PRINT THIS PAGE Weekly Deals and Funds Roundup: 12 December 200712/12/2007. 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 deal and fund activity that did not feature as separate stories in AltAssets' daily news service.
DEALS
Private equity firm The Riverside Company has acquired Israeli life sciences company Novamed for an undisclosed sum, in the firm's 25th acquisition of 2007. Novamed will be an add-on to Riverside's platform company Diatron, a Hungarian-based manufacturer of hematology analysers and reagents, which was acquired by Riverside in 2005. Riverside specialises in investing in companies with enterprise values of less than $150m. Since 1988, the firm has invested in 172 transactions with a total enterprise value of $3.4bn.
Swedish private equity firm Ratos's subsidiary, Norwegian wine and spirits supplier Arcus Gruppen has decided to reduce its share capital by distributing approximately SEK550m (€58m) to its shareholders of which Ratos will receive approximately SEK460m (€49m). In June, Arcus Gruppen sold its property in Hasle in central Oslo, generating a capital gain of SEK745m (€79m). A new production plant is to be built near Gardermoen and is scheduled for completion in 2011. Ratos's holdings include AH Industries, Anticimex, Arcus Gruppen, Bisnode, Camfil, Contex, DIAB, EuroMaint, GS-Hydro, Haendig, Haglöfs, HL Display, HÅG/RH/RBM, Hägglunds Drives, Inwido, Jøtul, Lindab, MCC, Medifiq Healthcare and Superfos.
Lower mid-market private equity firm VMG Partners has made an equity investment in Mighty Leaf Tea Company, a Californian producer of artisan teas. Financial terms of the deal where not disclosed. VMG Partners also recently made an equity investment in mineral cosmetics brand Colorescience. VMG Partners has also acquired pet treats company Waggin' Train for an undisclosed sum. Waggin' Train markets a full line of branded pet treats for dogs, including whole meat Chicken Tenders, all-meat Freshies Dental Bones and liver-filled Meat Blast Porkhide Twists. Waggin' Train has grown 50 per cent in 2007, according to a statement. VMG currently has $325m of committed equity capital.
UK mid-market private equity firm Gresham Private Equity has invested £21m in mail order footwear company Hotter Shoes. Hotter also has four retail outlets across the UK. As part of the deal, Andy Marsh and Ken Lawrence of Gresham will join the Hotter board. Gresham has catalogue deal experience following its investment in the UK catalogue supplier of pneumatic and hydraulic products, Flowtech.
Barclays Ventures has led a BIMBO of environmentally-driven businesses, Solar Home Energy and Warmroof, in a deal worth over £10m. Solar Home Energy is an installer of domestic solar hot water systems, while Warmroof installs spray foam loft insulation. The combined turnover of the two companies is around £20m per annum. Both businesses will be led by the same management team. Barclays has invested alongside Invex Capital Partners, and the institutional investors have collectively taken a majority stake in the group.
Private equity investment firm Wind Point Partners has completed the acquisition of Taylor-Wharton International, previously known as the Gas Technologies business group of Harsco Corporation, in partnership with Bob Gadomski, who will lead TWI as CEO. TWI is based in Mechanicsburg, Pennsylvania and serves customers through four divisions: Taylor-Wharton, American Welding & Tank, Structural Composites Industries and Sherwood. Gadomski has over 35 years experience in the chemical and industrial gas industry and was previously the executive vice president of the $5.6bn Gases and Equipment division of Air Products and Chemicals.
Information and communication technologies-focused venture firm smac partners, through its Fund II, has acquired stakes in ten portfolio companies from Israeli venture firm Vertex Venture Capital. Financial terms of the transaction were not disclosed. To finance the deal, smac partners was backed by Headway Capital, an independent UK-based secondaries firm. The portfolio includes companies such as Runcom Technologies, Flash Networks and Image ID. smac partners, formerly known as Siemens Acceleration in Communications, is an ICT early stage venture capital investor based in Munich, Germany.
SensorDynamics, a company that focuses on micro and wireless sensor products for automotive and industry applications, has raised €25m in Series B equity funding and structured leverages. The round was funded by a consortium of investors that included SensorDynamics' Series A investors, Global Equity Partners with HTA III Venture Beteiligungs-Invest AG, Siemens Venture Capital, DEWB and three new Series B investors, PONTIS Venture Partners with PVP I fund, FIDURA Private Equity Funds and IPO-Austria with its Steirische Technologie-und Wachstumsfonds.
New York-based private equity firm Arsenal Capital Partners has sold Vertellus Specialties, a provider of specialty chemicals for the agriculture, nutrition, pharmaceutical, personal care and performance materials markets, to private equity firm Wind Point Partners. Terms of the transaction were not disclosed. Headquartered in Indianapolis, Vertellus was formed by Arsenal in 2006 through the merger of its portfolio companies Reilly Industries and Rutherford Chemicals. Annual sales for the company exceed $450m, according to a statement. Arsenal focuses on investments in mid-market specialty industrial, healthcare and financial services companies.
European mid-market private equity firm Montagu Private Equity has sold VetXX, a developer, producer and marketer of companion animal veterinary products to veterinary pharmaceutical business Dechra Pharmaceuticals. Financial terms of the deal where not disclosed. VetXX is a sales and marketing group selling companion animal pharmaceutical and diet products to the veterinary sector. The company employs over 160 people and is headquartered in Denmark with sales subsidiaries in Sweden, Norway, Finland, the UK, France, the Netherlands and Spain. Over the past 35 years, Montagu has supported more than 400 businesses operating across a range of different segments and sectors, and currently has more than €4bn under management.
Biopharmaceutical company Ablynx, part of Gilde Healthcare I, the pan-European venture fund managed by Gilde Healthcare Partners, which carried out an IPO on Euronext Brussels on 7 November 2007, has raised an additional €10.2m via the over-allotment option and the extension of its drug discovery and development alliance with Novartis for another year. Partial exercise of the over-allotment option resulted in 1,456,540 new shares being issued by Ablynx at the offer price of €7 per share. Ablynx has now raised a total gross amount of €85.2m in its IPO: €75m from the placement of new shares in the framework of the IPO and €10.2m from the issue of new shares in connection with the exercise of the over-allotment option.
Nordic lower-mid-market private equity firm Segulah, through its Segulah III fund, has acquired Swedish snack company Nilssons Gott for an undisclosed sum. Nilssons' turnover for the current financial year is projected to be SEK400m (€42m), according to a statement. Company founder, Rolf E Nilsson will continue to be active in day-to-day operations and will retain a 20 per cent stake. Segulahs' current portfolio of companies includes automation integration equipment company HMS, electronics repair and installation services business InfoCare, hydraulics and pneumatics company Dacke PMC, fashion retailer Joy, electrical installation business NEA and staplers and staples company Isaberg Rapid.
An investor group including private equity firms Boston Ventures and Charterhouse Group and venture firms Axiom Ventures and Hudson Ventures, has completed the sale of Albridge Solutions, a provider of portfolio accounting and wealth management services, to The PNC Financial Services Group. Financial terms of the deal were not disclosed. Based in Princeton, New Jersey, Albridge has over 150 financial institution clients representing nearly $1tn in assets.
Darby Overseas Investments, the private equity arm of Franklin Templeton Investments, through its Darby Converging Europe Mezzanine Fund, has invested €16m in Polish vegetable oil company Zaklady Tluszczowe Bodaczow. Darby's other investments from the fund include Austrian river transportation company DDSG Cargo Group, Latvian dairy company SIA Rigas Piensaimniekes, Czech telecommunications company Ceske Radiokomunikace and CEE cable television operator FiberNet Group.
Arkansas independent natural gas company Highland Oil & Gas has received up to $100m in equity commitments from energy-focused private equity firm Kayne Anderson Energy Funds alongside existing company management. Highland was formed in October 2007 by S Michael Oxley and Elwin A Hoover. The company's focus is to acquire and develop conventional natural gas resources in the Arkoma and Anadarko basins. Established in 1998, Kayne Anderson Energy Funds manage $1.85bn of capital for energy private equity investments, targeting investment in private capital in high-growth exploration and production, midstream and oilfield services companies.
The Hague-based Fashion Fund One has acquired 100 per cent of TRB International, the Luxembourg-based holding company which owns luxury men's swimwear brand Vilebrequin. Financial terms of the transaction were not disclosed. Fashion Fund One is a private equity fund which focuses on majority investments in mid-to-later stage companies in the European fashion and accessories industry.
Growth private equity and buy-out firm TA Associate has completed a $200m investment in 5.11 Tactical, a Californian manufacturer and distributor of apparel and accessories for the law enforcement market. TA will hold a majority stake in the company, retaining the existing senior management team. TA Associates provides MBO, leveraged recapitalisation and growth equity capital primarily for technology, financial services, business services, healthcare and consumer businesses.
New York-based private equity firm The Wicks Group of Companies has completed the acquisition of The Gordian Group, a provider of proprietary database management and procurement services for the repair and alternations segment of the construction sector. Financial terms were not disclosed. Gordian was previously owned by its employees through an ESOP. Wicks manages private equity funds that invest in selected segments of the communications, information and media industries.
Independent CEE-focused mezzanine firm Mezzanine Management Central Europe has realised its investment in Polish health service provider LuxMed, with the sale of its stake to Mid Europa Partners for an undisclosed sum. The firm originally invested in LuxMed in 2004. The investment amounted in stages to €10m, comprising equity and a mezzanine loan.
MMCE has also exited its investment in Bulgarian consumer finance firm JetFinance International. Both investments were made out of the firm's Accession Mezzanine Capital Fund I, the first mezzanine fund dedicated to Central and Eastern Europe, which closed in July 2003 on €115m and is fully invested. The firm's second fund, AMC Fund II, held a first closing in March 2007, on €100m.
Dutch private equity firm Halder has sold its stake in industrial service provider Geveke Werktuigbouw to ABN AMRO Participaties for an undisclosed sum. Geveke's activities consist of advising on, delivering, starting up and maintaining a wide range of technical products. Halder acquired its majority stake during a buy-out transaction in the beginning of 2005. In 2006, Geveke realised a turnover of around €50m, according to a statement. Halder is part of Belgium-listed investment company GIMV, with about € 1.5bn under management. Halder participations in the Netherlands include Euretco, ANP, De Groot International, Low Land Fashion, Operator Groep Delft Hebu, BMC Group and Prolyte.
FUNDS
Venture Investment Management, the general partner of the Venture Investment Associates' family of private equity funds of funds, has completed fundraising for its $225m Venture Investment Associates VI fund. VIA VI will invest in approximately 20 to 25 venture capital, growth equity and buy-out limited partnerships. Venture Investment Associates, which acquired the private equity portfolio of the American Express Company in 1993, manages nearly $1bn across six funds.
Pharmaceutical and biological drug-focused private equity firm Celtic Pharma is to launch two new follow-on funds. One fund, led by principal, Stephen Evans-Freke, will continue with the model of the first fund on a larger scale, buying mid-stage product development programmes in order to manage them through late stage development. The other fund, led by principal, John Mayo, will take controlling stakes in biotechnology, small pharmaceutical and special purpose companies. Celtic Pharma's first fund, Celtic Pharmaceutical Holdings, is currently over 75 per cent committed.
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