 12.3 per cent of the company's shares and will become the...

Two Way TV attracts [pound]12 million.(from Skandia Media Invest)(Brief Article)
May 1, 2001... Two Way TV, a UK company offering an interactive games channel, has received an investment of [pound]12 million from Swedish investor, Skandia Media Invest (SMI Media Invest). It has yet to be decided which of SMI's directors will join the Two...

Comnitel Technologies gets [epsilon]15m.(second round of financing)(Brief Article)
May 1, 2001... Mobile telecommunications network and service management software provider Comnitel Technologies raised [epsilon]15 million second round financing. The round was oversubscribed but the funding was not increased. The funds will be used to...

Develogen secures [epsilon]40m.(financing led by Dresdner Kleinwort Capital)(Brief Article)
May 1, 2001... DeveloGen AG has completed a [epsilon]40 million private financing round, led by Dresdner Kleinwort Capital (DrKC), which will be put towards the company developing additional applications of its integrated technology platform, DeveloScreen, as...

1st round for Alphamosaic.(investment from Prelude Trust PLC)(Brief Article)
May 1, 2001... Prelude Trust invested [pound]1.25 million in Alphamosaic Limited, a spin out from Cambridge Consultants Limited (CCL) at the end of April. This amount is part of [pound]6 million destined for the company over the next year. Prelude takes the...

The time is now for French buyouts.(management buyout market overview)(Statistical Data Included)
May 1, 2001... France continues to retain its position as leader in the continental European buyout market. According to preliminary figures from AFIC, in 2000 total investment in the private equity market reached [epsilon]4.7 billion and of this total...

France: a confident, home market.(venture capital market overview)(Statistical Data Included)
May 1, 2001... France's venture capital scene has become increasingly active over recent years and that status quo looks set to continue although the economy will by no means be immune to the cooling of the Euro economy and beyond. Despite the good prospects...

Group spin-off MBOs: risks and rewards.(analysis of management buyouts)
May 1, 2001... Guillaume Jacqueau and Jean-Bernard Meurisse both partners of Barclays Private Equity France discuss the issues. Management buyouts (MBOs) on group spin-offs have become increasingly frequent over the last few years, particularly in France....

The French Private Equity market in 2000 and prospects for 2001.(Industry Overview)(Statistical Data Included)
May 1, 2001... Willy Stricker, chairman & CEO of CDC IXIS Private Equity, assesses the situation. 2000: Another exceptional year before returning to basics 2000 was a record year for private equity in Europe and particularly in France. Funds raised...

Barclays Private Equity France.(company profile)(Brief Article)(Statistical Data Included)(Company Profile)
May 1, 2001... Barclays Private Equity (BPE) has built its investment network in Europe over the last two decades. Established in London in 1979, it started expansion through UK regional offices (Birmingham, Manchester and Reading) during the period...

CDC IXIS Private Equity.(services, assets)(Brief Article)(Statistical Data Included)
May 1, 2001... Market position * One of the top three French private equity groups with [epsilon]1.7 billion capital managed in the year 2000. * Among the top 15 in the European market. * Leading player in French venture capital, with over...

Evolutions in the structure and culture of French private equity.(Industry Overview)
May 1, 2001... Eric Mookherjee president of Credit Lyonnais Asset Management (CLAM) -- Alternatives and managing director of CLAM Private Equity, and Philippe Nguyen, president of CLAM Private Equity, discuss. Over the last five years some radical changes...

CLAM Private Equity/Equitis.(service of Credit Lyonnais Asset Management)(Brief Article)
May 1, 2001... CLAM PE/Equitis is the emanation and extension of a private equity team previously within Credit Lyonnais Asset Management (CLAM). In order to establish the company as a top-notch player in France, the highly reputed asset management subsidiary...

Private equity: is it the right time to invest? Yes. But how?(Industry Overview)(Statistical Data Included)
May 1, 2001... The answer is through funds-of-funds says Fondinvest Capital A recognised asset class Over the past five years private equity has experienced a growth never seen before, both in terms of capital under management and amount invested....

Fondinvest Capital.(management, services)(Brief Article)
May 1, 2001... Fondinvest Capital is an autonomous portfolio management company created in 1994, specialising in private equity fund-of-funds activity. Fondinvest is a pioneer in this business in Europe as it created one of the first French private equity...

Materis.(leveraged buyout deal)
May 1, 2001... Tailormade financing solutions for a complex and challenging transaction provided by The Royal Bank of Scotland plc. Michel Chabanel, Geoffroi de Saint Chamas and Jean-Yves Korenian outline the issues. Strategic decision The idea of a...

Financing start-ups in France.(venture capital companies)(Industry Overview)
May 1, 2001... As a benchmark for the new economy, venture capital is one of the key measures of its success and sustainability. How has France fared in that respect, as French venture capitalists try to reap the profits of a sound technology base and a...

Sofinnova Partners.(Brief Article)(Company Profile)
May 1, 2001... Sofinnova Partners is one of France's leading venture capital companies. Headquartered in Paris, Sofinnova Partners is dedicated to finance the best European technology start-ups in the life sciences and in the telecommunications and networking...

RBS Leveraged Finance France.(Brief Article)(Company Profile)
May 1, 2001... The Royal Bank of Scotland (RBS) Leveraged Finance is one of the leading providers of senior and mezzanine debt for European leveraged transactions. It is a strong presence in France with a local dedicated team. In 2000, RBS lent in excess...