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Weekly Deals and Funds Roundup: 18 June 200818/06/2008. 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.
German private equity firm Halder has sold its majority stake in Karl Eugen Fischer Holding through a secondary buy-out to a fund managed by Equita. Karl Eugen Fischer manufactures cutting machines for the tire industry. The company generated revenues of €51m in 2007, and has a workforce of 324 employees. Halder first invested in the company in May 2006. The sale is Halder's third transaction in 2008, following the acquisition of VAG-Armaturen in January and the firm's recent minority divestment in Gealan.
German OEM solutions provider Winbox Technologies has closed its first equity financing round, led by TVM Capital. Also participating was angel investor Robert Schneider, the founder and CEO of SCM Microsystems. As part of the transaction, Schneider and TVM Capital's general partner Christian Claussen will join the company's supervisory board. With offices in Munich and Boston TVM Capital focuses its investments on small or mid-size technology and life sciences companies.
Norvester Equity, through its Norvestor V fund, has acquired 70 per cent of RenoNorden, a provider of waste collection services. The company is based in Norway and has recently expanded into Sweden. The company had a turnover of NOK257m in 2007. A 30 per cent share of the company will continue to be held by the previous owners, including company management. Norvestor typically invests equity stakes of €10m to €45m in companies with enterprise values of €20m to €125m and currently has offices in Norway and Sweden.
Mid-market private equity firm Boston Ventures has made a significant investment in Petty Enterprises. Petty Enterprises owns and operates two NASCAR race teams and also operates the Richard Petty Driving Experience. As part of the deal, Boston Ventures managing director Barry Baker will become chairman of the company. Boston Ventures invests in the entertainment, media, information and publishing and communications sectors.
Merrimack Pharmaceuticals, a Massachusetts biotechnology company focused on the discovery and development of treatments for autoimmune disease and cancer, has raised $60m in a Series F private equity financing. Existing and new investors participated in the financing, including Credit Suisse First Boston Next Fund, Crocker Ventures, HNI Holdings, Noonday Asset Management, TPG-Axon Capital and WT Investment Advisors Fund. Merimack's Series E financing round raised $65m in April of 2006.
Belgian private equity firm GIMV plans to purchase Open Transport Network from Nokia Siemens Networks. Financial terms were not disclosed. Nokia Siemens Networks and GIMV will transfer the OTN team of approximately 80 people into a newly formed company owned in majority by GIMV. The deal will include the transfer of key functions in R&D, including manufacturing, sales, technical support and finance, and also product and programme management. GIMV currently manages around €2bn of assets and invests in information and communication technology, life sciences and cleantech as well as in growth financing and MBOs of companies in more traditional sectors.
Bullhorn, a provider of on demand staffing and recruiting software, has raised $26m in new financing, led by venture capital firms Highland Capital Partners and General Catalyst Partners. As part of the financing round, Bob Davis, a general partner at Highland Capital Partners and former CEO and founder of Lycos; and John Simon, a managing director at General Catalyst Partners, will join the Bullhorn board of directors. Highland Capital Partners has over $3bn of committed capital and invests in communications, consumer, digital media, healthcare and IT companies. General Catalyst Partners focuses on investments in the technology fields and is headquartered in Cambridge, Massachusetts.
The Carlyle Group has exited its investment in Transics, a European provider of on-board computers and fleet management solutions for the transport and logistics sector, through a combination of private placement and accelerated book-building. After acquiring Transics in May 2006, Carlyle floated Transics on Euronext in Brussels in June 2007, and retained 42.2 per cent of the outstanding share capital. In the current transaction, Carlyle sold 16.5 per cent of the outstanding share capital out of their 42.2 per cent through a block trade with Parcom, a Netherlands-based investment fund. The investment in Transics was made from the firm's €222m Carlyle Europe Technology Partners fund.
Itero has secured $21m in a Series A financing round. The company's largest shareholder, SV life Sciences led the financing with Panorama Capital, and was joined by commitments from VenturEast. As part of the financing, SV Life Sciences managing partner Michael Ross, director of Panorama Capital Srinivas Akkaraju, VenturEast general partner Bobba Venkatadri and Panorama Capital managing director Rodney Ferguson have all joined the Itero board of directors. SV Life Sciences manages or advises five funds with capital commitments of approximately $1.6bn and invests primarily in North America and Europe.
US private equity firm Bunker Hill Capital has sold Specialty Coating Systems for an undisclosed sum. The sale generated a return of over six times and an IRR in excess of 100 per cent, according to a statement. Bunker Hill acquired SCS, which was formerly a business unit of Cookson Group, in December of 2005. The firm invests in lower mid-market companies with enterprise values up to $150m in the industrial products, business services, consumer products and specialty retail industries. The firm has offices in Boston and San Diego, and has invested over $400m in 28 transactions.
Merrill Lynch Global Private Equity and Ares Life Sciences have acquired Hungarian healthcare services company Euromedic International Holdings from its current shareholders, led by Warburg Pincus. Terms of the transaction were not disclosed. MLGPE is the private equity arm of Merrill Lynch & Co.
Private equity firm Trivest Partners has sold aircraft maintenance business Avborne Heavy Maintenance to AAR Corp.. Allied Capital and PNC Equity also previously held shares in the company. Trivest invested in Avborne in June 1998. The firm provides equity for lower mid-market corporate acquisitions, recapitalisations and growth capital financings. Most recently the firm acquired FOX Protective Services.
Venture capital firms Iris Capital and I-Source have sold their stake in Let It Wave, a French semiconductor video processing company, to Zoran Corporation for up to $27.6m, in an all cash transaction which includes earn-out provisions. Let It Wave has raised €6m from Iris Capital, I-Source and private investors in the past two years. Founded in 1986, the Iris Capital team has invested in over 200 companies a total of more than €800m in its history. I-Source is dedicated to seed and start-up financing in high growth potential companies operating in the area of information and communication technology. The firm has six funds totalling €172m.
3i Group has sold a portfolio of 23 minority stakes in German companies to Heidelberg Capital for an undisclosed sum. The portfolio includes four listed companies; pharmaceuticals supplier 4SC, Swiss biotech fund HBM, nanotech company Nanogate and software business Magix. Other companies being sold include sports shoe supplier Framas, stair company Fuchs and brake business TMD Friction. This is the second portfolio of legacy investments 3i has divested itself of in the last two months as part of its plan to sell small and mid-sized companies it bought into over ten years ago, according to a statement.
AIF Capital, through its $435m AIF Capital Asia III fund, has invested $31m in pharmaceutical business BioPlus Life Sciences. AIF Capital Asia III focuses on China, India and Southeast Asia. Established in 1994, the Asia-based firm's portfolio includes companies in supply chain management, transportation, financial services, manufacturing, steel, engineering services, energy, telecom and media.
Bahrain-headquartered Arcapita Bank has acquired UK rail logistics company Freightliner Group. Freightliner was privatised from British Rail in 1996 via an MBO, which was backed by majority shareholders prior to the acquisition by 3i Group and Electra Partners. The acquisition is Arcapita's first investment in rail logistics. The firm previously focused investments in the healthcare and technology sectors. To date, the bank has completed 66 transactions with a total value of over $23bn and has an equity capital base of $1.1bn.
Private equity firm Richard L. Scott Investments has acquired a majority stake in automotive engineering business Drives-Incorporated, forming new company Drives. Terms of the transaction were not disclosed. Harris Bank provided the senior financing for the transaction, while Northstar Capital provided the mezzanine debt along with an equity co-investment. RLSI focuses on mid-market LBOs of corporate divisions, closely held private companies, and small-cap public companies. The firm has offices in New York and Naples, Florida.
Formation Capital has agreed to purchase Haven Healthcare, a long-term care provider located in the North Eastern US. Financial terms were not disclosed. Formation Capital invests in senior housing and care, and currently is invested in over $3bn of assets. The firm most recently acquired Genesis Healthcare, which is expected to assume management of Haven Healthcare, according to a statement.
Kohlberg Kravis Roberts and DLJ Merchant Banking Partners along with certain management stockholders, have agreed to sell 10,000,000 shares of their common stock in Rockwood Holdings. KKR invested in Rockwood in 2000. DLJ is part of Credit Suisse's Alternative Investments business and most recently acquired RathGibson from private equity firm Castle Harlan.
Waste conversion technology business Ensartech has secured an undisclosed amount of financing, led by Netherlands-based cleantech investment specialist Icos Capital along with additional capital from Capricorn Cleantech Fund. The investment will finance the roll-out of a technology that enables waste-to-energy conversion, according to a statement. Through Capricorn's investment, Ensartech will benefit from the European Union's Competitiveness and Innovation Framework Program and, indirectly, from the support of the Flemish Region. Icos Capital made the investment from its Icos Cleantech Fund I, which closed in 2006.
Intel Capital has led a $50m investment round in Intel spin-off SpectraWatt. Other investors included Cogentrix Energy, a wholly owned subsidiary of The Goldman Sachs Group, PCG Clean Energy and Technology Fundand Solon AG. SpectraWatt manufactures and supplies photovoltaic cells to solar module makers. Intel Capital is Intel's investment arm, and makes equity investments in technology start-ups and companies worldwide
Semiconductor company Solarflare Communications has secured an additional $26m in equity financing, with participation from previous investors including Oak Investment Partners, Foundation Capital, Accel Partners and Amadeus Capital Partners. This investment brings the total amount raised by Solarflare to over $126m in six years. Oak Investment Partners is a multi-stage venture capital firm, and has $8.4bn in committed capital. The firm's focus is on the clean energy, communications, IT, internet, new media, financial services, healthcare services and consumer retail sectors.
Atlanta-based private equity firm, Roark Capital Group has acquired Primrose Schools, a provider of child-care services. Primrose operates as the franchiser of 182 private child care centres generating approximately $275m in system-wide revenues. Primrose's CEO, Jo Kirchner, has invested alongside Roark in the transaction and will continue to lead the company. Roark specialises in business and consumer service companies and has more than $1.5bn of equity capital under management.
A consortium of private equity investors led by Bain Capital has invested $53m in business networking site LinkedIn, according to reports. The investment is for an approximate five per cent stake in the business, and values LinkedIn at around $1.015bn. To date, the company has raised $80m.
NBGI Private Equity has acquired Rock Asphalte, a UK roofing and structural waterproofing provider, through a £16m MBO. Following the deal, managing director John Walsh will continue in his role and Lawrence Dean of NBGIPE will join the board of Rock Group Holdings. The investment was the third investment from the firm’s £100m second fund. NBGI launched in June 2000, and has a focus on investments in the UK or Ireland, principally for MBOs, MBIs, institution-led buy-outs and development capital.
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