News Archive: June 2008

Candover acquires minority stake in Technogym
30/06/2008. European buy-out firm Candover has agreed to acquire a 40 per cent stake in Italian fitness equipment company Technogym from founder-owners Nerio and Pierluigi Alessandri. Financial terms were not disclosed.

Advent to back French fashion retailer Gérard Darel
30/06/2008. Advent International has agreed to acquire French fashion retailer Gérard Darel and support the company's international expansion.

UK firm Rutland hires Kajen Mohanadas as investment analyst
30/06/2008. UK firm Rutland Partners has appointed Kajen Mohanadas as an investment analyst.

Doughty Hanson to acquire Danish company Svendborg Brakes for €460m
27/06/2008. European private equity firm Doughty Hanson & Co has agreed to acquire 100 per cent of Vejstrup, Denmark-headquartered industrial braking systems supplier Svendborg Brakes from the two founder-owners, Erik Skjaerbaek and Jan Struwe, for €460m.

DBL Investors appoints Cynthia Ringo as managing partner
27/06/2008. San Francisco-based venture capital firm DBL Investors has appointed Cynthia Ringo as a managing partner. In her new role, she will help manage all aspects of DBL Investors' operations and investing activity.

Carlyle hires James Burr as managing director, Global Financial Services Group
27/06/2008. The Carlyle Group has appointed James F Burr, the corporate treasurer at Wachovia Bank, as a managing director in its Global Financial Services Group. Burr will be based in New York City.

Intervale Capital closes debut oilfield services buy-out fund on $280m
26/06/2008. Upstream energy-focused private equity firm Intervale Capital has closed its debut buy-out fund, Intervale Capital Fund, on over $280m, surpassing the original target of $200m. The fund targets investments in technology-oriented oilfield service companies.

General Atlantic hires Robert Callahan, Dinvar Devitre
26/06/2008. General Atlantic has appointed former ABC president Robert F Callahan and former Altria Group CFO Dinyar S Devitre as special advisors to the firm. Both will provide strategic counsel to GA and its portfolio companies.

UK-based private equity firms invest £32bn in 2007, BVCA report shows
26/06/2008. Investment by member firms of the British Private Equity and Venture Capital Association showed an underlying increase of more than one third in 2007, according to the 2007 Report on Investment Activity published by the BVCA in conjunction with PricewaterhouseCoopers.

AIG Highstar Capital II sells interest in power generation company InterGen
25/06/2008. AIG Investments and Highstar Capital, through their AIG Highstar Capital II fund, have agreed to sell their 50 per cent ownership interest in Netherlands-headquartered power generation company InterGen to Indian infrastructure developer GMR Infrastructure. The transaction is valued at $1.1bn.

Phoenix Equity Partners backs £95.6m Ashtead Technology Rentals buy-out
25/06/2008. Phoenix Equity Partners has agreed to acquire Ashtead Technology Rentals, a provider of rental equipment to the offshore oil and gas sector and the environmental monitoring and testing industry, in a £95.6m transaction. The investment in Ashtead Technology Rentals is the eighth investment from Phoenix's £375m fund raised in April 2006.

Boris Johnson launches London financial services review, with Philip Yea
25/06/2008. Boris Johnson, the new mayor of London, has launched a review of London's financial services to examine how the city can sustain its position as major international financial centre. The review group includes 3i Group chief executive Philip Yea.

First Reserve backs new insurance company Torus with $720m investment
24/06/2008. Energy-focused private equity firm First Reserve Corporation has backed the formation of Torus Insurance Holdings (Bermuda). First Reserve has invested $720m in the new specialist insurance company. Torus senior management is investing in the deal alongside First Reserve.

CDC invests $250m in Indian funds
24/06/2008. UK government-backed private equity emerging markets fund of funds manager CDC Group has made new commitments totalling $250m to three funds focused on infrastructure and real estate investment in India.

Black Diamond to sell Bayou Steel for $475m
24/06/2008. Alternative asset management firm Black Diamond Capital Management has sold US structural steel manufacturer Bayou Steel to steel giant ArcelorMittal for $475m.

Ospraie leads $2.8bn acquisition of ConAgra Foods' trading, merchandising ops
24/06/2008. An investor group led by the Ospraie Special Opportunities Fund and including General Atlantic and a private investment fund managed by Soros Fund Management, has acquired the commodity trading and merchandising operations of US packaged food company ConAgra Foods for $2.8bn, net of transaction costs and subject to post-closing adjustments.

Spanish firm SI Capital appoints Guillermo Briones as chairman
24/06/2008. Barcelona-based cleantech private equity firm SI Capital Partners has appointed renewable energy entrepreneur Guillermo Briones as chairman. Briones will take a minority stake in the fund management company.

European private equity performed well in 2007, final EVCA figures confirm
24/06/2008. The European private equity industry in 2007 returned 11.8 per cent on a pooled average basis, net of management fees and carried interest, according to final performance figures for 2007 released by the European Private Equity and Venture Capital Association and compiled by Thomson Reuters.

Starwood Energy closes $433m infrastructure fund
23/06/2008. Energy and power-focused private equity firm Starwood Energy Group Global has closed its first fund, Starwood Energy Infrastructure Fund, on $433m, exceeding its $400m target. Starwood Energy is an affiliate of Starwood Capital Group Global, a Greenwich, Connecticut-based real estate-focused private equity firm.

3i to take 49 per cent stake in Antichi Pellettieri for €118m
23/06/2008. European mid-market buy-out firm 3i has agreed to acquire a 49 per cent stake in the handbags and accessories division of Italian leather goods company Antichi Pellettieri for €118m. Antichi Pellettieri is the leather goods division of Mariella Burani Fashion Group.

Ashmore launches fifth Global Special Situations Fund
23/06/2008. London-based emerging markets asset manager Ashmore Investment Management has launched a new emerging markets special situations fund, Ashmore Global Special Situations Fund Five.

Supreme Court of Canada reverses Québec court's decision on BCE
23/06/2008. The Supreme Court of Canada has given the go-ahead for the sale of BCE to an investor group led by Teachers' Private Capital, the private investment arm of the Ontario Teachers' Pension Plan, Providence Equity Partners, Madison Dearborn Partners and Merrill Lynch Global Private Equity.

3i sells ABX to DSV
23/06/2008. 3i and other shareholders have agreed to sell XB Luxembourg Holdings 1, the parent of the Brussel-headquartered freight forwarder ABX LOGISTICS Worldwide Group. The aggregate price of the entire share capital, on a debt and cash free basis (enterprise value) is €750m.

Warburg Pincus backs new private investment firm Constitution Medical Investors
23/06/2008. Warburg Pincus is backing the launch of a new firm to acquire healthcare-related platform technologies and companies. Constitution Medical Investors, as the new Boston-based firm is called, will be led by senior healthcare executives Patrick Sullivan and Daniel Levangie.

Warburg Pincus, Blackstone lead $500m investment in Kosmos Energy
23/06/2008. Warburg Pincus and Blackstone Capital Partners, an affiliate of The Blackstone Group, have led a $500m investment round in West African oil company Kosmos Energy.

Investment and fundraising strong in 2007, final EVCA figures confirm
23/06/2008. European private equity firms invested €73.8bn in 2007, up from €71.2bn in 2006, with buy-out investments increasing to €58.3bn from €50.3bn in 2006, while venture investments dropped to €12bn from €17.3bn, according to the final figures for 2007 released by the European Private Equity and Venture Capital Association and compiled by PEREP_Analytics, an independent data-gathering body.

Blackstone to acquire Apria for $1.6bn
20/06/2008. The Blackstone Group has agreed to acquire home healthcare company Apria Healthcare in a deal worth approximately $1.6bn. Apria also entered into a $280m credit facility with Bank of America, Wachovia and Barclays Capital.

USS commits $750m to Constitution Capital Partners
19/06/2008. Newly established private equity fund of funds Constitution Capital Partners has received a $750m commitment from UK pension fund the Universities Superannuation Scheme. Alongside an investment of $600m, USS has committed a $150m warehouse line loan. As part of the deal, USS will take an approximate ten per cent ownership stake in CCP.

CapMan, InnovationsKapital to invest in Crayon Print
19/06/2008. CapMan's CapMan Technology 2007 fund and InnovationsKapital have agreed to invest in Oslo-headquartered IT-consultancy group Crayon, owned by Norwegian company Artix.

Aquiline hires Mark Rodrigues
19/06/2008. New York based private equity firm Aquiline Capital Partners has hired former Oliver Wyman managing director Mark S Rodrigues. Rodrigues was also global head of strategic information technology and operations at Oliver Wyman, where he advised financial institutions on operations, risk management, sourcing and technical innovation.

Accel-KKR backs launch of new private equity firm M2 Technology Partners
18/06/2008. Menlo Park-headquartered technology private equity firm Accel-KKR is backing the launch of software and services-focused private equity firm M2 Technology Partners. Financial details were not disclosed.

Carlyle appoints Sunil Kaul as senior director
17/06/2008. The Carlyle Group has appointed Sunil Kaul to join Carlyle Asia Partners as a senior director, financial services. Based in Singapore, he will focus on expanding the firm's activities in the financial services sector across the region.

Madrona closes Madrona Venture Fund IV on $250m
17/06/2008. US early stage technology venture capital firm Madrona Venture Group has closed its Madrona Venture Fund IV on $250m, exceeding the initial target of $225m.

US firm Platinum Equity to sell PNA Group in $1.1bn deal
17/06/2008. Platinum Equity has agreed to sell steel company PNA Group to Reliance Steel & Aluminum Co. The transaction is valued at $1.1bn. Return information was not disclosed but Platinum described its investment in PNA as 'very successful'.

Polaris Acquisition to acquire Hughes Telematics in $700m deal
17/06/2008. Polaris Acquisition Corp., a special purpose acquisition corporation, has agreed to acquire Atlanta-based automotive technology solutions company Hughes Telematics in an all-stock transaction valued at approximately $700m. The deal includes an additional $140m in capital to fund the company's growth opportunities, according to a statement.

Venture Investment Associates hires Cliff Gilman, Jennifer Acker Ayer
17/06/2008. US private equity fund of funds Venture Investment Associates has appointed Cliff Gilman and Jennifer Acker Ayer to the firm's investment team and general partner. In their new roles, they will both have responsibilities across all aspects of VIA's business, including working with its managers and limited partners.

Carlyle to acquire De La Rue's Cash Systems for £360m
16/06/2008. The Carlyle Group has agreed to acquire Cash Systems, a Basingstoke, UK-headquartered business that provides cash handling technology, from De La Rue for an enterprise value of £360m.

Hermes Private Equity adds Peter Gissel, Mark Nunny to direct investment team
16/06/2008. Hermes Private Equity, the private equity arm of Hermes Fund Managers, has appointed Peter Gissel as partner and Mark Nunny as investment manager. The two appointments bring the number of investment professionals within the direct investment team at Hermes Private Equity to nine.

Quadrangle to acquire Greenfield Online for $426m
16/06/2008. Media and communications-focused private investment firm Quadrangle Group has agreed to acquire interactive media and services company Greenfield Online in a deal worth approximately $426m.

Hudson Clean Energy Partners hires Shaun Kingsbury
13/06/2008. Renewable energy-focused private equity firm Hudson Clean Energy Partners has appointed Shaun Kingsbury as a partner, based in the firm's London office. In his new role he will be responsible for Hudson's European operations.

Candover, Goldman Sachs, AlpInvest increase Expro offer to £1.8bn
13/06/2008. Candover Partners, Goldman Sachs Capital Partners and AlpInvest Partners, through new acquisition vehicle Umbrellastream, have increased their previously agreed offer for well flow management business Expro to £1.806bn.

Industri Kapital renames itself IK Investment Partners
12/06/2008. Mid-market European private equity firm Industri Kapital has changed its name to IK Investment Partners, to reflect its expanded investment and geographical focus.

Waterland closes fourth fund on €800m
12/06/2008. Waterland Private Equity Investments has closed its fourth fund, Waterland Private Equity Fund IV, on its hard cap of €800m. The fund was launched in March of this year.

3i Infrastructure raises £115m for new investments
12/06/2008. 3i Infrastructure, a Jersey-incorporated closed-ended investment company advised by 3i, has raised a further £115m through a placing and open offer of new shares, at 106 pence per share. This is in addition to a £225m credit facility agreed in March.

H.I.G. Capital closes $3bn distressed fund
11/06/2008. H.I.G. Capital's distressed debt affiliate, Bayside Capital, has closed its H.I.G. Bayside II fund on $3bn. The final closing was also a first closing.

China puts $2.5bn into TPG's new fund
11/06/2008. TPG will receive more than $2.5bn from China's State Administration of Foreign Exchange for its new fund, the Financial Times reported.

Phoenix to sell Partnership to Cinven
10/06/2008. UK mid-market private equity firm Phoenix Equity Partners has agreed to sell UK's retirement solutions provider Partnership Group Holdings to a new company funded by Cinven and Partnership's management team, for £150m.

Laurence Tosi to join Blackstone as CFO
10/06/2008. The Blackstone Group has announced that Laurence A Tosi will join the investment and advisory firm as a CFO. Tosi will serve on Blackstone's executive committee.

Silverfleet to make 3.1 times return on Jost World investment
10/06/2008. European private equity firm Silverfleet Capital, formerly known as PPM Capital, has agreed to sell Jost World, a German manufacturer of components for commercial vehicles, to Cinven. Silverfleet expects the deal to result in a 3.1 times money multiple and an IRR of 47 per cent on their original equity investment.

New venture capital firm Amplio launches €50m renewable energy fund
09/06/2008. Newly formed renewable energy venture capital firm Amplio Partners has launched its inaugural fund, targeted at €50m. The management team will put approximately €10m into the fund, a source told AltAssets.

Tuninvest closes €125m fund for Algeria, Morocco, Tunisia
09/06/2008. Tunisia-based private equity house Tuninvest has closed its latest fund, Maghreb Private Equity Fund II, on €124.5m. The fund held three interim closings, in June 2006, January 2008 and April 2008. It had an initial target of €80-100m.

Clayton, Dubilier & Rice hires manufacturing industry veteran Fred Kindle as partner
06/06/2008. Clayton, Dubilier & Rice has appointed former ABB president and CEO Fred Kindle as a partner.

Apax, Madison Dearborn, TA buy €1.1bn stake in Weather Investments
06/06/2008. A consortium of private equity firms comprising Apax Partners, Madison Dearborn Partners and TA Associates has acquired a ten per cent stake in telecommunications company Weather Investments for €1.1bn.

Fidelity Equity Partners hires Bain Capital's Ian Blasco as partner
05/06/2008. Mid-market private equity firm Fidelity Equity Partners has appointed former Bain Capital principal Ian Blasco as a partner. Based in the firm's Boston office, Blasco will focus on the technology, communications and business services sectors.

RockPort closes $450m cleantech fund
05/06/2008. Cleantech-focused venture capital firm RockPort Capital Partners has closed its third fund, RockPort Capital Partners III, on over $450m, the hard cap of the fund. It had an initial target of $400m and held a first closing just three weeks ago, on $400m.

ISIS sells SLR Consulting to 3i for £100m
04/06/2008. UK lower mid-market buy-out firm ISIS Equity Partners has sold its shareholding in UK environmental consultancy SLR Holdings to 3i in a secondary buy-out worth about £100m. The sale generates a six times multiple and an IRR of 72 per cent, ISIS said in a statement.

Björn Savén appointed executive chairman at Industri Kapital
04/06/2008. European mid-market private equity firm Industri Kapital has appointed Björn Savén as its new executive chairman.

CVC to acquire €2.4bn stake in German company Evonik
04/06/2008. CVC Capital Partners, which has had an office in Frankfurt since 1986, has agreed to acquire a 25.01 per cent stake in German chemicals, energy and real estate company Evonik Industries from the state-controlled RAG Foundation, the sole shareholder of the business to date, for approximately €2.4bn.

AXA Private Equity closes AXA LBO Fund IV on €1.6bn
04/06/2008. European private equity firm AXA Private Equity has closed its fourth LBO fund, AXA LBO Fund IV, on its hard cap of €1.6bn. The fund will invest primarily in mid-sized companies in France, Germany and Italy.

L Capital to acquire Princess Yachts
04/06/2008. L Capital, an investment group sponsored by luxury brand group LVMH and Groupe Arnault, the investment vehicle of French billionaire Bernard Arnault, has agreed to acquire high-end yacht company Princess Yachts International for a reported £200m.

Adveq Opportunity II closes on $457.5m
03/06/2008. Zurich, Switzerland-based private equity fund of funds manager Adveq has closed its latest fund, Adveq Opportunity II, on $457.5m. Adveq set up the Opportunity Program in May 2005 to pursue special investment strategies outside the traditional private equity sectors of venture capital and buy-outs in the US.

New Jersey State Investment Council commits $850m to funds
03/06/2008. The New Jersey State Investment Council has agreed commitments totalling $850m to five different buy-out and debt-related funds.

Gresham hires Dan Hatcher as investment partner
02/06/2008. UK mid-market buy-out firm Gresham has appointed Dan Hatcher as a partner in its investment team, based in the firm's London office.

Barclays Private Equity acquires Novem
02/06/2008. European mid-market buy-out firm Barclays Private Equity, alongside company management, has acquired vehicle interiors business Novem Group. Barclays Private Equity is acquiring an 85 per cent stake, while Novem management is taking a 15 per cent stake. Financial details were not disclosed. However, Barclays Private Equity said that Novem has an annual turnover of approximately €300m.

21 Centrale Partners sells Averys
30/05/2008. 21 Centrale Partners has sold European storage systems company Averys to LBO France. 21 Centrale Partners took Averys private in 2005. The deal values the company at €180m.