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Weekly Deals and Funds Roundup: 02 January 2008

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.

European technology-focused private equity firm Atlantic Bridge Ventures has agreed to sell US-based global positioning systems (GPS) developer GloNav to semiconductor maker NXP Semiconductors. The transaction will involve an initial cash payment of $85m, with a further $25m payable based on the achievement of targets, according to a statement. GloNav develops global positioning systems for handheld personal navigational devices and mobile phones.

Vietnam-based private equity firm Mekong Capital’s Mekong Enterprise Fund II has invested $4m in plastic card maker MK Smart Joint Stock Company, the fifth investment made from the fund since its launch in June 2006. MK Smart manufactures bank, loyalty, SIM and scratch-off cards for corporate customers such as telecom operators, banks, insurance companies and the loyalty and ID markets. The $50m Mekong Enterprise Fund II focuses on equity investments in unlisted companies, which, at the time of the original investment, are typically about two-to-four years away from a listing on one of Vietnam’s stock exchanges.

Polish Enterprise Fund VI, a private equity fund managed by Central and Eastern European private equity firm Enterprise Investors has invested €23m in Slovak transportation service providers STD Slovakia and Donivo MKD. As part of the deal, STD and Donivo will merge and operate under the STD Donivo brand. The companies’ founders will retain their minority positions, while EI will become a 75 per cent shareholder. The new company plans to continue its expansion across the CEE region. The transaction, which is worth €34m including debt leverage and a share capital increase, will support STD and Donivo’s growth. Both entities aim to further modernise and expand their fleet and to broaden and improve the range of services they offer, according to a statement.

US flame-grilled chicken restaurant chain El Pollo Loco has announced that private equity investment firm Freeman Spogli & Co. has made a $45m equity investment in its parent company. The investment will provide additional liquidity for the company, which it plans to use for general corporate purposes and to support an accelerated new store growth plan to further the company’s national expansion. Headquartered in Costa Mesa, California, El Pollo Loco operates a restaurant system currently consisting of 159 company-operated and 230 franchised restaurants located primarily in California, with additional restaurants in Arizona, Nevada, Texas, Colorado, Illinois, Georgia, Connecticut and Massachusetts.

Corporate Partners II, the private equity fund of New York-based Lazard Alternative Investments, has invested €50m in UK china and crystalware company Waterford Wedgewood. As part of the deal Ali E Wambold, CEO of Lazard Alternative and a managing principal of Corporate Partners, and Jonathan H Kagan, also a managing principal of Corporate Partners, will join the board of Waterford Wedgwood.

US energy and commodities private equity firm Denham Capital Management, through its Denham Commodity Partners Fund IV, has acquired an 18 per cent stake in Fairborne Energy Trust and Fairborne Energy, in a deal worth approximately CAN$113m ($115m). Denham initially acquired 13.4 million shares at $7.45 per share, representing a 15.9 per cent stake. The firm then acquired a further 1.7 million shares, increasing its stake to 18 per cent. As part of the deal Carl J Tricoli, senior managing director of Denham, has been appointed to the Fairborne board of directors. Copyright © 2008 AltAssets