NEWS & VIEWS

Global private equity and venture capital news and research

Europe

7 October 2009

Volume of UK buy-outs falls to lowest level in 25 years

The volume of private equity-backed UK buy-outs in Q3 2009 fell to the lowest level for a quarter of a century with only 31 deals completed. The value of buy-outs in the same period totalled £556m (€607.9m), the lowest for 15 years, according to the latest data published by the Centre for Management Buyout Research (CMBOR).

7 October 2009

GI Partners portfolio company Park Resorts announces £325m debt restructuring

The creditors of troubled GI Partners portfolio company Park Resorts have agreed to restructure the terms of its £325m (€351m) debt facilities. The arrangement includes a new £25m (€27m) revolving debt facility to finance a five year investment programme in the company’s 37 caravan parks around the UK and the resetting of the covenants of its debt.

7 October 2009

Venture firm DN Capital hires principal for London office

DN Capital, a media and technology growth capital and early stage investor, has hired former DFJ Esprit partner Tom Bradley as a principal.

7 October 2009

UK firm Inflexion Private Equity strengthens origination team

Inflexion Private Equity, a UK mid-market private equity, has strengthened its operations with the addition of a new origination executive, Angela Galbraith, to its team.

7 October 2009

Italian firm Xenon Private Equity raises €150m

Italian lower mid-market buy-out firm Xenon Private Equity has finished fundraising for its latest vehicle, Xenon V, having notched up €150m, according to reports.

7 October 2009

Terra Firma’s UK renewable energy company Infinis sees its takeover bid for Novera rejected

UK renewable energy company Novera has rejected a £90.5m (€98m) takeover bid from private equity firm Terra Firma’s renewable energy generator Infinis Energy.

7 October 2009

Candover gains two months to decide fate of frozen fund

Candover, the troubled European private equity firm, has gained two months to negotiate with investors over the fate of its €3bn buy-out fund, according to reports.

6 October 2009

Nordic Capital saves Master Marine with €270m recapitalisation

Private equity house Nordic Capital has provided a financing package of €270m to offshore energy service company Master Marine, making it the majority owner of the company.

6 October 2009

Wendel to sideline investment partner Carlyle in Dutch leather coatings business Stahl restructure

French listed investor Wendel Investissement has offered Dutch leather coatings company Stahl a €60m debt restructuring facility that, if accepted, would sideline fellow investor the Carlyle Group, according to the Financial Times.

5 October 2009

Oaktree, Anchorage restructure BAVARIA Yachtbau’s balance sheet

Anchorage Advisors and Oaktree Capital Management, two private equity firms that focus on special situations, have restructured BAVARIA Yachtbau’s balance sheet. The two firms collectively own 95 per cent of the yacht manufacturer’s €960m debt.

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