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Novartis Venture Fund appoints Steven Weinstein as managing director
30/11/2006. Life science venture capital group Novartis Venture Fund appointed Steven Weinstein as managing director in their Cambridge, Massachusetts office to focus on pharmaceutical and medical devices sectors. 
Danger: global infrastructure funds may prove dangerous to private equity houses' health
30/11/2006. Both investors and lenders need to be fully aware of the credit risks arising from the recent rise of global infrastructure funds, says new research by Standard & Poor's, with credit quality suffering across the sector as infrastructure assets adopt aggressive balance sheets in an attempt to fend off private equity players.
Gilde-led investor group to acquire Novasep from Rockwood in €425m deal
30/11/2006. Gilde Buy-Out Partners, along with Banexi Capital Partenaires, has reached an agreement with Rockwood Holding for the acquisition of Group Novasep, a French provider of synthesis and purification solutions to the life science sector.
Ironwood exits investment in IWS
30/11/2006. Ironwood Mezzanine Fund, a Connecticut-based small business investment company, have announced that its portfolio company, Interstate Waste Services, has been sold to AIG Highstar Capital II. The selling investors included Ironwood and Summer Street Capital.
Venture valuations double in the US
30/11/2006. US venture capital-backed companies are being valued almost twice as high as they were a year ago, according to the latest quarterly valuation report from VentureOne. The median pre-money valuation of US venture-backed companies reached $20.4m in the third quarter of 2006, up from $11.8m in the third quarter of 2005.
3i establishes team to generate private equity-style returns from public companies
29/11/2006. 3i Group has established a new team to address opportunities for creating value in the European quoted markets, which may not be suited to an all cash take private transaction.
Permira reportedly interested in buying EMI
29/11/2006. Permira is preparing a bid for EMI, valuing the music company at approximately £2bn, according to various reports.
Carlyle establishes Middle East investment operation, hires Walid Musallam
28/11/2006. US private equity giant The Carlyle Group has established a team to conduct private equity investments in the MENA region. The team is headed by managing director Walid Musallam, former chief executive officer of the Abu Dhabi Investment Company.
MidOcean Partners to acquire restaurant chain Sbarro
28/11/2006. New York and London-based mid-market private equity firm MidOcean Partners has agreed to acquire quick service Italian restaurant company Sbarro. Financial details of the transaction were not disclosed but the deal could be in the $400-500m range, according to Dow Jones LBO Wire.
Rupert Bell joins 3i's Growth Capital team as a director
28/11/2006. 3i has appointed Rupert Bell as a director within its Growth Capital team. Bell was previously with Sand Aire Private Equity, where he was a director helping complete the transition from a new investment firm to an established mid-market business ahead of its sale to Dunedin in 2005.
TVM hires Modassir Choudhry, Robert Schrimpff
27/11/2006. Munich, Germany and Boston, US-based life sciences and information technology venture capital firm TVM Capital has appointed two new members, Modassir S Choudhry and Robert Schrimpff. Choudhry joins the firm's life sciences team as a senior associate, while Schrimpff becomes an associate in the technology team. Both will be based in the Munich office.
Ontario Teachers' Pension Plan to acquire US$2.4bn marine container terminal
27/11/2006. Ontario Teachers' Pension Plan has agreed to acquire four marine container terminals in North America from Orient Overseas (International) of Hong Kong for US$2.4bn. The assets will be held within the pension plan's infrastructure and timber portfolio.
Lone Star confirms termination of agreement to sell Korea Exchange Bank
27/11/2006. Dallas-based buy-out firm Lone Star Funds has confirmed in a statement that it has terminated the agreement to sell its controlling stake in South Korean commercial bank Korea Exchange Bank to Kookmin Bank. The deal would have been worth around $7.3bn.
Italian Consilium Private Equity Fund holds first closing
24/11/2006. Milan-based Consilium has held a first closing on its second fund, Consilium Private Equity Fund, on €57.5m. The target of the fund is €100m.
Oxford Capital Partners launches fourth venture capital fund
24/11/2006. Oxford, UK-based science and technology-focused venture capital firm Oxford Capital Partners has launched its fourth venture capital fund, the Oxford Gateway Fund No.4. The fund has a target size of £20m. The investment strategy will focus mainly on unquoted science-based businesses in the central and southern UK regions.
Core Capital hires Mark Storey, Ian Henderson-Londoño
23/11/2006. Core Capital has appointed Mark Storey and Ian Henderson-Londoño. Both have joined the firm from Alcuin Capital.
Lehman, Mid Europa, Al Bateen to buy CRa and stake in T-Mobile Czech Republic
23/11/2006. CEE-focused private equity firm Mid Europa Partners, global investment bank Lehman Brothers and Al Bateen Investment Co., an investment holding company based in Abu Dhabi, have acquired 100 per cent of Radiokomunikace (CRa) and 39.2 per cent of T-Mobile Czech Republic. The transaction will be partly funded with senior and mezzanine debt financing of €750m, in addition to a substantial equity contribution from the sponsors.
Advent and Carlyle to acquire German company H.C. Starck from Bayer for €1.2bn
23/11/2006. The Bayer Group has agreed to sell its Goslar, Germany-headquartered subsidiary H.C. Starck to a consortium formed by Advent International and The Carlyle Group for approximately €1.2bn.
Carlyle opens Dubai office, names Bagatelas managing director for investor relations
22/11/2006. The Carlyle Group has opened an office in Dubai, United Arab Emirates, within the Dubai International Financial Centre. The Group has received a licence to operate in the DIFC by the Dubai Financial Services Authority. Paul Bagatelas has joined the firm's Dubai office as managing director for investor relations and senior executive officer.
KKR appoints Sir John Bond as senior advisor
22/11/2006. US buy-out giant Kohlberg Kravis Roberts & Co. has appointed Sir John Bond as a senior advisor to the firm. Bond joins KKR after 45 years at HSBC, most recently as group chairman of HSBC Holdings.
Venture Capital Bank, Global Emerging Markets acquire stake in oil drilling company
22/11/2006. Bahrain-based investment bank Venture Capital Bank has partnered with Global Emerging Markets, a US private equity firm, to acquire a substantial stake in MENA-based oil drilling contractor Challenger. This is one of the first companies acquired by MENA Fund, the $250m fund co-managed by VC Bank and GEM.
Castle Harlan acquires steel casting manufacturer AmeriCast
22/11/2006. New York-based private equity firm Castle Harlan has completed the purchase of AmeriCast Technologies from KPS Special Situation Funds, also a New York-based private equity firm, in a transaction valued at $110m.
Vision Capital to buy portfolio of four businesses from Northern Foods
22/11/2006. UK-based Vision Capital has exchanged contracts for the proposed acquisition of a portfolio of four businesses from Northern Foods for a total consideration of £160m.
Australian airline Qantas Airways receives buy-out proposal from Macquarie, TPG
22/11/2006. A consortium led by Macquarie Bank and Texas Pacific Group have approached Australian airline Qantas Airways. A potential deal could be worth AUS$10-11bn, according to various sources.
HgCapital completes £100m acquisition of SHL Group
21/11/2006. European private equity firm HgCapital has completed the public-to-private acquisition of SHL Group, a Thames Ditton, UK-based specialist in psychometric objective testing products and services.
MidOcean Partners to sell Thompson Publishing to Avista Capital
21/11/2006. New York and London-based mid-market private equity firm MidOcean Partners has agreed to sell its 50 per cent interest of Thompson Publishing Group, a subscription-based information services provider, to Avista Capital Partners. Avista acquired Credit Suisse's 50 per cent interest in Thompson Publishing in July 2006. The deal is worth about $200m, a person close to Avista told Dow Jones LBO Wire.
3i closes European mid-market buy-out fund on €5bn
21/11/2006. 3i's pan-European buy-out business has closed its latest fund, Eurofund V, on €5bn, well above the initial target of €3.5bn. The fund held a first closing on €4.3bn in August this year.
Doughty Hanson to acquire French industrial group KP1
21/11/2006. Doughty Hanson & Co has agreed to acquire French industrial group KP1 from private equity firms Alpha and AlpInvest, and from Belgian-based Koramic. Financial details of the transaction were not officially disclosed but sources close to the deal confirmed that the enterprise value was in the area of €400m.
Darby invests in Chinese furniture maker
21/11/2006. Darby Overseas Investments, the private equity arm of Franklin Templeton Investments, has invested in Hangzhou, China-based Shayne International Holdings. The US$20m financing takes the form of notes with warrants and Darby will join Shayne's board of directors. This is the first investment made from Darby Asia Mezzanine Fund II. Darby did not comment further on the fund but sources told AltAssets that the firm's new fund is expected to raise up to US$300m.
KKR and Seven team up to form AUS$4bn joint venture for media investments
20/11/2006. Kohlberg Kravis Roberts & Co. and Australian media company Seven Network have joined forces to establish Seven Media Group. The new joint venture will be Seven and KKR's vehicle to pursue media opportunities in Australia and New Zealand.
Advent sells SPORTFIVE to Lagardère for €865m
20/11/2006. Mid-market buy-out firm Advent International, RTL Group and Goldman Sachs Capital Partners have sold European sports marketing group SPORTFIVE. Lagardère bought the company for €865m.
Argan to buy Facility Management and Contact Centre businesses from Manpower
20/11/2006. Pan-European mid-market private equity firm Argan Capital has agreed to acquire the Nordic Facility Management and Contact Centre businesses within Manpower Business Solutions from Manpower. These businesses represent a major Nordic provider of business solutions and services.
Ripplewood-led consortium to acquire The Reader's Digest Association for $2.4bn
17/11/2006. An investor group led by New York-based Ripplewood Holdings has agreed to acquire The Reader's Digest Association, a publisher and direct marketer, in a transaction with an aggregate value of $2.4bn.
Leonard Green & Partners, Men's Wearhouse to buy Federated's Bridal Group
17/11/2006. Retailer Federated Department Stores has agreed to sell its Bridal Group division, based in Conshohocken, Pennsylvania, in two separate transactions totalling $850m in cash (after-tax net proceeds of approximately $750m).
Bain Capital, TH Lee to acquire Clear Channel Communications in $26.7bn deal
17/11/2006. Clear Channel Communications, a specialist in the out-of-home advertising industry, has announced the execution of a definitive merger agreement with a group led by Thomas H. Lee Partners and Bain Capital Partners, pursuant to which the group will acquire Clear Channel in a transaction with a total value of approximately $26.7bn, including the assumption or repayment of approximately $8bn of net debt.
Saad Bargach joins Lime Rock Partners as managing director
16/11/2006. Energy industry-focused private equity firm Lime Rock Partners has hired Saad Bargach as a managing director, based in Houston. Bargach spent the past 23 years at Schlumberger, serving most recently as chief information officer.
Duke Street Capital sells Esporta to Halabi family trust
16/11/2006. UK and France-based mid-market private equity firm Duke Street Capital has announced that it has exchanged contracts for the sale of Esporta, a player in the premium racquets and country club market, to the Halabi family trust.
PPM Capital, Triton to sell Phadia to Cinven for €1.3bn
16/11/2006. European private equity firms PPM Capital and Triton have agreed to sell Phadia, an Uppsala, Sweden-based specialist in in-vitro allergy diagnostics, to Cinven for €1.3bn.
Fortress Investment Group to acquire RailAmerica in $1.1bn transaction
16/11/2006. New York-headquartered Fortress Investment Group has agreed to acquire RailAmerica for $16.35 per share in an all-cash transaction. The total value of the transaction, including the refinancing of RailAmerica's existing debt, is approximately $1.1bn.
Palm Beach Capital closes new buy-out fund on $110m
15/11/2006. Florida-based Palm Beach Capital has closed its new buy-out fund on $110m. Palm Beach Capital Fund II focuses on investing into private companies with earnings between $2m and $15m.
J.L. Albright IV Venture Fund holds final closing
15/11/2006. Toronto and Montreal-based venture capital firm JLA Ventures (formerly known as J.L. Albright Venture Partners) has closed its latest fund, J.L. Albright IV Venture Fund, on $121m.
Benchmark Capital Europe closes $550m third fund
15/11/2006. Venture capital firm Benchmark Capital Europe has closed its new European venture capital fund on $550m. Initially the firm had targeted a fund size of approximately $500m.
Fondinvest Capital becomes independent
14/11/2006. Paris-based private equity fund of funds manager Fondinvest Capital has become independent from its former majority shareholder, France's Caisse des Dépôts. Fondinvest is led by Charles Soulignac, its chairman and CEO.
CMEA Ventures hires energy venture capital veteran Maurice Gunderson
14/11/2006. US venture capital firm CMEA Ventures has appointed Maurice E P Gunderson as venture partner. Gunderson will focus on investments in new and alternative energy sources and technologies.
Sun Capital, Golden Gate Capital to acquire troubled specialty retailer Eddie Bauer
14/11/2006. Eddie B Holding Corp., a company established by Sun Capital Partners and Golden Gate Capital, has agreed to acquire Eddie Bauer Holdings for $9.25 per share in cash. The total transaction value is approximately $614m, including $328m of assumed debt.
NBK Capital holds $200m first closing on new fund
14/11/2006. NBK Capital Equity Partners Fund - a private equity fund primarily focused on investing in companies seeking capital for expansion or restructurings in the GCC and Levant regions, in Egypt and in Turkey - has held a first closing on $200m.
Wellspring to sell Tube City IMS to Onex for $620m
13/11/2006. New York-based Wellspring Capital Management has agreed to sell all of the outstanding shares of Pennsylvania-based Tube City IMS Corporation for $620m to Onex Partners.
UK private equity firm Inflexion closes new buy-out fund on £165m
13/11/2006. UK mid-market buy-out firm Inflexion Private Equity has closed its 2006 Buyout Fund on £165m, which was both the original target and also the hard cap of the fund. Inflexion started fundraising in March of this year. The fund held a first closing on £110m in July 2006.
Nordic Capital to sell Nordic fitness chain SATS
13/11/2006. Nordic Capital Fund IV has agreed to sell SATS, a fitness chain in the Nordic region, for SEK1.6bn (approximately €176m) to Tryg i Danmark smba. Nordic Capital acquired the company in 2002.
Valhalla Partners II closes on $260m
13/11/2006. US-based Valhalla Partners, a partner and advisor to technology entrepreneurs, has closed its latest fund, Valhalla Partners II, on $260m. The fund will focus on investing in internet, digital media, software, mobile and storage-based businesses.
US venture capital firm Aberdare expands healthcare investment team
10/11/2006. Sami Hamade, a former vice president at the Guidant Corporation, has joined Aberdare Ventures as a partner.
Belgian Capricorn Cleantech Fund holds €26m first closing
10/11/2006. Capricorn Cleantech Fund has held a first closing on €26m. Capricorn Venture Partners expects to raise between €75m and €100m in commitments.
TD Capital Private Equity Investors opens London office
10/11/2006. TD Capital Private Equity Investors, the private equity fund of funds and co-investment arm of TD Bank Financial Group, has opened a new office in London. TD Capital's head office is in Toronto, Canada.
Inflexion sells ACIS to Carlyle
10/11/2006. UK mid-market buy-out firm Inflexion Private Equity has sold its entire stake in Advanced Communications and Information Systems to The Carlyle Group. Financial details of the transaction were not disclosed but sources told AltAssets that the transaction was valued in excess of £60m.
Fox Paine Capital Fund III to acquire Wire Rope Corporation of America
10/11/2006. Fox Paine Capital Fund III has agreed to acquire privately-held Wire Rope Corporation of America, a producer and marketer of specialty wire ropes, from KPS Special Situations Fund II. Financial details have not been disclosed.
Innova Capital's fourth fund closes on €225m
09/11/2006. Central Europe-focused private equity firm Innova Capital has closed Innova/4 on €225m, the hard cap of the fund. When launched in October 2005, the fund had an initial target of €175m.
Israeli high tech companies raise $381m in third quarter
08/11/2006. In the third quarter of this year 87 Israeli high tech companies raised $381m from venture investors, both local and foreign. The quarterly amount was down six per cent from the $404m raised in the previous quarter but up 13 per cent from the $336 raised in the third quarter of 2005, according to the Quarterly Survey conducted by the IVC Research Center in cooperation with the Israel Venture Association.
Venture capital firm Lightspeed expands team
08/11/2006. US early stage venture capital firm Lightspeed Venture Partners has hired three new senior associates, Patrick Chiang, Andrew Chung and John Vrionis, to strengthen the firm's activities in the US.
Venture capital investment in Europe reaches €2.97bn
08/11/2006. European venture capitalists have invested €2.97bn in companies during the first three quarters of this year, exceeding the amount invested in the same period of 2005 (€2.83bn). Venture capital investment in Europe is poised to surpass last year's annual total of €3.86bn, according to the quarterly European Venture Capital Report released by Dow Jones VentureOne and Ernst & Young.
Private equity firm CD&R appoints Charles Banks as partner
07/11/2006. Charles A Banks, the former CEO of Wolseley, has joined Clayton, Dubilier & Rice as a partner in the firm's New York office.
Bill Gates proposal values Four Seasons Hotels at $3.7bn
07/11/2006. Toronto-headquartered Four Seasons Hotels has confirmed that its board of directors has received a proposal to pursue a transaction through which Four Seasons would be taken private by its chairman and CEO Isadore Sharp, Triples Holdings (Sharp's family holding company, which is also the controlling shareholder of Four Seasons), Kingdom Hotels International (a company owned by a trust created by Prince Alwaleed Bin Talal Bin Abdulaziz Alsaud), and Cascade Investment (an entity owned by Bill Gates). The proposed transaction values Four Seasons at $3.7bn.
Jade Alternative Investment Advisors launches China private equity fund of funds
07/11/2006. Jade Alternative Investment Advisors has launched a private equity fund of funds dedicated to mainland China with a target size of $150m. A first closing is expected to be announced in January. The Jade China Value Partners fund is sponsored by the Kuwait China Investment Company, a subsidiary of the Kuwait Investment Authority and the National Investment Company.
21 Centrale Partners closes third fund on hard cap of €330m
07/11/2006. 21 Centrale Partners, the French arm of Franco-Italian 21 Investimenti Group, which has been led by Alessandro Benetton and Gérard Pluvinet since 1998, has closed its third mid-market buy-out fund, 21 Centrale Partners III, on €330m. The original target of the fund was €250m.
Sofinnova's information technologies team hires Olivier Sichel as partner
06/11/2006. Olivier Sichel has joined European venture capital firm Sofinnova Partners as partner. He previously was chairman and CEO Wanadoo (France Telecom group), a publicly traded European internet and directories company.
A$1.05bn MBO fund raise for Ironbridge Capital
06/11/2006. Ironbridge Capital completes an A$1.05bn (c. €607m) fund raising from Australian and international institutional investors.
KKR, GS Capital Partners acquire forklift division KION Group from Linde
06/11/2006. Linde has completed its review of the strategic options for its forklift division KION Group. The division has been sold to a consortium comprised of Kohlberg Kravis Roberts & Co. and Goldman Sachs Capital Partners for €4bn.
HitecVision opens Aberdeen office, hires Mike Hill
03/11/2006. HitecVision Private Equity, a private equity firm focusing on the energy sector, has announces its plan to open an office in Aberdeen, UK.
Dr Jeffrey Leiden joins Clarus Ventures as partner
02/11/2006. US life sciences venture capital firm Clarus Ventures has appointed Dr Jeffrey Leiden as partner, based in the firm's Cambridge, Massachusetts office. Dr Leiden is the former president and COO of Abott's Pharmaceuticals business, where he was hired as chief scientific officer and shortly after promoted to president of the company's global pharmaceuticals business.
Xilinx establishes $75m venture fund for Asia Pacific
02/11/2006. Xilinx, a supplier of programmable logic solutions, has announced its Asia Pacific Technology Fund, a $75m corporate venture fund.
Mid-market firm GED sells stake in Romanian hotel chain to current management
01/11/2006. RED Group, the majority shareholder of Continental Hotels, has acquired an additional 20.11 per cent of the company from GED. GED investors have made a two times return on their original investment, according to a statement.
Reinhard Löffler retires from Deutsche Beteiligungs AG board of management
01/11/2006. After 17 years of service, Reinhard Löffler has retired from the board of management, German private equity company Deutsche Beteiligungs AG announced. Löffler will continue to work for the company in a consulting capacity.
3i and minority shareholders to sell Danish company Damcos for €162m
01/11/2006. 3i has agreed to sell its 60 per cent stake in Næstved, Denmark-headquartered Damcos, a supplier to the shipbuilding industry, to Emerson Electric, a technology and manufacturing company. The deal values the company at approximately €162m.
HgCapital hires Kassai, Drees, Leong
01/11/2006. European sector-focused private equity investor HgCapital has announced a series of appointments intended to strengthen its cross-sector expertise and enhance the company resources. The company now has 69 employees across Europe.
VinaCapital and DFJ team up to launch new technology and privatisation fund
01/11/2006. Vietnamese investment management firm VinaCapital and Silicon Valley venture capital firm Draper Fisher Jurvetson have teamed up to launch a $50-100m technology and privatisation fund called DFJ VinaCapital.
Ratos carries out refinancing of Hägglunds Drives
01/11/2006. Hägglunds Drives is 100 per cent owned by Ratos. The company develops, manufactures and sells hydraulic drive systems and motors.
Sphere raises maiden fund
01/11/2006. Sphere Private Equity has announced that is has raised R300m (c. €30m) for its first fund. The fund will be used for investment in medium-size businesses showing growth prospects in the South African market.
Advent and Turkven acquire Roma Plastik
01/11/2006. Advent International and Turkven Private Equity have acquired Turkish-based Roma Plastik, a manufacturer of edge bands for furniture. The company has been acquired in a management buy-out from a group of founding investors. The transaction values the company at €56m.
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