PRINT THIS PAGE Weekly Deals and Funds Roundup: 9 January 200809/01/2008. 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. DEALS
Falconhead Capital, a private equity firm specialising in investments in sports, leisure, lifestyle and media-focused businesses, has simultaneously acquired three separate enterprises in the endurance sports event and publishing industries and combined them to form a new platform company, to be known as Competitor Group. The three acquired companies, all of which are based in San Diego, California, are Elite Racing, La Jolla Holding Group and Competitor Publishing. Financial terms were not disclosed.
Africa-focused private equity firm Emerging Capital Partners has invested $35m in Nigerian investment holding company Ocean & Oil Investments . The company's main asset is a 32 per cent common equity stake in Oando, Nigeria's largest indigenous diversified oil and gas company. The investment was made through ECP's $523m EMP Africa Fund II, which was established in December 2005. The fund focuses on investment opportunities throughout Africa in sectors including telecoms, natural resources, financial services, agribusiness, transportation, power and water.
American Industrial Partners Capital Fund IV has acquired the Brooks Instrument division of Emerson Electric for an undisclosed sum. Brooks supplies flow measurement and control devices to the low flow application market.
MENASA private investment firm Abraaj Capital has sold its stake in internet portal Maktoob.com to hedge fund Tiger Global Management. The size of the deal was not disclosed, but Abraaj has generated an IRR in excess of 75 per cent, according to a statement. The Abraaj stake was acquired in 2005 by the Abraaj Buyout Fund. The Maktoob exit follows Abraaj's exits of ONIC Holding, Aramex, Amwal and Septech Holdings.
Sun Capital Partners, a private investment firm specialising in LBOs, has completed the acquisition of Mark IV Industries from funds advised by BC Partners and other financial investors. Terms of the transaction were not disclosed. Mark IV manufactures systems and components for the automotive OEM market. Sun Capital has offices in Boca Raton, Los Angeles and New York, as well as affiliates with offices in London, Tokyo and Shenzhen, China.
Venture firm Balderton Capital, formerly Benchmark Capital Europe, has invested in start-up mobile betting service betNOW. Financial terms of the deal were not disclosed. Based in London, Balderton manages approximately $1.5bn in committed venture capital. Previous investments include social networking site Bebo, video game publisher Codemasters and European sports channel Setanta.
UK private equity firm ISIS Equity Partners has exited its investment with the sale of marketing and communications group RLA Group to The Mission Marketing Group in a £20m deal. The transaction is structured with an initial consideration of £9.5m, with a further £11.5m payable depending on specific performance criteria being met. The sale will yield a multiple of 3.7 times, according to a statement. ISIS originally invested £2.35m through its Baronsmead VCT funds in a £3.6m replacement capital deal with RLA in December 2002. Current investments by ISIS in the business services sector include LBM, Occam and Reach.
Boston-based mid-market-focused firm Riverside Partners has sold the semiconductor division of its portfolio company Applied Precision for an undisclosed sum. Riverside Partners recapitalised API alongside the company's founders in 2002. Riverside is currently investing its third fund, Riverside Fund III. The fund focuses on companies with revenues between $20m and $200m, primarily in the healthcare and technology sectors.
Following the termination of The Blackstone Group's agreed $1.8bn acquisition of Mount Laurel, New Jersey-headquartered PHH Corporation, Blackstone has paid PHH a $50m reverse termination fee.
German private equity firm Halder has acquired VAG-Armaturen through an MBO from Equita Beteiligungen Fonds 2 KG. Financial terms of the deal were not disclosed. VAG designs, produces and distributes industrial valves and fittings for the water supply and waste water industry. In 2006, the company generated a turnover of €92m. Besides its headquarters in Mannheim, VAG currently operates three production sites in the Czech Republic, China and India. The acquisition is Halder's ninth investment from its German fund, which was closed in February 2005, on €155m.
Buy-out firm Advent International Corporation has agreed to sell American Radiology Services, a Baltimore, Maryland-based provider of diagnostic medical imaging services, to CML HealthCare Income Fund in a $151m deal. Similar investments from Advent in the pharmaceutical and healthcare sectors include Managed Healthcare Associates, Long Term Care Group, Casa Reha, Delft Instruments, Aviagen, Terapia and Viatris.
Tate & Lyle Ventures and The Scottish Venture Fund of Scottish Enterprise have acquired BioFilm, formerly part of the Devro group, a manufacturer of dissolvable films used to carry active ingredients designed for use in the nutraceutical and medical markets. The acquisition was structured as an MBO by a newly incorporated special purpose vehicle, BioFilm Holdings, backed by Tate & Lyle Ventures, Scottish Enterprise and members of the existing BioFilm management team, headed by Trevor Morgan. BioFilm was acquired for nominal initial consideration plus a sum in respect of working capital. In connection with the acquisition, Tate & Lyle, Scottish Enterprise and management invested just over £3m in BioFilm. Recently, Tate & Lyle Ventures and Scottish Enterprise were part of a consortium which participated in the second round financing of Aquapharm Bio-Discovery, the Scottish marine biotechnology company, in July 2007.
Mid-market private equity firm Cognetas has acquired Eisenberg, Germany-based engine block manufacturer Gebrüder Gienanth-Eisenberg from family holding company Fink Holding. No financial terms were disclosed. In 2007 the company recorded revenues of approximately €150m. The deal marks the third transaction completed by Cognetas within the space of a few weeks; in late December Cognetas backed the MBO of Italian vending machine operator Gruppo Argenta, shortly after announcing the sale of Global Solutions, a provider of outsourced services for public and private sector companies.
US mid-market investor Audax Group has acquired a controlling interest in management services company Reed Group, together with management. Financial terms were not disclosed. Reed's chairman and chief medical officer, Dr Presley Reed, and president, Stacey Grace, will continue to lead the company's management team and serve on the company's board of directors. The Reed family trust will also retain a significant ownership interest in the company.
DLJ Merchant Banking Partners, a private equity investment affiliate of Credit Suisse, has acquired a controlling interest in US dental manufacturer Den-Mat Holdings for an undisclosed sum. Den-Mat develops and distributes over 200 aesthetic products including porcelain veneers and whitening procedures. DLJ is part of Credit Suisse's Alternative Investments business, which comprises funds including private equity, leveraged buy-outs, mezzanine, real estate, secondary funds and fund of funds.
KRG Capital Partners, a Denver-based private equity firm, has completed an investment in industrial lubricant company Tri-County Petroleum. Financial terms were not disclosed. TCP is the ninth platform company for KRG's $715m Fund III.
Nordic private equity firm Segulah, through its Segulah II fund, has agreed to sell LPG cylinder company Kosan Crisplant to Bahrain-based United International Bank for an undisclosed sum. Segulah acquired Kosan in November 2004. In the financial year ending March 2007 Kosan recorded a turnover of €51.5m.
Venture capital firm Fidelity Ventures, alongside its Asian venture and growth capital arm Fidelity Asia Ventures, has led a $26m investment in online manufacturing marketplace MFG.com. The company also saw an additional contribution from existing investor European Founders Fund. As part of the deal, Fidelity Ventures partner, Larry Cheng, has joined MFG.com's board of directors. Fidelity Ventures manages over $800m from its offices in Boston and London. Fidelity Asia Ventures has investment teams in Hong Kong, Beijing, Shanghai and Mumbai.
Private equity firm Gridiron Capital has acquired Electronic Systems Protection in partnership with company management. Financial terms of the deal were not disclosed. Gridiron's current portfolio includes Schutt Sports, PAS technologies, Ramsey Winch, Auto Crane and McKenzie Sports.
Lower mid-market firm Prospect Partners has formed Gold Star Food Service to recapitalise US foodservice distributors Gold Star Foods. Financial terms of the deal were not disclosed. Gold Star serves more than 300 public school districts in California and Arizona. Since 1998, Prospect has invested in some 70 companies across sectors including consumer, commercial, specialty distribution and service markets throughout the US.
California Public Employees' Retirement System (CalPERS) has acquired a 9.9 per cent stake in Silver Lake, a private investor in technology, technology-enabled and related growth industries. Financial terms of the deal were not disclosed. CalPERS also committed to making additional investments as a limited partner in Silver Lake funds. A representative from CalPERS will join Silver Lake's management advisory board. Silver Lake invests in large-cap technology companies through its Silver Lake Partners funds.
FUNDS
Mid-market co-investment fund Parallel Private Equity has committed £70m to Greenhill Capital Partners Europe's fundraising over the next five years.
GCP Europe makes private equity and equity-related investments in mid-market companies located primarily in the UK and Europe. The firm recently held a final closing of its first fund with total committed capital of £191m, of which approximately 35 per cent comes from Greenhill and its employees. GCP Europe has completed two investments to date.
Copyright © 2008 AltAssets
|
