European Venture Capital Journal articles from September 2005

European Venture Capital Journal archives from September 2005

Heading for a winter workout?(EDITOR'S NOTE)(Editorial)
September 1, 2005... As summer draws to a close, and the August lull is quickly forgotten, the private equity market is once again focusing on whether a spate of defaults is around the corner. This speculation has been underway since early spring, when the received...

Hedge funds: a good fit?(markets)
September 1, 2005... An increasing number of private equity funds are choosing to expand beyond their historical investment strategies. The last few months have seen private equity groups GSC Partners and Summit Partners both demonstrating a commitment to investing...

ABN AMRO's surprise acquisition.(ABN AMRO Private Equity Ltd., Priory Finance Co.)
September 1, 2005... Healthcare analysts have been stunned by ABN AMRO's acquisition of the Priory Group. Not just by the price but also the fact the deal was done by the bank's capital markets division rather than its private equity arm. The Dutch-owned bank beat...

A chip on the shoulder.(price chipping)
September 1, 2005... According to a recent survey, 80% of UK corporate advisers think price chipping is a problem with all private equity firms. This is a significant number, so it comes as no surprise that the industry has something of a reputation for reducing...

Secretive, greedy, asset-strippers: private equity and the press.(NEWS ANALYSIS)
September 1, 2005... "A spokeswoman for Permira declined to comment. UEE wasn't immediately available for comment. A spokeswoman for Carlyle Group declined to comment. A spokesman for Bain Capital declined to comment, while Macquarie and Wes-farmers couldn't...

That time of year again.(NEWS ANALYSIS)
September 1, 2005... While the need for an annual investors meeting is enshrined in the LP agreement, what form these take has differed wildly. For a start, US buyout funds, although not their venture counterparts, organise theirs with panache, (or are flashier if...

Summit tries out hedge funds.(Summit Partners acquires some of securities of Coast Asset Management)(Brief Article)
September 1, 2005... US-based private equity and venture capital firm Summit Partners has acquired a stake in hedge fund Coast Asset Management, in an effort to build a broad alternative investment business. Summit Partners now holds a stake equal to approximately...

Manufacturing sector loses confidence.(business optimism)(Brief Article)
September 1, 2005... Business optimism among manufacturers has plummeted over the last six months, according to a survey by UK private equity house Gresham. Research has revealed confidence levels among directors of mid-sized manufacturing companies in Britain...

NIB Capital sold to JC Flowers.(NEWS)(Brief Article)
September 1, 2005... ABP and PGGM, the Dutch pension funds, have agreed to sell their jointly held private bank NIB Capital to a consortium led by JC Flowers. The acquisition should have a minimal impact on the bank's private equity business, NIB Capital...

BHF Private Equity name change.(NEWS)
September 1, 2005... BHF Private Equity has changed its name to Steadfast Capital. BHF Private Equity was originally founded in 2001, under the umbrella of BHF Bank. BHF Bank was sold by ING earlier this year. However, ING continued to support BHF Private Equity...

2005 Global Private Equity Barometer.(survey of private equity firms)(Brief Article)
September 1, 2005... Coller Capltal's half-yearly Global Private Equity Barometer, which surveyed 104 private equity investors around the world during February to April this year, has announced the following key findings: * 43% of LPs are unable to invest in...

Gjensidige acquires Argentum portfolio.(Gjensidige NOR Forsikring)(Brief Article)
September 1, 2005... Insurance group Gjensidige has acquired a 30% share of the investment portfolio of nine funds from the Norwegian Government-owned fund-of-funds Argentum for around NOK600m. Argentum has committed more than NOK1.8bn to these funds. The...

Private equity loses out to debt.(debt financing)
September 1, 2005... A majority of UK directors (80%) are opting for debt finance, despite other options available to them, such as private equity, the public markets and the use of angel investors, accordingto research by advisory firm Baker Tilly. Results...

Hardt increases PE activity.(Hardt Group and Kingsbridge Capital Group joins to form Hardt Group Capital Partners)(Brief Article)
September 1, 2005... Austria-based alternative investment firm Hardt Group and UK-based Kingsbridge Capital are combining their businesses to form Hardt Group Capital Partners. Hardt Group Investments is the majority shareholder in the new company. Hardt Group...

Williams leaves Sand Aire to join Graphite Capital.(David Williams and Mike Innes joins Graphite Capital Management Ltd.)(Brief Article)
September 1, 2005... Sand Aire Private Equity founder David Williams has left the firm to join UK mid-market firm Graphite Capital. Williams joins Graphite as a partner. Sand Aire declined to comment on his departure, but said the firm would be making a "positive...

Turnaround vehicle launched.(Raphoe Management)(Brief Article)
September 1, 2005... Sir Gerry Robinson, former chairman of Allied Domecq, Granada and BSkyB, has launched a new investment vehicle called Raphoe Management, which he says aims to invest in "underperforming companies in the UK that are being stalked by private...

Mezzanine: demand remains high.(financing)(Brief Article)
September 1, 2005... Demand for mezzanine paper remained high in the first half of 2005, according to a European leveraged finance special report by rating agency Fitch. In the first half of 2005, the agency rated 2.6bn [euro] of mezzanine debt, compared with...

GSC Partners launches hedge fund business.(services)(Brief Article)
September 1, 2005... GSC Partners has added a hedge fund to its product portfolio, which includes distressed debt investing, corporate credit, European mezzanine lending and structured finance. The firm has appointed Drew Doscher and Jeffrey Horan as managing...

Duchess I gets extension.(Babson Capital Europe's funds)(Brief Article)
September 1, 2005... Duchess I, the CLO fund set up by Duke Street's Debt Management arm, which was sold to Babson Capital Europe in the spring of last year, has had its life extended. This is an innovation in CLO fund workings that Babson Capital Europe has...

Pre-IPO PE funding on increase.(SEED THROUGH EARLY STAGE)
September 1, 2005... The move of non-UK companies to list on the London Stock Exchange (LSE), and in particular the less stringent regulatory requirements of the LSE's Alternative Investment Market (AIM), has been the subject of many headlines of late. AngelBourse,...

Omlidon Technologies wins.(SEED THROUGH EARLY STAGE)(Brief Article)
September 1, 2005... Omlidon Technologies won Oxford University Business Plan Competition this year. Omlidon Technologies is a spin-out from ETH-Zurich, which is commercialising a breakthrough in Teflon[R] technology which allows Teflon[R] to be injection moulded....

SIPPs to welcome PE.(Self Invested Personal Pensions, private equity )(Brief Article)
September 1, 2005... SIPPs, the UK Self Invested Personal Pensions, will be allowed to include direct private equity investment in unquoted companies from April 6 when the government relaxes restrictions on the types of assets investors can hold in these vehicles....

ready2invest expands.(South East England Development Agency and Finance South East)(financing investors)
September 1, 2005... ready2invest, a programme aimed at recruiting and supporting angel investors to help innovative entrepreneurs, has expanded to the South East with the support of FSE (Finance South East) and SEEDA (South East England Development Agency.) It...

Calling wireless tech entrepreneurs!(SEED THROUGH EARLY STAGE)
September 1, 2005... An investor programme, created by VCR Directory in conjunction with Informa Telecoms & Media, will take place at The Smartphone Show on October 11 at ExCeL in London. It will provide high growth companies with a unique opportunity to pitch for...

LTF targets start-ups.(London Technology Fund)(Brief Article)
September 1, 2005... The London Technology Fund (LTF) has launched, aiming to support young high tech start-ups in Greater London, including both university or research institute spin-outs and start-ups founded by entrepreneurs. The 15m [pounds sterling] fund,...

Swansea unit gets 50m [pounds sterling] Life Science Institute.(University of Wales. University College of Swansea)(Brief Article)
September 1, 2005... Swansea University's 50m [pounds sterling] Institute of Life Science (ILS) has received confirmation of Objective 1 funding from the Welsh European Funding Office (WEFO), part of the Welsh Assembly Government. The 6m [pounds sterling] Objective...

German venture: not all bad.(Wellington Partners)(Wellington Partners III Technology Fund )
September 1, 2005... There seems to be some light at the end of tunnel when it comes to European venture. Munich-based Wellington Partners has reached a final close on Wellington Partners III Technology Fund at 150m [euro], exceeding its original target of 120m...

Warburg closes on 6.5bn [euro].(Warburg Pincus L.L.C., Warburg Pincus Private Equity IX)(Brief Article)
September 1, 2005... Warburg Pincus has closed its ninth fund on US$8bn, six months after launching it. Like its predecessors, Warburg Pincus Private Equity IX will invest in businesses in a range of sectors including financial services, healthcare and life...

CVC raises 6bn [euro].(CVC Capital Partners closes CVC European Equity Partners IV)(Brief Article)
September 1, 2005... CVC Capital Partners has announced the first and final closing of CVC European Equity Partners IV, Europe's largest private equity fund to date. CVC has raised 6bn [euro] from a broad range of international institutional investors and high net...

Summit raises US$3.3bn.(Summit Partners, private equity fund and venture capital fund)(Brief Article)
September 1, 2005... Summit Partners has closed two new funds, a private equity fund and a venture capital fund, totalling US$3.3bn. The funds will be used to invest in later stage companies in North America and Europe in a broad range of industries. The...

First close for Candover.(Candover Investments PLC, Candover 2005 Fund)(Brief Article)
September 1, 2005... Candover has held a first closing of its Candover 2005 Fund, with commitments of 2.3bn [euro] representing more than 75% of the target size of 3bn [euro]. The fund was launched at the end of April. More than 85% of the commitments to the first...

Montagu fund close.(Montagu Private Equity, Montagu III)(Brief Article)
September 1, 2005... Montagu Private Equity has closed its first fund since spinning out of HSBC. Montagu III closed on 2.26bn [euro], with the firm's former parent committing 25% as a cornerstone investor. Other investors in the fund, of which there are around...

Electra close on 1.25bn [euro].(Electra Partners Europe, Electra European Fund II)(Brief Article)
September 1, 2005... Electra Partners Europe has closed its second fund on 1.25bn [euro], just over two months after it was officially launched. Electra European Fund II, like its predecessor, will invest in Western European buyouts of companies that operate in...

Lion Capital closes debut.(FUNDS)(Brief Article)
September 1, 2005... Lion Capital, the London-headquartered private equity firm formerly known as Hicks Muse (Europe), has closed its debut fund on US$1bn. The firm, led by Lyndon Lea, officially changed its name earlier this year. Fund raising took around 18...

MezzVest closes 2nd.(MezzVest II)(Brief Article)
September 1, 2005... MezzVest, the mezzanine finance arm of CapVest, has closed its second fund on 1.5bn [euro]. MezzVest II will invest its capital in Western Europe over the next four to five years, committing between 20m [euro] and 100m [euro] of senior...

WCP1 closes.(Weinberg Capital Partners closes its WCP No 1 fund)(Brief Article)
September 1, 2005... Weinberg Capital Partners has formed with four partners and announced the first close, on 380m [euro], of its first fund called WCP No 1. The four partners are Serge Weinberg, Guillaume d'Angerville, Henri Gagnaire and Philippe Klocanas. ...

Axcel holds first close.(FUNDS)(Brief Article)
September 1, 2005... Axcel, the Danish mid-market investor, has raised DKK2.6bn (approx 350m [euro]) for its third fund. The monies come from existing and new investors. Previous Axcel funds are Axcel IndustriInvestor (DKK1.1bn) and Axcel II (DKK2.5bn), following...

Abingworth quoted fund.(Abingworth Management Inc.)(Brief Article)
September 1, 2005... Abingworth has raised US$53m for Abingworth BioEquities Fund (ABE), the first of its seven life science funds which will invest only in the public market. The fund will focus on companies in Europe and the US. Specifically, it will invest...

Ciclad closes fourth fund.(markets)(Brief Article)
September 1, 2005... Ciclad, a French small-cap private equity firm, has closed its fourth fund on 120m [euro], three months after it was launched, and surpassing its 100m [euro] target. Ciclad 4 will invest between 2m [euro] and 12m [euro] in French companies...

SVG raises 70.4m [pounds sterling].(Strategic Equity Capital)(Brief Article)
September 1, 2005... SVG's Strategic Equity Capital has raised 70.4m [pounds sterling] following its listing on the London Stock Exchange. This is the third fund to be launched by the firm's public equity team, and the amount raised is the largest primary fund...

BCP closes on 320m [euro].(Butler Capital Partners, France Private Equity III)(Brief Article)
September 1, 2005... Butler Capital Partners (BCP) has reached a first and final dose of 320m [euro] on France Private Equity III. The fund, which was targeting 300m [euro], was quickly oversubscribed after officially launching in April this year. With over 14...

Euroventures closes fund.(Euroventures Hungary III Limited Partnership)(Brief Article)
September 1, 2005... Euroventures Capital Advisory has reached a second and final close on Euroventures Hungary III Limited Partnership. The fund has raised 51m [euro]. Investors in the second closing included ABN AMRO Capital, the European Bank for...

Second close for NeoMed.(NeoMed Management )(Brief Article)
September 1, 2005... NeoMed Management has reached a second closing of its fourth fund, NeoMed Innovation IV LP, a Jersey-domiciled healthcare and life sciences venture capital fund. This closing brings the fund's total committed capital to 70m [euro]. ...

Impax raises 60m [euro].(Impax Asset Management)(Brief Article)
September 1, 2005... Impax, a UK financial services business dedicated to the environmental markets sector, has launched and held a first closing of Impax New Energy Investors LP, which is a private equity fund targeting investments in projects in the renewable...

APEP first close.(Allianz Private Equity Partners )(Brief Article)
September 1, 2005... Allianz Private Equity Partners (APEP), the fund-of-funds arm of the Allianz Group, has held a 400m [euro] first close on APEP Dachfonds, its first fund-of-funds offered to institutional investors outside the Allianz Group. The initial...

European Capital 700m [euro].(European Capital Company Ltd.)(Brief Article)
September 1, 2005... American Capital has raised 201m [euro] in commitments for its European arm, European Capital, from a group of institutional investors. The firm is investing 499m [euro] into the new fund, which is to be managed from Paris, bringing the total...

Palamon out fund raising.(Palamon Capital Partners )(Brief Article)
September 1, 2005... Palamon Capital Partners is in the market raising its second fund. No size or closing timetable have been confirmed, but it's likely that it won't be considerably in excess of the ?440m fund the firm raised in 2000. This is because Michael...

Graphite gets out of young women's clothing.(Graphite Capital Management Ltd.)
September 1, 2005... The 117.4m [pounds sterling] sale of Jane Norman to Baugur and Kaupthing made Graphite Capital a 2.9x return on its January 2003 investment when it backed a 70m [pounds sterling] buyout led by chief executive Saj Shah. At that time, the UK...

Surge in IPO activity.(initial public offerings)
September 1, 2005... IPO activity continued its upward trend in Q2 2005, ahead of the implementation of the prospectus directive, according to PricewaterhouseCoopers' latest IPO Watch Europe survey, tracking volume and value of IPOs on Europe's main stock...

Siemens acquires Transmitton.(EXITS)(Brief Article)
September 1, 2005... Leicestershire-based company, Transmitton Ltd has been acquired by Siemens from the Alchemy-backed ICS Group. Financial details of the transaction were not disclosed. ICS was loss-making and quoted on the London Stock Exchange when, in...

Kelso exits Nigel Lynn.(Kelso Place Asset Management, Nigel Lynn Associates, Premier Group)(Brief Article)
September 1, 2005... Kelso Place Asset Management has sold Nigel Lynn Associates, a UK financial recruitment consultant, to Premier Group, an Irish rival, for 9m [euro]. Kelso Place Corporate Turnaround Fund bought the company in March 2003, and the sale represents...

Texas Pacific's Gate Gourmet in trouble.(Gate Gourmet International AG, Texas Pacific Group)(Brief Article)
September 1, 2005... Gate Gourmet, the Swiss airline food service company at the centre of the strikes at London's Heathrow Airport, is reported to be in discussions with its creditors. In mid-April there were reports Gate Gourmet had broken its debt covenants and...

Permira acquires Gala stake.(Permira Advisors, Gala Bingo)(Brief Article)
September 1, 2005... Candover and Cinven have achieved a partial realisation of their equity holding in Gala, the bingo and casino operator, in a deal which values the group at 1.89bn [pounds sterling]. The transaction also includes a refinancing of the company's...

Biotech IPO raises 77m [euro].(EXITS)
September 1, 2005... Coley Pharmaceutical Group, a biopharmaceutical company based in the US and Germany and backed by a host of VCs, has floated on NASDAQ, raising US$96m. The listing was priced at the top of its indicative range at US$16 per share, and was...

German TV group sold in record deal.(EXITS)(Brief Article)
September 1, 2005... The private equity consortium behind ProSiebenSat.1 Media, Germany's largest commercial television group, has sold its 52% stake in a 2.47bn [euro] deal, making it Germany's largest ever media transaction. Axel Springer AG is to acquire a...

Advent sells Viatris.(Advent International PLC)(Brief Article)
September 1, 2005... Advent International has sold its stake in Viatris, a German pharma company, to Meda, a Swedish drugs business, in a 750m [pounds sterling] deal. Meda beat off competition from Permira and Warburg Pincus, as well as trade buyers such as Belgian...

Heineken acquires Ivan Taranov Breweries.(EXITS)
September 1, 2005... Heineken has acquired Ivan Taranov Breweries (ITB) from Texas Pacific Group and Allied Partners. Financial details were not disclosed although reports suggest Heineken paid around US$560m for the business. Taranov is 62% owned by Allied...

Steadfast Capital exits Elaxy.(Steadfast Capital)(GAD eG acquires Elaxy GmbH)(Brief Article)
September 1, 2005... Steadfast Capital, formerly known as BHF Private Equity, has sold its majority interest in its August 2001 management buyout of Elaxy GmbH. The business, which is a software specialist selling to financial institutions in the German market, was...

Bridgepoint & Permira sell fitness clubs to Spanish VCs.(Bridgepoint Capital, Permira Advisors, Holmes Place Iberia)(Brief Article)
September 1, 2005... Holmes Place Iberia, the Southwestern European division of UK fitness club operator Holmes Place, has been sold by Bridgepoint and Permira to a private equity syndicate for 110m [euro]. The consortium, which consists of Spanish firms...

Stem cell company floats on aim.(ReNeuron)(Brief Article)
September 1, 2005... ReNeuron, a Merlin Biosciences-backed biotech company, has floated on the London Stock Exchange's Alternative Investment Market (AIM) market with a market capitalisation of 23.4m [pounds sterling]. ReNeuron is a British stem-cell specialist...

Smart exit for Cambridge Uni challenge fund.(Smart Holograms, Cambridge University Challenge Fund )(Brief Article)
September 1, 2005... Cambridge University Challenge Fund (CUCF) has sold part of its investment in Smart Holograms. The sale brings CUCF 500,000 [pounds sterling] and in so doing boosts its funds for future investment while at the same time it retains a stake in...

Graphite sells LS Group.(to SIG)(Brief Article)
September 1, 2005... Graphite Capital has sold its interest in LS Group, the bespoke door manufacturer, to SIG, the supplier of insulation, roofing and commercial interior products, for 47m [pounds sterling]. The exit represents a 6.1 times return on money for...

Noon sale for Bridgepoint.(Noon Products/WT Foods)(Brief Article)
September 1, 2005... WT Foods Group, the UK foods business owned by Bridgepoint, has sold Noon Products, a UK producer of ethnic, chilled ready meals, to the Kerry Group for 124m [pounds sterling]. Return details have not been disclosed, but it has been reported...

Alto makes 2.5x return on leather sale.(Alto Partners,BNL Investire Impresa )(Brief Article)
September 1, 2005... Italian mid-market private equity firm Alto Partners has sold its 25% stake in Piquadro, a Bologna-based leather accessories company. Alto fund Development Capital 1 sold the interest to BNL Investire Impresa in a 33m [euro] deal which also saw...

Meiosys sold to IBM.(EXITS)(Brief Article)
September 1, 2005... IBM has bought Meiosys, the French software company, from its venture capital backers. Meiosys, which has a software solution for assuring high availability for mission-critical applications, for example with financial applications or for...

Good exits result in DB share buyback.(Deutsche Beteiligungs )(Brief Article)
September 1, 2005... Deutsche Beteiligungs is buying back 10% of its shares at 12.5 [euro] per share via a tender offer to all shareholders, involving some 1,866,666 shares. The buy-back has been triggered by a surplus cash flow, which has resulted from a number of...

CVC to sell Kwik-Fit.(Speedy I Limited, CVC Capital Partners, Kwik Fit Holdings PLC)(Brief Article)
September 1, 2005... CVC is to sell Kwik-Fit to Speedy I Limited, a company controlled by PAI Partners, for 800m [pounds sterling]. Ford sold Kwik-Fit to CVC Capital Partners for 330m [pounds sterling] at a considerable discount to the 1bn [pounds sterling] Ford...

La Calhene sold to Getinge.(Edmond de Rothschild Investment Partners, Getinge Industrier AB)(Brief Article)
September 1, 2005... Barclays Private Equity and Edmond de Rothschild Investment Partners have sold their share in La Calhene, a manufacturer of isolators and airtight transfer systems for the nuclear, pharmaceutical and food industries, to Getinge, a Swedish...

Doughty Hanson celebrates Saft IPO.(EXITS)
September 1, 2005... Doughty Hanson will return 133m [euro] to investors in Doughty Hanson & Co IV, following the IPO of battery manufacturer Salt on Euronext's Eurolist. Based on the offer price of 26 [euro] per share, the market capitalisation of Saft was 485.3m...

CapMan exits Holiday Club Finland.(EXITS)
September 1, 2005... CapMan and Procurator Oy are to sell their stakes in Finnish leisure travel service company Holiday Club Finland to London & Regional Properties (L&R). The transaction value is approximately 120m [euro]. The exit will impact CapMan plc's...

3i sells Zenith to Dunedin.(Dunedin Capital Partners)(Brief Article)
September 1, 2005... 3i has sold its minority stake in Zenith, one of the UK's leasing companies, to Dunedin Capital Partners, in a deal worth 27m [pounds sterling]. 3i originally backed the MBO of Leeds-based Zenith in February 2004 when it invested 6.5m...

Capman sells Aurajoki to Primaca.(Primaca Partners)(Brief Article)
September 1, 2005... Aurajoki, a company that specialises in metal surface treatments, surfacing more than 40,000 tonnes of metal annually, has been sold by CapMan's Finnventure IV and Finnmezzanine II funds for 6.7m [euro]. This represented a 72% stake in the...

Barclays PE sells Benedicta to ABN.(AXA Private Equity )(Brief Article)
September 1, 2005... AXA Private Equity has acquired sauce manufacturer Benedicta in a secondary buyout transaction from Barclays Private Equity and ABN AMRO Capital France. Financial details of the transaction were not disclosed. Barclays Private Equity and...

Siliquent sold to Broadcom.(Siliquent Technologies )(Brief Article)
September 1, 2005... Broadcom has acquired Siliquent providing an exit for investors Alta Berkeley, Benchmark, Greylock and Thomas Weisel Partners. The company received four rounds of venture funding between 2001 and 2004. Broadcom will pay around US$76m for the...

VCs sell Searchspace to Warburg Pincus.(Venture Capital Co.)(Brief Article)
September 1, 2005... Searchspace, the risk monitoring solution provider to the financial services industry that assists in preventing money laundering and fraud, has been sold in what is effectively a secondary investor situation, to Warburg Pincus for an...

Gresham exits drainage claims business.(Mavinwood plc acquires ANSA)(Brief Article)
September 1, 2005... Gresham, the UK mid-market private equity firm, has sold its 12-month-old investment in ANSA, a national outsourcing business that 2offers a fully integrated service to deal with insurers' drainage claims, to Mavinwood plc. Mavinwood is a...

KKR sells Kingston shares.(Kohlberg, Kravis, Roberts & Co.)(UBS Warburg acquires Kingston Communications)(Brief Article)
September 1, 2005... KKR has reduced its stake in Kingston Communications, with UBS Warburg placing 114.3m shares worth 74.3m [pounds sterling]. The sale was conducted through KKR investee company Demag Holding, and KKR will retain a 1.5% share in Kingston, a...

Esmertec IPO postponed.(EXITS)
September 1, 2005... Esmertec has postponed its planned IPO. There was strong interest from investors in the company and it was due to float in late June had it not been for two major setbacks. The company issued two press releases: one about an alleged patent...

Bencis sells Roompot to ABN AMRO Capital.(Bencis Capital Partners, Roompot Holiday Parks)(Brief Article)
September 1, 2005... ABN AMRO Capital has acquired holiday parks operator Roompot in a secondary buyout from Dutch private equity firm Bencis Capital Partners. Management will remain a significant shareholder in the company. Financial details of the transaction...

PPM Capital sells Barracuda.(Barracuda Group to Charterhouse Capital Partners )(Brief Article)
September 1, 2005... PPM Capital has sold pub chain Barracuda Group to Charterhouse Capital Partners for 262m [pounds sterling]. The sale returns around three times PPM Capital's original investment and is the firm's third divestment this year. The Royal Bank...

Alpinvest exits IMCD.(ABN AMRO Capital acquires International and Multinational Private company)(AlpInvest Partners)(Brief Article)
September 1, 2005... ABN AMRO Capital has purchased specialty chemicals distributor IMCD in a secondary buyout from AlpInvest Partners. Financial details were not disclosed. The current management team has been leading the company for over 10 years and will remain...

Opoczno IPOs on Warsaw exchange.(Initial public offerings)(Brief Article)
September 1, 2005... Opoczno, the Polish ceramic tile producer, floated 99% of its share capital on the Warsaw Stock Exchange on June 24 at a price of PLN55, providing an exit for Credit Suisse First Boston and a route to exit for Enterprise Investors, which...

GIMV sells FCS Control Systems.(EXITS)(Brief Article)
September 1, 2005... GIMV has entered into an agreement to sell its investment in Dutch company FCS Control Systems to Moog Inc, which is listed on the New York Stock Exchange. FCS Control Systems designs and manufactures high-fidelity electromechanical and...

Partial exit for LDC.(EXITS)(Brief Article)
September 1, 2005... The management of fashion and accessories supplier Stifling Group has completed a 16m [pounds sterling] deal to take control of the business, providing a partial exit for backers LDC. Group chief executive Steven Bentwood, financial director...