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KKR acquires German ATU from Doughty Hanson for E1.45bn
30/06/2004. Kohlberg Kravis Roberts has acquired German car parts company, Auto-Teile-Unger (ATU) from Doughty Hanson for E1.45bn. The announcement comes just weeks after the company scrapped plans for an initial public offering due to poor investor demand. 
KKR to sell PanAmSat stake to Carlyle and Providence
30/06/2004. Kohlberg Kravis Roberts (KKR) has sealed a deal to sell a 54 per cent stake in PanAmSat to rival buy-outs groups Carlyle and Providence Equity Partners. KKR agreed to acquire the US satellite operator for $3.55bn in April this year. The sale to Carlyle and Providence will take place shortly after the original acquisition is completed.
UK Doughty Hanson prepares £1bn flotation of RHM
30/06/2004. UK Doughty Hanson has started preparations for a possible initial public offering of Rank, Hovis, McDougal (RHM), the foods group behind the Hovis, Kipling and Bisto brands. The flotation is likely to take place some time in the second half of this year.
UK Strathdon Investments merges with INVESCO TechMARK and goes public.
30/06/2004. UK private equity and venture capital firm Strathdon Investments has completed a merger with INVESCO TechMARK, an investment trust. The combined entity, to be known as Strathdon Investments, has joined the junior Alternative Investment Market (AIM).
US Bain Capital closes two funds with combined $4.25bn of commitments
30/06/2004. US Bain Capital has closed two private equity funds with combined commitments of $4.25bn. The funds comfortably met their respective targets after just two months of fundraising and had significant indications of interest beyond the closing total, according to industry sources.
ABN Amro exits Spanish Unica in E73m sale
29/06/2004. ABN Amro Capital has exited its investment in Spanish industrial cleaning services company Unica. The private equity firm has sold the business to ISS, a Danish strategic buyer, for E73m.
Apax Partners buys SSL infection control business for £173m
28/06/2004. Apax Partners has acquired the Regent Infection Control business of SSL International for £173m. A number of other private equity firms expressed an interest in purchasing the company including ABN Amro, 3i, Hg Capital and Bain Capital.
EU convergence specialist Centurion closes debut fund with E150m
28/06/2004. Centurion Capital, a private equity firm specialises in European Union convergence countries, has announced the closing of its debut fund with E150m. The firm typically invests in companies that will benefit from expanding their markets East and West, relocating manufacturing to lower cost regions, or outsourcing to Central and Eastern Europe.
US Windstone Capital to form $150m private equity fund
28/06/2004. US Windstone Capital Partners has formed a new $150m private equity fund to invest in small and mid-cap public companies. Windstone Opportunity Partners has been structured as a pledge fund and will make investments of between $5m and $15m.
US venture firms set to profit from $435m sale of Advertising.com to AOL
28/06/2004. A number of venture capital firms are set to profit from the pending $435m sale of Advertising.com to America Online (AOL). New Enterprise Associates, Grotech Capital Group, CSFB Private Equity, Blue Chip Venture Capital and Access Technology Partners all participated in a $57m financing round in August 2000.
European Intermediate Capital strengthens marketing team
28/06/2004. European mezzanine finance firm Intermediate Capital Group (ICG) has announced two new fund management marketing appointments. James Barham joins as marketing director and Alex Hayes-Newington joins as marketing manager.
US ArcLight Capital Partners closes $1.6bn energy fund
28/06/2004. US Arclight Capital Partners has announced the final close of its $1.6bn private equity fund. The fund will invest in cash flow generating assets in the coal, natural gas, power generation and electric and gas transmission and distribution industries.
CVC exits BSN Glasspack in E1.16bn deal
25/06/2004. CVC Capital Partners has sold glass manufacturer BSN Glasspack for E1.16bn to US-listed glass packaging firm Owens-Illinois. Owens-Illinois is currently owned by US private equity firm Kohlberg Kravis Roberts.
La Poste to take control of ABN Amro's French venture capital business
25/06/2004. La Poste, the French state post office, is to merge private equity arm Xange Capital with the French technology venture capital business of ABN Amro. The deal will leave La Poste in control of the business. News of this agreement comes just days after it was revealed that ABN Amro had sold its entire German portfolio to the existing management team.
German Finatem recruits Robert Hennigs as managing director and partner
25/06/2004. German middle-market private equity firm Finatem has recruited Robert Hennigs as a managing director and partner. He joins the firm from DZ Equity Partner, the private equity arm of DZ Bank.
3i and Enterprise Equity sell UK clothing firm Ben Sherman for £80m
24/06/2004. Private equity firms 3i and Northern Ireland-based Enterprise Equity have sold UK clothing designer and distributor Ben Sherman for £80m. The company has been acquired by Oxford Industries.
HgCapital's Xyratex in $400m Nasdaq float
24/06/2004. European mid-market private equity firm HgCapital is exiting its investment in data storage provider Xyratex in an initial public offering that values the company at $400m. Despite having its headquarters in the UK, Xyratex will be listed on the Nasdaq stock exchange.
US Sofinnova Ventures recruits Alain Couder as an IT venture advisor
24/06/2004. US Sofinnova Ventures has recruited Alain Couder as an IT venture advisor. Couder will be responsible for investments in the software and computer systems sectors and will assume board seats at Sofinnova portfolio companies Corrente, Atomz and Vitra Bioscience.
Canadian Yellow Point Equity Partners closes inaugural fund
23/06/2004. Canadian Yellow Point Equity Partners has announced the closing of its inaugural fund. Yellow Point I, which has been backed by Cypress Capital, will invest in later stage private companies primarily based in Western Canada. Together with its co-investment partners, Yellow Point I will commit between $2m and $20m per investment.
US Pasadena Capital hires Frederick Schneider as senior managing director
23/06/2004. US private equity firm Pasadena Capital has recruited Frederick Schneider as a senior managing director. Schneider was already a member of the firm's advisory board.
ABN Amro sells German directs portfolio to management team
22/06/2004. ABN Amro has sold its entire German private equity portfolio to the existing management team. The portfolio consists of six middle-market investments.
Private equity firms compete for the AA
22/06/2004. A number of private equity firms are competing to buy UK motoring organisation, the AA. Cinven, CVC and Candover are all reported to be interested in acquiring the company, which is expected to raise in the region of £1.5bn.
US Prospect Partners closes $165m private equity fund
22/06/2004. US Prospect Partners has closed its second fund with $165m of commitments. Prospect Partners Fund II will focus on making investments in lower middle-market companies with niche strategies.
European Life Sciences Partners strengthens investment team
21/06/2004. European Life Sciences Partners has recruited Daan Ellens to its investment team. Ellens will be responsible for deal sourcing, due diligence and portfolio management. He was previously chief executive officer of Life Sciences Partners' portfolio company Rhein Biotech.
Patrick Austen to join UK-based Nova Capital
21/06/2004. Patrick Austen, former executive director of CRBFL Investment Trust and chief executive of Liberty, has joined UK-based Nova Capital Management. Austen has extensive operational experience in a variety of industries, specialising in turnarounds and corporate restructuring.
Swiss Adveq Management closes fourth technology fund of funds
21/06/2004. Swiss Adveq has closed its fourth technology fund of funds with $325m of commitments. PETP IV was originally targeting E300m.
UK-based ECI Partners recruits Charlie Johnstone as business development manager
18/06/2004. UK-based private equity firm ECI Partners has recruited Charlie Johnstone as business development manager. He will be responsible for sourcing deals through intermediaries.
German tax reform to bolster private equity industry
18/06/2004. The German government is considering proposed tax reforms today, which are designed to bolster the country's flagging private equity industry. The reforms recommend that the percentage of a general partner's carried interest that is subject to taxation should be reduced from 100 per cent to 50 per cent.
Clal, IDB and Israel Infinity close $75m Chinese venture fund
18/06/2004. Clal Industries and Investments, IDB and the Israeli Infinity Fund, have completed fundraising for a $75m new venture capital fund that will operate in China. The new fund will invest in Chinese start-ups, as well as in Clal group and Israel Infinity group portfolio companies.
Australian GS Private equity closes third fund at A$450m
18/06/2004. Australian GS Private Equity has announced the first and final closing of GS Private Equity Fund 3 with A$450m of commitments. The fund was significantly oversubscribed with accepted subscriptions totalling in excess of A$550m.
US Appian Ventures closes debut fund at $80m
17/06/2004. US Appian Ventures has closed its debut fund with $80m of commitments. The firm will invest in software and technology companies in the Western US that enable the application and management of network connectivity to improve business performance.
US Clearstone Venture Partners recruits executive in residence
17/06/2004. US Clearstone Venture Partners has recruited Cecilia Claudio as an executive in residence. Claudio will operate from the firm's Silicon Valley office and will advise partners on investment selection, portfolio company management and overall industry direction.
Tide may be turning for risky European chemicals sector, survey finds
17/06/2004. Despite the substantial amount of private equity that has been invested in European chemicals companies in recent years, the industry remains divided as to the long-term appeal of the sector. Only 22 out of 94 major European chemicals investments in the last decade have led to a successful exit. But the tide may now be turning, according to research produced by Ernst & Young.
Global Life Science Ventures hires Dr. Bert van Toor as investment manager
17/06/2004. Global Life Science Ventures has hired Dr. Bert van Toor as an investment manager based in Switzerland. This appointment continues the planned expansion of the company's investment team in Europe to accommodate the firm's increased geographic presence in Germany, Switzerland and the UK.
European technology investment shifts from venture capital to buy-outs, survey finds
17/06/2004. Investment in European technology buy-outs increased by 36 per cent in 2003 to E2.1bn, according to a new report produced by PricewaterhouseCoopers' Global Technology Industry Group. As a result, the proportion of technology private equity investment going into buy-outs rose from 29 per cent in 2002 to 39 per cent in 2003.
German Capiton spins out from Gothaer Insurance and enters mezzanine market
17/06/2004. German middle-market private equity firm, Capiton, has announced that it is to spin out from its parent company Gothaer Insurance. The firm has also revealed that it is planning a possible move into the mezzanine sector.
Marc Thiery to join Englefield Capital from Allianz Private Equity Partners
16/06/2004. Marc Thiery is to join UK-based buy-out firm Englefield Capital from Allianz Private Equity Partners where he served as a managing director. He will join founding partners Dominic Shorthouse, Etienne de Villiers, Eric Walters, Adam Barron and Edmund Lazarus.
U2's Bono joins new private equity firm
16/06/2004. Bono, the lead singer for Irish rock group U2, is to serve as a managing director at a new Silicon Valley private equity firm. Elevation Partners, which was launched by former Silver Lake Partners' co-founder Roger McNamee and former Electronic Arts executive John Riccitiello in April this year, will invest exclusively in media and entertainment companies.
Charles Hughes joins US-based Easton Capital Investment Group as managing director
16/06/2004. US-based Easton Capital Investment Group has recruited Charles Hughes as a managing director. He joins the firm from Torys LLP, an international business law firm, where he advised venture investors in the healthcare and technology sectors.
Doughty Hanson buys majority stake in E600m Belgian carpet company
16/06/2004. Doughty Hanson has acquired a majority stake in Belgian carpet manufacturer, Balta Industries, in what represents the firm's first transaction in the Benelux region. The deal values the company at E600m.
Deloitte loses 16-strong private equity team to rival KPMG
16/06/2004. Deloitte has lost a 16-strong private equity team to its rival KPMG. Rustom Kharegat, Deloitte's partner in charge of UK and European private equity transaction services, has made the move along with Helen Pratten, Robert Ohrenstein and John Oldcorn, who will become partners in the private equity group, and their 12-strong support team.
German Capiton spins out from Gothaer Insurance and enters mezzanine market
16/06/2004. German middle-market private equity firm Capiton has announced that it is to spin out from its parent company Gothaer Insurance. The firm has also revealed that it is planning a possible move into the mezzanine sector.
Afghanistan's first venture capital fund targets $50m
15/06/2004. A former manager from McKinsey & Co, Pierre Van Hoeylandt, is to launch Afghanistan's first venture capital fund. The Afghanistan Renewal Fund will invest in fledgling construction, food, textiles and furniture manufacturing companies, according to a report by Bloomberg.
Israeli Gemini recruits Carmel Sofer as venture partner
15/06/2004. Gemini Israel Funds has recruited Carmel Sofer as a venture partner. Sofer joins the firm from wireless and communications company Comverse Europe where he served as president. During his time at Comverse he also founded a subsidiary company, Starhome.
VC veterans announce formation of new US venture firm
15/06/2004. Three veterans of the US venture industry have announced the formation of a new venture capital firm called Shasta Ventures. The firm will make early-stage investments in infrastructure, software and technology enabled service companies targeting the business and consumer markets.
Permira considers withdrawing UK WH Smith bid amidst pension row
14/06/2004. The trustees of WH Smith's pension fund are engaged in heated negotiations with Permira over a £215m pension shortfall that could result in the private equity firm withdrawing its £940m takeover bid.
UK-based buy-out group Terra Firma sells Wizard for £96.7m
14/06/2004. UK private equity firm Terra Firma has sold Wizard Inns to Wolverhampton & Dudley Breweries for £96.7m.
US Summit Partners quadruples money on technology exit
11/06/2004. US-based venture capital firm Summit Partners has almost quadrupled its money after selling its investment in Jamba, a German wireless content services provider, in one of Europe's largest venture capital exits of the year.
UK-based Aberdeen Murray Johnstone Private Equity plans to spin-out
11/06/2004. Senior executives at Aberdeen Murray Johnstone Private equity are in discussions to acquire the business in a management buy-out. Jonathan Diggines, managing director of the unit, is leading the negotiations.
Nordic Capital sells Wilson Logistics for E257m
11/06/2004. Nordic Capital has agreed to sell Wilson Logistics Group to Netherlands-based mail, express and logistics company TPG at an enterprise value of E257m.
German group Triangle Venture Capital holds first close on E15m
11/06/2004. German group Triangle Venture Capital has announced a first closing on its fourth fund with E15m. The fund was launched in November last year and is backed by European-based institutional and high net worth individuals.
Claudio Aguirre Pemán joins Spain's Mercapital as vice president
10/06/2004. Claudio Aguirre Pemán has joined Spanish private equity firm Mercapital as a vice president and member of the board. He will be responsible for identifying investment opportunities, anticipating market trends and supporting strategic decisions for existing portfolio companies.
US-based CLB Partners to launch private equity fund
10/06/2004. US-based CLB Partners has announced the formation of its debut private equity fund for investments in small to mid-size companies in America. The fund will invest in companies with between $2m and $10m in sustainable cash flow.
UK-based IP2IPO to acquire Top Technology Ventures
10/06/2004. IP2IPO, UK-based intellectual property business, is in negotiations to buy rival UK venture firm Top Technology Ventures. The deal is expected to be closed within a month.
US Greylock recruits Tom Bogan as venture partner
10/06/2004. US early-stage venture capital firm Greylock Partners has recruited Tom Bogan as a venture partner. Bogan joins the firm from Rational Software where he was president and chief operating officer.
US mid-market specialist Vestar Capital strengthens European operations with new hire
10/06/2004. US-based mid-market private equity firm Vestar Capital is to strengthen its European operations with the recruitment of Mario Cesari. Cesari joins the firm from Berkshire Partners where he served as an executive director. He was previously a management consultant with McKinsey & Co in France and Switzerland.
UK Duke Street Capital continues to strengthen operating partner team
09/06/2004. Duke Street Capital, the UK-based private equity group, has announced the appointment of David Williams as operating partner, with a particular focus on consumer facing industries. His most recent role was as chief executive of Thresher Group.
Portuguese Banco Espírito Santo and French Siparex Group launch Iberian-French fund
09/06/2004. Portuguese Espírito Santo Capital, the private equity arm of Banco Espírito Santo Group, and French Sigefi Private Equity, the management company of Siparex Group, are launching a cross-border Iberian-French private equity fund. SES Iberian Fund I will invest in middle-market companies in Spain, Portugal and France. The fund is targeting a total of E50m.
US Vanguard Ventures recruits Thomas McConnell as general partner
09/06/2004. US Vanguard Ventures has recruited Thomas McConnell as a general partner. McConnell will focus on early-stage investments in the life sciences and information technology sectors.
US Castle Harlan buys gardening company for $380m
09/06/2004. US private equity firm Castle Harlan has acquired Ames True Temper, a garden equipment company, for $380m. Castle Harlan will buy the company from middle-market private equity firm Wind Point Partners, which acquired the company in 2002.
Jeff Fagnan to join Atlas Venture's communications team
08/06/2004. Atlas Venture has recruited Jeff Fagnan as a partner in the communications team. He will be responsible for investments in systems, components and infrastructure.
Bain leads consortium to buy Loews Cineplex Entertainment from Oaktree Capital
08/06/2004. A private equity consortium led by Bain Capital and including Carlyle Group and spectrum Equity Partners is in talks to buy Loews Cineplex Entertainment from Onex and Oaktree Capital Management.
US Foundation Capital recruits Kirk Bowman as entrepreneur-in-residence
08/06/2004. US venture capital firm, Foundation Capital, has recruited Kirk Bowman as an entrepreneur-in-residence. Bowman will be responsible for providing guidance and leadership for emerging companies in the firm's investment portfolio.
Calpers' Hayes joins Oak Hill Partners
07/06/2004. Richard Hayes, the senior investment officer for the California Public Employees Retirement System (Calpers), is leaving the organisation to join Oak Hill Partners.
US Blackstone buys New Skies for almost $1bn
07/06/2004. US Blackstone Group has agreed to acquire Dutch New Skies Satellites for $956m. The offer, which represents a 14 per cent premium on the company's share price, has received unanimous approval from the supervisory and management boards of the company, who have said that they intend to recommend it to the company's shareholders.
EVCA appoints Herman Daems of GIMV as chairman
04/06/2004. The European Venture Capital Association (EVCA) has appointed Herman Daems of Belgian investment firm GIMV as chairman. Daems takes over from Jean-Bernard Schmidt, chairman and managing director of Sofinnova Partners who has held the position since June 2003.
European private equity long-term returns fall in 2003
04/06/2004. European annualised net returns fell slightly to 9.9 per cent in 2003, compared to 10.8 per cent in the previous year, according to the European Venture Capital Association (EVCA) and Thomson Venture Economics.
Carlyle set to buy Dunlop Standard from Doughty Hanson
04/06/2004. A group including US buy-out firm Carlyle has been selected as preferred bidder for rival Doughty Hanson's Dunlop Standard aerospace business. Carlyle, in consortium with an industry bidder, is in talks to buy the company for in excess of £800m.
Massimo Grasselli joins Italian PM & Partners
04/06/2004. Massimo Grasselli has joined Italian private equity firm PM & Partners, along side the two founding members, Francesco Panfilo and Andrea Mugnai.
CVC's Halfords completes £267m IPO
03/06/2004. Halfords, the car parts and cycle retailer acquired by private equity firm CVC for £427m in August 2002, has completed a £267m initial public offering for 45 per cent of its share holding. The shares were priced at 260p, at the lower end of the 250p-300p indicative range set last month. The IPO values the company at approximately £593m.
US Alignment Capital hires Frank Fernandez to help launch fund of funds
03/06/2004. US Alignment Capital has recruited Frank Fernandez as a partner. Fernandez joins the Texas-based private equity consultant from the Florida State Board of Administration where he was the senior portfolio manager in charge of private equity.
US Blue Sage Capital holds final close on $170m debut fund
03/06/2004. US Blue Sage Capital has announced the final close of its debut fund with $170m of commitments. The fund was originally targeting $100m.
US Norwest Mezzanine Partners closes $400m fund
03/06/2004. US Norwest Mezzanine Partners has announced the close of its second mezzanine fund with a total of $400m in commitments.
Global IPO market poised for rebound in 2004, survey finds
02/06/2004. The Global IPO market saw a surge in activity in the last quarter of 2003 and early 2004, and is currently showing signs of a rebound, according to the Ernst & Young Global IPO Survey. Over the last two quarters, a total of 639 worldwide IPOs raised $53bn compared to $23bn raised in 332 deals during the first two quarters of 2003.
Mesirow hires former Adams Street partner to head up fund of funds business
02/06/2004. Mesirow Financial has hired former Adams Street partner, Marc Sacks, as a senior managing director and head of is private equity partnership group. He will lead the firm's fund of funds business.
Bear Stearns Asset Management acquires BDC Private Equity speciality finance business
02/06/2004. Bear Stearns Asset Management has acquired the private equity speciality finance business of BDC Financial, a US-based private equity investment firm.
Apax Partners appoints Lars Johansson to head Nordic operations
01/06/2004. Apax Partners has announced the formal launch of its Nordic office and the appointment of Lars Johansson as director and head of Apax Partners' Nordic operations.
Chris Brotchie retires as CEO of Baring Private Equity Partners
01/06/2004. Baring Private Equity Partners (BPEP) has announced the retirement of Chris Brotchie from his position as chief executive officer. He will be withdrawing from full time executive management of the firm but will remain an active member of the investment committees and advisory boards of several of the BPEP Funds.
Citigroup Venture Capital to buy South Korean Hynix unit
01/06/2004. Citigroup Venture Capital is poised to buy the non-memory business of South Korean chip manufacturer Hynix Semiconductor for Won954bn ($820m). The sale is expected to be agreed in the next few days and is part of Hynix's efforts to reduce its $3bn debt burden after three years of financial crisis.
Gustav Christensen joins Swiss Ultreia Capital as CEO and chairman of US operations
01/06/2004. Swiss life sciences venture capital firm Ultreia Capital has announced the appointment of Gustav Christensen as chief executive officer and chairman of its US office. Christensen will concentrate primarily on the launch of Ultreia Focus, the company's new investment vehicle, targeting drug discovery and development companies in the US and Europe, while expanding the scope of the business platform by building its US operations.
Newbridge Capital to buy stake in Chinese Shenzhen Development
01/06/2004. After several years of rocky negotiations, Newbridge Capital has finally completed its acquisition of an 18 per cent stake in Shenzhen Development Bank. Completion of the transaction means that the firm has become the first Western group to take control of a Chinese bank.
Tokyo University launches £100m venture capital fund
01/06/2004. Tokyo University has launched a £100m venture capital fund, in order to facilitate the transfer of its academic research into commercial enterprises. The University has provided a cornerstone investment of £50m. The remaining capital will be raised from institutional investors and corporates.
Texas Pacific and CSFB buy BC Partners' German kitchen and bathroom company for E1.5bn
01/06/2004. Texas Pacific and Credit Suisse First Boston are to acquire BC Partners' German kitchen and bathroom products group, Grohe, for E1.5bn. The private equity consortium beat rival offers from Bain Capital and CVC.
US Doll Capital Management announces final close of new venture fund at $375m
01/06/2004. US Doll Capital Management has announced the final close of DCM IV, a new venture fund capitalised at $375m. The fund will continue the firm's focus on early-stage investments in the communications, software and semiconductor industries.
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