Click here for printer friendly page

Latest Deals: 19 February - 25 February 2003

The AltAssets weekly round up of deals done across the world. This week there were 93 active investors in 38 deals across 12 sectors with no exits, compared to 110 active investors in 42 deals and three exits the previous week…

Active investors this week

Europe & Israel

Services

Investment:

3i and Veronis Suhler in Telefoongids MBO
Pan-European private equity firm 3i and US-based Veronis Suhler Stevenson have completed the management buy-out of Telefoongids Media, the Dutch directory publishing business of Royal KPN. Telefoongids, previously known as TeleMedia, has shown promising results in a sector that is set to experience continuing expansion.

Networking

Investments:

Intel Capital invests in Broadreach
Intel Capital has committed funds to a round of funding for Broadreach Networks, a London, UK-based company that provides broadband internet access via both fixed-terminals and wireless local area networks. The round was led by VCF Partners and included Yorkshire Fund Managers and Generics Asset Management, as well as strategic investors Virgin and BT Group.

CDC Ixis leads round for Teem Photonics
CDC Ixis Innovation has led a third round of venture capital financing for Teem Photonics, a provider of integrated components for high bandwidth optical networks. The company, which is based in Grenoble, France, has raised E10m in this round of financing. Other investors also participated, including Baker Capital, Hillman Co, INPG Enterprises, Lightspeed Venture Partners, and Schneider Electric Ventures. Teem Photonics has raised a total of E47.4m to date and will use the latest capital for development of its integrated active and passive product lines.

Technology

Investments:

Atlas Venture leads round for Arteris
Atlas Venture has led a round of venture capital financing for Arteris, a Paris, France-based manufacturer of semiconductor systems. The company secured E12m from a group of investors, which included Atlas, Crescendo Ventures, Techno Venture Management and Ventech. The funds will be put towards continued product development.

Tamir Fishman invests in Coppergate
Tamir Fishman Ventures has invested in a $3.5m second round of venture capital funding for Coppergate Communications, an Israeli company that is developing chips for the home networking market. Other participants in this round of financing included The Challenge Fund and Technoplast Ventures, the proceeds of which will be used for the initial marketing of its chip.

Media

Investment:

Permira acquires majority stake in Premiere
Permira has acquired a majority stake in Premiere Fernsehen. The company, which is situated in Munich, Germany, provides subscription-based television services throughout Germany and Austria. Permira has acquired a 65.13 per cent stake in the company with all shareholders committed to providing Premiere with up to E220m in fresh capital.

Materials & Construction

Investment:

Bridgepoint Capital backs acquisition of Lindsay
Bridgepoint Capital has backed the £8.5m acquisition of Lindsay, a Scotland-based company that is active in the construction and rail markets. The acquisition has been made by Bridgepoint-backed Hydrex, a specialist hire company that rents and sells equipment for use in the construction, rail and industrial sectors.

Wireless

Investments:

Orange Ventures leads investment in Bitfone
Orange Ventures, the venture capital arm of mobile network operator Orange, has made a capital commitment to Cannes, France-based Bitfone, a provider of update technology for mobile phones. The investment total remains undisclosed but it adds to the $29.5m that has already been raised from Nokia Venture Partners, St. Paul Venture Capital, 3i, Nexit Ventures and CIR Ventures.

Healthcare & Life Sciences

Investments:

Phoenix Equity Partners backs Covenant's expansion
Phoenix Equity Partners has backed Covenant Healthcare's acquisition of the Gainsborough Clinic in Lambeth, Central London. Covenant, a London, UK-based company, will pay £15m to acquire and develop the clinic, thereby expanding the reach of Covenant's acute medical and rehabilitation services into Central London.

3i leads round for Dutch biotech company
3i has led a third round of institutional financing for Kreatech Biotechnology, a Netherlands-based company focused on the creation, development, production and marketing of diagnostic and life science products. The round totalled E6m and included other investors, including Life Sciences Partners and Alafi Capital. The company will use the new funding to accelerate its internal application development programme.

Albany Ventures funds Meridian Technique
Albany Ventures has made its first investment through its Albany Ventures Fund III. The firm has led a round of financing for Meridian Technique, a Basingstoke, UK-based company that provides digital templating for the orthopaedic sector. The company has raised £2.25m from Albany, Enterprise Venture Capital Trust and Bank of Scotland Equity. The funds will be used to continue its expansion and product development.

North America

Energy

Investment:

Warburg Pincus leads $260m investment in US gas exploration venture
New York-based private equity giant Warburg Pincus has led a consortium investing around $260m in Antero Resources, a company formed to explore for natural gas. Other investors involved are Yorktown Energy Partners, an energy-dedicated private equity firm, and Lehman Brothers Merchant Banking Group. Immediately after receiving the funding, Antero used a portion of it to acquire a mid-continent property containing around 20bn cubic feet of proved reserves. The start-up will focus mainly on the Rocky Mountains and mid-continent regions of the US.

Technology

Investments:

Megunticook provides capital for Corona
Megunticook Management has co-led a series B round of venture financing for Corona Optical Systems, a Lombard, Illinois-based company that provides optical components. The round totaled $7.5m and included Sterling Holding Company as co-lead and previous investors Intel Capital, KB Partners and Venture Investors. The funds will be used to accelerate its growth and expand its sales and marketing efforts.

Columbia Capital leads round for Photuris
Columbia Capital has led a series C round of venture capital financing for Photuris, a developer of metro regional optical transport systems. The company has closed the first tranche of its series C round with $40m in commitments from existing investors Columbia Capital and Artiman Ventures, as well as individuals. The proceeds from the round will be used for North American field trials and for the delivery of its product to market. To date, Photuris has raised $105m.

Crosslink Capital funds NuCore Technology
Crosslink Capital has committed capital to NuCore Technology. The company is situated in Sunnyvale, California, and focuses on developing digital imaging chips for still and video cameras. It raised $22m in this series D financing, the proceeds of which will be used for market expansion. New investor Crosslink Capital led the round. All prior investors participated as well, including Horizon Ventures, Globespan Capital Partners, Sigma Partners, Techfarm, and VantagePoint Venture Partners. To date, the company has raised $54m in equity financing.

Sigma Partners leads round for QuickSilver
Sigma Partners has led a series D round of venture capital financing for QuickSilver Technology, a developer of software programmable integrated circuits that enable cellular phones and other wireless platforms for mobile commerce. The company, which is headquartered in San Jose, California, raised $28m from Sigma Partners, a new investor, and prior investors Portview Communications, VentureTech Alliance, Techfarm Ventures, and Selby Venture Partners.

New Enterprise Associates among investors in Force10
New Enterprise Associates is among a group of investors in the latest round of institutional equity financing for Force10 Networks, a Milpitas, California-based provider of ethernet switch/routers for network service providers. The company has raised $41m in its oversubscribed series C round of financing from existing investors New Enterprise Associates, US Venture Partners, Worldview Technology Partners, Amerindo Investment Advisors, and Pacesetter Capital Group. The proceeds from the round will be used for sales.

VCFNE funds Tibersoft
Venture Capital Fund of New England has committed capital to a round of financing  for Tibersoft, a provider of internet-enabled supply chain monitoring systems for the foodservice industry. Tibersoft has raised $7.65m in this fourth round, which is also a series A1 recapitalisation round. Venture Capital Fund of New England is a new investor in the company and the firm was joined by StarVest Partners and Burton M Sack, National Restaurant Association director and former executive vice-president of Applebee's International.

Healthcare & Life Sciences

Investments:

Skye Ventures leads round for SomaLogic
Skye Ventures has led a venture capital round of financing for SomaLogic, a Boulder, Colorado-based company that develops proteomics systems and applications based on its aptamer technology. The series C round raised $19.5m from existing investors including Lombard Odier Darier Hentsch & Cie, Société Générale Asset Management and ProQuest Investments. The funding will be used to support its ongoing research and development activities.

TL Ventures leads round for pharma company
TL Ventures has led a series B round of venture financing for BattellePharma. The Columbus, Ohio-based speciality pharmaceutical company focused on therapies to treat respiratory and systemic diseases, has raised $22m in this venture round. TL Ventures was joined by Fletcher Spaght Ventures, Merlin BioMed Group, and Richardson Ventures. Proceeds from the round will be used to fund operations until mid-2005.

Onset Ventures leads investment in Access Closure
Onset Ventures has committed capital to a round of funding for Access Closure, which is developing a device for use in interventional cardiology for closing arterial wounds. The company has secured $3.5m in its series A financing, which will go towards ongoing work developing technology for the closure of femoral puncture access sites that is designed to serve as an alternative to manual compression. Individual investors also provided funds for the round, according to VentureWire.

Summit Partners invests in healthcare provider
Summit Partners has invested in Senior Home Care, a Clearwater, Florida-based company that provides home healthcare to the elderly, including skilled nursing, physical and occupational therapy and personal care services. The amount of the financing was not disclosed. It will allow the company to accelerate its growth in existing markets and provide capital to make acquisitions in new markets.

Nautic Partners acquires Gaymar Industries
Orchard Park, New York-based private equity firm Nautic Partners has acquired Gaymar Industries. The terms of the deal were not disclosed. Gaymar Industries is also based in Orchard Park and the company designs, manufactures and distributes a broad range of speciality medical devices for the treatment of a number of ailments.

Services

Investments:

William Blair commits to IT services company
William Blair Capital Partners has committed $7m to a Milwaukee-based information technology company. SilverTrain Inc helps small to medium-sized businesses plan and manage their information technology projects. Prior to this funding, in which William Blair was the sole investor, SilverTrain had raised $1.3m from angel investors in the Milwaukee and Chicago areas.

Navigator Equity Partners commits to PLA
Navigator Equity Partners has invested an undisclosed amount in Project Leadership Associates, a technology consulting firm focused on servicing, consulting and providing solutions to small and medium-sized businesses. Navigator Equity Partners was the sole investor in this second round funding, although the company has received total commitments of $10m from Navigator and first round investor Celerity Partners. The funding will be used for company expansion, according to VentureWire.

Automotive & Transportation

Investment:

Bessemer invests in Nistevo
Bessemer Venture Partners has invested alongside Insight Venture Partners and a number of private investors in Nistevo, a Minneapolis-based company that develops collaborative logistics network products for transportation management. Nistevo has raised $8m in this round, the proceeds of which will be used for the expansion of its technology and to accelerate its entry into new markets.

Software

Investments:

JP Morgan leads round for Determine Software
JP Morgan Partners has led a round of venture capital financing for Determine Software, a San Francisco-based company that provides buy-side contract management software products. Determine secured $12.25m in this third round of funding, which it intends to use to strengthen its worldwide sales. Mohr Davidow Ventures and New Enterprise Associates joined JP Morgan Partners in this round.

Globespan Capital Partners leads round for Nominum
Globespan Capital Partners, formerly JAFCO Ventures, has led an oversubscribed series C round of venture capital funding for Nominum, a Redwood City, California-based company that provides address infrastructure software for use on the internet. The company secured $10m from this round, which will be used to expand worldwide sales and business operations and brings total financing in the company to $26m. Other investors in the round included existing investors Bessemer Venture Partners and Morgenthaler Ventures and new investor Silicon Valley BancVentures.

Vertex Venture Capital leads funding for Corigin
Vertex Venture Capital has led a series A round of equity financing for Corigin, a provider of data migration software. The company has secured $5m in this series A round of funding from Vertex, which invested $3m, and Genesis Partners, which invested $2m. The company will use the funds for sales and marketing.

Sigma Partners invests in Sychron
Sigma Partners has invested in a first round of equity financing for Sychron, a Californian company that provides policy-based workload management software. The round closed at $7.8m with Dot-EDU Ventures and First European American Ventures also participating.

VenGrowth Capital Partners leads round for Wysdom
VenGrowth Capital Partners has led a round of venture capital financing for Wysdom, a Canadian company that provides mobile network operating system software. Wysdom raised $5.1m in this third round of financing, which included new investor Covington Capital. The proceeds from the round will be used for sales and international customer acquisitions. To date, Wysdom has raised more than $62m.

Bessemer Venture Partners invests in LifeHarbor
Bessemer Venture Partners has invested in a series A round of venture capital financing for LifeHarbor. The company, which is located in Cambridge, Massachusetts, provides wealth management software. The round totalled $5.8m in series A venture funding from Bessemer, the lead investor with a $3m investment, and existing shareholders Hub Angel Investment Group and WR Hambrecht & Co. The company will use the proceeds from this round to expand sales and marketing and further increase new product development and customer service capabilities.

Gefinor Ventures in funding for SiVerion
Gefinor Ventures has invested alongside Grayhawk Ventures and Valley Ventures in SiVerion, a provider of semiconductor engineering data analysis software. Based in Tempe, Arizona, the company has secured $2.25m in new funding. SiVerion will use the new funding to expand marketing and product development.

Chemicals

Investment:

Argonaut Private Equity commits to Yulex
Argonaut Private Equity has invested in Yulex, a speciality chemicals and materials company that concentrates on developing a domestic source of natural rubber latex for medical devices and consumer products. The company, situated in Carlsbad, California, has raised $2m in this series B round of financing, with Argonaut being the sole investor. The funds will be used to facilitate the agricultural expansion of the company in California, Arizona, New Mexico and Texas and to complete the construction of a plant to manufacture its core product.

Networking

Investments:

Acorn Campus invests in RASilient Systems
Acorn Campus has invested in RASilient Systems, a Cupertino, California-based company that develops network storage hardware and software. The company has raised $4m in this first round, which it will use to bring its first products to market and to expand its management team. Intel Capital joined Acorn Campus in this round, according to VentureWire.

New Enterprise Associates commits to Sourcefire
New Enterprise Associates has committed capital to the latest round of equity financing for Sourcefire, a provider of network security systems. The company, which is headquartered in Columbia, Maryland, secured $11m in this series B round, the proceeds of which it will use to expand its marketing and product development. Other investors that participated in this round included Sierra Ventures, Inflection Point Ventures, and Core Capital Partners.

Internet

Investment:

Century Capital Management commits to eReinsure
Century Capital Management has committed capital to a round of financing for eReinsure, a New York-based provider of e-commerce technology to the insurance and reinsurance industries. The company raised $5m in this third financing round and new investor Century Capital Management was the sole investor. The proceeds from the round will be used to boost the company's balance sheet and to accelerate its plans for expansion.

Financial Services

Investment:

Hanseatic Americas leads round for Higher One
Hanseatic Americas has led a $2.5m series C round of funding for Higher One, a New Haven, Connecticut-based provider of customised financial services to the higher education market. The round included other new investors Windcrest Partners and East Point Partners as well as existing investor Club Circle Partners and individual investors. The company will use the new capital to expand its sales and increase its customer base, according to VentureWire.

Copyright © 2003 AltAssets

Alex Hingston is a researcher with AltAssets.

If you have any information about your latest deals or exits and would like us to cover it, please e-mail your press releases to deals@AltAssets.net or call Alex Hingston on +44 (0)20 7242 8810.