European Venture Capital Journal articles from November 2005

European Venture Capital Journal archives from November 2005

Out with the new, in with the old.(EDITOR'S NOTE)
November 1, 2005... As this year draws toward a close, it's easy to assume that 2005 will be remembered for, among other things, the vast amount of money pouring into private equity funds. But, for the most part, unless you are an existing and established buyout...

Feeling the pressure.(NEWS ANALYSIS)
November 1, 2005... The fears over early cash withdrawals continue this month with Standard & Poor's (S&P) latest research note, PIK Pressure: How Pay-In-Kind Bonds Have Affected European Corporate Credit Ratings. In 2004 and the opening half of 2005, says S&P,...

SPAC to the future.(NEWS ANALYSIS)
November 1, 2005... SPACs are coming to the UK and they are aiming to take on private equity. They've been around in the US since the 1990s, but over the last year SPACs, or specified purpose acquisition companies, have become really popular Stateside and now they...

Public v private equity: private equity and public equity have always interacted to some degree but many believe the boundaries between the two are becoming blurred. If true, what are the implications for the private equity industry?(NEWS ANALYSIS)
November 1, 2005... Although private equity and public equity have developed as distinct markets, there has been interaction between them, such as the use of the public markets for exits or as a source of deals for private equity investors. But in recent years...

In the club: club buyout deals are becoming increasingly common, as private equity houses band together to purchase larger companies. But these deals do not always go smoothly and there are some concerns about what happens when houses fail to agree on strategy or exit timing and about the impact on LPs' investment diversification.(NEWS ANALYSIS)
November 1, 2005... The joining forces of several private equity houses to buy an asset is not in itself a new development and goes back to the early days of the industry. But what does seem to be changing is that club deals are becoming increasingly common at the...

Understanding private investors: private equity has a reputation as an exclusive club for institutional investors and uber high net worth individuals among the private investment community. But there are ways for those private investors without millions in the bank to get access to the top-performing, big brand names. And the benefits of having such investors on board can work both ways.(NEWS ANALYSIS)
November 1, 2005... The level of interest in private equity from private investors has been increasing markedly over the last few years and has become more prominent in the UK in the light of new legislation for Self Invested Personal Pensions (SIPPs), which will...

WRAP solution for private equity deals.(NEWS ANALYSIS)
November 1, 2005... A new type of insurance product for private equity professionals is making its market debut this month. Aon Limited, the UK arm of the insurance broking and risk consulting firm, has unveiled the new product called a Warranty Replacement and...

Calendar.(NEWS ANALYSIS)(Calendar)
November 1, 2005... NOVEMBER 2005 1-2 NOVEMBER Buyouts Symposium West San Francisco RobertMills@Thomson.com www.regonline.com/Checkin.asp? Eventld=23459 7-9 NOVEMBER European Venture Market Vienna www.europeanventuremarket.com...

UK LPs to increase PE investment.(NEWS)(Brief Article)
November 1, 2005... UK institutional investors are set to increase their allocation in private equity over the next two to five years, according to a survey carried out by the Centre for Management Buy-Out Research (CMBOR) and sponsored by Swiss-based...

BoS (Ireland) targets acquisition finance.(NEWS)(Bank of Scotland)(Brief Article)
November 1, 2005... Bank of Scotland (Ireland) has established a new integrated and acquisition finance (IAF) division. IAF will concentrate on new business generation and major structured transactions, as part of the business banking function within Bank of...

LSE goes European.(NEWS)(London Stock Exchange PLC)
November 1, 2005... The London Stock Exchange (LSE) is to develop the Alternative Investment Market (AIM), its market for small growth companies, to accommodate the demand among small and medium-sized companies across Europe for equity growth capital. To...

Cipio Partners acquires West LB portfolio.(NEWS)
November 1, 2005... Cipio Partners has acquired the venture capital portfolio of West STEAG Partners, a fund sponsored by WestLB AG and STEAG Electronic Systems AG. Financial details of the transaction were not disclosed. The portfolio, invested by West STEAG...

UK Gov't launches director disqualification website.(NEWS)(Brief Article)
November 1, 2005... The UK Government's Insolvency Service has launched a website which allows users online access to the reasons for a director's disqualification. The 'matters of unfit conduct' for disqualified directors is located at the 'Disqualified Directors...

Kaupthing builds PE portfolio.(NEWS)(Kaupthing Bank)(private equity)(Brief Article)
November 1, 2005... Kaupthing Bank has launched a new principal investments team to build a private equity portfolio. The team is led by David Sherratt, former co-head of ISIS Equity Partners London team, who brings 16 years of private equity and corporate finance...

Pension deficits deter PE.(NEWS)(private equity )
November 1, 2005... The pension problem affecting many UK companies is continuing to hit the private equity industry, with new research showing two-thirds of private equity firms have abandoned deals because of pension liabilities. The report by Punter...

European Capital opens London office.(NEWS)(European Capital Financial Services)(Brief Article)
November 1, 2005... Mid-market buyout and mezzanine firm European Capital Financial Services has opened its London office. This ties in with the close of its most recent fund offering, which closed on 750m [euro]. European Capital Financial Services is an...

PE firms wary of debt levels.(NEWS)
November 1, 2005... Research from Close Brothers Corporate Finance focusing on mid-market private equity groups reveals that 90% of private equity groups are taking less debt than banks are offering them. While 74% of private equity groups expect some degree of...

Darby targets CEE.(Darby Overseas Investment Management)(Central and Eastern Europe)
November 1, 2005... Darby Overseas Investments is expanding its European presence. Darby, a private equity and mezzanine investor and part of Franklin Templeton Investments, has secured 100m [euro] in capital to provide mezzanine loans in countries that joined the...

Tech M&A activity bursts bubble.(NEWS)(Brief Article)
November 1, 2005... Technology M&A activity far Q3 of 2005 in Europe has exceeded the levels of the bubble days of 2000, according to research published by Regent Associates. In the European Technology Acquisition Review, 820 acquisitions were recorded in the...

AlpInvest spins out Taros Capital.(NEWS)(AlpInvest Partners)(Brief Article)
November 1, 2005... The buyout team of AlpInvest Partners is to become independent as of January 1, 2006 and will go by the name of Taros Capital. The new group will continue the management of AlpInvest's mid-market buyout investments, which has around 550m [euro]...

Tech venture investment still slow.(NEWS)(Brief Article)
November 1, 2005... Go4Ventures' monthly VC bulletin reporting deal activity was slightly down in the technology sector in September compared to August, but on a cumulative basis 2005 has experienced just over 1bn [euro] of investment, 24% more than the same time...

Small venture deals increase.(SEED THROUGH EARLY STAGE)(Brief Article)
November 1, 2005... Investments in the sub-1m [pounds sterling] market have increased 14% in 2005 up to August reports Venture Index, the UK's first index which tracks investments in small and unquoted companies. For the 12 months since August 2004, 42.6m...

Marketing to private investors: problems ahead?(SEED THROUGH EARLY STAGE)
November 1, 2005... Earlier this year, the UK broke new ground in freeing up private investors so that they could invest in private companies. Private, or commonly referred to as high net worth individuals, could certify themselves as competent under the terms of...

Anyone for French tech? A French technology fund-of-funds has been launched with 150m [euro] for investment. The Fonds de Fonds Technologique (FFT) was unveiled by Thierry Breton, Minister for the Economy, Finance and Industry; Francis Mayer, chief executive of Caisse des Depots; and Philippe de Fontaine Vive, vice-president of the European Investment Bank, at the headquarters of Caisse des Depots in Paris this month.(FUNDS)
November 1, 2005... The purpose of this joint initiative is to provide additional capital to finance the start-up and development of SMEs in France and also to support the venture capital market by both boosting the capital of existing funds and facilitating the...

KKR European Fund II closes on 4.5bn [euro].(FUNDS)(Brief Article)
November 1, 2005... * KKR has reached a final close on KKR European Fund II, Limited Partnership, its second private equity fund targeting investments in Western Europe. The fund was capped at 4.5bn [euro], exceeding the firm's initial target by 1.5bn [euro] and...

First close for Mangrove tech fund.(FUNDS)(Mangrove Capital Partners)(Brief Article)
November 1, 2005... * Luxembourg-based Mangrove Capital Partners has held a first closing on its most recent VC fund, New Tech Venture Capital II (NTVC II) at 38m [euro]. The European Investment Fund (ELF) has committed 7.6m [euro] to the fund, which will help...

Nestle launches 500m [euro] fund.(FUNDS)(Brief Article)
November 1, 2005... * Nestle, the Swiss food group, has launched a new growth Rind of 500m [euro] for investing in science and nutrition companies. With Nestle planning to expand into the health and wellness sectors, the new fund will aim to support enterprises...

European Capital closes on 750m [euro].(FUNDS)(Brief Article)
November 1, 2005... * European Capital has closed its most recent Rind on 750m [euro]. Around 229m [euro] of the commitments was provided by thirdparty institutional investors with the balance provided by European Capital's affiliate, American Capital Strategies....

Carlyle raises 760m [euro].(FUNDS)(Carlyle Group L.P.)(Brief Article)
November 1, 2005... * The Carlyle Group has raised 760m [euro] for its second European real estate fund, Carlyle Europe Real Estate Partners II. Carlyle now has seven real estate funds totalling US$4bn of committed capital. Carlyle also recently announced the...

Spanish SME fund.(FUNDS)(small and medium size enterprises)(Brief Article)
November 1, 2005... * A 30m [euro] Spanish venture fund has been launched by Sepi, the state-owned industrial holding group, which is investing 10m [euro], and Banesto, the Spanish bank, which is investing 20m [euro]. Banesto SEPI Desarrollo FCR will focus on...

Macquarie's US$1.3bn for real estate.(FUNDS)(Brief Article)
November 1, 2005... * Macquarie Global Property Advisors Limited (MGPA) has reached a final closing of its new real estate private equity fund, Macquarie Global Property Fund II (MGP Fund II), having raised approximately US$1.3bn, exceeding its US$750m target. The...

TVM closes life science fund.(FUNDS)(TVM Techno Venture Management L.P)(Brief Article)
November 1, 2005... TVM, the German life science and IT venture firm, has closed its sixth fund on 240.3m [euro]. Over 20 LPs have invested in TVM Life Science Venture VI, including European Investment Fund's ERP-FIF fund-of-funds (a cornerstone investor),...

SPEFOFIII first close.(Schroder Private Equity Fund-of-Funds III)(Brief Article)
November 1, 2005... * Schroders plc and SVG Advisers held a first close of the Schroder Private Equity Fund-of-Funds III (SPEFOFIII) at 167m [euro]. The fired is advised by SVG Advisers Limited, the fund management business of SVG Capital. The second Schroder...

Creative Capital Fund launch.(FUNDS)
November 1, 2005... * AXM Venture Capital Limited has launched the Creative Capital Fund (CCF), which will be investing in early stage creative industry businesses in Greater London. The CCF has 5m [pounds sterling] of corner stone funding provided by the...

Solid, independent proof that you are the greatest!--with reprints from EVCJ magazine.(FUNDS)
November 1, 2005... European Venture Capital Journal from Thomson Financial is read by some of Europe's most senior venture capital and private equity firms, investment banks, institutional investors, corporates and advisors. That's why if you've had a successful...

Made in Europe, big in America: the IPO of Vistaprint might initially look like an exit for US venture capital, but in fact, the company started life in Paris. Tom Allchorne looks at how a small business card company came to make it big in America.(EXITS)
November 1, 2005... Vistaprint is that rare thing in Europe: a technology, venture-backed company that cracks America and floats on NASDAQ. Its initial share price of US$12 per share was above the indicative price of US$9 to US$11, and has since hovered around...

Cinven sells Fitness First to BC Partners.(EXITS)(acquistion)
November 1, 2005... Cinven is selling Fitness First to BC Partners for an enterprise value of 835m [pounds sterling]. Fitness First was an investment from the 4.4bn [euro] third Cinven fund and was acquired in a 404m [pounds sterling] public-to-private transaction...

Q-Cells to float.(EXITS)
November 1, 2005... German solar energy business Q-Cells is to list on the Frankfurt Stock Exchange in October. The IPO is being led by Citigroup and Dresdner Kleinwort Wasserstein. Apax Europe V invested in Q-Cells in March 2004 and has a 15.8% stake. German...

HJB exit for VCTS.(EXITS)(Henry J Beans)(venture capital trusts)(Brief Article)
November 1, 2005... Henry J Beans (HJB), an American-style restaurant and bar chain, has been bought by Hartford Group in a 6m [pounds sterling] deal, providing an exit for its VCT backers, Guinness Flight, Elderstreet and Chrysalis. The funds acquired the...

Sofinim exits Aviapartner.(EXITS)(Brief Article)
November 1, 2005... Sofinim NV, the private equity subsidiary of the Ackermans & van Haaren (AvH) group, has completed the sale of its 25% stake in Aviapartner to Aviapartner LH3 SARL for an undisclosed sum. Aviapartner LH3 SARL is a vehicle backed by 3i and in...

Reiten sells Heimstaden.(EXITS)(Fredensborg Eiendomsselskap AS)(Brief Article)
November 1, 2005... Norwegian mid-market player Reiten is to sell Heimstaden AS to Fredensborg Eiendomsselskap AS (Fredensborg) for SEK1.9bn (approx. 203m [euro]). The total return on the investment was not disclosed. Headquartered in Malmo, Sweden, Heimstaden...

Innova partial exit.(EXITS)(Brief Article)
November 1, 2005... Innova has made a partial exit from Polcard after it sold 11% of the equity of Polcard to GTECH Corporation, a US IT gaming company, for an undisclosed price. Polcard is a Polish credit and debit card merchant transaction company, and the share...

Partial exit for Texas pacific.(EXITS)(Brief Article)
November 1, 2005... Eniro, the Nordic yellow pages publisher, has agreed to acquire Findexa, the Norwegian directories business, for a cash consideration of approximately SEK5.434bn (57m [euro]) and the issue of 26.8 million new Eniro shares, or a total of...

LGV exits Hayley Conference Centres.(EXITS)
November 1, 2005... Legal & General Ventures (LGV) has sold its stake in Hayley Conference Centres to 3i in a secondary transaction. 3i has invested 41m [pounds sterling] for a minority stake in the business. LGV invested approximately 17m [pounds sterling] in...

Bridgepoint sells Virgin Active.(EXITS)(Brief Article)
November 1, 2005... Bridgepoint has sold its interest in health and fitness business Virgin Active to Virgin Group for 134.5m [pounds sterling]. Bridgepoint had held a 55% stake in Virgin Active. Bridgepoint has made a three times return on its investment....

HSBC regional fund sells WCBS.(West Country Business Systems)(Westleigh Investments)(HSBC Fund for the South West)(Brief Article)
November 1, 2005... HSBC Fund for the South West, a UK regional venture fund, has sold West Country Business Systems (WCBS), a supplier of software solutions to the education sector, for an undisclosed sum to Westleigh Investments. The sale was managed by...

Telenet preparing for IPO.(EXITS)(Brief Article)
November 1, 2005... Telenet, a Belgian cable operator backed by GIMV, is to float on the Brussels Stock Exchange in an IPO which could see the company valued at 2.5bn [euro]. The indicative share price range has been set at between 21 [euro] to 25 [euro], and...

CapMan exits PPTH-Norden.(EXITS)(sells 80% majority stake )(Brief Article)
November 1, 2005... CapMan and management have sold their 80% majority stake in PPTH-Norden, a provider of steel structures and solutions to the building and construction industry. Rantaruukki, also a major player in the construction industry, has increased its...

Beringea sells Nectar.(EXITS)(to Lincoln Capital Limited)(Brief Article)
November 1, 2005... Beringea has sold Nectar Taverns to Lincoln Capital Limited, a newly formed private investment company. Beringea's ProVen VCT and ProVen Growth & Income VCT have realised a total return of 2.5 times their original investment from the sale. ...

Backers make 4x from Cablecom sale.(EXITS )(Cablecom been bought by Liberty Global )(Brief Article)
November 1, 2005... The Cablecom IPO has been scrapped after the Swiss cable operator was bought by Liberty Global for US$2.2bn (1.8bn [euro]), providing an exit for Apollo Management, TowerBrook Capital Partners and Goldman Sachs Group. According to reports,...

3i celebrates Interhyp IPO.(EXITS)(acquistion)(Brief Article)
November 1, 2005... Online mortgage broker, Interhyp has achieved a successful flotation on the Frankfurt Stock Exchange, attracting demand of over 30 times the amount on offer and providing a partial exit for minority shareholder 3i. 3i originally invested...

Permira sells Premiere shares.(EXITS)(Brief Article)
November 1, 2005... Permira has cut its stake in German TV company Premiere following its March IPO on the Frankfurt Stock Exchange. Permira, along with Austrian bank Bawag, Bayerische Landesbank and HypoVereinsbank, raised 493m [euro] from the remaining shares....

Ventizz floats Ersol.(EXITS)(Brief Article)
November 1, 2005... Ersol, a German solar equipment maker backed by Ventizz Capital Partners, has floated on the Frankfurt Stock Exchange. The offer price of 42 [euro] per share rose to 65 [euro] when the company launched, and was 50 times oversubscribed....

Vistaprint floats on NASDAQ.(EXITS)(The Nasdaq Stock Market Inc.)(Brief Article)
November 1, 2005... Vistaprint, a US headquartered e-printing services company, has floated on NASDAQ, raising US$66m (55m [euro]) with a market cap of US$600m (498m [euro].) Vistaprint began life in Paris in 1997 with seed financing from Sofinnova and SPEF,...

Esmertec IPO.(EXITS)
November 1, 2005... Esmertec, a VC-backed Swiss mobile software company, has floated on the Swiss Stock Exchange, raising 63m [euro]. Issued at a share price of CHF18 (11.6 [euro]), just below the top of its indicative range, the company was valued at 187m [euro],...

ABN AMRO in tertiary buyout.(EXITS)
November 1, 2005... ABN AMRO Capital has backed French door manufacturer Bel'M in a tertiary buyout from Atria Capital. ABN AMRO Capital invested 14m [euro], SODERO Participation, an existing shareholder of Bel'M, invested Elm and senior debt was provided by...

GIMV sells Telenet shares.(EXITS)
November 1, 2005... GIMV is selling a minimum of 8,910,129 and a maximum of 9,109,473 Telenet shares following its IPO. The combination of the shares sold by GIMV as well as the share options means a total increase in value for GIMV of 155.9m [euro], of which...

3i makes 5.3x on Petrofac float.(EXITS)(share price increases)(Brief Article)
November 1, 2005... Petrofac, a UK-based oil and gas facilities services provider, has floated on the London Stock Exchange with a market capitalisation of 742m [pounds sterling], enabling shareholder 3i to realise over 120m [pounds sterling]. 3i holds a 16.2%...

Industri Kapital exits Sydsvenska Kemi.(EXITS)(acquired by PAI Partners )(Brief Article)
November 1, 2005... Industri Kapital has sold Sydsvenska Kemi, the holding company of the speciality chemicals group Perstorp AB, to PAI Partners in a secondary buyout transaction. Financial details of the transaction are not disclosed. Industri Kapital is...

3i sells Republic to Change Capital.(EXITS)(Brief Article)
November 1, 2005... 3i has sold its minority stake in Republic as part of a 105m [pounds sterling] deal. Change Capital will become the majority shareholder in Republic. 3i's proceeds represent a money multiple of 2.2x and an IRR of 80%. Republic, which...

3i exits RK Group.(EXITS)(Brief Article)
November 1, 2005... 3i has realised its minority stake in recruitment consultancy RK Group Limited as part of the sale of RK Group Limited to Quantica plc, the FFSE-listed recruitment and training group, in a 13m [pounds sterling] deal. 3i will receive proceeds of...

BASF sells DENC stake.(EXITS)
November 1, 2005... BASF Innovationsfonds GmbH has sold its 14% stake in DENC AG, to PTC (Parametric Technology Corporation) in the US. BASF Innovationsfonds is also being repaid the loans it backed the business with in 1999 and 2000. Further financial details...

Duke Street Capital sells Sporting Index.(EXITS)(acquired by HgCapital)(Brief Article)
November 1, 2005... Duke Street Capital has sold Sporting Index to HgCapital for 75.8m [pounds sterling] in a secondary buyout transaction. This represents a return of 2.6 times the original investment and an IRR of 40% for Duke Street Capital. Duke Street...

VCs set for biotech exit.(EXITS)(Brief Article)
November 1, 2005... ExonHit Therapeutics, a VC-backed French biotech company, is to list on Alternext of Euronext Paris after filing with French regulator Autorite des Marches Financiers. No indicative price range has been issued yet. The company, which...

CVC's Adisseo acquired by Chinese giant.(CVC Capital Partners sells Drakkar Holdings to ChemChina)(Brief Article)
November 1, 2005... CVC Capital Partners has sold Drakkar Holdings to ChemChina for an undisclosed sum. Drakkar Holdings is the parent company for the Adisseo group of animal nutrition businesses, which CVC acquired in November 2001. Financial details of the...

Montagu to let ferry company sail.(EXITS)(Brief Article)
November 1, 2005... Montagu Private Equity has agreed to sell The Isle of Man Steam Packet Company, the UK ferry operator, to Macquarie Bank for 225m [pounds sterling]. Montagu, through its second fund, is reported to have made a 53m [pounds sterling] profit...

Pompe Gabbioneta sold to Weir.(EXITS)(Pompe Gabbioneta SpA and Weir Group PLC)(Brief Article)
November 1, 2005... Aksia Group, the Italian midma rket private equity firm, and BancBoston Capital have sold Milan-based specialist oil pump company Pompe Gabbioneta SpA to engineering giant Weir Group for 100m [euro]. Italian fund-of-funds Fondamenta State...

Earlybird cashes in on Tipp24.(EXITS)(Brief Article)
November 1, 2005... Earlybird, the German VC, has floated Tipp24, a German online lottery company, on the Frankfurt Stock Exchange at the top of its indicative price range. With a share price of 20.50 [euro], the IPO was 15x oversubscribed and raised a total...

Beringea to sell LFR stake.(EXITS)(Loch Fyne Restaurants)(Brief Article)
November 1, 2005... Beringea is set to sell its 10% share in Loch Fyne Restaurants (LFR), a UK seafood chain, to Premium Casual Dining (PCD) after the cash offer it received was recommended to shareholders. PCD, which is a consortium set up specifically for...

Platinum Equity sells ACR Logistics.(EXITS)(Brief Article)
November 1, 2005... US-based Platinum Equity is to sell portfolio company ACR Logistics to international logistics company Kuehne + Nagel International AG. The agreement values ACR Logistics at nearly 500m [euro]. The transaction, which is subject to regulatory...

Permira sells Little Chef.(Brief Article)
November 1, 2005... Roadside restaurant chain Little Chef is under new ownership. The restaurant brand, which has operated throughout the UK for more than 40 years, has been purchased from the Travelodge hotel chain, which is owned by Permira, in a 52m [pounds...

Pricoa sells Hofmann.(EXITS)
November 1, 2005... Pricoa Capital has sold its investment in Hofmann-Menu, a German provider of frozen food products and on-site catering for small business and social organisations. HgCapital is reported to have paid over 100m [euro] for Hofmann, with 6.9m...

Pizza group to float.(EXITS)
November 1, 2005... Gondola Holdings, the holding company for the PizzaExpress, ASK and Zizzi restaurant chains, is to float on the London Stock Exchange. Gondola is owned by TDR Capital and Capricorn Ventures International Limited. Gondola intends to use the...

Orange Slovakia sold.(EXITS)(Brief Article)
November 1, 2005... France Telecom has acquired 100% of Orange Slovakia following a 36.12% purchase of shares sold by a private equity minority consortium. The 628m [euro] deal represents an exit for the syndicate led by AIG New Europe Fund, managed by an...

3i sells Encon.(EXITS)(Brief Article)
November 1, 2005... 3i has sold Encon, a specialist distributors of insulation products, to Wolseley, a provider of heating and plumbing supplies and a supplier of building materials, in a deal worth 140.5m [pounds sterling]. 3i acquired Encon with its management...

PE rules M&A market.(BUYOUTS)
November 1, 2005... Private equity deals accounted for I over 50% of all M&A deals in the UK for first nine months of 2005; the first time the industry has done so, according to figures released by the Centre for Management Buy-Out Research (CMBOR.) The total...

LBO syndications arranged to October 21.(leveraged buyouts)
November 1, 2005... COMPANIES IN THIS SECTION Altice TARGET NATION: FRANCE DATE ANNOUNCED: 14/10/05 DEAL TYPE: LBO ACQUIRER: CINVEN TOTAL VALUE: UNDISCLOSED MANDATED ARRANGERS: CALYON, INC & LEHMAN BROTHERS FINANCING: 300M...

Refinancing.(BUYOUTS)
November 1, 2005... COMPANIES IN THIS SECTION Ahlsell TARGET NATION: SWEDEN DATE ANNOUNCED: 04/10/05 SPONSOR: NORDIC CAPITAL MANDATED ARRANGER: MORGAN STANLEY FINANCING: SKR9.405BN (969.6M [euro]) Despite experiencing pushback in...

Private equity-backed takeovers subject to EU competition law.(BUYOUTS)
November 1, 2005... COMPANIES IN THIS SECTION Alstom Power Conversion PRIVATE EQUITY BACKER: BARCLAYS PRIVATE EQUITY BUSINESS DESCRIPTION: ENGINEERING BUSINESS DEAL VALUE: UNKNOWN NOTIFIED: 29/08/05 PROVISIONAL DEADLINE: N/A ...

SVG appts.(SVG Advisers hires Natalie Bangay and Rebecca Hartley)(Brief Article)
November 1, 2005... SVG Advisers has appointed Natalie Bangay as investment executive and Rebecca Hartley as investor relations manager. Bangay will be joining the eight-strong private equity team, which, in addition to advising the SVG Capital board on its...

Access recruits.(PEOPLE)(Access Capital Partners)(Brief Article)
November 1, 2005... Access Capital Partners, the French mid-market firm, has made four new appointments. First up is Renata Milczarek, who joins as director in charge of business development. She will also deal with communications and investor relations. She has...

Abingworth hires.(Abingworth Management appoints David Pinniger)(Brief Article)
November 1, 2005... Abingworth Management has appointed David Pinniger as a principal analyst, based in the London office. He will focus on evaluating new and existing investment opportunities in public life science companies in Abingworth portfolios, including...

Lovells' resignations.(PEOPLE)(Oliver Felsenstein)(Brief Article)
November 1, 2005... Lovells' German private equity team has lost its head and four associates to Clifford Chance. Oliver Felsenstein, who stepped down as regional managing partner for Germany in March 2004, resigned from the firm, and at present it is unclear...

DVC loses.(Thomas Taapken leaves Deutsche Venture Capital)(Brief Article)
November 1, 2005... Dr Thomas Taapken, a partner in the life sciences team of Deutsche Venture Capital, has resigned to take the role of chief financial officer at elbion, a German biopharmaceutical company backed by a number of VCs, including DVC. Taapken was a...