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CVC plans £1bn summer flotation for UK retailer Halfords
30/04/2004. CVC Capital is reportedly planning a summer flotation for UK car parts and bicycle retailer Halfords that could raise up to £1bn. 
Permira buys Swisscom unit in E690m deal
30/04/2004. European private equity firm, Permira, has agreed to acquire a 95 per cent stake in German mobile phone firm debitel from Swisscom for E640m. The firm is offering to buy the remaining five percent of debitel in a public tender, adding as much as E50m to the deal value.
CSFB appoints three new operating partners to DLJ Merchant Banking
30/04/2004. Credit Suisse First Boston has appointed three new operating partners to CSFB Private Equity's DLJ Merchant Banking Partners. Ron Beegle, James Finkelstein and Larry Pickering are joining three of the firm's industry specialisation groups, which are part of CSFB's leveraged buy-out activities.
US Austin Ventures hires Jim Janicki as entrepreneur-in-residence
30/04/2004. US Austin Ventures has recruited Jim Janicki as an entrepreneur-in-residence. Janicki is the founder and former CEO of Austin-backed MetaSolv software.
End of downturn for European VCs as corporations return to market, research predicts
29/04/2004. Venture capitalists in Europe are on the hunt for new investments as the downturn comes to an end and corporates return to the M&A fray, according to the latest research from Ernst & Young and VentureOne. Following a year when market conditions continued to cause the pool of private venture-backed companies in Europe to contract, Ernst & Young now expects investments made by venture capitalists to climb as they see the return of large businesses looking to buy up smaller operations.
US Garnett & Helfrich raises $250m technology buy-out fund
29/04/2004. US Garnett & Helfrich Capital has closed its debut Venture Buy-out Fund with over $250m of commitments. The fund will focus exclusively on buying out under performing and non-core businesses, product lines and divisions from public companies in the communications, internet, media, semiconductor and software sectors.
US Ripplewood to merge with Mid-Ocean Partners
29/04/2004. US Ripplewood Holdings is to merge with Mid-Ocean Partners, a group formed last year out of Deutsche Bank's private equity division. The two groups will work together on deals for an interim period while they invest their existing pools of capital, before raising a new fund as a single entity.
US Quantum Energy Partners closes fund with $345m of commitments
29/04/2004. US Quantum Energy Partners has announced the final close of its third fund with total commitments of $345m. The fund will invest between $10m and $50m in North American energy companies.
Mowbray Capital to launch European venture fund of funds
28/04/2004. Mowbray Capital, a new firm set up by Horsley Bridge's former European chief Guy Fraser-Sampson, is to launch a new fund of funds dedicated to the European venture industry. It will be the first pure European venture fund of funds since the boom years of the late 1990s and could signal a re-emergence of institutional interest after some very lean years.
Two private equity consortiums consider $8bn bids for US Citizens Communications
28/04/2004. Two groups of private equity firms have formed consortiums to explore bids for US rural telecommunications provider, Citizens Communications. The transaction is expected to raise up to $8bn.
US Prism capital hires Bill Harlan as partner
28/04/2004. US private equity firm Prism Capital has recruited Bill Harlan as a partner. Harlan will focus on originating and executing mezzanine investments.
US venture firm Sevin Rosen expands general partner ranks
28/04/2004. Sevin Rosen Funds, an early-stage US technology venture capital firm, has expanded by two its team of general partners with the promotion of John Oxaal and the appointment of David McLean.
Massimo Prelz Oltramonti joins GMT Communications Partners
28/04/2004. European GMT Communications Partners has recruited Massino Prelz Oltramonti as a senior adviser and a member of the firm's investment committee.
US Versant Ventures hires Charles Warden as managing director
27/04/2004. US life sciences specialist Versant Ventures has recruited Charles Warden as a managing director responsible for the medical device sector. He joins the firm from Schroder Ventures Life Sciences where he served as a general partner.
UK Aberdeen Murray Johnstone recruits two new members to its industrial advisory board
27/04/2004. UK mid-market buy-out specialist Aberdeen Murray Johnston Private Equity has announced the appointment of two new members to its industrial advisory board. Peter Gibson, the founder of Corin Medical and current chairman of Chiltern Invadex, will focus on healthcare opportunities. Nat Solomon, former chairman of Gala Group and RAL Holdings will help assess leisure related deals.
Electra Partners Europe to sell Safety-Kleen in £250m deal
27/04/2004. Electra Partners Europe is to sell UK-based Safety-Kleen, the parts cleaning services business, in a deal valued at £250m. There are reported to be at least ten interested parties.
Krisztina Zsebo joins Enterprise Partners as principal
27/04/2004. US Enterprise Partners Venture Capital has announced the addition of Krisztina Zsebo as a principal within the firm. She will be joining the firm's life sciences investment team.
Providence Equity Partners and Texas Pacific Group to back $5bn offer for Hollywood studio
27/04/2004. Providence Equity Partners and Texas Pacific Group are to back Sony's $5bn offer for Metro-Goldwyn-Mayer (MGM), Hollywood's last independent movie studio. Time Warner is also believed to be interested in the company but has not yet submitted a formal offer.
Vintage Venture Partners closes first Israeli secondaries fund
26/04/2004. Vintage Venture Partners has reached a final closing on Israel's first secondaries fund with commitments of $64m. The fund will be focussed on acquiring limited partnership interests of Israel related venture capital funds and direct portfolios of Israel related technology investments.
European buy-out group Duke Street Capital appoints three operating partners
26/04/2004. Duke Street Capital, a UK-based European buy-out group, has announced the appointment of three operating partners. Nick Irens, Richard Stephenson and Didier Gros will be responsible for deal origination, portfolio company management and strategic development.
US venture capital investment sustains momentum in Q1 04
26/04/2004. Investment in US venture-backed companies reached $5.1bn in the first quarter of 2004, according to figures released by Ernst & Young and VentureOne. Larger deals pushed the total dollars invested up five per cent to the highest amount in almost two years and the biopharmaceutical segment attracted its largest infusion of venture capital spending ever, with $1.5bn invested in 57 deals.
US Colony Capital and Shanghai Industrial reach first close for special situations fund
23/04/2004. US Colony Capital and Chinese conglomerate Shanghai Industrial have reached a first close on their special situations fund with $100m of commitments. The Yangtze Special Situations Fund will invest in non-performing loans, distressed assets, companies and financial institutions in China, Hong Kong and Macau.
UK Saffron Hill Ventures acquires Mitsubishi's European portfolio
23/04/2004. UK Saffron Hill Ventures has acquired Mitsubishi's European portfolio. The deal will add six companies to Saffron's portfolio, bringing the total to 13.
Japanese Shinsei to launch $200m private equity fund for investment in China
22/04/2004. Shinsei, the Japanese bank, and China International Trust and Investment Corporation, are in talks to set up a $200m private equity fund to invest in Chinese companies.
Pool of European venture-back companies dwindles in 2003
22/04/2004. Market conditions have continued to cause the pool of European venture-backed companies to contract, according to the annual Ernst & Young and VentureOne Insight study. Over the course of 2003, ten per cent of European venture-backed companies had ceased operations, and another four per cent exited the venture-backed space via liquidity events.
US private equity returns continue to improve in fourth quarter of 2003
22/04/2004. US private equity performance continued to improve in the fourth quarter of 2003, according to the latest research from the National Venture Capital Association (NVCA) and Thomson Venture Economics. Private equity as a whole recorded a strong 18.3 per cent annual performance, representing the second consecutive positive quarter for the asset class after three years of negative returns.
US Cogent Partners to open London office
22/04/2004. US secondaries specialist Cogent Partners has announced the opening of a new office in London. The firm currently has offices in Dallas, New York and Tokyo.
European LPs seek to increase allocations to private equity, survey finds
21/04/2004. European institutional investors are looking to increase their allocations to private equity from the current average level of 1.1 per cent to 3.2 per cent of their total portfolio within five years, according to a survey carried out by Mackewicz & Partners on behalf of Adveq, LGT Capital Partners and Ergo Equity Partners. This would potentially result in an increase of capital for private equity investing of E130bn.
US Spectrum Equity hires Steven Price as general partner
21/04/2004. US Spectrum Equity Investors has hired Steven Price as a general partner. He will be responsible for the firm's investments in the media, IT services, and entertainment industries.
US Warburg Pincus hires Sir Alec Broers as senior advisor
21/04/2004. US Warburg Pincus has recruited Sir Alec Broers as a senior advisor. Broers will be responsible for the advising the firm on its global investment in the information and communication technology sector.
Carlyle opens its first office in mainland China
20/04/2004. Carlyle Group has opened an office in Shanghai. The firm has conducted private equity investments in the pan-Asian region from offices in Hong Kong, Seoul, Singapore, and Bangalore since 1999, but this move represents the firm's first permanent presence in mainland China.
Growing number of US private equity firms to float business development companies
20/04/2004. In the wake of announcements by Apollo Advisors and Kohlberg Kravis Roberts, a growing number of US private equity firms are now revealing their intention to float business development companies (BDCs) to raise fresh investment capital.
Kohlberg Kravis Roberts emerges as front-runner in $5bn PanAmSat auction
20/04/2004. Kohlberg Kravis Roberts (KKR) has emerged as the front-runner to acquire US satellite operator PanAmSat for nearly $5bn after a protracted auction process.
UK ISIS Equity Partners recruits Steven Dunne to focus on portfolio companies
20/04/2004. UK ISIS Equity Partners has recruited Steven Dunne. He will be responsible for managing the group's private equity investments with a focus on strategy reviews, shareholder value and exit planning and execution.
KKR and CSFB win Dynamit Nobel auction with E2.25bn bid
19/04/2004. Kohlberg Kravis & Roberts and Credit Suisse First Boston Private Equity have come out on top in the auction for German engineering company, Dynamit Nobel. The two private equity firms have beaten rivals CVC and Goldman Sachs Capital Partners with an offer of E2.25bn.
US-based OVP Venture Partners forms technology advisory board
19/04/2004. OVP Venture Partners, a venture capital firm focused on the Pacific Northwest, has announced the formation of a technology advisory board that will help the firm vet potential investments and support its portfolio companies.
Private equity consortium sells chemical company for $1.84bn
19/04/2004. A private equity consortium led by AEA Investors and also including DLJ Merchant Banking Partners and MidOcean Capital has agreed to sell US speciality chemicals company Noveon for $1.84bn. The company is being acquired by fluid technology company Lubrizol.
Permira makes £940m approach for UK retailer WH Smith
19/04/2004. Permira has made a £940m approach to acquire publicly listed retailer WH Smith. No formal offer has been made but both parties are currently in negotiations to secure a deal.
US Atlas Venture appoints Fred Destin as principal
16/04/2004. US-based Atlas Venture, a venture capital firm focussed on communications, information technology and life sciences companies, has appointed Fred Destin as principal. He will be based in the firm's London office and will be primarily responsible for IT and software investments.
Macquarie Bank announces first close of European infrastructure fund at E422m
16/04/2004. Macquarie Bank has announced the first close of its pan-European infrastructure fund with commitments of E422m. The fund is the first of its kind in Europe and will invest in electricity and gas transmission and distribution networks, water and sewerage companies, rail companies, airports, communications infrastructure and toll roads.
J. Barrie Keiser joins US DW Healthcare Partners as managing director
15/04/2004. J. Barrie Keiser has joined US group DW Healthcare Partners as a managing director He will work directly with portfolio company management teams to strengthen company operations and to enhance profitability.
UK Abingworth recruits Sarah Shackelton as recruitment specialist
15/04/2004. UK-based life sciences venture capital group Abingworth Management has recruited Sarah Shakelton to expand the firm's relationships with key industry executives and entrepreneurs, and to assist its portfolio companies with their recruitment needs.
Coller Capital hires Rudy Scarpa as partner in the US
15/04/2004. Secondaries specialist Coller Capital has hired Rudy Scarpa as a partner in the firm's New York office. Scarpa joins Coller from Thomas H Lee Putnam Ventures. He previously served as a senior investment banker in Merrill Lynch's private equity group.
American River Ventures recruits Dr. Barbara Grant as executive-in-residence
14/04/2004. American River Ventures has recruited Dr. Barbara Grant as an executive-in-residence. Grant will be responsible for evaluating new investment opportunities and will also participate in the management and development of the firm's existing portfolio companies.
Bregal hires Chuck Flynn as head of fund of funds
14/04/2004. Bregal Investments has hired Chuck Flynn as head of its E750m fund of funds business. Flynn joins the firm from Deutsche Asset Management where he was global head of the private equity funds group. He previously founded and managed the fund of funds business at AXA Group.
Canadian Ventures West recruits Paul Kedrosky as venture fellow
14/04/2004. Canadian Ventures West has recruited academic Dr. Paul Kedrosky as a venture fellow. Kedrosky will be involved in sourcing and evaluating deals, and providing advice and analysis on a wide range of venture capital issues.
US Friend Skoler closes debut third-party fund above target at $231m
14/04/2004. US Friend Skoler & Co. has announced the close of its debut third-party fund with $231m of commitments. The firm was originally targeting $150m and will continue to focus on acquiring and building companies at the smaller end of the middle-market.
US Vestar Capital hires Kevin Mundt as managing director
14/04/2004. US Vestar Capital has hired Kevin Mundt as a managing director. He will serve on the firm's portfolio monitoring and advisory group.
Swiss Re closes fund of funds on E409m
14/04/2004. Swiss Re Private Equity Advisers has announced the final close of Swiss Re Private Equity Partners II with total commitments of E409m.
Israeli firm launches homeland security fund
14/04/2004. The Challenge Fund, an Israeli venture capital firm, has launched its third venture capital fund dedicated to homeland security. The fund is targeting between $150m and $250m.
3i reshuffles Nordic team
14/04/2004. 3i has announced the appointment of Gustav Bard to managing director of its Nordic operations. Alan MacKay, who has been the founding managing director of the 3i's business in the region, will move to a new role as managing director in the firm's European buy-out business. He will be based in London.
Industri Kapital appoints new director to Swedish team
14/04/2004. Industri Kapital has appointed a new director to its Swedish team. Samir Kamal will join the firm in August and will be responsible for sourcing and managing new investments in the Swedish market.
KKR to float business development company in $750m IPO
14/04/2004. Kohlberg Kravis Roberts is hoping to raise $750m through the initial public offering of a business development company, KKR BDC. The new company will make debt and equity investments in public companies.
UK-headquartered Altius Associates recruits Brad Young from MIT
13/04/2004. UK-headquartered private equity gatekeeper Altius Associates has recruited Brad Young as managing director. Young will be joining the firm's US team.
European technology venture firm Interregnum recruits Bindi Karia
13/04/2004. European venture group and merchant bank Interregnum has announced the appointment of Bindi Karia to the firm's advisory team. She will be working principally on Interregnum's proprietary intellectual property valuation methodology, designed to help companies maximise returns from their R&D programmes and exploit their undervalued IP assets.
Portuguese private equity fund raises E50m
13/04/2004. A Portuguese private equity fund has raised E50m to help Portuguese companies invest in Spain. The Explorer I fund is targeting E75m and aims to hold a final close by November this year. The fund is already twice as large as any previous fund raised in Portugal.
Silver Lake Partners closes $3.6bn private equity fund
13/04/2004. Technology-focussed private equity firm Silver Lake Partners has announced the final close of its second fund with $3.6bn of commitments. The fund was originally targeting $4bn but is nevertheless the largest fund ever raised exclusively for investment in the technology arena.
Global private equity investment rises in 2003 but fundraising levels remain low
08/04/2004. Global private equity investment levels increased for the first time in two years in 2003, increasing by 43 per cent on the previous year to $155bn, according to figures from PricewaterhouseCoopers and 3i. But funds raised fell by 12 per cent to $82bn compared to $93bn in 2002.
Clayton, Dubilier & Rice buys VWR International for $1.65bn
08/04/2004. Clayton, Dubilier & Rice has completed a transaction to acquire VWR International from German Merck for $1.65bn.
Conrad Burke leaves US Sevin Rosen for post with UK Bookham Technology
08/04/2004. Conrad Burke, a venture partner at US Sevin Rosen Funds, has left the firm to take up a position with UK publicly traded telecommunications components company Bookham Technology. Burke has been appointed senior vice president of worldwide sales.
John Riccitiello and Roger McNamee to launch US media private equity fund
08/04/2004.
Electronic Arts executive John Riccitiello and founder of Silver Lake Partners, Roger McNamee, are joining forces to launch a new private equity fund specialising in media investments.
German ERGO takes over management of innotech fund
08/04/2004. German ERGO Equity Partners, the private equity arm of ERGO Insurance Group, has taken over management of the E40m innotech private equity fund. The fund has been renamed Techinvest Beteiligungsgesellschaft.
3i and Veronis Suhler Stevenson pocket over E400m with launch of Yellow Brick Road
07/04/2004. Private equity firms 3i and Veronis Suhler Stevenson have reportedly pocketed more than E400m in profits as they form a new pan-European directories company called Yellow Brick Road. The new company has been formed through the merger of the firms' three jointly owned directories businesses, Finnish Fonecta, Dutch Telefoongids and Central European Mediatel.
UK-based TDR Capital closes debut fund with over E500m of commitments
07/04/2004. UK-based TDR Capital has closed its debut fund. An exact figure was not disclosed but the fund is reported to have exceeded its target of E500m.
US Gabelli Group hires Christopher Dixon as managing director
07/04/2004. US Gabelli Group Capital Partners has recruited Christopher Dixon as a managing director. He will be responsible for identifying, analysing and investing in public and private media opportunities.
UK Bridgepoint pursues Danish prison deal
07/04/2004. UK private equity firm, Bridgepoint, has been named as the preferred bidder in the race to buy Global Solutions, the prison management unit of Danish security company Group 4 Falck. The firm is understood to be willing to pay up to £200m.
US groups Carlyle and Riverstone close energy fund on $1.1bn
06/04/2004. Carlyle Group and Riverstone have closed their second energy fund, Carlyle/Riverstone Global Energy & Power Fund II, on $1.1bn. The new fund is almost five times larger than its predecessor, which closed on $222m in 2001.
CVC appoints two new members to UK advisory board
06/04/2004. CVC Capital Partners has appointed Sir Ian Robinson and John Sunderland to its UK advisory board. Robinson and Sunderland will be responsible for advising on UK-based transactions.
Schroders announces final close of second fund of funds
06/04/2004. Schroders has announced the final close of its second fund of funds (SPEFOFII) with E285m of commitments. The fund exceeded its original target of E250m and the E242m raised for the firm's first fund of funds in 2002.
Founder of US venture group Hamilton Apex leaves to launch IT fund
05/04/2004. Paul Bouchard, a founding partner of US venture firm Hamilton Apex Partners, is to leave the firm to launch a new IT focused venture capital fund. The remaining partners will focus exclusively on life sciences investments.
US Greylock hires Mike Ahearn as recruiting partner
05/04/2004. US early-stage venture capital firm, Greylock, has hired Mike Ahearn as recruiting partner. He will be responsible for expanding and coordinating the network of candidates available to Greylock's portfolio companies.
US-based JW Childs to buy Proctor & Gamble's Sunny Delight
02/04/2004. US-based JW Childs Associates has acquired the Sunny Delight and Punica juice-based drink businesses from Proctor & Gamble. Terms of the transaction were not disclosed.
Siemens Venture Capital to open office in Israel
02/04/2004. The venture capital arm of Siemens, Siemens Venture Capital, is to open a new office in Israel. The firm has recently begun searching for a professional to head up the operation and expects to make a hiring very soon.
ALPHA Associates fund of funds spins-out from Swiss Life
02/04/2004. A new independent private equity management company, ALPHA ASSOCIATES, has spun-out from Swiss Life Private Equity Partners. The new firm will be managed by Peter Derendinger, Chrisopher Huber, Petr Rojicek, and Peter Salesny.
US-based JLL Partners achieves 6.5X return on pharmacy exit
02/04/2004. US-based private equity firm JLL Partners has achieved a 6.5X return on its initial $150m investment in pharmacy benefit manger, AdvancePCS. The company has been sold to publicly listed Caremark Rx for $7bn, sending $1bn in proceeds to JLL Partners.
US venture-backed IPO activity continues to show strength in first quarter of 2004
02/04/2004. US venture-backed initial public offerings continued to show strength in the first quarter of 2004. A total of 13 venture-backed companies raised $2.72bn through IPOs, representing the most money raised since the third quarter of 2000, according to data released by Thomson Venture Economics and the National Venture Capital Association (NVCA).
Dutch Waterland closes fund at E170m
01/04/2004. Netherlands-based Waterland Private Equity Investments has closed its second fund with E170m of commitments. The fund was oversubscribed by E20m.
US VantagePoint Venture Partners expands investment team
01/04/2004. US VantagePoint Venture Partners has announced the expansion of its investment team with the appointment of Stephen Diamond as managing director, and Duncan Davidson and Jay Shiveley as venture partners.
French PAI exits Antargaz in trade sale
01/04/2004. French PAI Partners has sold its controlling stake in France-based gas distributor Antargaz in a deal valuing the company at E655m. US-based gas canister distributor, UGI, which already owned 18.5 per cent of Antargaz, has bought the remaining 80.5 per cent from PAI and Italian Medit Mediterranea for E262m.
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