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Hicks Muse to buy Canadian cable operator for $307m
30/01/2004. A private equity consortium led by Hicks, Muse, Tate & Furst is to acquire publicly listed Canadian cable operator, Persona, for approximately $307m. TD Capital Canadian Private Equity Partners and CIBC Capital Partners will also be investing in the deal. 
UK Nova Capital hires venture team
30/01/2004. UK secondaries specialist, Nova Capital, has recruited Olav Ostin and David Tate to add a venture capital operation to its existing buy-out focussed business.
UK buy-out firm Englefield and First Islamic Bank to invest £400m in alternative energy
30/01/2004. UK private equity firm Englefield Capital and the First Islamic Bank have joined forces to invest £400m in a UK wind farm project. The two firms will each take a 33 per cent stake in RWE Innogy’s operating wind farm portfolio, the UK’s largest green power generating business.
Apax, Carlyle and Cinven sell French magazine publisher
29/01/2004. A newly created Franco-Canadian private equity firm, Sagard, and trade buyer Emap are competing for French magazine publisher, Le Moniteur, currently owned by Apax Partners, Carlyle Group and Cinven. The transaction is expected to raise in the region of E300m.
Reilly replaces Kester at Colorado PERA
28/01/2004. Chris Reilly is to replace Kevin Kester as head of alternative investments at Colorado Public Employees’ Retirement Association (PERA).
Private equity firms compete for Swedish Oriflame
28/01/2004. At least four private equity firms have entered into the second round of bidding for Swedish cosmetics firm Oriflame. The sale is expected to raise in excess of E1bn.
US venture industry exhibits cause for optimism, survey says
28/01/2004. The US venture industry exhibited some cause for optimism in the fourth quarter of 2003 according to the PricewaterhouseCoopers MoneyTree Survey, compiled in conjunction with Thomson Venture Economics and the National Venture Capital Association. A total of $4.9bn was invested in 679 companies, up from $4.4bn in the previous quarter.
PAI Partners to bid for listed French fashion group
28/01/2004. PAI Partners, the private equity firm spun off from BNP Paribas last year, is to make an E1.5bn offer for a majority stake in listed French fashion retailing group Vivarte. The firm will acquire a 68 per cent stake in the company.
Two new partners for German/US TVM
27/01/2004. German/US venture capital firm Techno Venture Management (TVM) has promoted two of its principals to partners. Boston-based Stephen J Hoffman becomes general partner and Munich-based Josef Moosholzer becomes venture partner.
US Energy Investors Funds Group closes fifth fund at $250m
27/01/2004. US-based Energy Investors Fund (EIF) has had a final closing on its United States Power Fund on $250m. The fund, EIF’s fifth, will target investments in generation, transmission and energy service assets in the US.
IFC to double private equity investment in China
27/01/2004. The International Finance Corporation (IFC) is to double its investment in China to $500m within two years. The IFC’s decision is a sign of renewed confidence in Asia’s corporate sector and of China’s growing importance in the region’s financial prospects.
Exit for Granville Baird as eBay buys mobile.de for E121m
27/01/2004. European private equity firm, Granville Baird Capital Partners is to exit its investment in German classified ads web site mobile.de. eBay is to purchase the company for approximately E121m subject to regulatory approval. The deal is expected to close in the second quarter of 2004.
Standard Life Investments reaches final close at over E1bn
26/01/2004. Standard Life Investments has reached a final close on European Strategic Partners II with total commitments of E1.09bn. The fund of funds is 26 per cent larger than its predecessor and exceeded its target by E90m.
Johan Brenner joins Benchmark Capital as general partner
26/01/2004. Early-stage technology venture capital firm, Benchmark Capital, has recruited Johan Brenner as general partner. Brenner joins the firm from TIME Vision, a Nordic company focusing on early-stage technology investing.
Ward joins Apax as retail partner
26/01/2004. Michael Ward, the former chief executive of UK pharmacy chain Lloyds Chemists, has joined private equity firm Apax as a partner. Ward will be working in the firm’s retail and consumer team.
US venture investment shows signs of growth in Q4 03
26/01/2004. US venture capital investment showed renewed signs of growth in the fourth quarter of 2003, according to the latest figures released by VentureOne and Ernst & Young. A total of $4.5bn was invested in 496 financing rounds, the highest quarterly numbers in over a year.
Cinven nears sale of UK pub stake for £609m
23/01/2004. Cinven is expected to double its money when it sells its interest in UK pub chain, the Unique Pub Company, for £609m to Enterprise Inns.
CIT Group sells private equity portfolio to Protostar Equity Partners
23/01/2004. US-based CIT Group has announced that it is to sell its direct private equity portfolio to secondaries specialist Protostar Equity Partners. The funding for Protostar is being provided by Goldman Sachs’ GS Vintage Funds II.
Asian private equity fundraising up by 11 per cent in 2003
22/01/2004. Private equity fundraising in Asia increased by 11 per cent in 2003 and looks set to continue expanding this year, according to the Asian Venture Capital Journal (AVCJ). Asian private equity firms raised a total of $3.32bn in 2003 compared to $2.99bn in the previous year.
Former Merrill Lynch professional launches India private equity fund
22/01/2004. Former head of global markets at Merrill Lynch, Arshad Zakaria, is to launch a private equity fund focusing on investment opportunities in India. Zakaria had originally been tipped to take over as president of the bank before leaving in December last year as a result of internal disputes.
Israeli Markstone Capital holds first close on debut fund at $400m
22/01/2004. Israeli Markstone Capital has held a first close for its debut fund at $400m. The fund will invest in both pubic and private Israeli companies and expects to raise an additional $100m before holding its final close later this year.
JP Morgan Partners goes into the black
22/01/2004. JP Morgan Partners, investment bank JP Morgan Chase’s private equity arm, has announced operating earnings of $22m in the fourth quarter of 2003 compared to an operating loss of $100m in the same period the previous year.
Electra Partners and Candover to sell Baxi to BC Partners
21/01/2004. BC Partners is close to winning the auction for boilermaker Baxi, which is currently jointly owned by Electra Partners and Candover. The transaction is valued at approximately £600m.
French AtriA Capital holds first close on E140m
21/01/2004. French mid-market private equity firm AtriA Capital Partenaires has announced a first close on its second fund with commitments of E140m. The fund is targeting E200m.
Nordic CapMan expands life sciences team in Denmark
21/01/2004. Nordic private equity firm CapMan has appointed Morten Bro Nielsen as investment director in its life sciences team. He will be responsible for the firm’s investments in the Danish medical technology sector.
US Kodiak Venture Partners closes $316m fund
21/01/2004. US Kodiak Venture Partners has announced the final close of its third fund at $316m. Kodiak will continue to focus on investments in communications, semiconductors and software companies in the US and Canada.
Vestar Capital Partners acquires French funeral services stake
21/01/2004. Vestar Capital Partners, the former management buy-out arm of Credit Suisse First Boston, has acquired a 65 per cent stake in French funeral services company Pompes Funebres Generales from US undertaker Service Corporation International. The transaction values the firm at around E300m.
US General Catalyst Partners announces final close of new venture fund
21/01/2004. US General Catalyst Partners has announced the final close of its latest venture fund. The new fund, which is understood to have commitments of just short of $300m, brings the firm’s total capital under management to approximately $600m.
US Colony Capital to launch Japanese buy-out fund
21/01/2004. US private equity firm Colony Capital is to launch a Japanese private equity and real estate fund targeting Y50bn ($468m). The move follows the firm’s Y100bn acquisition of a Japanese baseball stadium in December last year.
Inflexion acquires £12m LMS portfolio and receives £21m commitment to buy-out fund
20/01/2004. UK mid-market private equity firm Inflexion has acquired a £12m portfolio of minority interests in listed companies from property, venture and development capital firm London Merchant Securities (LMS). In addition LMS will make a £21m commitment to Inflexion’s latest buy-out fund.
LBO France recruits Pierre Gallix and Elizabeth O’Reilly
20/01/2004. French private equity firm LBO France has made two new appointments. Pierre Gallix is to join Hexagone, the firm’s small cap buy-out fund and Elizabeth O’Reilly has been recruited as head of investor relations and fundraising.
Israeli Giza Venture Capital to launch $200m fourth fund
20/01/2004. Israeli Giza Venture Capital is to launch its fourth fund targeting $200m. The firm expects to have fully committed its $211m third fund before the close of the quarter with two to four new investments.
Stephan Matter to head private equity marketing at Unigestion
20/01/2004. Swiss Unigestion has recruited Stephen Matter as a director with responsibility for global private equity marketing. Matter joins the firm from T.Rowe Price where he served as head of sales for Germany and Austria.
European Triton and PPM to buy Pfizer diagnostics unit for $575m
20/01/2004. European private equity firms Triton and PPM Ventures are to acquire Pfizer’s diagnostics unit for $575m. The move forms part of Pfizer’s strategy to prune businesses and operations received in its near $60bn purchase of US rival Pharmacia last year.
ABS Capital recruits Ralph Terkowitz as special partner
19/01/2004. US-based ABS Capital Partners has recruited Ralph Terkowitz as a special partner. In his new role Terkowitz will focus on companies in the media, technology and communications sectors, while using his operational experience to help execute growth strategies across the ABS portfolio.
LOF Partners closes life sciences fund on $108m
19/01/2004. US-based LOF Partners, the life sciences investment arm of Sanders Morris Harris Group, has closed its Life Sciences Opportunities Fund II above target with committed capital of nearly $108m.
UK Close Brothers announces first close at £50m
19/01/2004. UK Close Brothers Growth Capital Fund II has reached a first close at £50m. The fund will focus on investments in UK small and medium-sized enterprises using hybrid debt and equity structures and is targeting £100m.
Nordic buy-out firm Altor appoints Hugo Maurstad as a partner
16/01/2004. Hugo Maurstad, head of the Norwegian office for consulting firm McKinsey, is joining Nordic buy-out firm Altor in March as a partner.
European private equity fundraising drops 40 per cent in 2003
16/01/2004. European private equity fundraising fell even more steeply in 2003 than in the preceding two years to confirm by far the toughest market since the peak in 2000, according to provisional figures from private equity placement and research firm Almeida Capital. There were a total of 37 final closes in Europe in 2003 worth a combined €17.6bn, down 40 per cent on the 72 closes in 2002 worth €29.3bn.
US Carlyle promotes 21 investment professionals
16/01/2004. US-based private equity firm Carlyle has promoted 21 investment professionals, 12 to managing director and nine to principal/director. The individuals work in Carlyle’s offices around the globe conducting buy-out, venture, real estate and high yield transactions.
Competition increases for German Dynamit Nobel
15/01/2004. Competition is increasing between rival private equity firms for German engineering company, Dynamit Nobel. MG Technologies, which currently owns the company, hopes to sell for E2.5bn.
STIC Ventures announces first close on Korean fund
15/01/2004. STIC Ventures, a South Korea-based venture firm, has reached a first close on $65m for its Korea IT M&A Fund. Athena Technology Ventures will be co-managing the fund, which is expected to close on $100m.
Private equity firms compete for BC Partners’ German firm Grohe
15/01/2004. CVC, Texas Pacific Group and Bain Capital are competing for BC Partners’ German bathroom and kitchen products group. Offers are believed to be in the region of E2bn.
Montreux Equity Partners closes third fund on $83m
15/01/2004. Montreux Equity Partners, a venture capital fund focused on healthcare and life science investing, has closed its third fund on $83m. The firm was originally targeting $75m.
AXA Private Equity buys German BdW’s portfolio of direct investments
14/01/2004. The secondary unit of French firm AXA Private Equity has bought German firm BdW and its portfolio of 45 direct investments from parent Allianz Group. The transaction demonstrates AXA’s growing interest and range in the secondaries market.
Alchemy Partners acquires packaging company from Bridgepoint, CVC
14/01/2004. UK private equity firm Alchemy Partners has acquired Blagden Packaging Group from CVC and Bridgepoint Capital. The transaction is reported to be valued at approximately E180m.
Burrill closes life sciences fund below target at $211m
13/01/2004. Burrill & Company has announced a final close on its Burrill Life Sciences Fund with total commitments of $211m. The fund was initially targeting $250m.
US Lilly launches third venture capital fund
13/01/2004. US Eli Lilly & Company has announced the formation of the Lilly MedTech Venture Fund. With an initial commitment of $50m, the fund will invest in companies developing emerging and innovative technologies in the medical technology field.
UK Rothschild builds mezzanine team
13/01/2004. UK-based investment bank Rothschild & Sons has recruited Craig Thomson as deputy head of its mezzanine team. Thomson previously served as a director at Pricoa Capital Group.
UK-based TDR Capital considers bid for second restaurant chain
13/01/2004. UK-based private equity firm TDR Capital, which acquired Pizza Express last year, is considering an offer for a second restaurant chain, ASK Central.
UK Abbey National sells private equity portfolio to Coller Capital for £300m
12/01/2004. UK bank Abbey National is to sell the majority of its private equity portfolio to secondaries specialist Coller Capital for £300m as part of its ongoing strategy to refocus on its core business.
US Sprout Group hires Andrew Firlik as healthcare technology partner
12/01/2004. US Sprout Group, the venture capital affiliate of Credit Suisse First Boston, has recruited Andrew Firlik as partner for healthcare technology investments. Firlik joins the firm from Canaan Partners where he served as a principal focusing on healthcare investments.
Michigan creates $150m state venture fund of funds
12/01/2004. The State of Michigan is to launch a $150m venture fund of funds. The Michigan Early Stage Venture Capital Investment Corporation is following in the footsteps of a number of recent state venture programmes including those in Oklahoma, Iowa, Arkansas, Utah and Ohio.
CDC Capital Partners restructures to stimulate private sector growth in developing economies
12/01/2004. CDC Capital Partners, the UK state-owned private equity and risk capital investor, has completed a restructuring that it believes will increase its ability to stimulate private sector growth in developing economies.
Apax’s Fitzgerald to join Carlyle European venture team
12/01/2004. The Carlyle Group has recruited David Fitzgerald as managing director and co-head of its European venture team. Fitzgerald joins the firm from Apax, where he was a partner focusing on later stage deals in European technology companies.
Polish Enterprise Investors formally launches E300m fund
09/01/2004. Polish private equity fund Enterprise Investors has formally launched a new E300m fund. The firm aims to invest approximately 30 per cent of the fund in the Central and Eastern European region and the rest in Poland.
US Intel Capital launches $200m Digital Home Fund
09/01/2004. US Intel Capital, the venture capital arm of Intel Corporation, is to launch a $200m Intel Digital Home fund to invest in companies developing digital hardware and software technologies for the home.
ABN Amro Capital recruits Merrill Lynch professional as assistant director in Spain
09/01/2004. ABN Amro Capital has recruited former Merrill Lynch M&A professional Hector Perez Berjano as an assistant director of its Spanish office. This expansion of the ABN Amro Capital’s Madrid office comes after the recent E30m buy-out of Spanish pharmaceuticals services business, Labiana, from 3i.
UK buy-out market faces a £37bn backlog of unrealised exits
08/01/2004. The UK buy-out market is facing a £37bn backlog of unrealised exits, of which £11bn relates to deals completed before 2000, according to a report published by the Centre for Management Buy-out Research (CMBOR) in conjunction with Barclays Private Equity and Deloitte.
NIB Capital to invest E100m in private equity for Dutch Pension Fund Horeca
08/01/2004. NIB Capital has been selected to invest E100m in private equity investment opportunities on behalf of Dutch Pension Fund Horeca & Catering. The mandate represents a further expansion of NIB’s private equity investment activity and a broadening of its client base.
US Domain Associates closes sixth life sciences fund on $500m
08/01/2004. US-based Domain Associates has closed its sixth life sciences fund on $500m. The fund will invest between $15m and $20m in biopharmaceuticals, speciality pharmaceuticals and medical devices companies.
US Private Advisors Small Company Buy-out Fund II holds first close at over $100m
07/01/2004. US Private Advisors has announced the first close for its fund of funds vehicle, Private Advisors Small Company Buy-out Fund II, at over $100m. The fund is dedicated to buy-out growth opportunities that focus on the lower end of the US middle-market and is targeting $250m.
Apax and Hicks sell remaining stake in UK’s Yell
07/01/2004. Private equity firms Apax Partners and Hicks, Muse, Tate & Furst have sold their remaining stake in UK telephone directory publisher Yell Group. The transaction is expected to raise in the region of £720m.
Robeco launches sustainable private equity fund of funds
07/01/2004. International asset management firm Robeco is to launch a sustainable private equity fund of funds. The portfolio of the fund will be diversified across investment stage, geography and sector but will focus only on funds committed to making socially and environmentally responsible investment choices.
Nordic firm Northzone Ventures announces second close on E70m
07/01/2004. Northzone Ventures, a venture capital firm specialising in early-stage Nordic IT and telecom start-ups, has reached a second close on Northzone IV at E70m.
Private investors’ appetite for private equity to remain strong in 2004, research shows
07/01/2004. Private investors’ appetite for investment opportunities in private equity is to remain strong in 2004, according to research conducted by Hotbed, a private equity network.
Positive signs for the US IPO market in fourth quarter 2003
07/01/2004. The fourth quarter of 2003 saw the largest number of initial public offerings (IPOs) in the US since the fourth quarter of 2000, according to data from the National Venture Capital Association (NVCA) and Thomson Venture Economics. The number of venture backed IPOs also increased for the third consecutive quarter.
Carlyle raises its first dedicated buy-out fund for Japan with $470m
07/01/2004. US private equity giant the Carlyle Group has closed its first dedicated Japanese buy-out fund with about $470m of commitments. The firm has already made a string of investments in Japan and said it felt growing awareness and understanding of private equity in the region, coupled with a wave of corporate restructuring, meant the market presented enormous opportunity.
European buy-out firm Permira promotes Bassett and Clarke to partner
07/01/2004. Pan-European buy-out firm Permira has promoted Philip Bassett and Martin Clarke to partners. Bassett is responsible for the firm’s investor relations, while Clarke is a consumer sector investment specialist.
Electra Partners Europe backs management buy-out of Belgium’s Aliplast
06/01/2004. Electra Partners Europe has backed the E205m management buy-out of Aliplast, a supplier of aluminium conservatory and window systems. Electra Partners will invest E72m in the transaction on behalf of the Electra European Fund.
Canadian Brightspark Capital launches new fund and hires managing partner
06/01/2004. Canadian early-stage venture capital firm, Brightspark Capital, has launched its second fund targeting between $80m and $100m. The firm has also recruited Sophie Forest as a managing partner.
NVCA predicts US venture capital market will become increasingly competitive for LPs
05/01/2004. The US is likely to see an increase in venture capital fundraising activity in 2004, but the majority of funds are expected to be smaller in size than their predecessors, according to the National Venture Capital Association (NVCA). Limited partners looking to invest in these smaller funds will face a more competitive environment as new institutional capital is expected to compete with existing limited partners for participation.
OPIC plans launch of Asian private equity fund of funds programme
05/01/2004. The Overseas Private Investment Corporation (OPIC), a US government agency, is planning the launch of an Asian private equity fund, or fund of funds programme. The organisation anticipates that it will commit up to $75m to the Asia fund and is currently seeking proposals from private equity firms to form and manage the investment vehicle.
US Clayton Dubilier sells Kinko’s to FedEx for $2.4bn
05/01/2004. US private equity firm Clayton, Dubilier & Rice has sold the business services and copy centre company Kinko’s to shipping company FedEx for $2.4bn. Clayton Dubilier first invested $220m in the company in 1996 and is believed to have generated a $1bn net gain from the transaction.
KPMG foresees healthy prospects for UK buy-out market on back of strong Q4
05/01/2004. A strong final quarter for UK buy-out activity last year should signal a healthy market for 2004, according to KPMG’s Private Equity Group. The firm predicted a strong pipeline of deal opportunities and an improvement in exit conditions but warned competition for assets from trade buyers would also intensify.
JP Morgan Partners buys IMO Car Wash Group from Bridgepoint
05/01/2004. JP Morgan Partners has announced the acquisition of IMO Car Wash Group from a private equity consortium including Bridgepoint and Phoenix Partners. The transaction is valued at £350m.
UK mid-market companies increasingly confident about their prospects
05/01/2004. Business confidence among UK middle-market companies is firmly on the increase and may well prove supportive of an increase in corporate M&A activity, according to the latest Gresham Monitor. The survey adds to growing consensus that the outlook for 2004 for mid-market buy-out activity will continue the improvement seen in the second half of last year.
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