European Venture Capital Journal articles from October 2003

European Venture Capital Journal archives from October 2003

Standard Life reaches 892m [euro].(Standard Life Investments, private equity fund)(Brief Article)
October 1, 2003... Standard Life Investments has reached a third close on European Strategic Partners II (ESPII) at 892m [euro]. The fund is aiming for a final close later in the year at 1bn [euro]. The third close brings a further 153m [euro] from North...

New Nordic fund from Accent.(Accent Equity Partners, private equity fund)
October 1, 2003... Accent Equity Partners, the recently renamed firm formed by the merger of Nordico and Euroventures, has so far raised 100m [euro] for the first fund since the integration of the two groups. The fund was launched this April when the Swedish...

CULS: a PtP stalemate solution?(public-to-privates, private equity firms)
October 1, 2003... Around 80% of public-to-privates (PtPs) considered by buyout houses fall through at some stage of the process. There are a number of different reasons for this, but a recurring one is the unwillingness of some listed investors to support the...

Partners Group unveils secondaries fund.(Partners Group Secondary LP)
October 1, 2003... Swiss-based Partners Group is targeting the younger end of the secondaries market with its now fund Partners Group Secondary LP, a Delaware limited partnership. The fund will acquire interests in existing private equity partnerships from...

Astorg III underway.(Astorg Partners, fund)
October 1, 2003... Astorg Partners has raised 110m [euro] towards its 300m [euro] target for Astorg III. The French mid-market specialist launched its latest fund six months ago and is planning a final closing in March next year Paris-based firm Global Private...

Blackstone opens German office.(News)(Blackstone Group L.P.)
October 1, 2003... Blackstone Group is opening its first continental European office in Hamburg, Germany. Harms Ostmeier joins the firm as managing director and will serve as senior adviser and head of the Hamburg office. Blackstone is headquartered in New York...

Gartmore develops PE business.(News)(private equity)
October 1, 2003... Asset management group Gartmore is set to build its private equity business with the appointment of Nick Shaw, previously deputy chief investment officer for Shell Pension Management Services. At Gartmore he takes on the role of deputy managing...

Mezzanine still popular.(News)(Goldman Sachs and Co.)
October 1, 2003... Goldman Sachs has closed its third dedicated mezzanine fund at $2.7bn, making it the largest investment vehicle in the asset class. The closest rival fund is CSFB's DLJ Investment Partners II, which raised $1.6bn in November 1999. Robin...

40m [pounds sterling] for Scottish Co-Investment Fund.(Funds)
October 1, 2003... Private sector investors have committed 20m [pounds sterling] to the Scottish Co-Investment Fund launched by Scottish Enterprise, which will match the amount raised with public sector funds. The fund was conceived to fill the equity gap faced...

DBAG Fund IV final close.(Funds)
October 1, 2003... After a year of fund raising Deutsche Beteiligung has closed its DBAG Fund IV at 228m [euro], slightly below the initial target of 250m [euro]. For the first time in its 38 year history the listed private equity group has raised money from...

Evergreen Partners holds final close.(Funds)
October 1, 2003... Israeli venture capital firm Evergreen Partners has held a final close on Evergreen IV with commitments exceeding $140m. This is slightly short of its original target of $170m. Evergreen IV is the only Israeli fund to achieve a closing in the...

European Venture Philanthropy Association founded.(News)(European Venture Philanthropy Association)
October 1, 2003... A group of prominent European venture capitalists have founded the European Venture Philanthropy Association (EVPA) to apply skills developed in the VC industry to the charity sector. Through hands-on support to charities the association aims...

Deutsche Bank retains MGPE Italy.(News)
October 1, 2003... Deustche Bank will retain direct control of Morgan Grenfell Private Equity's 100m [euro] Italian fund. Carlo Pirzio Biroli, part of Deutsche Bank's fund-of-funds team has become acting chief executive and has brought in a new team of Deutsche...

First close for Doughty Hanson IV.(Funds)
October 1, 2003... Doughty Hanson has achieved a first close for its fourth buyout fund at $800m The fund ultimately hopes to raise $3bn. So far commitments have come from investors including fund-of funds managers Partners Group and Pantheon Ventures, public...

Institutions favour lower risk.(News)
October 1, 2003... Many institutional investors have adjusted their investment strategy both by sector and by region to reduce the levels of perceived risk in their portfolios, according to The Limited Partner Perspective 2003, a research report by AltAssets. The...

Avanti Capital: full steam ahead.(News)
October 1, 2003... Avanti Capital, an entity formed earlier this year through the merger of early stage tech investors E-Capital Investments and Avanti Partners, has completed its transformation as a private equity business and has made its first investment. The...

Greek venture capital association founded.(News)(Hellenic Venture Capital Association)
October 1, 2003... The Hellenic Venture Capital Association (HVCA) has been set up in Greece by the 13 VC firms active in that region. The goal of the new association is to raise the profile of private equity in the region, participate in the public policy debate...

Poland's first FoFs.(News)(Copernicus Capital Partners)
October 1, 2003... Copernicus Capital Partners is set to launch Poland's first fund-of-funds next year, with a target size of at least $100m. The fund will make commitments, ranging in size from PLN20m to PLN60m (5m [euro] to 15m [pounds sterling]), to funds...

Dewey Ballantine goes Italian.(News)
October 1, 2003... International law firm Dewey Ballantine has launched an Italian practice and has opened offices in Milan and Rome and an Italian desk in the firm's London office. The firm has poached part of the Italian Simmons & Simmons team and has...

Power resurfaces at Inflexion.(News)(Gordon Power)(Simon Turner)
October 1, 2003... Gordon Power, the former executive chairman of ProVen Private Equity (now Beringea), has re-emerged at private equity firm Inflexion to join his former colleague Simon Turner, managing partner at the firm. Power, who founded ProVen having...

Lanorte opens advisory business.(News)(Gilles Laporte)(Gilles Laporte)
October 1, 2003... Gilles Laporte, who left his position as managing director of Lazards' buyout arm Fonds Partenaires Gestion at the beginning of this Year, has founded an advisory boutique for institutions investing in private equity. Gilles Laporte Conseil...

Birthdays exit for 3i, Permira and PPM.(Exits)
October 1, 2003... UK greeting card retailer Birthdays has been acquired from existing shareholders 3i, PPM and Permira. Chris Gorman, an entrepreneur who has backing from West Coast Capital and debt from Bank of Scotland, bought the business. The purchase price...

First fund III exit for Doughty Hanson.(Exits)
October 1, 2003... Doughty Hanson has made its first exit in two years via the secondary buyout of Italian FL Selenia to Vestar Capital Partners for 670m [euro]. The exit is also the first from the firm's third fund, Doughty Hanson III, which closed in September...

3i's fast food return.(Exits)
October 1, 2003... 3i has earned a respectable TRR of 21% on a 1997 investment in the fast food sector. J&J Restaurants, which operates a large KFC (Kentucky Fried Chicken) franchise in the UK, has been sold to the management in a deal worth 14m [pounds...

GIMV makes partial exit on Capelle.(Exits)(Capelle Pigments)
October 1, 2003... Listed Belgian investor GIMV has achieved a partial exit from its stake in Capelle Pigments, a manufacturer of paint, printing inks and plastics. GIMV first invested in Capelle in 1986 and is now selling part of its interest to existing...

Alchemy makes speedy sale.(Exits)(Alchemy Partners)(Informa Group PLC)
October 1, 2003... Alchemy has achieved an exit from MMS International just a year since its original investment. The business has been sold to Informa Group for $37m. Alchemy invested 7.25m [pounds sterling] in a 12m [poundsterling] buyout last year and has made...

Media exit for LDC.(Exits)
October 1, 2003... LDC, the private equity arm of Lloyds TSB, has made its fifth exit of 2003 with the sale of Spearhead Exhibitions to Reed Exhibitions, just 20 mouths after supporting the 10m [pounds sterling] buyout of the company in December 2001. The deal is...

HgCapital provides Xyratex exit.(Exits)
October 1, 2003... HgCapital has acquired Xyrarex in a secondary buyout from Aberdeen Murray Johnstone Private Equity (AMJPE.) AMJPE's fifth exit in as many months has returned 4.7x the original 5m [pounds sterling] investment, earning an IRR of 44.7%. The size...

3i exits Seaham.(Exits)(Seaham Harbour Dock Company)
October 1, 2003... Seaham Harbour Dock Company has been sold by 3i to Victoria Group for an undisclosed sum. 3i originally invested in the business in 1997 when it acquired the group from Angle United in a 1.1m [pounds sterling] buyout. The deal has been...

GIMV sells Nieuwe Havema.(Exits)
October 1, 2003... Listed Belgian investor GIMV has realised its investment in Nieuwe Havema through the sale of its stake in the company to logistics group Katoen Natie. Thanks to the deal GIMV's net asset value rises by between 1.5m [euro] and 2m [euro]. ...

3i sells Stateside.(Exits)
October 1, 2003... German food producer Freiberger has bought UK-based pizza manufacturer Stateside Foods from 3i for an undisclosed amount. Stateside Foods produces fresh pre-packed pizzas for the retail and food service sectors. 3i backed a management buyout of...

LBO France gets Materis.(Exits)
October 1, 2003... LBO France has acquired building materials company Materis in a secondary buyout transaction worth around 1.1bn [euro]. The transaction provides an exit for Advent International, The Carlyle Group and CVC Capital Partners, generating a return...

El makes record exit.(Exits)(Enterprise Investors)
October 1, 2003... Enterprise Investors has sold its 69% stake in Polfa Kutno, a major polish pharmaceutical company. The deal represents one of the most successful exits from Enterprise Investors portfolio to date. The shares were sold at PLN235 each for a total...

Espotting deal up in air.(Exits)(Espotting Media)(FindWhat.com Inc.)
October 1, 2003... Investors in Internet start-up Espotting Media are waiting to see if the deal that promised them five times their money will still go ahead. NASDAQ-listed Findwhat.com originally agreed to acquire the business for 97m [pounds sterling], but...

Bridgepoint sells Walters Hexagon.(Exits)(Anixter International Inc.)
October 1, 2003... Walters Hexagon, a Bridgepoint portfolio company has been acquired by Anixter International for 24.7m [pounds sterling], plus a further deferred 1m [pounds sterling] subject to performance targets. The business, previously a part of Tomkins, is...

Refresco secondary buyout.(Exits)
October 1, 2003... 3i has acquired Dutch soft drinks manufacturer Refresco Holding from a group of investors in a deal that values the company at 240m [euro]. Exiting investors include Hay Hill Capital, NeSBIC, ISIS Equity Partners, CBG Commerzbank and Capiton....

Labour pains: company restructuring is often needed to get the best out of an investment and improving efficiency can mean it is necessary to reshape the workforce. But the vagaries of employment law across Europe can turn what looks like an attractive investment into a minefield. How can private equity investors avoid falling foul of this regulatory labyrinth?(Buyouts)
October 1, 2003... "There's massive amounts of ignorance about labour laws. Multi-nationals have in-house HR advisers but it's unusual for a private equity firm and most are not aware of what lies in store," says Tim Johnson, partner at KLegal, KPMG's associated...

LBO syndications arranged in September.(Buyouts)
October 1, 2003... AES Laboratoire BNP Paribas has secured the mandate to arrange and underwrite 74m [euro] in senior debt to support ABN AMRO Private Equity's LBO of Industrial microbiology specialist AES Laboratoire. AES Laboratoire designs,...

Refinancings.(Buyouts)
October 1, 2003... Anglian Windows Banks have signed into the 145m [pounds sterling] financing for Anglian Windows, via mandated lead arrangers Barclays and RBS. The debt refinances senior debt that backed the Alchemy Partners-led LBO of the company in 2001....

Private equity-backed takeovers subject to EU competition law.(Buyouts)
October 1, 2003... Cementbouw Handel & Industrie/CRH CVC has agreed to sell the distribution and building products operations of Cementbouw Handel & Industrie to buildings materials group CRH in a 646m [euro] deal. This transaction provides CVC with a...

Bad year for buyouts.
October 1, 2003... The UK buyout market looks set to record its lowest value since 1997, according to the Centre for Management Buy-Out Research (CMBOR). Combined transaction value of 9.2bn [pounds sterling] for the nine months to the end of September is...

NVP Brightstar appts.(People)
October 1, 2003... Venture fund NVP Brightstar has appointed Lynda Connon as its new finance director. NVP Brightstar was created in April 2003 by BT Exact, BT's research, technology and IT operations business along with New Venture Partners (NVP) and Coller...

ISIS new recruits.(People)(ISIS Equity Partners)
October 1, 2003... ISIS Equity Partners has appointed Paul Morris as investment director. He joins the new investments team in London with responsibility for unquoted investments. Previously he spent 18 years with Barclays, where he was head of the South and...

Dewey Ballantine goes Italian.(People)
October 1, 2003... International law firm Dewey Ballantine has launched an Italian practice and has opened offices in Milan and Rome and an Italian desk in the firm's London office. The firm has poached part of the Italian Simmons & Simmons team and has...

Powell joins Gilde.(People)
October 1, 2003... Steven Powell has been appointed director and partner of Glide Biotechnology and Nutrition Fund. Powell has over 18 years' experience in the pharmaceutical and biotechnology industry. He joins Gilde from KS Biomedix Holdings, a...

Hotbed adds to team.(People)
October 1, 2003... Simon Cooke, ex CEO of Deutsche Property Asset Management, has joined Hotbed as head of property assuming responsibility for sourcing attractive property investments to meet the increasing demand from Hotbed's investor members. Gary...

Amethyst gets adviser.(People)
October 1, 2003... Tim Lebus has been appointed senior adviser at Amethyst Corporate Finance. Lebus is a director of Duke Street Capital. Prior to joining Duke Street in 2001 he was an investment banker for over 22 years with Deutsche Bank, Charterhouse Bank and...

Davison to Bridgepoint.(People)(John Davison)
October 1, 2003... Bridgepoint has appointed John Davison as a director based in London. He was previously a director of The Carlyle Group in London until 1998 where he worked on a range of investment opportunities in the media, telecommunications and industrial...

E&Y builds team.(People)(Ernst & Young)
October 1, 2003... Ernst & Young has appointed Kevan Leggett as the firm's head of UK M&A private equity. Leggett will work closely with Caroline Grounds, the firm's UK head of private equity. He will be based in the London office. Leggett has over 15 years...

Darbys gets 3i exec.(People)
October 1, 2003... Regional law firm Darbys has appointed Phil Riman as head of its corporate finance unit. Riman joins from 3i where he spent five years as internal legal counsel on UK and US investment work. He has experience in M&A work and joint ventures, as...

Debevoise & Plimpton appts.(People)
October 1, 2003... Debevoise & Plimpton has appointed Peter Hockless as a partner in the London office. Hockless is a senior banking lawyer who has practiced for the last 24 years with Allen & Overy, where he was a partner from 1988. Hockless will lead...

HPE recruits.(People)(Hermes Private Equity)
October 1, 2003... Hermes Private Equity (HPE) has appointed Justin Ward as director. Ward joins HPE from CVC where he spent over seven years, most recently as investment director, working on a range of mid-market and large UK and European buyouts. Prior to that,...

Electra boosts team.(People)(Electra Partners Europe)
October 1, 2003... Electra Partners Europe has made two new appointments to its London office. Maria Groen joins as a director responsible for marketing/business development and Johannes Meran joins as an investment manager. The appointments bring the number of...

Advent International appts.(People)
October 1, 2003... Advent International has recruited three new executives to its teams in Western and Central Europe. Georg Stratenwerth joins the firm as a partner in Advent's London office and will be sourcing larger industrial investments across Europe, with...

New face at Acanthus Advisers.(People)(Laurent de Rosiere)
October 1, 2003... Laurent de Rosiere has joined Acanthus Advisers from RVC Europe, the venture capital fund spin-out of Reuters, where he has been director of marketing, business development and investor relations for the past two years. Previously he worked...

RBS hires.(People)(appointed Oonagh Mackenzie)(Brief Article)
October 1, 2003... Oonagh Mackenzie has been appointed head of execution for syndicated loans at RBS in London. The execution teams from RBS' leveraged loans distribution group and from the primary syndications group have been amalgamated and Mackenzie will...

New faces at SJ Berwin.(People)(appointed Jeremy Cross, Iona Levine and Julian Barker )(Brief Article)
October 1, 2003... SJ Berwin has appointed three senior lawyers to its finance practice. Jeremy Cross will be joining as a partner front Osborne Clarke where he is head of the Bristol office's banking practice. Cross has experience of advising on many areas of...

Curwen to Paris.(People)(Andrew Curwen)
October 1, 2003... Andrew Curwen, corporate finance partner at Deloitte & Touche in London, is transferring to the firm's Paris office where he will take on a significant role in the further development of Deloitte's French transaction support business. His main...

Foulds to Duke Street.(People)(appointed Mark Foulds )(Brief Article)
October 1, 2003... Duke Street Capital has appointed Mark Foulds as director based in the Paris office. Foulds has over 15 years' experience in private equity and joins Duke Street Capital from Bridgepoint in Paris, where he spent seven years leading mid-market...

CSFB hires.(People)(appointed Marisa Drew )(Brief Article)
October 1, 2003... CSFB has appointed Marisa Drew as head of European leveraged corporate finance. Drew will report to Jim Armine, head of European leveraged finance, and Anthony Fry, head of CSFB's European media and telecoms group. Drew joins from Merrill Lynch...

Gresham expands.(People)(appointed Paul Franks )(Brief Article)
October 1, 2003... Gresham, the UK regionally based private equity house that specialises in investing in the UK mid market, has appointed Paul Franks as investment manager in its Birmingham office. Franks is joining Gresham from PricewaterhouseCoopers'...

MTI boosts team.(People)(appointed David Holbrook )(Brief Article)
October 1, 2003... Early stage high tech investor MTI has appointed David Holbrook as investment manager life sciences. Holbrook will lead the firm's expansion of its life sciences activities within the UK venture capital sector. Holbrook qualified from St...

Blackstone targets Germany.(People)(opening its first continental European office )(Brief Article)
October 1, 2003... Blackstone Group is opening its first continental European office in Hamburg, Germany. Hanns Ostmeier has joined the firm as managing director and will serve as senior adviser and head of the Hamburg office. Blackstone is headquartered in New...

Advent Int'l appts US partner.(People)(appointed Beverly Berman)(Brief Article)
October 1, 2003... Advent International has appointed Beverly Berman as a partner, responsible for investor relations and fund marketing activities in North America. As a senior member of Advent's limited partner services group, Berman will be involved in...

Cloherty heads Delta.(People)(appointed Patricia Cloherty )(Brief Article)
October 1, 2003... Delta Capital Management, the firm born out of the US-Russia Investment Fund set up by former US president Bill Clinton's administration, has appointed Patricia Cloherty as chief executive. Cloherty, a founder of Apax Partners, has taken...

CapMan expands in Norway.(People)(Brief Article)
October 1, 2003... CapMan has opened a new office in Oslo, Norway as part of its Nordic growth strategy. CapMan expanded in Denmark with the acquisition of Nordic Private Equity Group in 2001 and in Sweden with the acquistion of Swedestart Management in 2002. ...

Castle steps down.(People)(Paul Castle is to retire)(Brief Article)
October 1, 2003... MTI founder and chief executive Paul Castle is to retire. Castle has held the position of CEO for 20 years. Ernie Richardson will succeed Castle and will take over this autumn. Richardson joined the firm in 1985 and has 18 years' experience in...

AshtonPenney targets Europe.(People)
October 1, 2003... Interim management provider AshtonPenney has set up a European operation called InterimEurope. Working from the group's UK office the team aims to help the growing number of UK and US companies with under-performing subsidiaries in mainland...

Power resurfaces at Inflexion.(People)(Gordon Power)
October 1, 2003... Gordon Power, former executive chairman of ProVen Private Equity (now Beringea), has re-emerged at private equity firm Inflexion to join his framer colleague Simon Turner, who is managing partner at the firm. Power, who founded ProVen...

HVCA founded.(People)(Hellanic Venture Capital Association)
October 1, 2003... The Hellanic Venture Capital Association (HVCA) has been set up in Greece by the 13 VC firms active in that region. The goal of the new association is to raise the profile of private equity in the region, participate in the public policy debate...

Calendar.(Calendar)
October 1, 2003... 6-7 October Asset Allocation Summit. London. [telephone] +44 1202 201182 www.irc-conferences.com. 8-9 October Debt Restructuring in Europe. London. [telephone] +44 20 7915 5055 www.iir-conferences.com/restructuring 10...

Spain: investments up.(Data Room)
October 1, 2003... Spanish investments were up for the first half of the year reaching 418m [euro], up 26% from the same time the previous year, according to ASCRI, the Spanish venture capital association. If the number of incomplete deals in the pipeline close...

EVCA's first FoFs survey.(Data Room)(European Venture Capital and Private Equity Association)(fund-of-funds)(Europe)
October 1, 2003... The European Venture Capital & Private Equity Association (EVCA) has published its first survey of fund-of-funds activity in Europe, looking at the industry at the end of last year. The aim of the study, which analyses data from a sample of 47...

To elect or not to elect?(Legal and Regulatory Exchange)
October 1, 2003... When UK Chancellor of the Exchequer Gordon Brown's budget speech made a one line mention of simplification to company taxation little heed was paid until 105 pages of legislation appeared the following weeks, which caused the blood to drain...

Secondaries: what next?(Secondaries)
October 1, 2003... The secondaries market is increasingly competitive and a growing number of dedicated funds is driving prices up and encouraging an easing of discounts. Since 1980, secondary funds (both dedicated and non-dedicated vehicles) have raised over...

Spain: hidden treasure.(Spain)
October 1, 2003... Spain is flourishing; the economy has enjoyed several years of high economic growth, a decrease in unemployment rates, controlled inflation, low interest rates and small public budget deficits. So far in 2003 Spain has outperformed most of its...

Seeking buyers: September.(Seeking buyers)
October 1, 2003... Seeking buyers includes listings of all European companies that have announced plans since August 23, 2003 until September 30, 2003 to sell divisions, stakes or their entire company. It also includes purported sales efforts that have appeared...

Announced deals: September.(Announced deals)
October 1, 2003... Announced deals September Target Equity leader Austria gamma capital partners and TecNet Equity Technologiebeteiligungs GAT...

Global Private Equity.(Sponsored profile: Global Private Equity)
October 1, 2003... Global Private Equity is an independent exclusive placement agent set up and owned by its partners, solely focused on raising selected private equity funds worldwide. The firm was established in July 2000 as a spin-off of the Credit Agricole...

Choosing a placement agent.(Overview)
October 1, 2003... Life is difficult enough for private equity and venture capital firms looking to fund raise, but changes at the banks and boutiques that place those funds could complicate things before the fund raising process has even started. The fund...

Placement agents: market update: a depressed fund raising market has led to changes among players in the placement agent industry. The withdrawal of some placement groups has opened up opportunities for others, including new entrants. As the investment banks that offer the service thin out the boutique model appears to be in ascension.(Overview)
October 1, 2003... Investment banks face a catalogue of problems thanks to the current economic slump and banks' fund placing teams are just one of the areas that have seen cuts in recent years. Having drastically scaled back its private equity commitments,...

Why are there so few new VCs? New firms can form a management company and put a sign over the door but they don't exist in the eyes of the industry unless they have a fund to invest. Getting the fund is a long and tortuous road as Lisa Bushrod finds out.(Overview)
October 1, 2003... A large number of the new venture capital and private equity firms launched in recent years are not really new at all. Many of these firms; names like Bridgepoint, Graphite Capital, Indigo Capital and Kleinwort Capital, existed for many years...

Recent trends in fund raising: 'are the tough times behind us?,' asks Patrick Petit.(Sponsored article: Global Private Equity)
October 1, 2003... The market has come a long way: GPs raised over $200bn in 2000. In 2001 the amount raised decreased by 50% and again by 50% in 2002. This downward trend continued in 2003 as evidenced by the half year figures: private equity funds raised in the...

Evergreen Partners holds final close.(Funds)
October 1, 2003... Credit Union: Greater El Paso's Credit Union Nominated By: Aurum Technology, Plano, Texas Nominated For: Solution Implementation With average membership growth of 1,000 members per month, Greater El Paso's Credit Union has had to...