Deal News

Private equity and venture capital deal news from around the globe

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• Northzone Ventures exits cloud computing company Nimsoft 17 Mar 2010. Source: AltAssets. Nordic venture capital firm Northzone Ventures, along with software- and IT-focused private equity firm JMI Equity and Goldman Sachs, has exited its investment in could computing company Nimsoft via a $350m strategic sale.

• Dutch VC firm Forbion expands into Germany, funds Promedior in $12m round 17 Mar 2010. Source: AltAssets. Dutch life sciences investor Forbion Capital Partners is rolling out operations at a new office in Munich and has appointed a partner, Dr Holger Reithinger, to head the team. The company has also led a $12m Series C funding round for biotech company Promedior Inc.

• Permira, Goldman still looking for Cognis sale over imminent IPO 17 Mar 2010. Source: AltAssets. The private equity owners of Cognis, a German maker of additives for cosmetics and detergents, have launched a fresh campaign to sell the company, even as it prepares to go public. According to Reuters, Permira and Goldman Sachs Capital Partners would prefer an outright sale over and IPO.

• General Atlantic in $425m India renewables deal 17 Mar 2010. Source: AltAssets. Growth equity firm General Atlantic has backed Asian Genco, an Indian infrastructure company with investments in power generation assets and engineering services businesses, in a $425m deal.

• Apax considering Polycom take-private 17 Mar 2010. Source: AltAssets. UK private equity firm Apax Partners has been in discussions with Polycom, the world’s largest manufacturer of video conferring equipment, about a deal to take the company private, according to reports.

• Bowmark Capital backs £48m MBO of UK property lettings agency 17 Mar 2010. Source: AltAssets. Bowmark Capital has backed the £48m (€53.4m) management buy-out and expansion financing of UK lettings and property management agency Leaders Limited from property business RO Group.

• Cinven picks up diagnostics company Sebia from Montagu 16 Mar 2010. Source: AltAssets. European firm Montagu Private Equity has sold Sebia, a French healthcare diagnostics company, to London-headquartered buy-out firm Cinven.

• KKR percolates $219m India coffee deal 16 Mar 2010. Source: AltAssets. New York private equity firm KKR is to lead a consortium to invest in one of India’s most popular coffee chains, according to Reuters.

• Apax closes Promethean World IPO 15 Mar 2010. Source: AltAssets. Apax Partners is the first private equity firm to successfully float an investment in the UK this year, having sold interactive whiteboard company Promethean World.

• Liverpool FC handles bid from private equity player 15 Mar 2010. Source: AltAssets. Liverpool FC has entered talks with the Rhone Group over a £118.5m (€130.1m) deal that would see the US private equity firm take a controlling interest and halve the Premier League football club’s debts, according to reports.

• Apax exits Tommy Hilfiger for $3bn 15 Mar 2010. Source: AltAssets. UK private equity firm Apax Partners has sold US fashion house Tommy Hilfiger to Phillips-Van Heusen for €2.2bn ($3bn). The sale includes €1.92bn in cash and €276m in Phillips-Van Heusen common stock, with the fashion corporation also assuming €100m of Tommy Hilfiger's liabilities.

• PE firms go through to next round of HobbyCraft auction 15 Mar 2010. Source: AltAssets. Private equity firms are leading the way in the race to acquire UK arts and crafts retailer HobbyCraft, according to reports. UK car parts and bicycle seller Halfords Group had been looking at the company but did not end up submitting a first round bid for the company, leaving private equity to dominate the shortlist of bidders.

• RBS to offload PE fund stakes in secondary market 15 Mar 2010. Source: AltAssets. Royal Bank of Scotland is in talks to sell interests in private equity funds in the secondary market to rid itself of non-core assets and reduce its balance sheet, according to the Financial Times.

• Citadel invests $183m in Egypt river ports 15 Mar 2010. Source: AltAssets. Egyptian private equity firm Citadel Capital has invested EGP1bn ($183m) is three Nile River ports and plans to invest in two more in the country, according to reports.

• OpenGate Capital picks up French Connection’s Nicole Farhi label 15 Mar 2010. Source: AltAssets. US private equity firm OpenGate Capital has acquired the Nicole Farhi clothing brand owned by French Connection, as the fashion house moves to close its US stores and restructure.

• KKR, Warner to place break-up bid for EMI 15 Mar 2010. Source: AltAssets. US private equity firm KKR is preparing to launch a break-up bid with Warner Music for Terra Firma’s EMI, according to the Sunday Times.

• Genetix raises $35m to deliver gene therapy 12 Mar 2010. Source: AltAssets. Genetix Pharmaceuticals has completed a $35m series B financing, with new investors Third Rock Ventures and Genzyme Ventures joining TVM Capital, Forbion and Easton Capital.

• Nine Rivers Capital takes $7m stake in Indian agribusiness 12 Mar 2010. Source: AltAssets. India-focused private equity firm Nine Rivers Capital has taken a $7m stake in Global AgriSystem Private (GAPL), a New Delhi agribusiness supply chain specialist. The promoters of GAPL also participated in the funding round to strengthen the company’s capital base.

• KKR leads $235m refinancing of Harden Healthcare as it pursues debt strategy 12 Mar 2010. Source: AltAssets. KKR, a private equity firm that typically invests in buy-outs, has led a $235m for refinancing for Harden Healthcare, an umbrella company with five businesses operating in the long-term and hospice care sub-sector, according to Bloomberg.

• TPG sells Asian healthcare stake for $685m 12 Mar 2010. Source: AltAssets. US buy-out firm TPG has sold its 23.9 per cent stake in Asian healthcare service provider Parkway Holdings to Indian company Fortis Healthcare for $685m. The sum reportedly represents a three times return on the firm’s initial investment in the Singapore-listed company.

• Carlyle's Willcom gets state fund backing 12 Mar 2010. Source: AltAssets. A bankrupt Japanese wireless communications company backed by US private equity firm Carlyle is to be backed by a government-backed turnaround fund, while rival telecoms provider Softbank Corporation and Japanese buy-out firm Advantage Partners are to invest in the company.

• Advent plans to put Poundland up for sale 12 Mar 2010. Source: AltAssets. Private equity house Advent International has hired advisers to prepare a potential sale of Poundland to a rival buy-out firm or to a competitor discount retail chain, according to the Financial Times.

• Local activity discovery engine LivingSocial raises $25m 11 Mar 2010. Source: AltAssets. LivingSocial, a social commerce company behind LivingSocial Deals and  Facebook applications Visual Bookshelf and Pick Your Five, has completed a $25m series B round of venture funding led by US Venture Partners, with Grotech Ventures and Steve Case's Revolution participating.