News Archive: January 2007

US venture capital funds raise $24bn in 2006
31/01/2007. US venture capital firms closed 95 funds in 2006, raising $24.33bn, according to Dow Jones VentureOne. This is 29 fewer funds than were raised in 2005 although the total amount of capital was only slightly down from the $24.94bn raised in 2005.

Woodside hires Benjamin Procter, Brett L'Esperance
31/01/2007. Woodside Capital, a US debt and private equity investor in micro-cap mid-market companies, has appointed Benjamin Procter as a partner and Brett L'Esperance as a principal.

SVG launches new fund to invest in public equities using private equity techniques
31/01/2007. SVG Investment Managers has launched a new fund which will be structured as a hedge fund but will apply private equity techniques to invest in European public equity markets.

US private equity performance remains steady in Q3 2006
31/01/2007. Private equity performance in the US was steady in both the short and long-term horizons for the period ending 30 September 2006, according to Thomson Financial and the National Venture Capital Association. Compared with the period ending Q2 2006, both the buy-out and venture capital asset classes showed very little fluctuation across all time horizons and continued to outperform both the S&P 500 and NASDAQ markets in the long term.

Abingworth closes new life sciences venture fund on £300m
31/01/2007. Abingworth has closed its eighth life sciences fund, Abingworth Bioventures V, on £300m. The fund's target was £250m. It held a first closing on £222m on 21 December 2006.

CVC sets up in US
31/01/2007. European and Asian private equity player CVC Capital Partners has opened its first US office, basing their operations in New York City. Along with their expansion into North America, CVC has also announced that Christopher Stadler will be joining the firm as managing partner and head of the new US office.

Blackstone to invest in Indian media company UEL
30/01/2007. The Blackstone Group has agreed to acquire a stake in India-based media company Ushodaya Enterprises Limited. As part of this transaction, UEL expects to raise $465m comprised of a $275m investment by Blackstone and $190m of bank financing. No further details regarding the stake acquired by Blackstone were disclosed.

HgCapital to sell Hirschmann Automation and Control to Belden for €245m
30/01/2007. European private equity investor HgCapital has agreed to sell Hirschmann Automation and Control, part of the the Neckartenzlingen, Germany-based Hirschmann Group, to Belden, a US manufacturer of signal transmission solutions, for €245m.

James Joaquin joins new venture capital firm Bridgescale as venture partner
30/01/2007. Bridgescale, a new US venture capital firm focused on expansion stage technology investments, has appointed James Joaquin, former CEO of photo sharing and printing services company Ofoto, as venture partner.

Carlyle to acquire Synagro Technologies for $772m
30/01/2007. The Carlyle Group has agreed to acquire Synagro Technologies. The total enterprise value of the transaction, including the assumption of $310m in debt, is $772m. Synagro recycles biosolids and other organic residuals in the US.

Investor group to acquire Laureate Education in $3.8bn transaction
30/01/2007. An investor group has agreed to acquire Laureate Education in an all cash transaction for $60.50 per share, or an aggregate value of approximately $3.8bn. The investor group is led by Douglas L Becker, chairman and CEO of Laureate, and consists of a consortium including Kohlberg Kravis Roberts & Co., Citigroup Private Equity, S.A.C. Capital Management, SPG Partners, Bregal Investments, Caisse de dépôt et placement du Québec, Sterling Capital, Makena Capital, Torreal S.A., and Southern Cross Capital.

Black Diamond closes second fund on $982m
30/01/2007. US firm Black Diamond Capital Management has closed its second fund, BDCM Opportunity Fund II, on $982m. The original target of the fund was $750m.

Mayfield Fund closes $200m fund for China
29/01/2007. Mayfield Fund has closed its latest fund, GSR Ventures II, on $200m. The fund, formed in partnership with China-focused GSR Ventures, will target investments in the semiconductor, wireless and internet media sectors in China. GSR already manages the Mayfield China fund together with Mayfield.

Baird Capital Partners Europe invests in Zarges, sells Hahl
29/01/2007. Mid-market private equity firm Baird Capital Partners Europe has backed the €156m MBO of Zarges Tubesca Group, a Weilheim, Germany and Ailly, France-headquartered manufacturer of aluminium-based platform and elevator systems for industry, airports and wind power systems. Zarges is a secondary buy-out, acquired from AlpInvest Funds, advised by Taros Capital.

Sovereign Capital hires George Williams as investment manager
29/01/2007. UK private equity fund manager Sovereign Capital has appointed George Williams as investment manager. This appointment brings the number of investment professionals at Sovereign to 18.

CapMan to sell majority stake in Moventas to Industri Kapital
29/01/2007. CapMan has agreed to sell the majority of its shareholding in Moventas to Industri Kapital. Industri Kapital 2004 fund will make the transaction on behalf of a new company, and following the transaction it will own 58 per cent of Moventas, Varma will own four per cent, the management 22 per cent and CapMan funds 16 per cent.

Apax sells Mölnlycke to Investor AB, Morgan Stanley in €2.85bn deal
26/01/2007. Apax Partners has sold Swedish medical products company Mölnlycke Health Care Group to Investor AB and Morgan Stanley Principal Investments for €2.85bn. Sources close to the deal said that Apax will make a return of 'quite a bit above ten times' its original investment.

Blackstone to buy Cardinal Health's Pharmaceutical Technologies and Services
26/01/2007. Cardinal Health, a US provider of products and services supporting the healthcare industry, has agreed to sell its Pharmaceutical Technologies and Services segment to The Blackstone Group for approximately $3.3bn in cash.

LGT Capital Partners closes Crown European Private Equity on €609m
26/01/2007. Swiss-based alternative investment manager LGT Capital Partners has closed its latest fund of funds, Crown European Private Equity, on €609m. The new fund focuses on investments in European mid-market buy-out funds.

Castile Ventures hires IT expert Carl Stjernfeldt
26/01/2007. Massachusetts-based venture capital firm Castile Ventures has appointed Carl Stjernfeldt. Stjernfeldt was most recently a partner at Battery Ventures.

Bain Capital, Silver Lake Partners, Warburg Pincus to sell UGS Corp. to Siemens
26/01/2007. Bain Capital, Silver Lake Partners and Warburg Pincus have agreed to sell UGS Corp., a Texas, US-based provider of Product Lifecycle Management (PLM) software and services, to Siemens. Siemens will acquire the business for $3.5bn, including the assumption of existing debt.

3i forms new Growth Capital team in US
25/01/2007. 3i is expanding its growth capital business into the US with the recruitment of nine private equity professionals to form its new US Growth Capital team. The team will be based in the firm's new New York City office.

US firm New Enterprise Associates names Richard Whitney venture partner
25/01/2007. US venture capital firm New Enterprise Associates has added Richard K Whitney to its healthcare and life sciences group as a venture partner. Whitney will work from NEA's Menlo Park office.

KKR invests $700m in convertible senior notes in Sun Microsystems
24/01/2007. Sun Microsystems has announced a $700m private placement transaction with KKR Private Equity Investors, the publicly traded fund of Kohlberg Kravis Roberts & Co. The investment will be in the form of $350m of convertible senior notes due in 2012, and $350m of convertible senior notes due in 2014.

Brook Venture Partners closes $100m fund
24/01/2007. Brook Venture Partners, a US-based provider of capital to expansion stage companies, has closed its second fund, Brook Venture Fund II, on $100m. The fund will make investments in select IT and Medical Technology companies throughout the Northeast.

SCA sells North American packaging operations to Metalmark Capital
24/01/2007. SCA has agreed to sell its North American packaging operations to Metalmark Capital for $400m in cash.

German firm Deutsche Beteiligungs AG to acquire MCE
23/01/2007. Deutsche Beteiligungs AG has agreed to acquire 75 per cent of the shares in Austria-based MCE, an industrial service provider, for an undisclosed amount.

Willumstad and Magner establish emerging markets private equity firm
23/01/2007. Robert B Willumstad, former president and COO of Citigroup, and Marge Magner, former chairman and CEO of Citigroup's Global Consumer Group, have established a private equity firm called Brysam Global Partners.

Guggenheim Aviation Partners sells 38 aircraft for $1.6bn to Aircastle
23/01/2007. Guggenheim Aviation Partners, an affiliate of financial services firm Guggenheim Partners, has agreed to sell 38 aircraft valued at approximately $1.595bn to aviation company Aircastle.

Englefield closes second fund on €1bn
23/01/2007. European mid-market private equity firm Englefield Capital has closed its second fund, Englefield Capital II, on €1.06bn. The original target of the fund was €1bn. As was the case with Fund I, Englefield Capital II was raised principally from Bregal, the investment vehicle of the Brenninkmeijer family, Axa and Delta Lloyd. Additional capital came from more than 120 business people known to the partners at Englefield.

First closing of Wellington Partners III Life Science Fund on €50m
23/01/2007. Munich-based venture capital firm Wellington Partners has held a first closing on its life science fund, Wellington Partners Ventures III Life Science Fund. Investors from Germany, the Benelux region, the UK, the US and the Middle East have committed €50m to the fund to date.

3i invests in Indian company Nimbus
23/01/2007. 3i, Cisco and Oman Investment Fund have invested approximately $125m in Mumbai, India-headquartered media, entertainment and sports business Nimbus Communications. The investment is in the form of compulsorily convertible bonds that will convert into equity based on a pre-set formula, prior to an IPO or trade sale.

Waterland appoints Niek Jan van Kesteren
23/01/2007. Waterland Private Equity Investments has appointed Niek Jan van Kesteren as an industry expert to support the investment team in its investment decisions. Van Kesteren is the general manager of VNO-NCW, a Dutch employers' organisation.

CVC, KKR to acquire Van Gansewinkel
23/01/2007. CVC Capital Partners and Kohlberg Kravis Roberts & Co. have agreed to acquire all of the outstanding share capital of the European waste service provider Van Gansewinkel Groep. The consortium has announced that it will combine Van Gansewinkel with AVR, a company that the two buy-out giants acquired less than a year ago from the Municipality of Rotterdam. AVR is a specialist in the collection of domestic waste.

Mid Europa Partners to acquire Baltic mobile operator Bité from TDC
22/01/2007. Mid Europa Partners, formerly known as EMP Europe, has agreed to acquire 100 per cent of Baltic mobile operator Bité from TDC.

Providence opens offices in Hong Kong and India, hires Andrew Rickards
22/01/2007. US media and communications buy-out specialist Providence Equity Partners is opening offices in Hong Kong and New Delhi. Andrew Rickards, current CEO of N.M. Rothschild & Sons in Asia and former co-head of communications, media and entertainment Asia Pacific for Goldman Sachs, will join the firm to lead its Asia investment activities. He will be based in Hong Kong.

Venture capital investment into US companies close to $26bn in 2006
22/01/2007. With 2,454 deals completed and $25.75bn of capital invested, venture capital investment into US-headquartered companies reached the highest annual deal count and capital investment since 2001 when $36.43bn was put into 3,308 deals, according to the Quarterly Venture Capital Report released by Ernst & Young and Dow Jones VentureOne.

Advent to sell stake in Parques Reunidos to Candover
22/01/2007. Advent International has agreed to sell its entire interest in Parques Reunidos, a European operator of attraction parks, to Candover for an undisclosed amount. Shareholders of UK holiday provider Bourne Leisure have agreed to make a substantial minority investment.

RLJ Equity Partners hires Rufus H Rivers as managing director
19/01/2007. RLJ Companies has hired Rufus H. Rivers to serve as managing director of RLJ Equity Partners, a private equity firm formed in association with The Carlyle Group.

KPS buys PaperPak Products
19/01/2007. KPS Capital Partners has announced that a newly formed affiliate, Attends Healthcare, has acquired PaperPak Products from Attends Healthcare Investments. Financial terms of the transaction were not disclosed.

Francisco Partners looks to acquire Mincom
19/01/2007. Mincom Limited, a software and services provider to asset intensive industries, and PE house Francisco Partners have entered into an agreement under which Mincom will be acquired by Francisco in an all cash transaction valued at A$315m. Francisco said that they propose to acquire all shares and share options in Mincom via an arrangement that will see Mincom’s shareholders receiving A$8.77 in cash per share and option holders receiving A$8.76 in cash per option.

Number of European venture-backed IPOs in 2006 highest since 2000
19/01/2007. European venture-backed companies completed a total of 91 IPOs in 2006, reaching the highest annual level since 2000 (183 IPOs) and outpacing US liquidity activity in the same period, according to the European Liquidity Report from Dow Jones VentureOne. The total amount of capital raised by these IPOs, however, reached only €1.75bn, a 19 per cent decline from the €2.16bn raised by IPOs in 2005.

UK firm Zeus hold first closing on £50m
17/01/2007. Zeus Private Equity has held a first closing on £50m. The fund has a £100m target. It will invest in businesses with an enterprise value of up to £50m with a typical equity investment of up to £10m.

LS Power to acquire six US gas plants
17/01/2007. LS Power Equity Partners, a member of LS Power Group, has agreed to buy six US natural gas fired power plants from Mirant Corporation. The purchase price is $1.407bn, which includes estimated working capital.

ECI Partners acquires Aerial Facilities for £56m
17/01/2007. UK mid-market buy-out firm ECI Partners has acquired Buckinghamshire, UK-based Aerial Facilities for £56m. ECI is backing a new MBI team led by Ian Brown, who will join as CEO.

Formation Capital, JER Partners buy Genesis HealthCare for $1.7bn
17/01/2007. Genesis HealthCare Corporation has agreed to be acquired in an all-cash transaction for $63.00 per share by a joint venture between Formation Capital and JER Partners. The aggregate transaction value, including the assumption of approximately $450m of debt, is approximately $1.7bn.

Unigestion hires Jean-François Hirschel as head of global marketing
16/01/2007. Swiss alternative investment manager Unigestion has appointed Jean-François Hirschel as head of global marketing, a newly created role at the firm.

GS Capital Partners to acquire USI Holdings Corporation in $1.4bn transaction
16/01/2007. GS Capital Partners has agreed to acquire USI Holdings Corporation in a transaction valued at approximately $1.4bn, including repayment of USI's existing debt obligations.

Fifth Street Capital opens Los Angeles office
16/01/2007. New York-based mid-market private investment firm Fifth Street Capital has opened an office in Los Angeles and appointed Juan E Alva as head of the Western Region. Alva will be building upon Fifth Street's existing efforts in the Western Region and will focus primarily on deal originations.

CDC backs Citigroup's CVCI Africa Fund
15/01/2007. UK government-backed private equity emerging markets fund of funds investor CDC Group has committed $100m to Citigroup's first dedicated African private equity fund, CVCI Africa Fund. CDC will be the sole investor.

3i, InnovationsKapital, smac partners to sell Swedish company Nordnav for $75m
15/01/2007. 3i Group, InnovationsKapital and smac partners, formerly known as Siemens Acceleration in Communications, together with Nordnav's management have agreed to sell Stockholm, Sweden-headquartered Nordnav to Cambridge Silicon Radio. The purchase price for all shares in the company is approximately $75m.

Evercore hires Matthews as senior managing director, co-head of private equity group
15/01/2007. James R Matthews has joined Evercore Partners as senior managing director and co-head of the firm's private equity group. Matthews will help oversee Evercore's efforts to identify and work with attractive, value-oriented investment opportunities in the middle market.

Oak Hill, GenNx360, Knox Lawrence to acquire Vertex from United Utilities
15/01/2007. A consortium comprised of three US-based private equity firms, Oak Hill Capital Partners, GenNx360 Capital Partners and Knox Lawrence International, has agreed to acquire Vertex Data Science, a business process outsourcing subsidiary, from United Utilities for £217.5m, comprising cash, the repayment of intra-group debt and the assumption of certain liabilities of Vertex.

Argan Capital buys DELSEY Group
15/01/2007. Pan-European mid-cap private equity firm Argan Capital has agreed to acquire DELSEY Group, a Paris and Baltimore-based travel luggage company, for an undisclosed amount.

Ventures West appoints Duncan Hill as entrepreneur-in-residence
12/01/2007. Canadian firm Ventures West has appointed Duncan Hill as entrepreneur-in-residence. Hill will assist in evaluating investment opportunities, with a focus on enterprise software applications, and will provide specialised management counsel to portfolio companies.

Phoenicia Group Libya establishes private equity fund
12/01/2007. US-Libyan business services group Phoenicia Group Libya is establishing a private equity fund for Libya.

Apollo acquires minority stake in Bradco Supply
12/01/2007. Apollo Management has invested in a minority stake in Avenel, New Jersey-headquartered Bradco Supply Corporation. Financial details of the transaction were not disclosed.

Blackstone to open private equity office in Hong Kong
11/01/2007. Blackstone intends to open a private equity office in Hong Kong to expand its investment activities in the Asia Pacific region. At the same time Blackstone has also announced that Antony Leung has joined the firm as a senior managing director and chairman of Blackstone Greater China. Leung will co-head the expanded Hong Kong office along with Ben Jenkins, a senior managing director, who will be relocating with a team from New York.

CanWest, GS Capital Partners to acquire Alliance Atlantis Communications Inc.
11/01/2007. Canadian media company CanWest Global Communications Corp. and GS Capital Partners have agreed with Alliance Atlantis Communications to acquire all of its outstanding Class A voting and Class B non-voting shares at a purchase price of CAN$53 per share in cash for an aggregate price of approximately CAN$2.3bn.

Quantum Energy Partners IV raises $1.3bn
10/01/2007. Quantum Energy Partners has closed its latest private equity fund, Quantum Energy Partners IV, a $1.32bn fund dedicated to the energy industry.

US firm Welsh Carson to acquire United Surgical Partners International for $1.8bn
10/01/2007. US private equity firm Welsh, Carson, Anderson & Stowe has agreed to acquire United Surgical Partners International. The transaction is valued at approximately $1.8bn, including the assumption of certain debt obligations of USPI pursuant to the merger.

Apax, Spectrum Equity Investors to sell majority interest in NEP Broadcasting
10/01/2007. Apax Partners and Spectrum Equity Investors have agreed to sell their majority equity interest in NEP Broadcasting, a provider of outsourced teleproduction services, to American Securities Capital Partners for an undisclosed amount. NEP's executive management team continues to lead the company and is investing in partnership with American Securities.

Partners Group Global Opportunities fund announces new commitments
10/01/2007. On the primary side, Partners Group Global Opportunities has closed a $4.5m primary fund commitment into BNY Mezzanine Partners. BNY Mezzanine Partners plans to build up a portfolio of approximately 15 mezzanine investments in US companies.

John Rastrick joins Phoenix investment team
10/01/2007. UK mid-market private equity firm Phoenix Equity Partners has appointed John Rastrick as a principal with specific responsibility for the firm's activities and investments in the North of England, where Rastrick will be based.

ABN AMRO Global Infrastructure Fund buys Societa Gasdotti Italia from Clessidra
10/01/2007. ABN AMRO Global Infrastructure Fund has agreed to acquire 100 per cent of Societa Gasdotti Italia from Clessidra Capital Partners. The stock purchase agreement was signed at the end of 2006 for an enterprise value of €300m.

Kodak to sell Health Group to Onex for $2.55bn
10/01/2007. Eastman Kodak Company has agreed to sell its Health Group to Onex Healthcare Holdings, a subsidiary of Onex Corporation, for up to $2.55bn. The price is composed of $2.35bn in cash at closing, plus up to $200m in additional future payments if Onex achieves certain returns with respect to its investment.

3i makes ten times return on Nordic Modular investment
09/01/2007. 3i and the management of Nordic Modular have agreed to sell all the shares in Nordic Modular to Stockholm-listed real estate company Kungsleden for approximately €100m. 3i's proceeds represent a money multiple of nearly ten times its original investment and a cash uplift of €65m, according to the firm.

KD Private Equity's South East Europe fund holds first closing on €31m
09/01/2007. KD Private Equity's South East Europe-focused private equity fund, KD Private Equity Fund, has held a first closing on €31m. The fund was launched in spring 2006. The firm expects to hold a final closing on around €70m in summer 2007.

Waterland hires B F Dessing as industry expert
09/01/2007. Waterland Private Equity Investments has appointed B F Dessing as industry expert. He will work with the firm's investment team to help them make investment decisions in the care sector.

French group LFPI expands investment activities into Europe
09/01/2007. La Financière Patrimoniale d'Investissement (LFPI Group), a French player in multi-product management in unlisted companies, has established a new investment company that will invest in small and mid-cap buy-out funds and small to mid-cap European companies, primarily in the German-speaking and the Benelux countries, Southern Europe and the Northern European countries. The new company is called La Financière Patrimoniale Européenne (LFPE).

Mid Europa Partners exits two investments in CEE
09/01/2007. Mid Europa Partners and GMT Communications Partners expect to raise €52m through the sale of 66.66 per cent of the share capital of Matel Holdings, owner of Invitel Távközlési, a Hungarian fixed line telecoms operator, to Hungarian Telephone & Cable Corp. At the same time, Invitel's senior management has also agreed to sell their holdings in the company, enabling HTCC to acquire 99.98 per cent of Invitel for a total consideration of €470m.

Monomoy closes $280m fund
09/01/2007. Monomoy Capital Partners has closed its initial restructuring fund, Monomoy Capital Partners, on $280m. The firm exceeded its fundraising target of $200m, and the fund was oversubscribed at the final closing, according to a statement.

Access Capital Fund III Mid-market Buy-out Europe raises €307m
09/01/2007. European private equity fund of funds specialist Access Capital Partners has held a final close on its third-generation European mid-market buy-out fund of funds, Access Capital Fund III Mid-market Buy-out Europe, on €307m. The initial target of the fund was €250m.

Candover, 3i, JPMorgan Partners sell Vetco Gray to GE Oil & Gas for $1.9bn
08/01/2007. Candover, 3i and JPMorgan Partners have sold Vetco Gray, a Houston-headquartered supplier of drilling, completion and production equipment for on- and offshore oil and gas fields with 5,000 employees, to GE's Oil & Gas division for an enterprise value of $1.9bn on a debt-free, cash-free basis. The private equity consortium generated a return of 3.5 times its original investment. Completion of the transaction is expected in February 2007.

Forbion Capital Partners spins out of ABN AMRO Capital, raises €200m fund
08/01/2007. Forbion Capital Partners, formerly ABN AMRO Capital Life Sciences, has spun out of ABN AMRO Capital. The new venture capital firm has also announced that it has raised a €200m fund with ABN AMRO and Coller Capital as founding investors. ABN AMRO has a 25 per cent shareholding in the new fund, while Coller Capital has underwritten the remainder.

Citigroup closes $3.3bn private equity fund
08/01/2007. Citigroup Private Equity has closed its latest private equity fund, Citigroup Capital Partners II, on $3.297bn, above its $2.5bn target. Citigroup Capital Partners II is building a portfolio of direct investments in equity or equity-related securities or instruments with a primary focus on leveraged buy-outs and recapitalisations.

Warburg Pincus, Merrill Lynch Global Private Equity invest $700m in Aeolus Re
05/01/2007. Bermuda-based Aeolus Re has increased its capital base to over $1bn via an investment from a group of investors led by Warburg Pincus, an initial investor in the company, and Merrill Lynch Global Private Equity, the private equity arm of Merrill Lynch, and the company's founders: Peter Appel and David Eklund.

Oak Hill to buy Broadcast Media Group from The New York Times Company
05/01/2007. Media company The New York Times Company has agreed to sell its Broadcast Media Group, consisting of nine network-affiliated television stations, their associated websites and the Digital Operating Center, to Oak Hill Capital Partners for $575m.

HarbourVest Partners closes two new funds of funds
05/01/2007. HarbourVest Partners has closed HarbourVest International Private Equity Partners V-Partnership Fund on €2.375bn and HIPEP V-Asia Pacific and Rest of World Partnership Fund on $527.3m. Both funds surpassed their targets of €2bn and $300m respectively.

Public fund NESTA hires private sector executives
05/01/2007. NESTA (National Endowment for Science, Technology and the Arts) has brought together a team of private venture experts to oversee its new £50m fund for start-ups. The fund will focus on early stage companies in the ICT, healthcare, technology and environmental technology sectors.

BA Venture Partners relaunches as Scale Venture Partners
04/01/2007. BA Venture Partners has relaunched as Scale Venture Partners, marking its independence from Bank of America. Bank of America becomes a minority investor in Scale Venture Partners II but the majority of its limited partner base will be comprised of new institutional investors.

Pomona hires Barry Miller as partner
04/01/2007. Pomona Capital has appointed Barry Miller as a partner of the firm. Miller focuses on secondary deal sourcing and investment analysis.

US venture capital firm ProQuest Investments closes fourth fund on $425m
04/01/2007. ProQuest Investments, a US healthcare-dedicated venture capital firm, has closed its latest fund, ProQuest Investments IV, on $425m, the hard cap of the fund.

General Atlantic and Jim Crane looking to take EGL private
03/01/2007. Jim Crane, the chairman and CEO of EGL, and investment partner General Atlantic have submitted a proposal to acquire all of the outstanding common stock of EGL at a price of $36 per share in cash. Various financial institutions have provided what was described as highly confident letters regarding the ability to raise the $1.125bn of debt financing necessary to complete the transaction.

Genstar IPOs Altra
02/01/2007. Genstar Capital, a US mid-market private equity firm that focuses on investments in the healthcare services, life sciences, business services, and industrial technology sectors, has had an IPO for its portfolio company Altra Holdings.

Fortress to buy out Holiday Retirement Corp
02/01/2007. Fortress Investment Group will acquire, subject to various conditions, all of the North American operations and facilities of Holiday Retirement. The private equity transaction involves 299 senior living communities, including 265 properties located in the US and 34 in Canada.

2006 sees private equity companies invest $7.5bn in India
02/01/2007. PE houses invested a record $7.5bn across 299 deals in India during 2006, according to a study by Venture Intelligence. The final quarter witnessed PE companies investing $2.6bn across 67 deals.

ECI exits LateRooms.com for £108m
02/01/2007. ECI Partners, a UK mid-market buy-out house, has sold online hotels specialist LateRooms to First Choice Holidays for £108m. This, said the firm, represents an IRR of 500 per cent and a money multiple of nine times on ECI's investment in two years.

Shanghai-based SME fund launched by Asia Alpha Private Equity
02/01/2007. Asia Alpha Private Equity has launched a new Shanghai-based private equity fund dedicated to privately owned SMEs, Asia Alpha Fund I, with a target size of $100m. The firm said that a first closing is expected to be announced by them during the second quarter of 2007.

Venture-backed IPOs increase in US during Q4 2006
02/01/2007. Q4 proved to be the best quarter for US venture-backed companies to achieve public market exits in 2006, with 18 initial public offerings completed, according to research by Dow Jones VentureOne. The IPOs raised an aggregate total of $1.23bn.

No more venture for Inflexion
02/01/2007. After closing its £165m buy-out fund last year, Inflexion has now decided to focus its operations on its core buy-out activities.

Avista acquires Star Tribune in $530m deal
02/01/2007. Avista Capital Partners has signed a definitive agreement to acquire The Star Tribune Company from The McClatchy Company, a newspaper publisher, for $530m.

US buy-out firms get organised
02/01/2007. Many of the largest US private equity firms have announced the formation of the Private Equity Council, a new Washington, DC-based trade association which will aim to give a voice to buy-out firms, as their success and size brings increasing scrutiny from government departments and other interest groups.

CLSA Capital Partners IPO their portfolio company SCUD Group in Hong Kong
02/01/2007. CLSA Capital Partners' ARIA Investment Partners II has listed its portfolio company SCUD Group on the Main Board of the Stock Exchange of Hong Kong. SCUD markets and distributes rechargeable battery packs for mobile phones in China.

Rodenstock changes hands in secondaries action
02/01/2007. A German manufacturer of ophthalmic lenses for spectacles, Rodenstock has been acquired by Bridgepoint from Permira for an undisclosed sum. The transaction is subject to approval of the competition authorities.

GSC Recovery III fund in $530m close
02/01/2007. GSC Group, an alternative asset investment manager with $18bn of assets under management that focuses on complex, credit-driven strategies, has announced the close of its latest control distressed debt fund, GSC Recovery III.

Industry Ventures closes $105m Fund IV
02/01/2007. Industry Ventures, a secondary fund focused on venture capital investments, has announced the closing of its fourth fund, Industry Ventures Fund IV LP, with $105m of committed capital. In addition, the firm announced the formation of two co-investment partnerships with $15m in committed capital.

Final close for HLM's second healthcare fund on $216m
02/01/2007. HLM Venture Partners, a venture capital firm that invests in healthcare information technology, healthcare services and medical technology companies, has announced the close of its latest fund, HLM Venture Partners II. The firm stated that their fund was oversubscribed, exceeding its original target of $200m.