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Weekly Deals and Funds Roundup: 23 November 200523/11/2005. Source: AltAssets. 
 A selection of the latest deals and funds news from across the globe - essential reading for those who need to keep up-to-date with the industry's key developments.
This weekly roundup provides an update on deals and fund activity that did not feature as separate stories in AltAssets' daily news service.
DEALS
Apax Partners France has signed an agreement to take what they describe as a significant equity stake in Alma Consulting Group. The transaction - with an unspecified deal size - is being made in partnership with the management team led by Alma's founder Marc Eisenberg. Chequers Capital, a shareholder since 2001, is keeping a reduced equity stake. The deal, which is still subject to approval by the DGCCRF, the French competition and anti-trust authorities, is expected by Apax to be closed by the end of the year. Alma provides advisory services aimed at reducing costs in areas such as social costs (social charges, absenteeism, prevention, etc.), tax-related costs (fixed assets, environment, real estate), operating costs (telecommunications expenses, energy, car fleet) and innovation financing (R&D tax credits, national and European subsidies). In 2004, the company had €67.5m in turnover in these business activities, which have posted an annual growth rate of 20 per cent for several years.
'Alma Consulting Group has demonstrated the effectiveness of its economic model and its ability to manage and implement acquisitions. We are very happy to partner with such a dynamic and innovative company. We hope to provide the support and financial resources necessary to consolidate its leading position and to benefit from all the growth acquisition opportunities in France and abroad,' said Monique Cohen, a partner at Apax.
European Capital, S.A. SICAR has announced it has invested approximately €29m in the One Stop Buyout of Marco Polo Foods, a producer in the European commercial sushi market. European Capital's investment takes the form of senior term debt, senior subordinated debt, redeemable bonds and common equity. Marco Polo management is investing in redeemable bonds and common equity.
'Only six months after opening an office in France, we are very pleased to announce European Capital's first One Stop Buyout, executed by our Paris office,' said Ira Wagner, president of European Capital's investment advisor. 'The buy-out of Marco Polo Foods is a significant milestone in the development of our European franchise and France in particular. Since opening the Paris and London offices, we are seeing a very robust transaction pipeline. In addition, we are successfully bringing to bear our institutional capabilities to the European mid cap market, establishing a foundation for continued growth.'
European Capital is a buy-out and mezzanine fund with capital resources of €750m. The firm invests from €5m to €125m per transaction in equity, mezzanine debt and senior debt to fund growth, acquisitions and recapitalisations.
Dunedin Enterprise Investment Trust, which specialises in the provision of equity finance for management buy-outs, management buy-ins and growing businesses, has announced that it will realise part of its investment in Davenham Group on completion of the proposed flotation of Davenham on AIM.
Davenham has announced a placing at 254 pence per share, raising £44.6m. Admission to trading on AIM is expected to take place and dealings are expected to commence on 22 November 2005.
On the basis of Davenham's announcement, Dunedin Enterprise will receive net proceeds of £11.2m and will retain 2,561,968 ordinary shares in Davenham Group plc valued at £6.5m at the placing price. Dunedin Enterprise's total consideration of £17.7m represents an increase of £5.1m, over its valuation of Davenham at 30 April 2005, a 40 per cent uplift. This represents a multiple of four times Dunedin Enterprise's original investment (including £2.5m of investment income).
Manchester-based Davenham is an asset-based lender in the UK. It provides lending solutions to SMEs - typically involving loans of between £10,000 and £3m. Dunedin Enterprise invested £5m in Davenham in June 2000 when it led the management buy-out of the company from Bermudan based Bank of NT Butterfield & Son.
IDT Corporation has announced that it has agreed to sell its Corbina Telecom business to an unnamed Moscow-based consortium of private equity investors for approximately $146m. Corbina operates a telecommunications business in Russia, with the firm generating $64.3m of revenue during the fiscal year ended July 31, 2005.
'Corbina, which we acquired in 2000, has been a strong performer for our telecom division,' said Jim Courter, IDT's CEO. 'We view this opportunity to capitalise on its historically strong performance to be an attractive manner of creating value for our stockholders.'
Sequel Holdings and Crow Kaminski Capital Partners, in conjunction with Falcon Investment Advisors and management, have completed the recapitalisation of W.L. Plastics Corporation effective 1 November 2005. No details on the financing size were released. W.L. Plastics, based in Casper, Wyoming, manufactures and distributes high-density polyethylene pressure pipe for applications primarily used in the oil and gas, potable water, sewer, irrigation, mining, landfill and industrial markets.
Bob Kaminski, a manager at Crow Kaminski, commented, 'W.L. Plastics' customers, employees, and suppliers should expect the same level of commitment from the existing management team, which will remain in place. The new investor group will focus on the strategic growth objectives of WL and provide additional resources for the business going forward. We look forward to working with the management team to continue the company's growth and success.'
Sequel is a Dallas-based private equity firm focused on middle market businesses in food, beverage, plastic packaging, and related industries. Crow Kaminski is a Dallas-based private equity investment partnership.
FUNDS
US-based Advantage Capital Partners has closed on a $14m round as part of its $30m small business finance fund targeted towards companies and entrepreneurs in low-income communities. To qualify for investment from the fund, a company must fit the SBA definition of a small business for its particular industry and be located within a low-income census tract.
With offices in New Orleans, St. Louis, New York and Washington DC, Advantage Capital Partners is a private equity firm focused on investing in companies in connection with US federal, state and local economic development efforts.
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