NEWS & VIEWS

Global private equity and venture capital news and research

Europe

19 November 2007

BVCA establishes monitoring body ahead of Walker review announcement

When Sir David Walker publishes his final guidelines and recommendations on transparency and disclosure for the private equity industry tomorrow morning, the BVCA will have already established a monitoring and review body to check that private equity firms stick to the 'comply or explain' principle and to keep the guidelines under review.

19 November 2007

3i to acquire lingerie retailer Agent Provocateur

3i has agreed to acquire luxury brand lingerie retailer Agent Provocateur. Financial details of the transaction were not officially disclosed, but sources told AltAssets that the purchase price was approximately £60m.

19 November 2007

Apax, Chequers to sell Alma to Candover

Apax Partners in France and Paris-based buy-out firm Chequers Capital have agreed to sell European cost reduction and tax recovery services business Alma Consulting Group to Candover. The deal is believed to be worth around €800m.

16 November 2007

UK firm Endless expands activity in Northern Ireland, Republic of Ireland

Leeds-headquartered buy-out and turnaround firm Endless has appointed two senior advisers, John Kernohan and Richard Gillan, based in the Belfast area. Initially, they will focus their investment activity on Northern Ireland, but they will also look at opportunities in and around Dublin.

16 November 2007

EQT-led consortium’s offer for Securitas Direct may undervalue company

The SEK9.6bn ($1.5bn) bid for security services business Securitas Direct by a consortium led by Swedish private equity firm EQT is under pressure from US hedge fund investors who own stakes in the company. They claim that the SEK26 ($4.12) per share offer undervalues the company, according to Financial Times and Real Deals.

16 November 2007

UK firm ECI to sell Bounty for £70m

UK mid-market buy-out firm ECI Partners has agreed to sell UK parenting club Bounty to Toronto-based family-focused online media company Kaboose for £70m.

16 November 2007

Gala-led consortium considers bid for Iberia

A consortium led by Spanish private equity firm Gala Capital has approached Spanish flag carrier Iberia. The group is seeking access to Iberia's books. Gala indicated that it may pay in the range of €3.60 to €3.90 per share, valuing the company in the €3.6-3.9bn range.

15 November 2007

US firm Vestar opens Munich office, headed by Jens Tonn

US private equity firm Vestar Capital Partners has opened a further office in Europe. The new Munich office adds to the firm's other locations in Continental European: Paris and Milan. The four-strong German team, headed by Jens Tonn, will further develop the firm's business in the German-speaking region.

15 November 2007

ISIS IV closes on £238.5m

UK lower mid-market buy-out firm ISIS Equity Partners has closed its new fund, ISIS IV, on £238.5m, including a £3.5m commitment from the ISIS team. The fund had an original target of £200m. ISIS began raising the fund in November 2006 and held a first closing on £148.5m in January this year.

14 November 2007

Lion Capital to acquire specialty retailer AS Adventure Group

Lion Capital, a London-based private equity firm with a focus on the consumer sector, has agreed to acquire AS Adventure Group, a specialty retailer of branded outdoor equipment and clothing in Belgium, the UK and the Netherlands, in a €263m transaction, including debt.

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