European Venture Capital Journal articles from May 2002

European Venture Capital Journal archives from May 2002

UK budget affects PE. (News: Private Equity).(Brief Article)
May 1, 2002... UK buyout activity could get a boost thanks to the latest Budget announcement on capital gains taper tax relief for individuals. From April 6,2002 higher rate tax payers will see their capital gains tax liability drop to 20 per cent once the...

Allianz and Dresdner Bank restructure PE. (News: Private Equity).(Brief Article)
May 1, 2002... A year on from the merger of German usurer Allianz and Dresdner Bank, the group has revealed plans for combining its private equity businesses. However much remains unclear. The Allianz and Dresdner operations will be amalgamated to form...

GE Capital expands leveraged finance. (News: Private Equity).(Brief Article)
May 1, 2002... Following its acquisition of Heller Financial last year GE Capital is expanding its leveraged finance operations. Heller Financial's European Group, now known as GE Capital Leveraged Finance, will take on extra staff and increase deal flow. ...

EVCA opposes changes to pension fund rules. (News: Private Equity).(Brief Article)
May 1, 2002... Proposed pension fund rules are posing a threat to the private equity industry, according to the European Venture Capital Association (EVCA). The EVCA has spoken out against the inclusion of the "prudent person rule plus" as part of European...

ICGN joins EU takeover code lobby. (News: Private Equity).(Brief Article)
May 1, 2002... Lobbying for the EU takeover code is in full force. The International Corporate Governance Network (ICGN) has added its support to the group lobbying for the EU takeover code to become law. In a letter to Frits Bolkestein, the EU's Internal...

Large UK buyouts still suffering. (News: Private Equity).(Brief Article)(Statistical Data Included)
May 1, 2002... UK management buyouts above [pounds sterling]10 million have fallen by volume and value in the first quarter of 2002 compared to the same period last year. According to KPMG Corporate Finance, so far this year 25 deals worth [pounds...

Phildrew team emerges as IRRfc. (News: Private Equity).(Brief Article)
May 1, 2002... Phildrew Ventures has gained its independence from UBS Capital. The five partners who formed the venture prior to its incorporation into the Swiss bank in 1999, have agreed a settlement securing their independence. The new venture, IRRfc, aims...

Time management an issue for VCs. (News: Private Equity).(Brief Article)(Statistical Data Included)
May 1, 2002... Fund raising, monitoring old investments and administration now take up more management time and resources than ever, according to a survey by ICOSR, a financial services software firm. ICOSR reveals that in 1999 managers spent around 50 per...

Slow down in Italian investments. (News: Private Equity).(Brief Article)
May 1, 2002... Italian funds raised and invested were both down in 2001 in spite of an increase in private equity players in the region. Figures from the Italian Private Equity Association, AIFI record the first slowdown in the Italian market for a decade....

Andersen UK signs deal with Deloitte & Touche. (News: Private Equity).(acquisition deal)(Brief Article)
May 1, 2002... Deloitte & Touche has signed a deal to acquire its rival the UK division of Andersen, the accountancy firm implicated in the collapse of Enron. The news comes three weeks after Andersen began merger talks with KPMG. These discussions are...

German banks take stake in VCM FoF. (News: Private Equity).(Brief Article)
May 1, 2002... BHF-Bank and Hauck & Aufhauser Privatbankiers have each acquired a 10 per cent stake in the Munich-based fund-of-funds business, VCM Venture Capital Management, via a capital increase. The private banks are VCM's only institutional...

BPEP Espana in partnership with Caixa Catalunya. (News: Private Equity).(Brief Article)
May 1, 2002... Baring Private Equity Partners Espana is to take on the management of part of Caixa d'Estalvis de Catalunya's direct private equity portfolio. Caixa Catalunya, Spain's third largest savings bank, has invested over [euro]27 million since it...

Budget welcomed by BVCA. (News: Venture Capital).(Brief Article)
May 1, 2002... John Mackie, chief executive of the British Venture Capital Association, has welcomed the changes put in place by UK chancellor Gordon Brown's 2002 budget. Mackie said in a statement: "We will continue to press for further improvements in...

Deal debut for creative company accelerator. (News: Venture Capital).(Brief Article)
May 1, 2002... Corporate advisory firm Pembridge has led its first deal, the [pounds sterling]5 million management buyout of Lexis Public Relations. Pembridge launched its business accelerator services in October last year and has recently added a business...

Tornado Insider re-launched. (News: Venture Capital).(Brief Article)
May 1, 2002... Tornado Insider, which produces a magazine, website and research for European high tech entrepreneurs and investors, has been resurrected thanks to fresh funding. Despite reaching its first profitable quarter at the end of last year the company...

WIs nanotech the next big thing? (News: Venture Capital).(Brief Article)
May 1, 2002... April saw the launch of the European NanoBusiness Association (ENA), a non-profit organisation dedicated to promoting European nanotechnology. Based in Brussels the organisation's goal is to ensure the smooth and successful transfer of European...

Capital Stage predicts big returns from nanotech. (News: Venture Capital).(Brief Article)
May 1, 2002... CAPITAL STAGE, a German financial services firm, has launched Europe's first investment company dedicated to nanotechnoloy investments. Capital Stage will commit [epsilon]20 million to the [epsilon]100 million Nanotech Invest aims to raise. ...

Cross Atlantic seeking Scottish deals. (News: Venture Capital).(Brief Article)
May 1, 2002... Scottish venture capital expert Hazel Cameron is lending her skills to US-based VC firm Cross Atlantic Capital Partners, which is on the look out for technology investment opportunities in Scotland. The firm has recently set up an office in...

University of Southampton launches CEI. (News: Venture Capital).(Centre of Enterprise and Innovation)(Brief Article)(Statistical Data Included)
May 1, 2002... Investors are being courted by the University of Southampton as it formally launches its Centre of Enterprise & Innovation (CEI) with a series of events and seminars. Investor's Day on April 30 will showcase some of the university's research in...

QCA lobbies for tax relief. (News: Venture Capital).(Quoted Companies Alliance )(Brief Article)
May 1, 2002... A campaign lobbying the UK government to introduce tax breaks for companies raising equity finance has been launched by the Quoted Companies Alliance (QCA). The QCA represents small and mid-cap companies outside the FTSE 350 and fears current...

University spinouts secure funding. (News: Venture Capital).(Brief Article)
May 1, 2002... Two UK universities have established partnerships to help their spinout companies secure funding. The deals mean an additional [pounds sterling]25 million will be available to fund their early stage technology projects. IP2IPO, the intellectual...

Cinven exceeds target with mega fund. (News: Funds).(Brief Article)(Statistical Data Included)
May 1, 2002... UK buyout house Cinven has surpassed the [euro]3.5 billion target size of its third fund with a final close at over [euro]4.3 billion. The fund has received commitments from over 100 international institutions and is significantly larger than...

German focus for Henderson fund. (News: Funds).(Brief Article)
May 1, 2002... German institutional investors will benefit from Henderson Private Capital's new fund-of-funds. The private equity arm of Henderson Global Investors has unveiled two funds Henderson North-America Private Equity Funds of Funds and Henderson...

First close for Sigma tech fund. (News: Funds).(Brief Article)
May 1, 2002... AIM-listed Sigma technology group has achieved a first close on its Sigma Technology Venture Fund a year on from its launch. The fund has received [euro]17 million in commitments and hopes to raise up to [euro]50 million at its final close. ...

Warburg Pincus is above target. (News: Funds).(final close of fund over original target)(Brief Article)(Statistical Data Included)
May 1, 2002... Global private equity firm, Warburg Pincus has achieved a final close on Warburg Pincus Private Equity VIII at $5.3 billion. This is $3 million over its original target of $5 million set at its launch a year ago. The fund will invest in...

SSVP targets German Mittelstand. (News: Funds).(Brief Article)
May 1, 2002... Munich-based Orlando Management has announced the final closing of the Special Situations Venture Partners (SSVP) fund at [euro]163 million, exceeding its original target of [euro]125 million. The fund was substantially oversubscribed and had...

Pall Mall celebrates first close. (News: Funds).(Brief Article)
May 1, 2002... Newcomer to the venture capital scene, Pall Mall Partners has reached the first close of its maiden fund at [euro]15 million, double the amount set at its launch. Cambridge-based Pall Mall Technology Ventures fund hopes to reach a final close...

University of Ulster launches VC fund. (News: Funds).(Brief Article)
May 1, 2002... A [pounds sterling]12 million venture capital fund has been launched by the University of Ulster to commercialise the products of its research programmes. The Alpha fund is targeting investors in the US, Europe and Asia to commit to spinout...

Regional focus for AIB's second fund. (News: Funds).(Brief Article)
May 1, 2002... Irish banking and financial services organisation, Allied Irish Banks (AIB) has unveiled a [euro]25 million early stage technology fund. The AIB Equity Fund 2002 is the bank's second technology fund. The first was launched in October 2000. ...

More funds for Ireland. (News: Funds).(Brief Article)
May 1, 2002... Enterprise Ireland, through its [euro]95 million initiative to establish 12 new Irish venture capital funds has launched Kernel Capital Partners Venture Capital Fund. The new fund has a target of [euro]25 million and has just completed its...

Alternative energy attracts funds. (News: Funds).(Brief Article)
May 1, 2002... Anew venture has been set up targeting new energy solutions in the Nordic region. P/S BI New Energy Solutions has raised DKr250 million to invest in unquoted companies that develop and produce new energy technologies. Danish asset management...

Matrix Enterprise Fund reaches first close. (News: Funds).(Brief Article)
May 1, 2002... Matrix Private Equity has achieved the first close of its Matrix Enterprise Fund at [pounds sterling]1.3 million. The fund aims to achieve a final close with a minimum target of [pounds sterling]3 million by the end of June. The new fund...

QVP attracts [euro]115 million. (News: Funds).(Quester Venture Partnership )(Brief Article)(Statistical Data Included)
May 1, 2002... Quester, the UK VC traditionally focused on VCTs, has raised [euro]115 million of commitments for its new institutional VC fund, its first in over ten years. Quester Venture Partnership (QVP) has secured commitments from prominent institutions...

European IPO activity declines in Q1 2002. (News: Exits).(Brief Article)(Statistical Data Included)
May 1, 2002... A drop in IPO activity has been recorded for the first three months of 2002 compared to the same period last year. According to a survey conducted by PricewaterhouseCoopers (PwC), of all new listings on Europe's principal markets, IPOs are down...

In the IPO departure lounge. (News: Exits).(Brief Article)
May 1, 2002... Listing speculation continues and the last month has seen a wave of private-equity backed companies eagerly awaiting the recovery of the IPO market. Advent-backed HMV Media, looking at a May float, hopes to be the first of many private...

Carlyle Group makes first European exit. (News: Exits).(Socpresse acquires 100 percent stake in Le Figaro with sale of Carlyle Group minority stake)(Brief Article)(Statistical Data Included)
May 1, 2002... The Carlyle Group has made the first exit from its maiden European fund, the [euro]1 billion Carlyle Europe Partners. Carlyle has sold its 40 per cent stake in French newspaper publishing group, Le Figaro to the group's majority shareholder,...

A swift exit for AMJPE. (News: Exits).(Aberdeen Murray Johnstone Private Equity realizes investment in RFO backing)(Brief Article)(Statistical Data Included)
May 1, 2002... Aberdeen Murray Johnstone Private Equity has realised its investment in service company RFO, less than a year since it backed the company. RFO has been acquired by Aberdeen-based Qserv, an offshore services company. The sale of AMJPE's 21...

More Dub exits for MGPE. (News: Exits).(Enterprise Inns acquires Laurel Pubs from Morgan Grenfell Private Equity)(Brief Article)(Statistical Data Included)
May 1, 2002... Morgan Grenfell Private Equity which last year was folded into DB Capital is reaping the benefits from its investment in the Laurel Pubs business with a second exit from the group. MGPE has sold Pub Partnerships comprising 1,860 pubs for...

A rough ride for Fairchild Dornier. (News: Exits).(files for bankruptcy)(Brief Article)(Statistical Data Included)
May 1, 2002... Private equity-backed airline manufacturer Fairchild Dornier has filed for insolvency following difficulty finding a strategic partner to help it overcome the aerospace sector slowdown and to fund its new projects. The regional government in...

MTI sells Simulus. (News: Exits).(acquired by BMC Software subsidiary)(Brief Article)(Statistical Data Included)
May 1, 2002... High tech fund manager MTI has realised its investment in start-up company Simulus. The software developer has been acquired by a subsidiary of US-based BMC Software, a provider of management software for an undisclosed sum. In total, MTI...

Homebase performs well for Permira. (News: Exits).(early loan repayment)(Brief Article)(Statistical Data Included)
May 1, 2002... Homebase, the DIY group backed by Permira is making an early repayment of [pounds sterling]240 million to investors who financed the [pounds sterling]750 million purchase of the group from J Sainsbury last year. The early repayment follows...

Another exit for Bridgepoint. (News: Exits).(Bridgepoint Capital sells Eurogestion to ISS)(Brief Article)(Statistical Data Included)
May 1, 2002... Bridgepoint Capital is celebrating another exit from its portfolio. The firm has sold its majority stake in Eurogestion, the French pest control and hygiene services company to ISS, the Danish support services group for [euro]155 million. ...

3i exits Fairview. (News: Exits).(Brief Article)(Statistical Data Included)
May 1, 2002... Just a year on from its investment in the MBO of UK property developer Fairview Holdings by General London Constructors, 3i is celebrating a successful exit. 3i completed the 180 pence per share offer for Fairview at the beginning of last year,...

b-business makes a profit on wireless. (News: Exits).(XcelleNet acquires Ehand)(Brief Article)
May 1, 2002... Consolidation is on the cards in the Swedish wireless market and this month sees a major development in the sector with mobile infrastructure provider, XcelleNet's acquisition of wireless software firm, Ehand. The deal marks an exit for the...

Emetra calls it a day. (News: Exits).(discontinues trading platform)(Brief Article)
May 1, 2002... Venture-backed online trading platform Emetra has ceased activity after failing to produce sufficient trading activity on its website. The trading platform is no longer accessible to customers and the remaining cash in the business is being...

Brayshay goes to RFC. (News: Exits).(Resilient Flooring Co. acquires in secondary transaction)(Brief Article)
May 1, 2002... 3i has managed to realise its investment in carpet specialist, Brayshay via a secondary transaction, Brayshay is being acquired from its management team and 3i by The Resilient Flooring Company. The [pounds sterling]3 million acquisition is...

HMTF makes gain on Christie-Tyler. (News: Exits).(Hicks, Muse, Tate and Furst completes recapitalization)(Brief Article)(Statistical Data Included)
May 1, 2002... Hicks, Muse, Tate & Furst has completed a recapitalisation of leading UK furniture retailer Christie-Tyler, the former furniture division of Hillsdown Holdings. The recapitalisation will enable HMTF's investors to recoup all of their original...

Allen to Hammond Suddards Edge. (People Moves).(Amanda Allen)(Brief Article)
May 1, 2002... Amanda Allen has joined the Birmingham office of Hammond Suddards Edge as senior corporate finance partner just five months after announcing her resignation from rival firm Pinsent Curtis Biddle. Allen had been with Pinsent Curtis Biddic since...

New PE head at Hermes. (People Moves).(Hermes Pensions Management appoints Rod Selkirk head of private equity)(Brief Article)
May 1, 2002... Rod Selkirk has been appointed head of private equity at Hermes Pensions Management. His appointment follows the retirement of his predecessor, Robert Padgett. Selkirk joins from Bridgepoint where he was managing director and a member of the...

Ariadne gets Griffin. (People Moves).(Emma Griffin appointed director at Ariadne Capital)
May 1, 2002... Ariadne Capital, the VC and advisory firm set up by the co-founder of First Tuesday, Julie Meyer has appointed Emma Griffin as director. Griffin will assist in managing client activities including attracting new companies and helping to execute...

Waterland new partner. (People Moves).(Peter Oostcnenk appointed partner at Waterland Private Equity)(Brief Article)
May 1, 2002... Peter Oostcnenk has joined Waterland Private Equity Investments as partner. He was previously chief financial officer and business development officer of the European division of US-based listed company Autobytel.inc. Prior to that, he was...

LDC recruits. (People Moves).(Lloyds TSB Development Capital appoints Stewart Liduci and Anthony Bull as directors)(Brief Article)
May 1, 2002... Lloyds TSB Development Capital (LDC) has appointed two new executives to strengthen its London team. Anthony Bull and Stewart Licudi join LDC as investment directors increasing the London team to six executives. The new additions form part...

Cameron to Cross Atlantic. (People Moves).(Hazel Cameron consulting with Cross Atlantic United States and United Kingdom offices)(Brief Article)
May 1, 2002... Scottish venture capital expert Hazel Cameron is lending her skills to US-based VC firm Cross Atlantic Capital Partners, which is on the look out for technology investment opportunities in Scotland. The firm has recently set up an office in...

Pembridge hires Lewis. (People Moves).(Rose Lewis appointed director at Pembridge)(Brief Article)
May 1, 2002... Rose Lewis has joined Pembridge, the business accelerator for the creative industry as director. She previously worked for 3i identifying and managing media and technology investment opportunities including the [pounds sterling]20 million...

Lamb joins PWC Media. (People Moves).(Simon Lamb joins PricewaterhouseCoopers)(Brief Article)
May 1, 2002... Simon Lamb has joined PricewaterhouseCoopers, Transaction Services London Strategy Group to focus on the Entertainment and Media sectors. Simon was previously at LEK in London and Sydney and then spent 4 years at United Business Media in their...

New faces at Lovells. (People Moves).(elects 19 new partners)(Brief Article)(Statistical Data Included)
May 1, 2002... International law firm Lovells has elected 19 new partners. This will bring the total for the firm to 334 partners across 26 offices in Europe, Asia and North America. Ten of the newly elected partners will be based outside London with six in...

3i appoints. (People Moves).(Brief Article)(Statistical Data Included)
May 1, 2002... Cressida Hogg has been appointed director of transactions in 3i's Reading office. Hogg jointed 3i in 1995 and spent four years on the London transactions team, moving to Reading in 1999. She has worked on several high-profile management buyouts...

Fidelity promotions. (People Moves).(Brief Article)
May 1, 2002... Fidelity Ventures, the unit of Fidelity Investments which invests in emerging software, networking and telecommunications companies, has announced the promotions of Anne Mitchell to partner and Heidi Rauber to principal. "These promotions...

Many mountains still to climb: although a hot bed of innovation, the French VC market still needs boosting by genuine government reform. (Overview: France).(venture capital investments)(Statistical Data Included)
May 1, 2002... Spring in Paris brought unusual cheer to the French venture capital market, with signs in March that the investment impasse was lifting: [euro]63 million was invested in 17 growth companies, almost double the [euro]30 million allocated in...

2002: a good French vintage? (Overview: France).(French buyouts January 1, 2001, to April 19, 2002)(Statistical Data Included)
May 1, 2002... After six months of partial paralysis the buyout market across Europe is beginning to stir and there are plenty of signs of life to be seen in France, both in terms of new deals and exits. Preliminary 2001 figures from Association Francaise des...

Growing up in public. (Overview: France).(Euronext stock exchange)(Statistical Data Included)
May 1, 2002... The vision for Euronext was unfurled during March 2000 in the teeth of the technology slump. David Rothnie charts its impact on the French VC market and why bad timing does not mean it is a bad idea. "There is one thing stronger than all...

Founding fathers. (Overview: France).(Sofinnova Partners)(Company Profile)
May 1, 2002... With 30 years' experience of venture capital investing Sofinnova Partners is a veritable veteran of the industry in France, or anywhere for that matter. Jean-Bernard Schmidt, who joined the company in 1974 and is now general partner and...

The FCPR: a European vehicle; recent legislation in France will streamline and modernise rules applicable to the FCPR, writes George Pinkham, senior partner SJ Berwin, Paris office. (Sponsored Article).(Fond Commun de Placement Risques)
May 1, 2002... The French government has recently passed new legislation (Loi de Finances pour 2002) which is intended to streamline and modernise the rules applicable to both French fonds communs de placement risques (FCPR) and French fonds communs de...

A strong Scottish export. (Cover Story: Scotland).(Industry Overview)
May 1, 2002... There is no shortage of funding available for the right projects in Scotland, but in the buyout sector in particular there is a need to scour the whole of the UK and now continental Europe for deals, rather than sticking to Scottish roots. ...

High hopes. (Face to Face: Albina Nikkonen).(executive director, Russian Venture Capital Association)(Statistical Data Included)(Interview)
May 1, 2002... The history of Russian venture capital dates back to 1993 when the European Union and the governments of the Big Seven (Canada, France, Germany, Italy, Japan, the UK and the US) signed an agreement to support the enterprises privatised under...

Medscreen is put to the test. (Deal of the Month: Medscreen).(Medscreen Ltd.)(Statistical Data Included)
May 1, 2002... London-based Sagitta Private Equity completed the funding of drug and alcohol testing company Medscreen Limited's MBO in early April from its US parent, PharmChem, for a total consideration of [pounds sterling]7 million. Sagitta provided...

Seeking buyers April.(European companies seek buyers for divisions, stakes)
May 1, 2002... Seeking buyers April Seeking buyers includes listings of all European companies that have announced plans since March 20, 2002 until April 20, 2002 to sell divisions, stakes or their entire company. It also includes purported sales...

Announced April deals. (Announced deals).(Europe)
May 1, 2002... Announced April deals Announced deals includes listings of private equity and venture capital trans- actions involving European targets that were announced from March 25, 2002 to April 25, 2002. The listings are ordered by target...