News Archive: November 2004

US Blackstone to buy UK nursing homes group NHP for £564m
30/11/2004. US private equity firm Blackstone has had its £564m offer for listed UK nursing homes group NHP accepted. The successful completion of the deal would mark a big step forward in its ambition to build one of the UK's large homes providers.

European listed fund of funds Standard Life reports record private equity distributions
30/11/2004. Standard Life European Private Equity Trust, the listed unit of the Scotland-based fund of funds, has reported record distributions from its private equity investments over the last 12 months. The firm said it had received £40m in distributions in the year ended September 30th, three times the amount it received during the same period a year earlier.

3i strengthens healthcare team with appointment of Paul Preston
30/11/2004. European private equity firm 3i has strengthened its healthcare team with the appointment of Dr Paul Preston as an advisor on the sector. Preston has more than 20 years experience in the sector, most recently as director of General Healthcare Group.

Duke Street's DIY retailer Focus Wickes put up for sale
29/11/2004. Focus Wickes, the UK DIY retailer owned by Duke Street Capital and Apax, has reportedly attracted some interest from potential buyers and is now formally up for sale, according to press reports. A sale would provide Duke Street with a full exit from one of its largest investments.

Danish investor ATP announces three senior appointments
29/11/2004. Copenhagen-based fund of funds ATP Private Equity Partners has hired three senior professionals to equip the firm for the anticipated strength of fund deal flow in the coming months.

US venture firm Clearstone strengthens its interest in India
29/11/2004. US venture firm Clearstone Venture Partners has revealed plans to increase significantly its investment activities in India, further reinforcing the trend among international investors to scale up its interests in the region. The firm reportedly has some $250m to invest in firms that are based in the US but have a major presence in India.

Four private equity bidders shortlisted to buy Spanish firm Mivisa
26/11/2004. European CVC Capital Partners, Spanish Mercapital and US firms AEA and The Carlyle Group have all been shortlisted in the auction for Spanish can manufacturer Mivisa. The firm is currently owned by buy-out firms PAI Partners and Suala Capital and is expected to reach more than €500m.

Andrew Mainwaring joins UK buy-out firm Inflexion
26/11/2004. Inflexion Private Equity has appointed Andrew Mainwaring as assistant director. Mainwaring joins Inflexion from Catalyst Fund Management and Research Ltd where he specialised in private equity investment, particularly the area of financial services.

US buy-out firm Bain Capital acquires Canadian discount retailer Dollarama
26/11/2004. US buy-out firm Bain Capital has bought Canadian discount retailer Dollarama in a deal valued at almost $900m taking its number of deals this year to more than five. Financial terms of the deal have not been disclosed.

Carlyle to take significant stake in Chinese construction equipment manufacturer
26/11/2004. Carlyle is reported to be the leading contender for a major buy-out deal in China. This could become the first leveraged buy-out of a mainland Chinese company by a foreign private equity firm.

CVC sells Spanish vehicle inspection firm Grupo Itevelesa
25/11/2004. CVC has exited its 1999 investment in Spanish vehicle inspection business Grupo Itevelesa with a secondary sale to Apax Partners and Vista Capital. Financial terms were not disclosed but sources described the transaction as marking a 'successful' investment for CVC.

US buy-out firm Apollo buys air conditioning manufacturer for $1.43bn
25/11/2004. US buy-out firm Apollo Management has agreed to buy privately-held Houston-based air conditioning manufacturer Goodman Global Holdings for $1.43bn. The deal contributes to mounting evidence that large deal activity in North America is gathering pace.

US Carlyle in talks over a stake in South Korea's Hanjin Shipping
25/11/2004. Korean shipping firm Hanjin has revealed it is looking to sell part of its terminal business to US buy-out giant The Carlyle Group to raise funds for future investment.

Blackstone-backed Celanese buys emulsion polymer business Vinamul
24/11/2004. German chemicals business Celanese, taken private by US buy-out firm Blackstone at the start of this year, has agreed to buy Vinamul Polymers, part of the National Starch and Chemical Company, for $208m. NSC is a subsidiary of Imperial Chemical Industries PLC. The deal is subject to regulatory approvals and other customary conditions.

US MMC Capital sells software firm Vertafore to Hellman & Friedman
24/11/2004. US buy-out firm Hellman & Friedman has agreed to buy software firm Vertafore from funds managed by MMC Capital and a handful of other minority investors. The transaction is expected to close before the end of the year.

US-based Mobius Venture Capital promotes three to principal
24/11/2004. US-based venture firm Mobius Venture Capital has promoted associate partners Rajeev Batra, Dewey Kim, and Seth Levine to the position of principal.

Shareholders agree to sell their investment in service station operator Autobahn Tank & Rast to Terra Firma
23/11/2004. The major shareholders of Autobahn Tank & Rast - Allianz Capital Partners, Lufthansa and funds advised by Apax Partners - have entered into a definitive agreement to sell their shares to Terra Firma.

Providence Equity and Warburg Pincus buy Telcordia Technologies, Inc.
23/11/2004. Science Applications International Corporation has signed an agreement to sell Telcordia Technologies, Inc., a provider of telecommunications software and services, to private investment firm Providence Equity Partners and private equity investor Warburg Pincus for $1.35 billion in cash.

DBG Eastern Europe announces Romanian buy-out
23/11/2004. DBG Eastern Europe's second Central and Eastern European-focused private equity fund has completed its first investment in Romania. DBG has purchased a significant minority stake in Flanco International SRL, a leading Romanian household electricals retailer with over 80 outlets nationwide.

US energy specialist Lime Rock closes third fund on $425 million
23/11/2004. Lime Rock Partners, a US private equity firm focusing on the energy sector, has announced the first and final closing of its third fund, Lime Rock Partners III, L.P., with $425 million in capital commitments.

ALPHA Associates launches second C/E European fund of funds
23/11/2004. Swiss-based private equity fund of funds ALPHA Associates has launched its second fund of funds dedicated to investing in Central and Eastern Europe. ALPHA CEE 2005 has a target of €300m and will stick to the investment strategy of its 1998 predecessor fund 5E Holding.

Baring Private Equity Partners Espana close second Spanish fund on E97m
23/11/2004. Baring Private Equity Partners Espana, a member of Baring Private Equity International and a subsidiary of Caixa Catalunya, has closed its second Spanish fund with commitments of €97m. Baring Iberia II will invest in small and mid-sized companies in Spain and Portugal.

Secondaries specialist Paul Capital Partners appoints Ann E. Watson as a Principal
23/11/2004. US-based secondaries specialist Paul Capital Partners has continued its recent hiring spree with the appointment of Ann E. Watson as head of deal origination for the secondary private equity team. Based in Toronto and New York, Watson joins the secondary team as a Principal with primary responsibility for global sourcing.

Hicks Muse Europe acquires major share of Jimmy Choo
22/11/2004. The European arm of US buy-out group Hicks Muse has acquired a majority share in glamour shoe designer Jimmy Choo in a deal that values the company at £101m. The purchase provides an exit for its previous private equity backer Phoenix Equity Partners.

Nordic Capital and ATP make recommended offer to de-list Danish Flack
22/11/2004. Nordic Capital and ATP Private Equity have joined forces to make a recommended bid for Danish rescue services business Falck for more than E700m. The deal represents ATP's fourth major coinvestment since it was set up in its present form in 2001.

Australian venture firm Starfish beats target to close on AUS$123m
19/11/2004. Australian venture capital firm Starfish Ventures has closed its second fund with commitments of AUS$123m, comfortably exceeding its target of AUS$100m. The fund will invest in both the ICT and life sciences sectors.

Bridgepoint buys Italian caravan manufacturer SEA
19/11/2004. Pan-European mid-market buy-out firm Bridgepoint has maintained its recent breathless rate of activity with the acquisition of Italian caravan manufacturer SEA for an undisclosed sum. The deal marks the firm's seventh strandalone acquisition of the year.

CVC hires Hugh Briggs as director from MidOcean
19/11/2004. Pan-European buy-out CVC has hired Hugh Briggs as a director in its International Team in London. He had previously worked at MidOcean Partners, the spin out from DB Capital, where he had been involved in a wide range of transactions.

Hamilton Lane moves into hedge funds with acquisition of The Richcourt Group
19/11/2004. Hamilton Lane, one of the largest private equity fund of funds, has taken a significant step into the hedge fund sector with the acquisition of a controlling stake in hedge fund of funds manager The Richcourt Group. The deal will serve as a platform for Hamilton Lane's ambitions to broaden its range of asset management products.

Idex acquisition marks Industri Kapital's fifth investment in France
19/11/2004. Nordic private equity firm Industri Kapital has completed its fifth investment in France with the acquisition of energy and environment services firm Idex. The deal was valued at around E200m.

US secondaries specialist Paul Capital hires Guenzl and Rombeau
19/11/2004. US secondaries specialist Paul Capital Partners has hired Simon Guenzl and Suzanne Rombeau as investment professionals in its New York and San Francisco offices respectively.

Candover and Bridgepoint in secondaries deal for ALcontrol
18/11/2004. Candover has announced the acquisition of European environmental and food testing company ALcontrol from Bridgepoint for an undisclosed sum.

European venture brakes for Q3 2004
18/11/2004. With €769.8 million invested in 224 deals, the quarterly figures from Ernst & Young and VentureOne also indicate that early-stage rounds are representing a larger percentage of deals.

US Hispania Capital exits La Raza
18/11/2004. Hispania Capital Partners has announced that it has completed the sale of publishing group PrensAmerica Holdings Corporation to ImpreMedia, LLC. The terms of the transaction were not disclosed.

US Fidelity Ventures bags Tom Burkardt
18/11/2004. Fidelity Ventures, the early-stage venture capital firm investing in the information technology and communications sectors, announces Thomas Burkardt has joined the firm as a venture partner.

Henderson Private Capital in German buy-out
18/11/2004. Henderson Private Capital has announced the buyout of Homann Feinkost, the German market leader in the chilled and convenience food sectors from Gilde Investment Management. Homann Feinkost was originally a Gilde-backed management buy-out from Unilever in 1999.

CapMan and 3i exit from Karelia
18/11/2004. The two private equity firms have announced they are selling their ownership in European floor manufacturer Karelia Corporation to Hartwall Capital Oy Ab and to the members of Hartwall family.

Europe's largest buy-out on the cards in joint US-UK private equity bid
18/11/2004. The Spanish telecoms giant Grupo Auna is reported to be the subject of a €11 billion bid by a consortium made up of Apax, CVC, Blackstone, Carlyle and Providence.

European Cipio Partners buys portfolio of DaimlerChrysler Venture in new secondaries deal
17/11/2004. Cipio Partners, a private equity firm with offices in London and Munich, has acquired the total investment portfolio of DaimlerChrysler Venture GmbH.

Canadian venture capital rises in third quarter of 2004
17/11/2004. According to the CVCA and their research partner Macdonald & Associates, Canada’s venture capital industry invested a total of $498 million in the third quarter of 2004 or 21% more than the $411 million invested during the same period of 2003. This is the third consecutive quarter in 2004 where the investment numbers have been up relative to the same quarters in 2003.

US Pacific Venture Group appoints Dennis as new Managing Director
17/11/2004. Healthcare investment banker and a former senior executive with Tenet Healthcare, David Dennis, has joined Pacific Venture Group as managing director.

US SAS Investors announce second closing on $40 million
17/11/2004. SAS Investors, a venture fund focused on the creation and growth of early stage technology companies in the northeastern U.S., has announced a $10 million second closing of its fund.

Candover writes down value of investment in Belgian Ontex
16/11/2004. UK-based buy-out group Candover has written down the value of its investment in Belgian nappy manufacturer Ontex by around E300m and warned its portfolio company is in danger of breaching bank convenants.

3i plans big increase in investment activity in India
15/11/2004. UK-based listed private equity firm 3i plans a big increase in its investment activity in India and is in the early stages of hiring a team in the region, according to Chris Rowlands, head of group markets. The firm may invest as much as $150m a year in around deals, he said in an interview with Reuters.

Candover nearing £240m acquisition of lab testing firm Alcontrol
15/11/2004. European buy-out group Candover is close to agreeing the secondary buy-out of lab testing services firm Alcontrol from rival group Bridgepoint in a deal worth £240m.

French buy-out group PAI in E1bn talks to buy Saur water treatment business
15/11/2004. French buy-out group PAI is in talks with French telecoms and construction group Bouygues to buy its Saur water treatment business in a deal worth around E1bn. PAI is reported to have beaten off stiff competition with a bid of E1.037bn for the firm's assets outside Italy and Africa.

US biotech giant Amgen announces plans to form venture capital fund
15/11/2004. US biotech giant Amgen has announced plans to establish a corporate venturing fund to invest in emerging businesses working the area of human therapeutics. The firm will make an initial commitment of $100m and will be based in San Diego, California.

Dutch buy-out group Bencis closes first independent fund on E250m
12/11/2004. Dutch buy-out group Bencis has closed its first independent fund ahead of target with E250m of commitments. The announcement comes just a few weeks after the firm announced its first acquisition, the secondary buy-out of grains business Meneba from CVC Capital.

German mid-market group Finatem sells two portfolio companies to Barclays
12/11/2004. German mid-market buy-out group Finatem has notched up its third exit of the year with the sale of two of its portfolio companies, Gutbrod and Hugel, to pan-European group Barclays Private Equity.

Austrian Go Equity announces two new hirings
12/11/2004. Austrian private equity firm Go Equity has announced two new hirings to strengthen its team. Murli Bhamidapati joins as an investment director from GE Capital, while Ralf Fore joins as an investment executive from Swiss Life Private Equity Partners.

HSBC in talks to buy Korea First Bank from Newbridge Capital
12/11/2004. HSBC is reportedly in talks to buy control of Korea First Bank from US private equity firm Newbridge Capital in what would be yet another stunning exit for a buy-out firm in the region. The Financial Times said the deal might be worth as much as $3.5bn.

UK venture group Herald Ventures holds first close on fund II with £22m
12/11/2004. UK venture firm Herald Ventures has held a first close on its second fund with commitments of £22m. The fund is aiming for a final close on £40m in the spring of next year.

CVC bids for £1bn UK Mersey Docks and Harbour
11/11/2004. CVC Capital, the pan-European buy-out group, has approached Mersey Docks and Harbour about a possible takeover that could be worth around £1bn. Mersey Docks confirmed on Wednesday that it has received 'a preliminary approach from a private equity house' after a ten per cent jump in its share price.

Opus exit means Bridgepoint has now distributed E550m in past 12 months
11/11/2004. The sale of its regional UK insurance business Opus means pan-European mid-market specialist Bridgepoint has now distributed some E550m to investors over the past 12 months. The acquisition by global insurance broker Willis Group Holdings represents Bridgepoint's eleventh exit so far this year.

US Blackstone nears $600m German Gerresheimer Glas acquisition
11/11/2004. US buy-out group Blackstone is reported to be close to acquiring German glass manufacturing Gerresheimer Glas for around E600m from rival private equity firms JP Morgan and Investcorp.

Carlyle says it will significantly increase Asian investing over next few years
11/11/2004. The Carlyle Group, one of the few truly global private equity firms, wants to increase significantly its investment in Asia over the next few years, according to founding partner David Rubinstein.

PPM Ventures hires Simon Faure as associate director from Insight
11/11/2004. PPM Ventures, the private equity arm of UK-based insurance group Prudential, has hired Simon Faure as an associate director to work with its private equity fund investments team. Faure joins from Insight Investment, where he worked on fund investments in the US and Western Europe.

US buy-out group Hellman & Friedman hires former World Bank CFO Goldstein
10/11/2004. Hellman & Friedman, the San Francisco-based buy-out group, has hired Jeffrey Goldstein as part of its New York. Most recently, Goldstein had been the chief financial officer of the World Bank.

Charterhouse-led consortium buys remaining 36 per cent stake in TDF
10/11/2004. France Telecom has sold its remaining 36 per cent stake in French media group TDF to the Charterhouse-led consortium that bought the rest of the company in 2002. The transaction has been valued at around E390m.

Coller-backed Dresdner US direct investment team becomes Annex Capital
10/11/2004. The US direct investment team of Dresdner Bank and a portfolio of 22 of their deals has been reconstituted into a new firm called Annex Capital with the financial backing of secondaries specialist Coller Capital. The announcement of the firm's new identity marks the completion of the $90m sale of Dresdner's assets back in the summer.

HarbourVest announce promotion round for its investment team
10/11/2004. Fund of funds giant promotes eight of the firm's 53 investment professionals.

US buy-out group Baird Capital opens office in Shanghai
09/11/2004. US mid-market buy-out group Baird Capital Partners has opened a representative office in Shanghai to supplement the office it opened in Hong Kong at the start of the year. The resources will enable Baird to provide support to its portfolio companies operating in China.

Deutsche Bank Latin American private equity team spins out to form Alothon Group
09/11/2004. The former Latin American private equity team of Deutsche Bank has spun out to form an independent firm called Alothon Group. Alothon will continue to manage the bank's portfolio of private equity investments in the region but will now be in a position to raise third party capital.

US medical devices specialist VC Accuitive closes debut fund on $55m
09/11/2004. Accuitive Medical Ventures, US venture firm focused specifically on medical devices, has closed its debut fund AMV Partners I with $55m of commitments.

US PA Early Stage close third private equity fund
08/11/2004. PA Early Stage Partners, the early stage technology and life science VC, announced today a final close on its third fund, PA Early Stage III, at $86 million.

Spanish private equity firm Nazca Capital exits Spain's largest postal operator
08/11/2004. Nazca has reached an agreement with Deutsche Post for the sale of its holding of 33% that it had in Unipost, the largest private operator in the Spanish postal sector.

ABN AMRO Capital announces £105 million buy-out of GB Holiday Parks
08/11/2004. ABN AMRO Capital has announced the acquisition of UK caravan park operator GB Holiday Parks from The Royal Bank of Scotland’s Equity Finance business.

Swedish Ratos buys Elitfönster in private equity secondaries deal
08/11/2004. Ratos concludes an agreement to acquire 95% of Swedish window manufacturer the Elitfönster Group for SEK 473 million from private equity firm Triton.

UK Klesch acquires Transamerica Maritime Containers in $1.2 billion deal
08/11/2004. London-based private equity firm Klesch & Company joins with US-based PE firm Jordan Company, to buy one of the world’s largest maritime container operators, TMC, from Transamerica Finance Corporation for $1.2 billion.

US venture capital house SAS Investors names Ramana Jampala as Partner
08/11/2004. SAS Investors, a technology venture fund focused on early stage companies in the northeastern U.S., has named Ramana Jampala as partner.

Todd Davis joins US Paul Capital Partners
08/11/2004. Davis leaves Apax Partners for new position where he will be responsible for sourcing and evaluating healthcare investment opportunities in the United States.

Canada's CPP commit $50 Million to EdgeStone Venture Fund II
08/11/2004. The CPP Investment Board has announced a $50 million commitment to EdgeStone Venture Fund II. The Canadian venture capital fund, with a target of $150 million, will seek investment opportunities in early-stage software companies in enterprise solutions, transaction processing and networking.

ABN Amro Capital says UK Jessops IPO generated a 43 per cent IRR
05/11/2004. ABN Amro Capital says it generated an internal rate of return of 43 per cent and doubled the value of its investment in UK camera retailer Jessops following its flotation earlier this month. ABN has retained a 17 per cent stake in the company.

US tech specialist ATA Ventures closes debut fund with $150m
05/11/2004. US tech specialist ATA Ventures has closed its debut fund with $150m of commitments. Their success is clear evidence that the resurgent strength of institutional interest in venture capital is not just benefiting established groups but is once again filtering down to emerging managers.

UK's 3i says first half performance was 'strong' with 9.7 per cent rise in NAV
04/11/2004. 3i, the UK-listed private equity firm, has reported a 9.7 per cent increase in its net asset value for the first half of its financial year. It said the results represented a 'strong performance' and were an endorsement of the changes made at the group over the last few years.

US Blackstone reveals plans for imminent Celanese IPO
04/11/2004. US private equity giant Blackstone has revealed plans for a partial flotation of its German chemicals business Celanese, which it acquired single-handedly in an E3.1bn public-to-private deal earlier this year. It has filed plans to raise around $750m from a share sale, according to Bloomberg.

US CalPERS signals growing interest in Indian private equity
04/11/2004. The giant US pension fund CalPERS says it plans to increase its presently modest exposure to Indian private equity. The announcement will draw further attention onto an emerging market that has been gradually making its way up many LPs' agenda in recent months.

London Asia and US GEM launch $200m China fund
03/11/2004. London Asia, the Aim-listed China focused investment bank, and US investment group Global Emerging Markets (GEM) have joined forces to form a $200m private equity fund to invest in China.

European private equity investment rises 27 per cent in first three quarters of the year
03/11/2004. Buy-out investing continues to power European private equity activity, with the total value of all transactions in the first three quarters of the year jumping 27 per cent on the same period last year to around E60bn, according to new figures.

Barclays agrees sale of UK retailer Hobbs to 3i for £111m
03/11/2004. Barclays Private Equity has agreed the terms of its sale of UK women's fashion retailer Hobbs to 3i for an enterprise value of £111m. 3i has had a string of recent successes in retail and its latest acquisition suggests it remains attracted to the sector.

Poland's Copernicus launches first Central and Eastern European fund of funds
03/11/2004. Polish fund management company Copernicus Capital has launched the first ever private equity fund of funds with a specific focus on managers investing in Central and Eastern Europe. The fund has a target of E115m.

3i appoints Simon Ball as new finance director
02/11/2004. 3i, the listed UK private equity firm, has announced the appointment of Simon Ball as its finance director. Ball will start in February 2005 and replace Michael Queen, who has been moved to head up the firm's growth capital activities.

Bridgepoint buys 1st Credit from Gresham in £72m deal
02/11/2004. Pan-European mid-market specialist Bridgepoint has completed its sixth standalone buy-out of the year with the £72m acquisition of debt business 1st Credit from UK buy-out firm Gresham. Additional finance to support the group's growth ambitions will take the total fundraising to £128m.

Emerging Markets Private Equity Association names first Executive Director
02/11/2004. The recently formed Emerging Markets Private Equity Association (EMPEA) has appointed Sarah Alexander as its first Executive Director. Alexander has a long track record of private equity investing in emerging markets as well as public policy expertise.

Johannes Huth becomes head of KKR in Europe
02/11/2004. Private equity giant KKR has announced that Johannes Huth will take over as head of its European activities from Ned Gilhuly, who is returning to the US after an extended period in Europe.

US venture capital fundraising gathers pace in the third quarter
02/11/2004. Fundraising by US venture capital firms gathered pace in the third quarter, reflecting the dramatic resurgence of institutional appetite for the sector. More than $5.5bn was raised by 46 firms, a rise of nearly 80 per cent on the second quarter and 180 per cent on the same period a year earlier, according to the NVCA and Venture Economics.

BancBoston Capital unveils two exits and new alignment with Bank of America
01/11/2004. BancBoston Capital, formerly the London-based European private equity unit of FleetBoston Financial, has unveiled a pair of exits and announced that it is to become part of Bank of America. The firm has sold its interests in Lloyd Shoe and software business Steleus.

Carlyle completes third European exit in three months with sale of Beru holding
01/11/2004. The Carlyle Group has completed its third European exit in the space of three months with the sale of its minority holding in German automotive supplier Beru to BorgWarner Inc. The transaction values Carlyle's 31.7 per cent holding at E218m.