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Private equity and venture capital news from the United Kingdom

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• Neuberger Berman pursues additional $75m for distressed fund 27 Aug 2010. Source: AltAssets. US Asset manager Neuberger Berman is to raise an additional $75m for its $200m listed distressed investment vehicle.

• HgCapital Trust posts 2.9 per cent six month NAV increase 26 Aug 2010. Source: AltAssets. The London-listed arm of UK private equity firm HgCapital has posted a 2.9 per cent increase in net asset value (NAV) for the six month period to 30 June, rising to £291.9m (€356.9m).

• Rutland Partners acquires UK tool hire business 24 Aug 2010. Source: AltAssets. UK turnaround specialist Rutland Partners has acquired Wolseley, a tool and equipment hire business, from parent company Brandon Hire for £43m (€52.4m).

• 3i looking to sell baby bottle maker for over £200m 24 Aug 2010. Source: AltAssets. UK private equity firm 3i is looking to sell Mayborn, maker of the Tommee Tippee baby bottles, for over £200m (€244m), according to the Independent.

• Growth investor Summit Partners takes $100m stake in AVAST Software 23 Aug 2010. Source: AltAssets. Growth equity investor Summit Partners has invested $100m for a minority stake in antivirus specialist AVAST Software.

• Former UK Treasury Minister to advise Maven Capital Partners 23 Aug 2010. Source: AltAssets. Scottish private equity firm Maven Capital Partners has recruited Ian Pearson, a former Treasury and Business Minister for the UK government, as senior adviser.

• Energy sector luminary Bernotat to advise Permira 20 Aug 2010. Source: AltAssets. Permira has called on the former CEO of power giant E.ON and energy sector veteran Wulf Bernotat, hiring him as a senior adviser.

• Bottoms up as TDR buys pub portfolio from Mitchells & Butlers 20 Aug 2010. Source: AltAssets. Mid-market buy-out firm TDR Capital has acquired a 333-strong pub portfolio from Mitchells & Butlers, the listed UK business that owns Harvester, Browns Restaurants and All Bar One.

• Endless conserves world’s oldest conservatory supplier 19 Aug 2010. Source: AltAssets. Private equity firm Endless, known for investing in ailing businesses and turning them around, has stepped in with an equity injection to help Amdega, the world’s oldest conservatory company, with a more than 135-year heritage.

• BPE in second secondary buy-out of the week 19 Aug 2010. Source: AltAssets. Barclays Private Equity, the in-house mid-market private equity firm of UK bank Barclays, has made its second secondary buy-out of the week by taking a majority stake in UK glass-bottle maker Allied Glass from CBPE Capital for £75m (€91.4m).

• Citi agrees to mediation over EMI 19 Aug 2010. Source: AltAssets. Terra Firma and Citigroup, the bank that invested debt for the UK private equity firm's buy-out of EMI, will go to mediation in New York next month to break the stalemate over the £4.2bn (€5.12bn) 2007 deal, according to the Financial Times.

• RBS offloads €1.4bn loan portfolio to ICG 18 Aug 2010. Source: AltAssets. Intermediate Capital Group, the London Stock Exchange-listed mezzanine and mid-market private equity investor, has agreed to take over a portfolio of European loans from the part-nationalised Royal Bank of Scotland as it continues to boost its impaired balance sheet.

• EMI’s positive profits not enough to meet LBO debt 18 Aug 2010. Source: AltAssets. EMI, the record label owned by UK private equity firm Terra Firma, reports that operational improvements made by its shareholders have led to a marked improvement in profits over the past year - though not enough for it to meet the large debt burden imposed on it from its landmark LBO in 2007.

• Scorn aimed at PE over workers’ woes at AA, Saga 16 Aug 2010. Source: AltAssets. Heavy losses for UK automotive services provider the AA and Saga, the travel agent, insurer and personal finance company for over 50s, have led to fierce criticism being fired at their private equity owners, according to the Guardian.

• Carlyle to put Britax Childcare up for sale after receiving interest 16 Aug 2010. Source: AltAssets. Carlyle, the Washington DC-based private equity group, is to put children’s car safety seat maker Britax Childcare on the block after receiving several approaches from trade buyers and rival fund managers, according to the Financial Times.

• Blackstone may set up Channel Islands REIT for Center Parcs sale 16 Aug 2010. Source: AltAssets. US private equity group Blackstone is considering the creation of a listed vehicle for the sale of the property used by its Center Parcs holiday park business in the UK to M&G Investments, according to the Financial Times.

• PE expected to bid for outsourcing group Tribal 12 Aug 2010. Source: AltAssets. Tribal Group, a listed UK services provider to the public sector, has confirmed it has received preliminary expressions of interest for the business, though no-one has been named at this stage.

• Former UK government minister Lord Davies joins Corsair Capital 12 Aug 2010. Source: AltAssets. Mervyn Davies, the ex-head of Standard Chartered bank who was last year appointed as Trade Minister by then Prime Minister Gordon Brown, has been hired by Corsair Capital, the financial services-focused buy-out firm that used to be part of JP Morgan.

• Arta, L Capital try Pepe Jeans on for size 11 Aug 2010. Source: AltAssets. Iconic clothing brand Pepe Jeans is set to see a 27.9 per cent stake sold off for €85m, with Arta Capital and L Capital trying the business, known for making denim jeans, on for size.

• UK’s High Court to decide on pivotal case for PE funds and LPs 11 Aug 2010. Source: AltAssets. A new standard may be set by a High Court ruling that a limited partner breached his contract in failing to pay down on a commitment made to a fund managed by UK private equity firm Advantage Capital, according to the Financial Times.

• UK turnaround firm Rutland bolsters team with new investment manager 10 Aug 2010. Source: AltAssets. UK turnaround investor Rutland Partners has appointed a new investment manager, hiring Rahul Satsangi from one of the so-called big four auditors, PricewaterhouseCoopers.

• Jimmy Choo’s PE owners may step out of shoemaker for £500m 09 Aug 2010. Source: AltAssets. Jimmy Choo, the luxury shoemaker coveted by fashionistas and celebrities alike, may see its private equity owners step out of the investment, with banks currently being vetted to advise on “strategic options” and a possible £500m (€602m) sale, according to the Sunday Telegraph.

• Global PE dealmaking plummeted by half in 2009 09 Aug 2010. Source: AltAssets. Global private equity investments plummeted by a half to $91bn last year, according to research released today by new body TheCityUK, as buy-out firms struggled to tap banks for debt to finance deals and battened down the hatches, concentrating on keeping their portfolio businesses afloat.