News Archive: December 2006

Tenaska, Warburg Pincus to buy three Dominion electric generating stations
22/12/2006. Tenaska Power Fund and Warburg Pincus Private Equity IX have agreed to acquire three electric generating stations from Dominion. The terms of the transaction were not disclosed. The sale is subject to regulatory approvals and is expected to close in the first quarter of 2007.

STAR, co-investors to sell their investment in Secondary Market Infrastructure Fund
22/12/2006. STAR Capital Partners and co-investors, Halifax Bank of Scotland and AMP Capital Investors, have agreed to sell their investment in Secondary Market Infrastructure Fund to Land Securities Trillium. The enterprise value at completion is estimated at £927m.

Industri Kapital to invest in Magotteaux
22/12/2006. Industri Kapital has agreed to invest in Magotteaux, a supplier of grinding media for the cement, mining, aggregates and dredging industries. Industri Kapital will buy a 'significant' stake in Magotteaux' capital, the firm said.

Industri Kapital to sell GARDENA to Husqvarna for €730m
21/12/2006. Industri Kapital has agreed to sell 100 per cent of the shares in GARDENA, an Ulm, Germany-headquartered manufacturer of gardening tools, to its larger, Sweden-based competitor Husqvarna for €730m, which includes the transfer of debt, shareholder credits and pensions amounting to €416m.

AIG Private Equity Portfolio IV closes on $637m
21/12/2006. AIG Global Investment Group has closed its latest fund of funds, AIG Private Equity Portfolio IV, on $637.25m, well above the original $400m target.

Metrologic shareholders approve merger agreement with Francisco Partners-led group
21/12/2006. Metrologic Instruments, a provider of data capture and collection hardware and software, has announced that its shareholders have approved the merger agreement providing for the acquisition of Metrologic by a group of investors led by Francisco Partners.

Istithmar appoints Khaled Al Kamda as vice chairman
21/12/2006. Istithmar, the Dubai-based private equity and alternative investment house, has appointed Khaled Al Kamda as its first ever vice chairman. Al Kamda will serve as a full-time vice chairman and report directly to the chairman of Dubai World and Istithmar, Sultan Ahmed Bin Sulayem.

Apollo, TPG to acquire Harrah's Entertainment in $28bn transaction
20/12/2006. Apollo Management and Texas Pacific Group have agreed to acquire Harrah's Entertainment in an all-cash transaction valued at approximately $27.8bn, including the assumption of approximately $10.7bn of debt.

360° Capital Partners announces first closing
20/12/2006. 360° Capital Partners, a venture capital fund focused on France and Italy, has held a first closing on above €50m. The fund is expected to close in the first half of 2007 with more than €100m in capital commitments.

Duke Street exits Lil-Lets in secondaries deal
20/12/2006. Duke Street Capital has sold the Lil-lets feminine hygiene division of Accantia, the health and beauty manufacturer, to Electra Partners and management for a total consideration of £80m. Duke Street originally backed a £225m MBO at Accantia in November 2003.

Cognetas sells Aliplast Group to consortium led by Sagard and Ergon for €430m
20/12/2006. Pan-European mid-market private equity firm Cognetas, formerly known as Electra Partners Europe, has sold Aliplast Group, a European supplier of aluminium profile systems, to an MBO team-led consortium backed by Sagard and Ergon for €430m.

Quantum, Carlyle/Riverstone, Lime Rock invest $470m in Vantage Energy
20/12/2006. Vantage Energy, a US oil and gas company, has announced equity commitments of $470m from an investment group consisting of Quantum Energy Partners, Carlyle/Riverstone and Lime Rock Partners.

PPM Capital acquires InteraDent Zahntechnik and orizon
20/12/2006. Mid-market private equity firm PPM Capital has announced that its holding company European Dental Partners has acquired 100 per cent of the shares in Lübeck, Germany headquartered company InteraDent Zahntechnik.

Bear Stearns Merchant Banking hires Richard Markee as operating partner
19/12/2006. US mid-market private equity firm Bear Stearns Merchant Banking, the private equity affiliate of The Bear Stearns Companies, has appointed retail industry expert Richard L Markee as operating partner.

Carlyle to acquire ElkCorp in $1bn transaction
19/12/2006. The Carlyle Group has agreed to acquire ElkCorp, a manufacturer of premium roofing and building products, in an all-cash transaction valued at approximately $1bn, including the assumption of approximately $173m of net debt.

Darby invests in China-based bathroom appliance maker
19/12/2006. Darby Asia Mezzanine Fund II, a fund managed by Darby Overseas Investments, the private equity arm of Franklin Templeton Investments and a provider of private equity and mezzanine capital in emerging markets, has invested in Hangzhou, China-based AUPU Group Holding Company. Financial details of the transaction were not disclosed.

Nomura to acquire minority stake in Fortress Investment Group
19/12/2006. Tokyo-headquartered Nomura Holdings will acquire a 15 per cent stake in New York City-headquartered Fortress Investment Group for approximately $888m.

Gilde Buy Out Partners strengthens its team
19/12/2006. Mid-market buy-out firm Gilde Buy Out Partners has appointed Rogier Engelsma, Nicolas Linkens and Alexander Friedrich. The firm closed its Buy Out Fund III in September 2006.

Palamon completes the take private of Retail Decisions
19/12/2006. Pan-European mid-market private equity firm Palamon Capital Partners has completed its first take-private transaction with the acquisition of Retail Decisions, a payment card and fraud prevention group, for a total transaction value of approximately £200m.

Apollo Management to buy Realogy in $9bn deal
19/12/2006. Apollo Management has agreed to buy Realogy Corporation, a large real estate franchisor, in a transaction valued at approximately $9bn, including the assumption or repayment of approximately $1.6bn of net indebtedness and legacy contingent and other liabilities of approximately $750m.

EQT closes EQT V on €4.25bn and EQT Greater China II on $545m
18/12/2006. EQT has closed two funds, EQT V on €4.25bn and EQT Greater China II on $545m. EQT V will make controlling investments in medium-sized companies in growing industries in Northern Europe. EQT Greater China II will focus primarily on mid-market buy-out and control investments based in or connected with China, Hong Kong and Taiwan. It will focus on the branded consumer products and services, retail and distribution, and pharmaceuticals and manufacturing sectors.

ARGUS Capital Partners II closes above target on €263m
18/12/2006. Central and Eastern European private equity fund ARGUS Capital Partners has closed its second fund, ARGUS Capital Partners II, on €262.73m, exceeding its €200m target and its €250m hard cap.

Court Square, Weston Presidio, management to acquire MacDermid
18/12/2006. Court Square Capital Partners, Weston Presidio and management have agreed to acquire MacDermid in a transaction valued at approximately $1.3bn, including the assumption or repayment of approximately $301m of debt. MacDermid is a Denver, Colorado-based manufacturer of specialty chemical processes for the metal and plastic finishing, electronics and graphic arts industries with operating facilities in 20 countries.

Sowood separates private equity from hedge fund business
18/12/2006. Sowood Capital Management has announced the formation of Denham Capital Management. The move will allow Sowood to divide its hedge fund and private equity fund management efforts into independent management companies.

Cognetas sells Azelis Group to 3i for €315m
18/12/2006. Pan-European mid-market private equity firm Cognetas, formerly known as Electra Partners Europe, has sold European specialist chemicals distributor Azelis Group to 3i for €315m. The transaction results in proceeds to the fund of €124m, representing two times the original investment and an IRR of 27 per cent.

Advent to acquire Celanese Corporation's Oxo products and derivatives business
15/12/2006. Advent International has agreed to acquire Celanese Corporation's Oxo products and derivatives businesses, referred to as the 'Oxo Group', a manufacturer of oxo coating intermediates and performance chemicals.

SAM Private Equity becomes Emerald Technology Ventures
15/12/2006. Effective 31 December 2006, Robeco, a Rotterdam, Netherlands-headquartered asset management firm will become the majority shareholder in Zurich, Switzerland-headquartered asset management firm SAM Group and, as part of this transaction, the SAM Private Equity team will buy out the entire private equity business to create Emerald Technology Ventures.

Qantas Airways board recommends private equity consortium's AUS$11.1bn offer
15/12/2006. Airline Partners Australia has reached an agreement with Australian airline Qantas Airways on an improved offer which includes a cash offer of AUS$5.60 per share (up from the previous offer of AUS$5.50 per share) for 100 per cent of the issued capital of Qantas. The new offer values Qantas Airways at AUS$11.1bn.

3i reportedly planning to buy VNU magazines, 3i exits Precise
15/12/2006. 3i is in negotiations to buy a group of European business magazines, websites and trade shows from media giant VNU for at least €320m, FT.com reported. In a separate transaction, 3i has sold UK media monitoring agency Precise Media Group for £42m to Phoenix Equity Partners and management. 3i's proceeds of £24m represent a 101 per cent IRR and a 3.2 times money multiple, the firm announced in a statement.

Legal & General Ventures sells Tragus to Blackstone
15/12/2006. Legal & General Ventures has sold UK restaurant chain operator Tragus to The Blackstone Group for £267m.

US firm Diamond Castle Holdings closes $1.8bn fund
15/12/2006. New York-based private equity firm Diamond Castle Holdings has closed its first private equity fund, Diamond Castle Partners IV, on $1.825bn. The new fund will invest principally in leveraged buy-outs and recapitalisations, primarily in North America, with a specific focus on companies with enterprise values of $200m to $1.5bn.

Sean Parker joins The Founders Fund
14/12/2006. Venture capital firm The Founders Fund has appointed Sean Parker as managing partner. Parker most recently was the founding president of Facebook.

3i, Ratos to sell Alimak Hek to Triton
14/12/2006. 3i and Ratos have agreed to sell Alimak Hek, a Swedish company providing vertical access solutions for construction and other industries, to Triton. The sale price is approximately €238 (SEK2.19bn).

Private equity fund Segulah III acquires Isaberg Rapid from Industrivärden
13/12/2006. Nordic fund Segullah III has acquired Isaberg Rapid, a wholly owned subsidiary of investment company Industrivärden. Isaberg Rapid had revenues of SEK891m (approximately €98.6m) in 2005.

Princess Private Equity Holding lists on Frankfurt Stock Exchange
13/12/2006. The shares of Princess Private Equity Holding, a fund advised by Partners Group, are now traded on the Frankfurt Stock Exchange. Princess is an investment holding company domiciled in Guernsey that invests in private equity and private debt investments.

State Street Global Alliance receives new commitments
13/12/2006. State Street Global Alliance, the strategic venturing partnership jointly owned by State Street Global Advisors and Stichting Pensioenfonds ABP, has announced a commitment of $100m in acquisition capital and $1bn in seed capital by its partners to further expand Global Alliance.

Access Capital opens German office, hires two new partners
13/12/2006. Paris-based private equity fund of funds manager Access Capital Partners has opened a new office in Munich, Germany. The office will be headed by Bernhard Fink and Thomas Kohlmeyer, who are both joining Access as partners. Prior to Access, Fink and Kohlmeyer co-founded Stratin Capital Advisors, a German alternative investment advisor.

Venture capital investment on track to top $32bn in 2006
12/12/2006. By the end of this year venture capital investment could have topped $32bn, according to a global year end analysis by Dow Jones VentureOne and Ernst & Young. In the first three quarters of 2006 a total of $25.39bn was invested. Venture capital activity in the US, Europe, China and Israel is poised to hit a five-year high and register the highest annual investments since 2001 ($51.22bn in four quarters), the study predicts.

AIGGIG to buy P&O's US marine terminal operations from DP World
12/12/2006. AIG Global Investment Group has agreed to acquire P&O Ports North America (POPNA) from P&O Holdings, a wholly-owned subsidiary of Dubai-based marine terminal operator DP World. The purchase was not disclosed but the Financial Times reported it was above $1bn.

US private equity firm Veritas Capital to acquire Pearson Government Solutions
11/12/2006. New York-headquartered private equity firm Veritas Capital Partners has agreed to acquire Arlington, Virginia-headquartered Pearson Government Solutions from Pearson, an international media and education company, for $600m. Person will retain a minority interest in PGS.

ABN AMRO Capital makes three times return on Dennis Eagle sale
11/12/2006. ABN AMRO Capital, the private equity business of ABN AMRO, has sold UK-based Dennis Eagle Group to Ros Roca, a Spanish-based company specialising in waste collection and waste processing systems, for an undisclosed amount. ABN AMRO Capital's investment in Dennis Eagle has generated a money multiple of three times with an IRR of 50 per cent, according to a statement.

ETF holds first closing on €50m
08/12/2006. ETF - Environmental Technologies Fund, a European cleantech fund with a €150m target, has held a first closing on €50m. Investors include Swiss Re, the European Investment Fund and a few unnamed pension funds and financial institutions.

Baird Capital Partners invests in Campbell Alliance Group
08/12/2006. Baird Capital Partners, the US-based private equity affiliate of investment firm Robert W. Baird & Co., has completed an investment in Campbell Alliance Group, a specialised management consulting firm serving the pharmaceutical and biotech industries.

3i to sell Domantis stake to GlaxoSmithKline in $454m deal
08/12/2006. 3i has agreed to sell its stake in Domantis, an antibody therapies developer, in an all cash deal valuing the company at £230m. This will generate an IRR of 120 per cent on 3i's investment, the firm said in a statement.

US firm Fenway Partners sells majority stake in Greatwide for $730m
07/12/2006. US mid-market private equity firm Fenway Partners has agreed to sell a substantial portion of its majority stake in Greatwide Logistics Services, a Dallas-based third-party logistics services company, to Investcorp and Hicks Holdings for $730m. This represents a return of about four times its investment for Fenway. Following the transaction, which is expected to complete by the end of this year, Investcorp will be the new majority shareholder of the company. Hicks Holdings and Fenway Partners will hold minority interests in Greatwide.

TSG Consumer Partners closes $875m fund
07/12/2006. US mid-market private equity firm TSG Consumer Partners has closed its fifth fund, TSG5, on $875m.

Eurazeo grants CVC exclusivity on Fraikin Group deal
07/12/2006. Europe and Asia-focused private equity firm CVC Capital Partners has been granted exclusivity on the acquisition of Fraikin Group, a European truck and van long-term leasing company. The offer values Fraikin at €1.35bn.

Key Principal Partners closes KPP Investors III on $500m
06/12/2006. Cleveland, Ohio-headquartered Key Principal Partners has closed its third fund, KPP Investors III, on $500m. The fund makes non-controlling mezzanine and control equity investments in middle-market companies.

Cinven, TPG, Spectrum, GS sell Eutelsat stake
06/12/2006. Cinven, Texas Pacific Group, Spectrum Equity Investors and Goldman Sachs have agreed to sell their stake in Eutelsat Communications.

Monomoy buys speciality automotive components manufacturer Rossborough
06/12/2006. Monomoy Capital Partners, a New York private equity fund, has acquired and recapitalised Rossborough Supply Company, a magnesium and aluminium auto part manufacturer. Financial details have not been disclosed.

Fremont Partners, TPG to acquire Direct General Corporation
06/12/2006. Elara Holdings, an affiliate of Fremont Partners and Texas Pacific Group, has agreed to acquire Direct General Corporation. Direct General's shareholders will receive $21.25 in cash for each share of Direct General common stock they hold. The total value of the transaction, including debt, is approximately $628.2m.

Energy Capital Partners closes debut fund on $2.25bn
05/12/2006. New Jersey private equity firm Energy Capital Partners has closed its first fund, Energy Capital Partners I, on $2.25bn, exceeding the initial target of $1.5bn.

Aureos plans to raise new emerging markets funds and to open ten more offices
05/12/2006. Emerging markets private equity fund manager Aureos Capital has announced that it plans to raise new funds for Central Asia, Latin America and Africa. With the new funds Aureos expects to double its funds under management by 2008/2009. To date Aureos has raised and/or managed nearly $600m. The firm also plans to open ten new offices.

3i backs Salamander Energy in $405m IPO
05/12/2006. Salamander Energy, an upstream oil and gas exploration and production company focused on South East Asia, has listed on the London Stock Exchange at a market capitalisation of $405m, raising $200m, 3i announced.

Duke Street and Englefield exit Equity Insurance Group in £570m deal
04/12/2006. Duke Street Capital and Englefield Capital have sold Equity Insurance Group to Insurance Australia Group for a total consideration of £570m. Equity is a player in the UK personal lines insurance market. The private equity consortium backed a take private of EIG in July 2005.

Plantasjen exited in secondaries deal
04/12/2006. Apax Partners has acquired Plantasjen, a Nordic operator of garden centres, from EQT Partners.

Aspen Insurance is repurchasing $156m of shares from its PE backers
04/12/2006. Aspen Insurance Holdings Limited has agreed to repurchase approximately $156m of its ordinary shares, approximately 5.9 million shares, from The Blackstone Group and CSFB Private Equity.

Change Capital Partners, Synergo to acquire Unopiù
04/12/2006. Change Capital Partners, a pan-European private equity firm specialising in branded goods, retail and consumer services, and Synergo, a private equity firm in Italy, are to partner in the acquisition of Unopiù, a European outdoor furniture business.

PAI Partners to buy Lafarge Roofing for an enterprise value of €2.4bn
04/12/2006. The board of directors of Lafarge, which met December 3, 2006, noted that they considered PAI's offer for their roofing activity to be the best solution for the group, its shareholders, for their industrial future and the development of their roofing activity and employees.

Standard Life European Private Equity Trust strengthens board
04/12/2006. The board of Standard Life European Private Equity Trust has appointed Clive Sherling and Donald Workman as independent non-executive directors of the company, with effect from 1 December 2006.

Mercapital buy-out fund, final closing on €550 million
04/12/2006. Mercapital, a mid market buy-out investor in Spain, has received commitments of €550m for Mercapital Spanish Buyout Fund III, above their original target of €500m. Support came from existing investors – including Access Capital, Goldman Sachs, Pantheon and Unigestion - and selected new international investors including BP Pension, CAM Private Equity, European Investment Fund, and Quartilium, managed by Finama and Hypovereinsbank.

Anthony K. Kesman joins Linden as operating partner
01/12/2006. Linden LLC, a Chicago-based private GP that focuses on middle market leveraged buy-out investments in the healthcare and life sciences sector, has announced the appointment of Anthony K. Kesman as an operating partner.

Kayne Anderson announces $950m energy fund closing
01/12/2006. Kayne Anderson Capital Advisors has announced the closing of its fourth energy private equity fund with total commitments of $950m. As with prior funds, their new fund will focus on making private equity investments in early to mid-stage North American oil and gas companies with typical investments ranging from $10 to $100m.

Cellnet goes to Bayard in $705m secondaries deal
01/12/2006. Bayard Group, an investor in energy measurement and efficiency technologies, has announced the acquisition of Cellnet, the US Automated Meter Reading solutions firm, for $705m from GTCR Golder Rauner.

Groep Delft in GIMV-backed PE buy-out
01/12/2006. GIMV, through its Dutch subsidiary Halder, has invested in the management buy-out of ICT services firm OGD Groep Delft. Together with the management of the company, Halder is acquiring a majority shareholding in the firm.

Blue Group International exit for Gresham
01/12/2006. UK mid-market private equity house Gresham Private Equity has exited Blue Group International through the sale of the business to HCL plc, formerly Healthcare Locums.

Bridgepoint sells Longville to Carrier
01/12/2006. Longville, the international rental group focusing on the provision of pumping and temperature control solutions, has been sold by Bridgepoint to US-based Carrier for an undisclosed sum.

Jim McLean joins 3i
01/12/2006. Venture capital and private equity house 3i has hired Jim McLean as partner. McLean will join 3i's Menlo Park office to lead the firm's US information technology practice.

3i and Khazanah lead investment in ACR's $620m inaugural private placement
01/12/2006. 3i and Khazanah Nasional Berhad have backed a US$620m capital raising by Asia Capital Holding. Asia Capital Reinsurance Group, ACR's wholly owned subsidiary, has been granted registration as a reinsurer by the Monetary Authority of Singapore.

Lyceum Capital exits Clinovia in £88m sale to BUPA
01/12/2006. Lyceum Capital, a private equity firm that invests in mid-market service businesses, has announced the sale of Clinovia, the UK-based home healthcare services provider, to BUPA for a total of £87.7m.

Advent takes majority stake in Venere.com
01/12/2006. Advent International has acquired a majority stake in Venere.com, a web-based Italian hotel reservations company, in partnership with its founders.