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Novak Biddle raises fund, promotes four to general partners and adds team member
31/10/2006. US-based venture capital firm Novak Biddle Venture Partners has closed its fifth fund, raising $227m, and, in parallel, has strengthened its team. 
Doughty Hanson to acquire Italian manufacturer Zobele
31/10/2006. Doughty Hanson & Co, the European private equity house, has agreed to acquire Zobele, a family-owned domestic air freshener and insecticide products manufacturer, for an undisclosed amount.
Private investment firms to buy Logan's Roadhouse from CBRL
31/10/2006. New York-based private equity investment firm Bruckmann, Rosser, Sherrill & Co., and Los Angeles-based investment firm Canyon Capital Advisors and its associated private equity and debt investment firm Black Canyon Capital have agreed to buy CBRL Group's subsidiary Logan's Roadhouse. The value of the transaction is $486m.
Lion Capital to sell Materne to Activa Capital
31/10/2006. London-headquartered private equity investment firm Lion Capital has agreed to sell Materne, a French manufacturer of compote, jams and industrial preserves, to Activa Capital for an undisclosed sum.
3i India to acquire minority equity stake in Navayuga Engineering Company
31/10/2006. 3i has announced its plan to invest $44.4m in Navayuga Engineering Company Limited, an Indian infrastructure construction company specialising in undertaking multi-disciplinary EPC (engineer, procure, construct) contracts in ports, irrigation, hydro-power and bridges.
UK firm Gresham sells Whitworths for £86m
31/10/2006. UK mid-market private equity firm Gresham Private Equity has sold Whitworths, a UK brand and own-label supplier of dried fruits, nuts and seeds, to European Capital in a transaction worth £86m. Gresham's investors have made six times their investment, the firm announced.
Apax, Atlas, 3i, Doll Capital sell eDreams to TA Associates
30/10/2006. Apax Partners, Atlas Venture, 3i, Doll Capital Management and eDreams founders have completed the sale of Barcelona-headquartered online travel company eDreams for 153m. Apax was eDreams' largest shareholder, holding a 17.3 per cent stake in the company. Founders Javier Perez-Tenessa and James Hare have rolled over a significant percentage of their shares alongside TA Associates.
Evolvence India Fund invests $100m in private equity and infrastructure funds
30/10/2006. Fund of funds Evolvence India Fund, managed by Dubai-based Evolvence Capital, has invested in six private equity and infrastructure funds. It has also invested directly in four companies.
Ethos Private Equity raises ZAR5.5bn private equity fund for Africa
30/10/2006. South African private equity firm Ethos Private Equity has closed its latest fund, Ethos Fund V, on ZAR5.5bn (approximately $750m). This is the largest fund in Africa to date.
Carlyle portfolio company John Maneely Company acquires Atlas Tube
27/10/2006. US private equity giant The Carlyle Group has agreed to merge portfolio company John Maneely Company, the parent of Wheatland Tube Company, with Atlas Tube. Following the transaction, Carlyle will hold a majority interest in the combined entity. JMC will remain as the parent entity, with Wheatland Tube and Atlas Tube as its two operating divisions.
US firm Sevin Rosen Funds hires life sciences expert Dr William Paiva
27/10/2006. US venture capital firm Sevin Rosen has appointed Dr William D Paiva as a venture partner. Dr Paiva will aide the firm in evaluating new markets and support start-ups in their development of technology applications for life sciences.
Phoenix buys ASCO for £124m
27/10/2006. UK middle-market private equity firm Phoenix Equity Partners has acquired Aberdeen-headquartered ASCO, a provider of integrated supply chain and waste management services to the North Sea oil and gas industry, for £124m.
Madison Dearborn Partners to acquire The Yankee Candle Company for $1.7bn
26/10/2006. The Yankee Candle Company has entered into a definite merger agreement under which Chicago-based private equity firm Madison Dearborn Partners will acquire all of the outstanding shares of Yankee for approximately $1.4bn in cash. The total value of the transaction, including assumed debt, is approximately $1.7bn.
Lyceum Capital appoints two new associate partners
26/10/2006. UK-based Lyceum Capital, formerly known as West Private Equity, has appointed Mark Hall and Rob Gershon as associate partners. This brings the private equity firm's team size up to 17.
Cinven, MidOcean to sell United Biscuits
25/10/2006. Cinven, MidOcean Partners and PAI partners have agreed to sell United Biscuits to The Blackstone Group and PAI for approximately £1.6bn. Cinven and MidOcean's interest in the company has generated returns of 2.2 times the cost of investment, according to a statement.
Barclays Capital invests in NGP Energy Capital Management
25/10/2006. Barclays Capital, the investment banking division of Barclays Bank, has announced that its principal investing and private equity business has purchased a 40 per cent stake in NGP Energy Capital Management, a private equity firm focused on investments in the energy industry.
German institutions are to further increase their commitments to private equity
25/10/2006. German institutional investors plan to increase capital committed to private equity investments from currently two per cent to 2.2 per cent over the next three years, according to the latest Adveq study, conducted in conjunction with the University of Applied Sciences in Wiesbaden.
Boris Hentze joins Candover as director
25/10/2006. European buy-out firm Candover has appointed Boris Hentze as a director to its European team.
H&Q Asia Pacific exits Chinese coffee chain
25/10/2006. H&Q Asia Pacific has sold Starbucks-authorised licensee Beijing Mei Da Coffee to the US Starbucks Corporation, giving Starbucks 60 Beijing and Tianjin-based retail stores in the People's Republic of China. The financial terms of the transaction were not disclosed.
US venture capital investing continues to outpace last year's activity
24/10/2006. For the third quarter in a row, US venture capital investing continued to outpace last year's activity, with $6.36bn directed to 611 deals, compared to $6.04bn and 599 deals in the third quarter of 2005, according to the Quarterly Venture Capital Report released by Dow Jones VentureOne and Ernst & Young.
GMT Communications, Mid Europa to raise 118m through partial Invitel exit
24/10/2006. Mid Europa Partners and GMT Communications Partners have agreed to sell 14.2 per cent of Invitel each to Invitel's senior management, thus reducing their holdings from 47.5 per cent to 33.33 per cent. Mid Europa and GMT expect to raise 118m through the sale.
AXA Private Equity acquires majority shareholding in Gerflor
23/10/2006. AXA Private Equity and Gerflor's management team have signed a share purchase agreement with PAI partners, Natexis Industrie, CDC Entreprises and Intermediate Capital Group to acquire Gerflor for approximately 310m. Barclays Private Equity, Natexis Industrie and ICG will co-invest in the company alongside AXA Private Equity.
New Swedish private equity firm CreVal holds first closing on debut fund
23/10/2006. CreVal, a new Swedish private equity firm, has held a first closing on its new fund, CreVal Partners Fund I, on SEK700m (approximately 76m). The fund, which was launched in spring 2006, is capped at SEK1bn. The firm expects to close the fund either by the end of this year.
BA Capital Partners Europe spins out from Bank of America, closes new fund
23/10/2006. BA Capital Partners Europe has completed its spin-out from Bank of America to create Argan Capital. The firm has also announced the final closing of its first independent fund with total commitments of 425m.
3i appoints Machtelt Groothuis as director to buy-out team
20/10/2006. 3i has appointed Machtelt Groothuis as director within its European buy-out business. Groothuis will join the Amsterdam office and focus on mid-market buy-outs across the Benelux.
InterMedia Partners to purchase Puerto Rican television station WAPA-TV for $130m
20/10/2006. New York-based private equity firm InterMedia Partners has agreed to acquire WAPA-TV, a television station located in San Juan, Puerto Rico, for $130m in cash from LIN TV Corp.
Apax Partners strengthens investment team in Paris
20/10/2006. Apax Partners has added four new associates to its Paris-based sector teams: Matthieu Cocq joins the media team and Franck Legoux joins the tech and telecom team, while Olivier Personnaz is the new member of the business and financial services team. Guillaume Cousseran is responsible for business development and replaces David Kownator who has joined the business and financial services team.
Bridgepoint to sell UK wealth manager Tilney to Deutsche Bank
20/10/2006. Deutsche Bank has agreed to acquire Tilney Group, a UK wealth manager, from European private equity firm Bridgepoint and Tilney management. Financial details of the transaction were not disclosed but the deal could be valued at up to £350m, according to FT.com.
Vector hires David Fishman, Elizabeth Katz
19/10/2006. Vector Capital, a private equity firm specialising in spin-outs, buy-outs and recapitalisations of established technology businesses, has expanded its investment team with the appointments of David Fishman as principal and Elizabeth Katz as vice president.
In Q3 venture-backed European IPOs raise significantly less than in Q3 2005
19/10/2006. Venture-backed European IPOs raised 116.7m in Q3 2006, a decline of 68 per cent from a year ago (361.2m), according to the European Liquidity Report from Dow Jones VentureOne. The number of IPOs was actually up to 14 from 12 in Q3 2005.
QUARTILIUM launches third fund of funds
19/10/2006. QUARTILIUM, Finama Private Equity's fund of funds team, has announced the launch of QUARTILIUM III, the third generation of its generalist funds of funds. The new fund is expected to raise 400m. The 284m QUARTILIUM II fund is now over 80 per cent committed, according to the team.
GEM Benelux closes fund on 150m
19/10/2006. Gilde Equity Management Benelux has closed a new institutional fund on 150m, the target and hard cap of the fund. The marketing process took only six months, according to the firm. The new fund will be invested in small to medium-sized buy-out transactions in the Benelux region.
Norway's Ferd Equity Partners closes new fund on NOK4bn
18/10/2006. Norwegian private equity firm Ferd Equity Partners has closed its new fund, Ferd Private Equity Fund II, on NOK4.25bn (approximately 500m), the hard cap of the fund.
Garnett & Helfrich Capital expands operations to India
18/10/2006. Garnett & Helfrich Capital, a US private equity firm specialising in venture buy-outs, has announced that it will expand its operations to India. Garnett & Helfrich will locate their new office in the financial centre of Mumbai with the aim of supporting its portfolio companies in the region and identifying new acquisition targets for its venture buy-out fund.
CBPE sells UK speciality chemicals manufacturer Minova to Orica for £357m
18/10/2006. UK mid-market private equity specialist Close Brothers Private Equity has announced it has exchanged contracts for the sale of Chipping Norton, UK-headquartered Minova with Orica, an Australian quoted company, for £357m.
Acto acquires majority stake in VVF, plans to raise 150m fund
18/10/2006. Paris-based private equity firm Acto has acquired a majority stake in VVF Group (Villages Vacances Famille). VVF Group is a specialist in family tourism in France.
CVC backs PBL Media in AUS$5.5bn deal
18/10/2006. CVC Capital Partners and CVC Asia Pacific have agreed with Publishing and Broadcasting Limited to form what they say will be Australia's largest diversified media group, to be called PBL Media.
Black Diamond's co-founders go separate ways
18/10/2006. Stephen Deckoff and other senior members of the management team of Black Diamond Capital Management have purchased co-founder James J Zenni, Jr's interest in the firm. Deckoff and Zenni founded Black Diamond in 1995.
First Reserve and GenPower form GenPower Holdings, commit $1.8bn to coal plant
17/10/2006. US-based private equity firm First Reserve Corporation and electrical generation plant developer GenPower have agreed to form GenPower Holdings, a new joint venture that plans to pursue the development, ownership, acquisition and operation of power generation facilities in the US and in other countries.
Keyur Patel joins US firm ComVentures as partner
17/10/2006. Silicon Valley early stage communications venture capital firm ComVentures has appointed Keyur Patel as a partner. Patel is the founder of four start-ups and previously also worked in senior management positions at two global technology corporations.
Macquarie-led consortium wins auction for Thames Water
17/10/2006. Kemble Water, a consortium led by Macquarie's European infrastructure funds, has agreed to acquire UK water company Thames Water Holdings from German utility group RWE for £4.8bn. Thames Water has a pro forma net debt of £3.2bn which implies an enterprise value of £8bn.
US venture capital fundraising in third quarter down on quarter and year
17/10/2006. A total of 52 US venture capital funds raised $4.9bn in the third quarter of 2006, down from the $13.4bn raised by 62 funds in Q2 2006 and the $5.6bn raised by 62 funds in Q3 2005, according to Thomson Financial and the National Venture Capital Association.
Cognetas sells BWG to management for 390m
17/10/2006. Cognetas, the pan-European mid-market private equity firm formerly known as Electra Partners Europe, has sold BWG to the company's management for 390m.
CapMan intends to make offer for Polimoon
17/10/2006. Funds managed by CapMan intend to put forward a voluntary offer to purchase all shares outstanding in Polimoon, a company listed on the Oslo Stock Exchange. The offer price is NOK27.50 per share, leading to a total equity valuation of NOK1.082bn (approximately 128m).
French firm AtriA closes third mid-market buy-out fund on 300m
16/10/2006. French mid-market buy-out firm AtriA Capital Partenaires has closed its latest buy-out fund, AtriA Private Equity III, on 300m. The fund's original target size was 250m. The fund was officially launched in July of this year.
Conduit Capital Partners plans to sell Power I and II funds
13/10/2006. Conduit Capital Partners, a New York-based private equity investment firm focused on the independent electric power industry in Latin America and the Caribbean, has announced that it intends to sell the assets of its first two private equity funds, Latin Power I and Latin Power II.
NBGI Private Equity hires Nick Gibbons as investment manager
13/10/2006. NBGI Private Equity has appointed Nick Gibbons as investment manager. Gibbons previously worked at Centrica for four years in corporate strategy, commercial and business development positions.
CDC makes commitment to Afghanistan Reconstruction Fund
13/10/2006. UK government-backed emerging markets fund of funds manager CDC has committed $5.8m to the Afghanistan Reconstruction Fund, the first private equity fund established for Afghanistan. The fund will invest in small and medium-sized enterprises in Afghanistan with an investment range of $500,000 to $5m.
Apollo Management to acquire Jacuzzi Brands in $1.25bn transaction
12/10/2006. Apollo Management has agreed to acquire publicly traded Jacuzzi Brands in a transaction valued at $1.25bn, including the assumption of $257m of outstanding debt, net of cash. Under the terms of the merger agreement, Jacuzzi Brands shareholders will receive $12.50 per share in cash.
Tenaska buys power plant portfolio from Constellation Energy for $1.6bn
12/10/2006. Tenaska Power Fund, managed by Tenaska Capital Management, has agreed to acquire 3,145 megawatts of natural gas-fired generation assets from Constellation Energy for $1.635bn in cash.
AIG, Credit Suisse and GE Infrastructure to acquire London City Airport
12/10/2006. AIG Financial Products, a wholly-owned subsidiary of insurance and financial services provider American International Group, and Global Infrastructure Partners, the infrastructure joint venture between Credit Suisse and GE Infrastructure, have agreed to acquire the company that owns the business known as London City Airport from Irish businessman Dermot Desmond.
US private equity firm Avista Capital commits to invest up to 125m in Nycomed
11/10/2006. Avista Capital Partners has committed to purchase up to 125m of common stock in Roskilde, Denmark-based pharmaceutical company Nycomed.
Private equity firms invest $2bn in India in Q3 2006
11/10/2006. Private equity firms have invested $2bn across 100 deals in the quarter ended September 2006, compared to the $1.9bn invested in 70 deals in Q2 2006 and the $700m invested in 31 deals in the third quarter of last year, according to a study by Venture Intelligence.
US private equity firms raise $172.2bn in three quarters
11/10/2006. US private equity firms raised $172.2bn in 253 funds in the first three quarters of 2006, an increase of about 72 per cent in capital from this point last year, according to Dow Jones Private Equity Analyst.
YouTube morphs into 'GooTube' in a $1.65bn deal, leaving venture capital firm Sequoia with another home-run
11/10/2006. Search engine Google has made its biggest deal to date, buying online video-sharing community YouTube for $1.65bn in stock, boosting Sequoia Capital's performance with a rather nice exit for the VC house.
TPG, AXA acquire stakes in TDF
11/10/2006. An agreement has been signed between the existing shareholders and two new investors, TPG and AXA Private Equity, relating to changes in TDF's shareholding structure with a view to stepping up the roll-out of the company's operational strategy in France and abroad.
GIMV launches Eagle Russia Fund
10/10/2006. Belgian venture capital firm GIMV has launched the Eagle Russia Fund with a target size of between $60m and $100m. The new fund has held an initial closing on $30m.
Partners Group Secondary 2006 closes on 1bn
10/10/2006. Zug, Switzerland-headquartered alternative asset manager Partners Group has closed its Partners Group Secondary 2006 fund on 1bn, the hard cap of the fund. Partners Group Secondary 2006 launched in January 2006 with an initial target of 800m.
Milestone Growth Fund names Richard Venegar president and CEO
10/10/2006. Milestone Growth Fund has appointed Richard Venegar, currently still senior vice president of Pacesetter Capital Group. Venegar succeeds Milestone founder Esperanza Guerrero-Anderson as president and CEO.
DLJ Merchant Banking Partners IV closes on $2.1bn
09/10/2006. DLJ Merchant Banking Partners, the LBO-focused private equity arm of Credit Suisse, has closed its latest fund, DLJ Merchant Banking Partners IV, on $2.1bn.
Dr. Sψren Mouritsen joins MVM as entrepreneur in residence
09/10/2006. MVM Life Science Partners has announced that Dr. Sψren Mouritsen has been appointed as entrepreneur in residence to the firm.
Industri Kapital expands into France
09/10/2006. Industri Kapital, a European private equity firm with offices in London, Stockholm, Oslo and Hamburg, has now opened an office in Paris to drive its expansion in the French market.
Ripplewood and Oak Hill to purchase RSC Equipment Rental
09/10/2006. Ripplewood Holdings and Oak Hill Capital Management have agreed to purchase a majority stake in RSC Equipment Rental, the second-largest heavy equipment rental company in the US, from Atlas Copco. The aggregate transaction value is approximately $3.4bn, plus up to $400m of additional consideration in the form of notes, based on the achievement of profitability targets through 2008.
Cinven ties up Gondola deal
09/10/2006. Cinven say that they have reached agreement on the terms of the recommended cash acquisition of Gondola. Under the proposal, Gondola shareholders will receive 415 pence in cash for each Gondola Share, valuing Gondola at approximately £559m. The proposed dividend of 4.7 pence per Gondola share announced on 21 September 2006 will now not be paid. Taken together with their net debt position as at 2 July 2006, the acquisition represents an enterprise value of approximately £900m.
CDC commits US$50m to two new Chinese private equity funds
09/10/2006. CDC, a UK government-backed emerging markets private equity investor, has placed US$50m of new commitments with two private equity funds in China. These commitments take CDC's total investment in China since 2000 to US$256m.
PowderMed exit for private equity players
09/10/2006. Pfizer has agreed to acquire PowderMed, a UK company specialising in DNA-based vaccines, from its backers, including Abingworth Management, Advent Venture Partners, Oxford Bioscience Partners and SV Life Sciences.
US firm OpenView Venture Partners launches with $100m inaugural fund
06/10/2006. Boston-based OpenView Venture Partners, a spin-out of Insight Venture Partners' Boston office, has closed its first fund on $100m.
InnovationsKapital closes SEK1bn InnKap 4 Partners
06/10/2006. Nordic early stage venture capital firm InnovationsKapital has closed its fourth InnKap fund on SEK1bn (approximately 108m). InnKap 4 Partners will focus on investing in start-up and early stage growth companies operating in the Nordic region. The fund's sector focus will be on the ICT and healthcare and life sciences sectors.
Shamrock Capital Growth Fund II closes on $311.5m
05/10/2006. Burbank, California-headquartered Shamrock Capital Advisors has closed Shamrock Capital Growth Fund II on $311.5m. The new private equity fund focuses on investments in media, entertainment, communications and related businesses in North America.
Candover hires Clive Dolman, Alexis Dormandy to work with portfolio companies
05/10/2006. European buy-out firm Candover has appointed Clive Dolman and Alexis Dormandy as operations partners. Candover only recently established the role of operations partner at the firm. It will involve focusing on value creation in portfolio companies.
Buckeye Venture Partners closes The Ohio Capital Fund on $150m
05/10/2006. Buckeye Venture Partners, a joint venture between the private equity division of Cincinnati-based Fort Washington Investment Advisors and Peppertree Partners, has closed The Ohio Capital Fund on $150m. The target of the fund of funds was $125m.
UK private equity firm Dunedin closes second buy-out fund on £250m
04/10/2006. UK mid-market private equity firm Dunedin Capital Partners has closed its latest fund, Dunedin Buyout Fund II, above its £200m target on £250m, the hard cap of the fund. DBF II was launched in May of this year with a first closing on £140m.
SVB Capital hires Jon Norris to lead private equity group's life science efforts
04/10/2006. SVB Financial Group has appointed Jon Norris as a managing director for SVB Capital Private Equity Group. Norris will lead the private equity group's life science efforts. In this role, Norris is expected to strengthen relationships with life science-focused venture capital firms by leveraging SVB's platform of strategic business units, including investment and commercial banking, as well as global and analytical services.
Baxter to sell Transfusion Therapies business to Texas Pacific Group
04/10/2006. Baxter International has agreed to sell its Transfusion Therapies business to Texas Pacific Group for $540m.
Harvest Partners to sell Communications Supply Holdings to WESCO International
04/10/2006. New York-based private equity firm Harvest Partners has agreed to sell Communications Supply Holdings to WESCO International.
American Capital raises $1bn fund
04/10/2006. American Capital Strategies has raised a $1bn private equity fund, American Capital Equity I. American Capital is selling $670m of equity investments to American Capital Equity I and has raised $330m of undrawn commitments for future investments in American Capital equity investments.
IT expert Michael Capellas joins Silver Lake Partners as senior advisor
03/10/2006. Technology-focused US private equity firm Silver Lake Partners has appointed Michael D Capellas as a senior advisor. Capellas will work closely with the senior leadership and value creation teams at Silver Lake to help identify and develop new investment opportunities and advise existing portfolio companies.
Berkshire Partners closes seventh fund on $3.1bn
03/10/2006. Boston-based private equity firm Berkshire Partners has closed its seventh fund, Berkshire Fund VII, on $3.1bn. The portfolio is expected to consist largely of North American-based investments.
US venture-backed IPOs and M&As slow in third quarter
03/10/2006. The exit environment for US venture-backed companies slowed somewhat in the third quarter of 2006, with eight IPOs and 97 M&A transactions completed, according to the Quarterly Liquidity Report from Dow Jones VentureOne. The figures are down from 16 IPOs in Q2 2006 and 17 IPOs in Q3 2005, and from 106 M&As in Q2 2006 and 111 in Q3 2005.
Baird Capital Partners appoints Dan DeCanniere as operating partner
02/10/2006. Baird Capital Partners, the US-based buy-out fund affiliate of investment firm Robert W. Baird & Co., has appointed Dan A DeCanniere as an operating partner. DeCanniere will work with BCP's business services team.
UK firm SEP closes new venture fund on £160m
02/10/2006. UK venture capital group Scottish Equity Partners has closed its new fund, SEP III, on approximately £160m. SEP focuses on investments in early stage and emerging growth companies throughout the UK in the IT, healthcare and energy-related technology sectors.
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