European Venture Capital Journal articles from September 2003

European Venture Capital Journal archives from September 2003

Permira fund makes good start.(Funds)
September 1, 2003... Permira, with a first close already exceeding 3bn [euro], is well on the way to reaching the 4.5bn [euro] target of its third pan European fund Permira Europe III. The fund launched in March this year and has received an excellent response from...

More cash for secondaries.(News)
September 1, 2003... Lexington Partners has closed its most recent secondary fund, Lexington Capital Partners V (LCP V), at $2bn proving appetite for this niche of the private equity market is still strong. At the end of last year Coller Capital closed the largest...

FLV fund: sold to secondary investor?(News)(Brief Article)
September 1, 2003... FLV Fund, the listed Belgium VC fund that agreed to wind down its portfolio by the end of 2004, has announced that it has entered into exclusive negotiations with an unnamed European secondary buyer. Cyriel Baeyens of FLV Fund says FLV Fund...

Cabot Square Capital raises 284m [euro].(Funds)(Brief Article)
September 1, 2003... Cabot Square Capital has announced the final closing of CS Capital Partners II at 284m [euro], exceeding the fund's original target of 250m [euro]. The fund was oversubscribed with commitments from a broad range of institutional investors,...

Recycling fund raises 5.5m [pounds sterling].(Funds)
September 1, 2003... The Recycling Fund, the UK's first private equity fund focusing on investments in the recycling sector, has raised 5.5m [pounds sterling]. The fund is an initiative of WRAP, the Waste and Resources Action Programme, a not-for-profit company...

ERGO takes over IMH funds.(News)
September 1, 2003... Consolidation in the German venture capital market continues with ERGO Equity Partner, part of the German insurance group ERGO, taking over the management of IMH's three venture capital funds after the group failed to raise sufficient capital...

Advent's BTC saga continues.(News)
September 1, 2003... Bulgaria's government has delayed the sale to Advent International of the state-owned Bulgarian Telecommunications Company (BTC) for a second time. Advent is having a painful time with its protracted bid to acquire these assets. Earlier...

First close for Rothschild fund.(Funds)(Brief Article)
September 1, 2003... LCF Rothschild Capital Partners has raised 87m [euro] from French investors for the first closing of its debut fund The French mid-market buyout fund was launched last October and hopes to raise a total of 200m [euro]. The LCF Rothschild group...

Mezzanine Management closes AMC.(Funds)(Brief Article)
September 1, 2003... Mezzanine Management has announced the final close at 115m [euro] of its first Central European mezzanine fund, Accession Mezzanine Capital (AMC). AMC is the first dedicated mezzanine fund ever raised for investment in management buyouts and...

AFIC lobbies for legal change.(News)(French Venture Capital Association lobbies for change)
September 1, 2003... Two changes have been proposed by the French Venture Capital Association, AFIC, to make the country's legal framework more favourable to venture capitalists. A detailed study of venture capital investment in France published by AFIC's venture...

GE launches Tech Finance.(News)(Brief Article)
September 1, 2003... GE Structured Finance has announced the launch of a new unit, which has been operational since May this year, called GE Technology Finance. Farhaan Hassan is heading the London headquartered unit, which will also operate out of Dublin. ...

Bird & Bird ups German presence.(News)(Brief Article)
September 1, 2003... Law firm Bird & Bird is opening its second office in Germany in October following the establishment of its Dusseldorf office in June last year. The Munich office will have a team of 10 lawyers. The current team includes Joseph Fesenmair and...

Ukrainian venture seeks $50m.(Funds)
September 1, 2003... AVentures, a Ukrainian technology venture capital firm, is out fund raising for $50m to invest in the high tech sector in the Ukraine. The group has already secured capital from local investors and one US investor. AVentures is co-sponsoring...

Inflexion raises 50m [euro].(Funds)(Brief Article)
September 1, 2003... Inflexion has announced the first close of its second fund, Inflexion Private Equity Fund 2 at 50m [euro]. The firm hopes to raise 100m [euro] and expects an interim closing at the end of this year with a final close planned for the end of Q1...

Abingworth biotech fund exceeds target.(Funds)(Brief Article)
September 1, 2003... Life science specialist Abingworth has exceeded the target on its sixth venture fund, Abingworth Bioventures IV (ABV IV). The firm has announced a closing at $350m, some way is above its original $275m target. Abingworth announced the launch of...

PE acknowledgements in Legal 500.(News)(Firms serving private equity market with lawyers that get positive mention in latest edition of Legal 500)(Brief Article)
September 1, 2003... Firms serving the private equity market with lawyers that get a positive mention in the latest edition of the Legal 500 include: * Addleshaw Goddard (Darryl Cooke) * Allen & Overy (Alan Paul, Jeremy Hunt and Alison Beardsley) *...

PIPEs: investing with caution.(News)(Brief Article)
September 1, 2003... Opportunities for private equity houses to invest in publicly quoted companies (PIPE deals) are likely to be limited to special situations in Europe, according to the general consensus at a recent seminar in London hosted by law firm SJ Berwin....

Merlin targets Finland.(News)(Merlin Biosciences opens its first office outside UK; sets up team in Helsinki, Finland )
September 1, 2003... Merlin Biosciences has opened its first office outside the UK. The group has set up a team in Helsinki, Finland to drive further expansion into the region. A dedicated team, led by Niilo Santasalo will seek opportunities in the Nordic region...

Dawnay Day targets mid-market.(News)(Sets up private equity division )(Brief Article)
September 1, 2003... UK corporate and property finance group Dawnay Day has set up a private equity division targeting UK mid-market companies. Luke Bridgeman, a former Morgan Grenfell Private Equity director, will head the division. He is joined by Robert...

South Eastern Europe: a new dawn?(Funds)(South Eastern Europe is investment focus of new fund being raised by Slovenian based Poteza)
September 1, 2003... South Eastern Europe is the investment focus of a new fund being raised by Slovenian based Poteza. The group has been making private equity investments in the region since 1992, but this fund raising is Poteza's first from third party...

CREATE East of England Fund.(Funds)(East of England Venture Capital Fund)(Brief Article)
September 1, 2003... CREATE Partners Limited has launched the East of England Venture Capital Fund. The fund will provide support for small and medium-sized businesses that can demonstrate significant growth potential and are either based, or conduct pad of their...

BS Private Equity exceeds target.(Funds)(Exceeds 500m [euro] target of its fourth fund IPEF IV )(Brief Article)
September 1, 2003... Milan-based private equity firm B&S Private Equity Group exceeded the 500m [euro] target of its fourth fund IPEF IV by reaching 550m [euro] at its final closing. The fund held a first close six months ago at 400m [pouns sterling] and a...

CapMan exits Republica.(Exits)(Brief Article)
September 1, 2003... CapMan has exited its 2000 investment in software company Republica for an undisclosed sum. CapMan's funds, Finnventure Fund V Ky and Finnventure Fund V ET Ky, have sold their shares in Republica to the company's founder Jouko Salonen. ...

Yell doing well.(Exits)
September 1, 2003... Apax Partners and Hicks Muse Tate & Furst are celebrating a lucrative exit following the flotation of Yell, the biggest UK IPO this year. Shares in Yell rose 3% on its first day of trading above the issue price of 285 pence, the upper end of...

MidOcean part sells holiday parks.(Exits)(Brief Article)
September 1, 2003... MidOcean Partners has sold its interest in Center Pares Europe to Pierre & Vacances, the French short break operator that it joined up with in early 2001 to buy the business. The return on this investment is said to have helped towards repaying...

Deutsche Bank: disposals continue.(Exits)
September 1, 2003... Deutsche Bank has sold a third part of its private equity portfolio to Credit Suisse Strategic Partners. This is the largest in its series of divestments expected to reduce the book value of Deutsche Bank's private equity fund investments by...

Trade sales: a pricing issue.(Exits)(Brief Article)
September 1, 2003... Almost 60% of mid-market business owners looking to sell their businesses are struggling to either find a buyer or get a good price for their business, according to a survey by Grant Thornton Corporate Finance. Compared to the height of the UK...

3i sells SPC International.(Exits)(Brief Article)
September 1, 2003... 3i has sold its 1998 investment in SPC International to Beringea (previously known as ProVen Private Equity) in a secondary buyout. SPC International's management has acquired the IT services company in a 6.1m [pounds sterling] deal. Beringea...

AMJPE and NVM double money on Seco.(Exits)
September 1, 2003... Aberdeen Murray Johnstone Private Equity (AMJPE) and Northern Venture Managers have sold their stakes in Seco Aluminium Limited to Advanced Aluminium Technologies (A2T) in a deal worth 3.6m [pounds sterling]. Seco is a specialist in aluminium...

Espotting delivers goods.(Exits)(Brief Article)
September 1, 2003... Internet start-up Espotting Media has made its investors almost five times their money in less than two years. The business has been acquired by NASDAQ-listed FindWhat.com for 97m [pounds sterling]. Under the terms of the transaction Espotting...

3i sells Paragon.(Exits)(Brief Article)
September 1, 2003... 3i has realised its 1997 investment in publisher Paragon. Highbury House will acquire the consumer magazines business for around 32m [pounds sterling]. 3i has made an IRR of 75% on its investment. The firm invested 12m [pounds sterling] for a...

ISIS makes gain on Blue 8.(Exits)(Brief Article)
September 1, 2003... ISIS Equity Partners has sold its investment in Blue 8 Technologies to Northgate Information Solutions for an enterprise value of 9.3m, [pounds sterling] plus an additional consideration of 1.1m [pounds sterling] on completion. The sale...

Partial exit for VUP consortium.(Exits)(Brief Article)
September 1, 2003... Cinven, Carlyle Group and Apax Partners, the backers of the 1.2bn [euro] buyout of Vivendi Universal Publishing's healthcare and business group, have partially realised their investment. United Business Media (UBM) has bought Aprovia UK for 79m...

PAI sells CEVA.(Exits)(Brief Article)
September 1, 2003... PAI Partners made its third exit this year, selling CEVA Sante Animal to Industri Kapital and the company's management in a secondary buyout. The deal, reportedly worth around 200m, [euro] earns a return of three times money for PAI Partners....

IK makes partial exit on Fives-Lilles.(Exits)(Brief Article)
September 1, 2003... French industrial engineering group, Fives Lilies has provided a partial realisation for Industri Kapilal through a 135m [euro] refinancing. The recapitalisation will allow Industri Kapital to fully repay the convertible bonds and shareholder...

Bure disposes of Nordic Capital holdings.(Exits)(Brief Article)
September 1, 2003... Listed Swedish private equity firm Bure has sold its holdings in Nordic Capital's funds 11, 111 and IV to an undisclosed secondary investor. The sale is in line with the group's strategy to divest its indirect holdings and concentrate on its...

Strathdon sells ViewsCast.(Exits)(Brief Article)
September 1, 2003... Technology specialist Strathdon Investments has realised its investment in consumer monitoring company ViewsCast, which has been sold to Synovate, a subsidiary of Aegis Group. Financial details were not disclosed. Strathdon invested in...

GIMV exits Konrad Hornschuch.(Exits)(Brief Article)
September 1, 2003... GIMV, the listed Belgium investor, has announced that it is in negotiations with an unnamed party to sell its stake in Konrad Homschuch. It bought a 99% stake for 20m [euro] in April 2001 from Decora Industries, an American company. Konrad...

BC Partners sells to Guardian Media Group.(Exits)(Brief Article)
September 1, 2003... Guardian Media Group has agreed to buy the 53% stake that it does not already own in Trader Media Group from BC Partners and the company's management. The deal values Trader Media Group, which publishes classified magazines including Auto...

Secondary buyout of RAL.(Exits)(Brief Article)
September 1, 2003... Proving the betting and gaming sector is still worth a punt, PPM Ventures has acquired RAL Holdings for 40m [pounds sterling] in a secondary buyout from Aberdeen Asset Management, the Scottish investment group. Murray Ventures, now part of...

3i sells bus company.(Exits)(Brief Article)
September 1, 2003... 3i has realised a 16-year old investment in selling its 30% stake in Wilts & Dorset Bus Company to listed UK transport operator, Go Ahead. The transaction, worth 31.6m, [pounds sterling] produces a re return of 14.6 times 3i's money or an IRR...

CTI acquires Mirada.(Exits)
September 1, 2003... University of Oxford spinout Mirada Solutions (Medical Imaging and Radiology Analysis Solutions) has been sold to CTI Molecular, a provider of positron emission tomography equipment, molecular probes and services, for $22m. Mirada was...

Fifth exit for ECI.(Exits)(Brief Article)
September 1, 2003... ECI Partners has completed its fifth exit, and third through a secondary buyout (see table), this year by selling Communicandum in a secondary buyout to its management team and ISIS Equity Partners. Terms of the deal were not disclosed. ...

Gilde sells Codi International.(Exits)(Brief Article)
September 1, 2003... Gilde has sold wet wipe manufacturer Codi International to Suominen Corporation in a 60m [euro] deal. Gilde acquired the company two years ago in a buyout from listed Dutch pharmaceuticals and medical group, OPG. Based in Veenendaal in The...

Building products deals for CVC.(Exits)
September 1, 2003... CVC Capital partners continues to be active in the construction sector, which has provided both new investment opportunities and exits for the firm this year. Most recently CVC has agreed to sell the distribution and building products...

Should minority shareholders dominate PtP discussions?(Buyouts)
September 1, 2003... Some minority shareholders are no longer willing to sit back and go along with the non-executive's recommendation to sell their holdings to a public-to-private (PtP) vehicle. The decision made by these institutions not to sell reflects a...

LBO syndications arranged in July and August.(Buyouts)
September 1, 2003... Actaris Senior lenders have signed into the senior sub-underwriting phase of the 365m [euro] loan backing the buyout of Actaris from LBO France, via mandated lead arranger Mizuho Corporate Bank. As well as ten bank lenders, seven...

High yield.(Buyouts)
September 1, 2003... Eircom/Valentia Telecommunications Ireland's leading telecom communications company, Eircom has announced a refinancing bond and loan package and will issue a jumbo dual-tranche high yield bond. The new financing will comprise a 500m...

Refinancings.(Buyouts)
September 1, 2003... Accantia Bank of Scotland is approaching existing lenders to Accantia Holdings, the ABN AMRO Private Equity-backed feminine hygiene products company, to participate in the company's recapitalisation financing. Senior acquisition debt...

Fitch calls for new high yield framework.(Buyouts)
September 1, 2003... Ratings agency Fitch has called for a new high yield framework if high yield bonds are to realise their promise as a reliable alternative asset class for European investors and a consistent source of alternative subordinated debt and growth...

Private equity-backed takeovers subject to EU competition law 30/6/2003-22/8/2003.(Buyouts)
September 1, 2003... Actaris The European Commission has cleared Montagu Private Equity's secondary buyout of Actaris, a manufacturer of metering systems, from LBO France for a consideration of 420m, [euro] excluding transaction costs and working capital...

Buyouts with European targets July 1 to August 22, 2003.(Buyouts)
September 1, 2003... Buyouts with European targets July 1 to August 22, 2003 Target Date Target industry announced name sector 01/07/03 DCS eIntegration Business services...

Focus Wickes hybrid breaks new ground.(Buyouts)
September 1, 2003... In their quest to resolve the long-running structural subordination dispute between senior debt and high yield bond investors, bankers are devising innovative new financing structures. The most groundbreaking instrument seen to date is the...

Bird & Bird in Munich.(People)(Brief Article)
September 1, 2003... Law firm Bird & Bird is opening its second office in Germany in October. It established a Dusseldorf office in June last year. The Munich office will have a team of 10 lawyers. The current team includes Joseph Fesenmair and Ulrich Goebel....

Standard Life appts.(People)(Brief Article)
September 1, 2003... Standard Life Investments Private Equity continues its expansion in the US private equity market with the appointment of John Guinee as investment director North America. Guinee will be based in Standard Life Investments' office in Boston and...

Merlin targets Finland.(People)(Brief Article)
September 1, 2003... Merlin Biosciences has opened its first office outside the UK. The group has set up a team in Helsinki, Finland to drive further expansion into the region. A dedicated team, led by Niilo Santasalo, will seek opportunities in the Nordic region...

New director at SYIF.(People)(Brief Article)
September 1, 2003... Peter Armitage has been appointed as the investment managing director for South Yorkshire Investment Fund. Based in Rotherham and Sheffield, he will work with SYIF investment managers Nigel Feirn and Matthew Male. Armitage was formerly a...

TVM appts.(People)(Brief Article)
September 1, 2003... German/US VC firm Techno Venture Management has promoted David Poltack to general partner and Axel Polack to venture partner. Both were previously principals at TVM. Poltack is based in the Boston finance team and Polack in the Munich life...

Williams to CDC board.(People)(Brief Article)
September 1, 2003... Andrew Williams, a director of Schroder Ventures International Investment Trust (SVIIT) and chief executive of Schroder Ventures (London) Limited (SVLL), has joined CDC Capital Partners as a non-executive director. His appointment follows the...

CDC IXIS Equity Capital appts.(People)(Brief Article)
September 1, 2003... Vincent Jonquieres has joined CDC IXIS Equity Capital as investment director. Jonquieres is a graduate of the Ecole Polytechnique. His career began at BNP where he was responsible for project finance before joining the European Commission...

Coller Capital hires Flynn.(People)(Brief Article)
September 1, 2003... Coller Capital has appointed Susan Flynn as investment director, European investments. Flynn has spent the last eight years with General Motors Investment Management Corporation (GMIMCO), most recently as CEO of General Motors Asset Management...

MacHugh to BoS.(People)(Brief Article)
September 1, 2003... Bank of Scotland corporate banking has appointed Nick MacHugh as director o f structured finance heading the bank's Leeds-based acquisition financing team. MacHugh takes over from John Brimelow, who was recently promoted to the bank's Amsterdam...

Hermes builds team.(People)(Brief Article)
September 1, 2003... Hermes has announced two new additions to its private equity team. Gillian Brown has joined as a director of its funds' team and Shane Feeney has joined the direct investment team as an investment director. Brown has joined from Merrill...

Vision Capital moves.(People)(Brief Article)
September 1, 2003... Has moved to: 54 Jermyn Street, London SW1Y 6LX Tel: +44 (0)20 7389 6410 Fax: +44 (0)20 7389 6411

CapMan expands in Finland.(People)(Brief Article)
September 1, 2003... Yrjo Wichmann has been appointed investment director in CapMan's Nordic Life Science business unit effective beginning of October. He has over ten years' experience in the Finnish life science market and was previously at FibroGen Europe where...

MD & CIO for Pi.(People)(Paul Thomas joins Pi Capital as chief investment officer, managing director)(Brief Article)
September 1, 2003... Pi Capital, a UK private investor organisation, has appointed Paul Thomas as chief investment officer and managing director. He joins the board with immediate effect. Prior to joining Pi Capital, Thomas spent 19 years at ECI specialising...

Gazelle Corp Fin appts.(People)(Gazelle Corporate Finance hires Tony Richmond-Watson)(Brief Article)
September 1, 2003... Tony Richmond-Watson has been appointed non-executive deputy chairman of Gazelle Corporate Finance, an independent corporate finance advisory house which specialises in advising companies on debt restructuring and the disposal of non-core...

Nordic Capital expands.(People)(mutual fund firm hires Christian Dyvig)(Brief Article)
September 1, 2003... Christian Dyvig, a former managing director at Morgan Stanley, has joined Nordic Capital as partner. He will be based in Copenhagen and is responsible for the group's Danish activities. Dyvig was part of the M&A division at Morgan Stanley...

Spanish investments up.(Data Room)
September 1, 2003... Private equity investment in Spain was up 25% to 415m [euro] in the first half of 2003 compared to 330m [euro] for the same period last year, according to the Spanish private equity and venture capital association ASCRI. A further increase is...

UK MBO market revival.(Data Room)(management by objectives)
September 1, 2003... There has been an increase in activity levels in the UK MBO market, according to figures from KPMG's private equity group. The second quarter in 2003 saw a small increase from the previous quarter in the number of larger UK management buyouts...

Encouraging signs for US venture.(Data Room)
September 1, 2003... After two years worth of quarterly declines, US venture capital investments rose slightly in the second quarter of 2003, according to the MoneyTree Survey by PricewaterhouseCoopers, Thomson Venture Economics and the National Venture Capital...

Israeli companies attract funding.(Data Room)(Brief Article)
September 1, 2003... Israeli high tech companies raised $271m from both local and foreign venture investors in the second quarter of 2003. This is an increase of 28% on the amount raised the previous quarter. Capital raised in financing rounds by foreign investors...

Germany stabilises.(Data Room)
September 1, 2003... Figures compiled by the German Venture Capital Association (BVK) for the first half of this year show some degree of stability returning to its private equity industry. "The market appears to be gradually stabilising. The portfolio streamlining...

Fund raising: a tough challenge.(Data Room)
September 1, 2003... Private equity fund raising in Europe remains a rough ride with only slight signs of improvement, according to the latest figures from research firm AltAssets. Second quarter fund raising recovered slightly from its drop in the first quarter,...

Ratings: transparency by another name?(LP Corner)
September 1, 2003... European staff of the rating agencies have long had their eye on the local leveraged finance market, all too aware that their US colleagues are making a healthy business out of rating the debt that emerges from this quarter Stateside. Europe's...

UK Finance Act 2003.(Legal & Regulatory Exchange)
September 1, 2003... Two issues that surfaced in the 2003 Finance Act, the removal of deferred tax relief for private equity investments with a significant debt portion and the application of income tax rates to private equity carried interest limited partnerships,...

Fund administration: the outsourcing dilemma.(Support services)
September 1, 2003... Providers of software and fund administration services argue that an increasingly demanding LP community needs to be serviced with the most up-to-date software or fund administration approach and that well executed fiduciary duties will...

Fund-of-funds: a burst bubble?(Fund-of-Funds)
September 1, 2003... The fund-of-funds market has witnessed a boom in recent years and can be divided into two categories. The veterans of the business such as HarbourVest and Pantheon operate as limited partnerships and raise funds like a traditional private...

Irish buyouts: untapped potential?(Ireland: private equity)
September 1, 2003... The high value of the Irish buyout market, relative to the size of the national economy, has been maintained by blockbuster deals such as Eircom and Jefferson Smurfit. However, with little buyout activity among smaller companies the market is...

Irish venture: a winning formula?(Ireland: venture capital)
September 1, 2003... State investment schemes are often criticised but Enterprise Ireland seems to have struck the right balance with both its fund and direct investments. Louise Cowley talks to partners on both sides of this public-private-partnership (PPP) to see...

Nanotechnology: big plans for small stuff.(Nanotech)
September 1, 2003... Nano, meaning [10.sup.-9], is a term that's being attached to a basket of emerging technologies, new ventures, research projects, trade associations and even government grant programmes. Far from the term nano heralding a new and homogeneous...

Calendar.(Calendar)
September 1, 2003... 16-18 Sep Capital Creation 2003. Cannes. +44 20 7368 9400 www.wbresearch.com capitalcreation@wbr.co.uk 17-18 Sep Corporate Restructuring. London. +44 20 7915 5055 www.iir-conferences.com/restructuring ...

Seeking buyers July.(Seeking buyers)
September 1, 2003... Seeking buyers includes listings of all European companies that have announced plans since July 1, 2003 until July 31, 2003 to sell divisions, stakes or their entire company. It also includes purported sales efforts that have appeared in the...

Seeking buyers August.(Seeking buyers)
September 1, 2003... Seeking buyers includes listings of all European companies that have announced plans since August 1, 2003 until August 22, 2003 to sell divisions, stakes or their entire company. It also includes purported sales efforts that have appeared in...