European Venture Capital Journal articles from November 2002

European Venture Capital Journal archives from November 2002

MCH Private Equity to raise [euro]200m for spanish buyouts. (News).(MCH Private Equity seeks euro 200 mil for second venture fund)(Brief Article)
November 1, 2002... MCH Private Equity is in the process of finalising details to start the fund raising process of its second fund, which has set a target of [euro]200 million. French bank Natexis and Quilvest, a French financial holding company, both comerstone...

Unilever puts aside [euro]170m for VC funds. (News).(venture capital)
November 1, 2002... Anglo-Dutch consumer goods giant Unilever is allocating [euro]170 million to a corporate venturing initiative. With three different funds, the group aims to build business opportunities close to its core interests in foods, home and personal...

Euromezzanine 4 on track. (News).(Brief Article)
November 1, 2002... French mezzanine specialist Euromezzanine is well on track with its fourth fund, Euromezzanine 4. Since its launch last May the fund has raised over 300 million and a final close on a target of 400 million is scheduled for the beginning of...

HBM's second fund launched. (News).(HBM Bioventures' new fund)
November 1, 2002... HBM Bioventures, the Swiss biotech investor, has launched its second fund. Silvano Cominelli, a partner at the firm, said HBM hopes to be halfway towards the [euro]200 million target by year-end with a final close anticipated in the first half...

Barlage Knoth & Cie pioneers AG fund structure. (News).
November 1, 2002... A new German buyout fund has made a break from tradition by adopting a stock corporation structure instead of the usual limited partnership arrangement. Frank Hock, managing director of Munich-based Barlage Knoth & Cie (BKCie), said the reasons...

GLSV II closes on [euro]143m. (News).(Global Life Science Ventures )(Brief Article)
November 1, 2002... Dedicated life science investor, Global Life Science Ventures has closed its second fund after raising [euro]143 million from a group of seven existing and nine new investors. The new fund is more than double the size of GLSV's first offering....

Goldman Sachs closes latest fof at $1.2bn. (News).(Brief Article)
November 1, 2002... Goldman Sachs has raised its sixth fund-of-funds, this time reaching a target to $1.2 billion. The fund will invest in funds across the globe with no predefined geographic split. The only difference in this fund is that part of the investing...

Accountancy firms slam brakes on early stage. (News).
November 1, 2002... Accountancy firms seem to be taking a break from early stage ventures with most putting their incubator models launched at the height of the tech boom on hold. Ernst & Young for example, which like counterparts Deloitte & Touche and KPMG had...

Quester reopens VCT5. (News).(Brief Article)
November 1, 2002... UK venture capital firm Quester has reopened its fifth venture capital trust, which had closed at [pounds sterling]18.6 million by May this year, The original target was [pounds sterling]25 million. Although short of this figure Quester's fund...

Talde on track with fund IV. (News).
November 1, 2002... Spanish venture veteran Talde is well on the way to closing its fourth fund. Launched earlier this year the [euro]60 million fund looks set to close at the end of this year, or the beginning of next. While many funds are struggling to attract...

Candover eyes Spanish deals. (News).
November 1, 2002... European buyout specialist Candover is building on its presence in the Spanish market with the appointment of Alejandro von der Pahlen as an advisor to originate deals for the firm in Spain and Portugal. He will work alongside Gerard Conway,...

Advent International sets up in Spain. (News).
November 1, 2002... Following a string of successful deals in the Spanish market, Advent International has set up a team in Madrid, led by the former Spanish Dresdner Kleinwort Capital team. Jaime Carvajal Urquijo will be chairm an of the new office, Juan...

Deutsche Beteiligungs raises fourth fund. (News).(Brief Article)
November 1, 2002... Deutsche Beteiligungs has raised [euro]121 million for its fourth fund, DBAG Fund IV It is the first time the listed private equity group has raised money from investors outside the company's principal shareholder base. The firm now has...

UK entrepreneurs twice as keen to sell. (News).(Brief Article)
November 1, 2002... Accountancy firm BDO Stoy Hayward has found that the number of entreprenueurs in the UK keen to sell their businesses has doubled compared to this time last year. The advisor puts this shift in sentiment down to the more attractive tax...

TVM reduces tech fund target. (News).(Techno Venture Management)(Brief Article)
November 1, 2002... German/US venture capital Firm Techno Venture Management has closed its latest fund TVM V Information Technology at [euro]128 million. Fund raising in 2001 and 2002 proved increasingly challenging and so the firm was forced to reduce its fund...

Barcelona finds hard times for ICT. (News).(Information and communications technology is discussed at conference)(Brief Article)
November 1, 2002... Survival of the fittest is the name of the game in the ICT market. At the EVCA technology investment conference, held in Barcelona last month, the message was one of doom and gloom from ICT keynote speaker Rudi Lamprecht, group president of...

What is the future of venture? (News).
November 1, 2002... VC players are operating in a market characterised by uncertainty. This is the main conclusion at the closing of the EVCA technology investment conference, held in Barcelona last month. "It is not the clear what the right steps are and who...

Go Equity closes short of target. (News).(Brief Article)
November 1, 2002... Austrian private equity firm Go Equity has reached a final close of [euro]54 million on Go Equity II. As with many funds finding it tough to raise capital at the moment, the firm decided to reduce its original target volume of [euro]100...

A boost for Swedish Seed investments. (News).(Brief Article)
November 1, 2002... Swedish seed financing is getting a boost with the launch of KTH Seed Capital. A total of SEK127 million ([euro]14 million) has been committed to the fund from the Royal Institute of Technology, the Swedish Industrial Development Fund, W...

Duke Street's new European structure. (News).(Brief Article)
November 1, 2002... Duke Street Capital has restructured its private equity team, forming dedicated country teams for the UK, France, Germany and Spain. Peter Taylor now has overall responsibility for the group of 19 investment professionals in the newly created...

HarbourVest closes fund IV. (News).
November 1, 2002... Global private equity firm HarbourVest Partners has closed its fourth fund at $2.8 billion. HarbourVest International Private Equity Partners IV will comprise two separate partnerships and will be invested predominantly in Europe. Around $374...

Record number of UK university spinouts. (News).
November 1, 2002... Universities in the UK are spinning out more companies than ever before, according to a new survey carried Out by the University Companies Association (UNICO) and Nottingham University Business School (NUBS). David Catton, chairman of UNICO,...

Additional $80m for Celtic House. (News).(Celtic House Venture Partners' Celtic House Fund II)
November 1, 2002... Celtic House Venture Partners, the seed investor based in Canada and the UK, has raised an additional $80 million for Celtic House Fund II. This is the first time since the firm was established in 1994 that it has raised money from...

Alta Berkeley builds team. (News).(Alta Berkeley Venture Partners)(Brief Article)
November 1, 2002... Alta Berkeley Venture Partners has appointed Pete Magowan, the former executive vice president of business development at ARM Holdings, as the group's fifth partner. Tim Brown, a London-based partner, said Alta Berkeley was looking to build the...

Citigroup backs Stirling Square Capital Partners. (News).
November 1, 2002... Citigroup is putting up $250 million as a cornerstone commitment to back a new fund launched by a team of high profile pan European players with 50 years' private equity and investment banking experience. Stirling Square Capital Partners will...

Chequers closes maiden fund above target. (News).(Chequers Capital)
November 1, 2002... Chequers Capital, formerly Charterhouse France which gained its independence last year, has reached a final close on its debut fund at [euro]300 million. The final close was 50 per cent above the original target of [euro]200 million. ...

Progress with VCT regulations. (News).
November 1, 2002... The UK government has passed legislation to make it easier for certain investments by Venture Capital Trusts (VCTs) to retain their qualification for tax relief. The changes, announced in the March 2000 Budget, apply to investee companies that...

Experience is key for start-ups. (News).
November 1, 2002... A management team with proven sector experience is the most valuable asset that a start-up company can have, according to the Springboard start-up survey 2002. The survey also reveals successful start-ups generally require less than [pounds...

Cal-IT in London again. (News).
November 1, 2002... Cal-IT, held in London on October21 & 22, saw 55 CEO's and senior executives make their 15-minute pitches to interested delegates in two parallel sessions. The 15 minute pitches, while interesting, are not the primary means for assessing...

Coller closes largest ever secondaries fund. (News).
November 1, 2002... Coller Capital has closed its fourth fund at $2.5 billion, more than double its target size. This makes Coller International Partners IV the largest fund ever dedicated to buying investment portfolios and investors positions in private equity...

GE Equity: the end. (News).
November 1, 2002... GE Equity is closed to new investments with immediate effect. Its mainly TMT portfolio is worth some [euro]3 billion globally and about 60 per cent of this is invested in North America, 20 per cent in Europe and 20 per cent in Asia and South...

Cytos manages listing through merger. (Exits).
November 1, 2002... Investors in Swiss biotech company Cytos will benefit from its merger with publicly traded healthcare company Asklia. As a result of the merger, Cytos will apply to the Swiss stock exchange for registration and request to begin public trading...

Mercapital sells stake in Garcia Baquero. (Exits).
November 1, 2002... Spanish buyout specialist Mercapital has sold its stake in cheese manufacturer Garcia Baquero for an undisclosed sum. Management has acquired Mercapital's 16.7 per cent stake, which it bought in 1996 for [euro]9.62 million to help the company...

Bure makes gain on Carl Bro. (Exits).
November 1, 2002... Listed Swedish investor Bure has agreed to sell its stake in Danish technology consulting company, Carl Bro to Sweco. Bure acquired a 51 per cent stake in the company a year ago for an undisclosed sum. For Bure, the deal frees up SEK214 million...

21 Invest continues disposals. (Exits).
November 1, 2002... 21 Invest has sold its remaining interest in Italian healthcare company Techosp and reduced its stake in listed reprographics company Servicepoint Solutions. The returns from the two investments were 56 per cent and 55.5 per cent, respectively....

Alchemy to exit Goldsmiths. (Exits).(Goldsmiths Group PLC obtains financing from Bank of Scotland, allowing investor Alchemy Partners to exit investment)(Brief Article)
November 1, 2002... Bank of Scotland has provided a debt facility of around [pounds sterling]75 million to UK jewellers Goldsmiths, which will enable strategic investor Alchemy Partners to exit its 1999 investment in the company. Goldsmiths Group is the UK's...

3i continues healthcare disposals. (Exits).(3i Group PLC sold Robinson Healthcare to Royal Bank Development Capital)(Brief Article)
November 1, 2002... 3i has realised its investment in Robinson Healthcare to complete a trio of exits in recent months, all via secondary buyouts in the healthcare sector. In this case Royal Bank Development Capital acquired the business from 3i and the Robinson...

Barclays PE gets money back on Admiral. (Exits).(Admiral PLC repaid investment made by Barclays Private Equity)
November 1, 2002... Barclays Private Equity has seen the full repayment of its investment in UK car insurance group, Admiral. The group has negotiated a [pounds sterling]80 million refinancing deal, jointly underwritten by Bank of Scotland Corporate Banking and...

US Russia Investment Fund Quits Lomonosov. (Exits).(Delta Capital Management sold fund's holding in Lomonosov Porcelain Plant to Nikoil Financial Corp. shareholder)
November 1, 2002... The US Russia Investment Fund (TUSRIF), managed by Delta Capital Management, has sold its stake in the troublesome Lomonosov Porcelain Plant to an individual shareholder after four years. The US private equity fund Kohlberg Kravis Roberts (KKR)...

Palgrave Brown swaps AMJPE owners. (Exits).(Aberdeen Murray Johnstone Private Equity sold Palgrave Brown to unnamed investment funds)
November 1, 2002... Funds managed by Aberdeen Murray Johnstone Private Equity (AMJPE) have acquired UK joinery business Palgrave Brown in an unusual secondary buyout where the vendors were also funds managed by AMJPE. The deal values the company, at [pounds...

Dunlopillo deal for Bridgepoint and 3i. (Exits).(Brief Article)
November 1, 2002... Bed manufacturer Dunlopillo has sold its consumer products division to Hilding Anders providing a partial exit for 3i and Bridgepoint Capital. The deal is reported to be worth around [pounds sterling]12 million. Hilding Anders, which makes...

Barclays sells International Life Leisure. (Exits).(Barclays Private Equity sold International Life Leisure Limited holding to unit of Cendant Corp.)
November 1, 2002... Barclays Private Equity (BPE) has sold its stake in International Life Leisure Limited just 18 months after backing an MBI of the company. The UK subsidiary of Cendant, a US group, has acquired the holiday operator for an undisclosed sum. Tony...

Interregnum breaks even on ComputerWire. (Exits).(Interregnum PLC sold holding in ComputerWire Group to Datamonitor PLC at book value)
November 1, 2002... Listed IT investment and advisory firm Interregnum has sold its holding in the ComputerWire Group to Datamonitor through receivers, Tenon recovery. Interregnum will receive an upfront cash payment of [pounds sterling]500,000 and a future...

Exits: the IPO alternative. (Buyouts).(conference speakers discuss state of initial public offering market and alternatives)
November 1, 2002... Private equity firms are eagerly awaiting the recovery of world stock markets. There is a huge amount of capital looking for an exit, but is the IPO market prepared for it? At the first sign of a renewed investor appetite the European stock...

SG targets German LBO market. (Buyouts).(Societe Generale's SG corporate and investment banking arm, establishes team for German market)
November 1, 2002... SG, the corporate and investment banking arm of Societe Generale, is developing its leveraged finance operations in Germany with the creation of a new team in Frankfurt. Claus Peter is joining to develop SG's presence in Germany. He will be...

LBO pricing in October. (Buyouts).(leveraged buyouts, October 2002)
November 1, 2002... Cesky Telecom The debt financing backing the [euro]1.82 billion LBO of a 51.1 percent stake in Cesky Telecom by Deutsche Bank Private Equity and TDC is now unlikely to launch to market until early next year, via mandated arrangers...

Buyouts get a boost. (Buyouts).(UK buyouts by venture capital firms stronger in value in 3rd quarter 2002)
November 1, 2002... UK buyouts are enjoying a surge in value with the strongest quarterly performance recorded since Q2 2001, according to figures form the Centre for Management Buy-out Research (CMBOR). Total deal value reached [pounds sterling]5.6 billion,...

Refinanced. (Buyouts).(European company recapitalizations)
November 1, 2002... First Leisure First Leisure's [pounds sterling]95 million loan facility is still in syndication, with no firm closing date in sight despite the fact that the deal was initially slated to close at the end of July, via mandated lead arranger...

PE backed takeovers subject to EU competition law. (Buyouts).(private equity backed transaction approvals by European Union)
November 1, 2002... Burger King The European Commission has approved the acquisition of US-based fast-food chain Burger King by US investors TPG Advisors III, The Goldman Sachs Group and Bain Capital Fund VII. The transaction will bring Burger King into the...

New faces at Cinven. (People).
November 1, 2002... Two new investment executives have joined the Cinven team in London. Rebecca Gibson joins from Bain & Company where she worked on various strategy projects across a variety of sectors in the UK and South Africa. Stefan Frassen joins...

3i appts. (People).
November 1, 2002... 3i has appointed Olivier Lesca as director in its European buyout business. He will be responsible for identifying and executing French and cross border buyouts and will split his time between 3i's London and Paris offices. Lesca was most...

Santinon joins AMJPE. (People).
November 1, 2002... AMJPE has appointed Francesco Santinon to the Leeds office to lead the team. He will be in charge of AMJPE's investment activity in Yorkshire and the North East, reporting to Gary Tipper who is head of investment for the English offices. ...

CapMan appts advisors. (People).(Brief Article)
November 1, 2002... Nordic private equity specialist CapMan, has appointed Claes de Neergaard, Bjorn Norrbom and Semmy Rulf as senior advisors, based at CapMan's Stockholm office. Norrbom will be part of CapMan's Nordic ICT/Technology business unit and de...

Addleshaw Booth & Co appts. (People).
November 1, 2002... Addleshaw Booth & Co continues to expand its London corporate finance practice with the arrival of partners Stephen Houston from Manchester and Simon Pilling from Leeds. The partners join a team of 14 to accelerate the growth of the practice,...

Ashurst Morris Crisp grows. (People).(Brief Article)
November 1, 2002... Gonzalo Jimenez-Blanco has joined Ashurst Morris Crisp from BT Ignite Espana General Counsel. The appointment follows a long period of organic growth for Ashurst's Spanish practice, following the hire of Jesus Almoguera and his team of lawyers...

CD & R appts. (People).(Clayton, Dubilier & Rice)(Brief Article)
November 1, 2002... Bruno Deschamps has joined the Clayton, Dubilier & Rice team, based in the firm's European headquarters London office. Deschamps was formerly president and chief operating officer of Ecolab and is well known in Europe and the US as a skilled...

21 Invest builds team. (People).(Brief Article)
November 1, 2002... 21 Invest has appointed Michele Garulli as director of its Milan office. Garulli was previously director of the Milan branch of Deutsche Morgan Grenfell Private Equity where he was originating, structuring and negotiating leveraged buyouts in...

ICG board appt. (People).
November 1, 2002... Intermediate Capital Group plc, the European provider of mezzanine finance, has appointed Paul Piper to the main ICG board as an executive director. Piper was part of the original team of ICG at the time of its foundation in 1989. He is...

Boothman to chair Aztec. (People).(Brief Article)
November 1, 2002... Aztec Financial Services Limited, the specialist private equity and venture capital fund administrator, has appointed John Boothman as non-executive chairman. Established in 2001, Jersey-based Aztec has in excess of $1 billion of committed...

GIMV ICT's advisory board. (People).(Brief Article)
November 1, 2002... GIMV has appointed a select group of industry leaders from leading international technology companies to advise it on investments within the ICT business unit. The aim of the advisory board is also to further reinforcing the firm's ICT network,...

Candover appts in Spain. (People).(Alejandro von der Pahlen has been appointed as an advisor)(Brief Article)
November 1, 2002... Candover, a European buyout specialist, has appointed Alejandro von der Pahlen as an advisor with a brief to originate and transact deals in Spain and Portugal. He will work alongside Gerard Conway, who will continue to work out of the London...

Permira appts in Europe. (People).(Philippe Robert has been appointed to head the Paris office)(Brief Article)
November 1, 2002... Permira (formerly Schroder Ventures Europe) has appointed Philippe Robert as a partner and as head of Permira's Paris office where he will be responsible for the development of the firm's activities in France. The Permira team in Paris...

O'Leary to Baker Tilly. (People).(Mark O'Leary becomes a partner)(Brief Article)
November 1, 2002... Private equity and venture capital specialist Mark O'Leary has joined Baker Tilly as a partner. He was previously with Deloitte & Touche for eight years. O'Leary's role at Baker Tilly will be to develop and grow a private equity...

Duke Street German appts. (People).(Duke Street Capital's new appointments)(Brief Article)
November 1, 2002... Duke Street Capital, the pan-European fund management group, has appointed Michael Fabich and Bernd Aundrup as chairman of the new German advisory board and operating partner, respectively. These new appointments complement the establishment of...

Pinsent wins recruits. (People).(Pinsent Curtis Biddle)(Brief Article)
November 1, 2002... The private equity practice at Pinsent Curtis Biddle has hired Tom Leman as an associate from Travers Smith Braithwaite and experienced assistant Sarkis Zeronian joins from K Legal. The appointments, both in London, give the firm a dedicated...

Veale joins ProVen PE. (People).(ProVen Private Equity appoints Stuart Veale as director)(Brief Article)
November 1, 2002... ProVen Private Equity, the specialist media investor, has appointed Stuart Veale as director. He will be responsible for investing ProVen's existing funds, which include the $64 million Global Rights Fund II. He will also join the board of a...

Bowden fills LDC gap. (People).(Alex Bowden becomes an investment director )
November 1, 2002... LDC has recruited a new executive to strengthen its South West Region investment team. Alex Bowden joins LDC as an investment director focusing on the Southampton and Thames Valley markets. He has prior venture capital experience and also spent...

French private equity looks healthy in 2002. (Data Room).(Illustration)(Industry Overview)
November 1, 2002... The French venture capital association, AFIC, has published investment figures for the first half of 2002 that show a 20 per cent increase in investment compared to the same period last year. Total investment increased from [euro]1.2 billion in...

US Q2 performance down. (Data Room).(private equity performance)(Illustration)
November 1, 2002... Short term US private equity performance continued to deteriorate in Q2 2002, according to research undertaken by Venture Economics and the National Venture Capita! Association. For the period ending June 30, 2002 one year returns for all US...

Irish investments fall. (Data Room).(Illustration)(Industry Overview)
November 1, 2002... Irish investment activity in 2001 was down on both 2000 and 1999 figures, according to the Irish Venture Capital Association. Investment for the year to December 31, 2001 totalled [euro]124 million compared to [euro]208 million in 2000 and...

Shareholder activism: relevant to private equity? (LP Corner).(Industry Overview)
November 1, 2002... Corporate governance and shareholder activism are big issues that investors in listed companies are actively keeping high on the agenda. The timing is right to be able to affect change: an economic downturn means companies are more aware of the...

Securitisation: an alternative to secondaries? (Legal & Regulatory Exchange).(Industry Overview)
November 1, 2002... After Abbey National Treasury Services downsized its investment team and found itself with over [pounds sterling]1 billion of private equity commitments on its books, only around half of which were drawn down, rumours began to fly about what in...

Wireless: good call or wrong channel? (Cover Story: Wireless).(Illustration)(Cover Story)
November 1, 2002... In spite of the problems, current investment activity shows a select band of determined specialists remain cautiously active in 3G and other areas of the wireless market and continue to see promise in a sector that others have long since...

Greece: early days. (Cover Story).(Cover Story)
November 1, 2002... Membership of the European Monetary Union has contributed to put Greece more firmly on Europe's map while it retains its strategic role in the Balkan region. A strong macroeconomic policy record and structural reforms provide the right...

Seeking buyers October.(Illustration)
November 1, 2002... Seeking buyers October Seeking buyers includes listings of all European companies that have announced plans since September 23, 2002 until October 23, 2002 to sell divisions, stakes or their entire company. It also includes purported...

Announed october deals.(Private equity and venture capital transactions)(Illustration)
November 1, 2002... Announced October deals Announced deals includes listings of private equity and venture capital transactions involving European targets that were announced from September 29, 2002 to October 25, 2002. The listings are ordered by target...

Berlin: Germany's sleeping giant. (Cover Story: Berlin).(Industry Overview)
November 1, 2002... The flag of Berlin, depicting a bear, might suit the current market but a phoenix could be a more appropriate symbol for a city with a history marked by radical transformations. Venture capital activity there is currently overshadowed by the...

Frankfurt: The heart of the German buyout. (Overview: Frankfurt).(Illustration)(Industry Overview)
November 1, 2002... Hailed as the home of German buyout funds, Frankfurt is the ideal base for private equity players to work out of, but to find the deals players have to be willing to scour the whole country. Many have given up on the long-predicted yet still...

Munich: the heart of German venture capital. (Overview: Munich).(Industry Overview)
November 1, 2002... In private equity terms Munich has got it all. A host of early stage venture capital investors and a raft of private equity buyout players, many of which have been lured by the city's non-private equity attractions over those of Frankfurt, its...

Corporate venturers: the VC industry's fair-weather friends? (Overview: Corporate Venturing).(Illustration)(Industry Overview)
November 1, 2002... The European Venture Capital & Private Equity Association's (EVCA) recent report on corporate venturing activity paints a bleak picture of what was once a growing sector of the European venture capital market. Last year investments by European...

Apax Partners. (Sponsored Profile).(Brief Article)(Company Profile)
November 1, 2002... Apax Partners is one of the world's leading private equity investment groups. Founded in 1972 in the US and in Europe, Apax Partners operates across Europe, Israel, the US and Japan. The German office, based in Munich, opened in 1990. The group...

Now it's time to support the entrepreneur. (Sponsored Article).(Industry Overview)
November 1, 2002... Max Burger-Calderon, executive director at Apax Partners and chairman of the EVCA (European Venture Capital & Private Equity Association), assesses the encouraging environment for entrepreneurship emerging across Europe and beyond and calls on...

Clifford Chance Punder. (Sponsored Profile).(Company Profile)
November 1, 2002... Clifford Chance Punder is one of Germany's leading law firms and is a constituent part of Clifford Chance, the world's first integrated global law firm. Clifford Chance is a multi-jurisdictional international law firm providing a full range of...

Private equity in Germany: a market in flux? Christopher Kellett of Clifford Chance Punder addresses the question. (Sponsored Article).(Industry Overview)
November 1, 2002... The German market has seen many changes since January 2000 -- not only the collapse in stock markets, but also substantial changes in the legal and tax background against which deals are done. In 2002 this included, for example, an overhaul of...