News Archive: August 2008 
Microfinance firm BlueOrchard receives $75m commitment from pension fund ABP
29/08/2008. Microfinance fund manager BlueOrchard has received a commitment of $75m from Dutch pension fund ABP for its BlueOrchard Private Equity Fund. The fund has assets under management totalling $111m following ABP's commitment. It has a target of $220m, which the firm hopes to reach by the end of 2008. 
Sequoia Capital closes Indian growth fund on $725m
29/08/2008. Sequoia Capital India has closed its second growth equity fund dedicated to India, Sequoia Capital India Growth Fund II, on $725m.
Cressey & Company opens Nashville office
28/08/2008. Chicago-based healthcare sector-focused investment firm Cressey & Company has opened an office in Nashville, US. The new office is the firm's second.
CD&R to acquire Bodycote's materials testing business for £417m
28/08/2008. New York and London-based Clayton, Dubilier & Rice has agreed to acquire materials testing business Bodycote Testing Group from UK engineering company Bodycote in a transaction valued at approximately £417m.
Leonardo Venture Capital's MD Professor Wupperfeld quits
28/08/2008. Professor Dr Udo Wupperfeld has resigned from his position as managing director of German venture capital firm Leonardo Venture Capital.
US private equity firm Leonard Green sells florist chain FTD for $754m
28/08/2008. Los Angeles private equity firm Leonard Green & Partners has completed the sale of florist chain FTD Group to United Online for $754m. The firm announced the sale in April of this year, though for the higher price of $800m.
Biopharmaceutical expert Edward Mathers joins NEA
27/08/2008. US venture capital firm New Enterprise Associates has appointed Edward T Mathers as partner. Mathers will focus on healthcare investments in areas including biotechnology and specialty pharmaceuticals.
Kuwaiti investment bank Global acquires Saudi-based retail chain Al Sawani
27/08/2008. The private equity group of Kuwaiti investment bank Global Investment House has acquired a controlling stake in Saudi-based retailer Al Sawani Food and Industrial Supply Company. Financial terms of the deal were not disclosed.
Energy private equity firm First Reserve establishes nuclear fuel supply company Accord
27/08/2008. Energy-focused private equity firm First Reserve Corporation has partnered with nuclear industry veterans Charles Scorer and David Sloan to form integrated nuclear fuel supply company Accord Nuclear Resources. Accord will acquire and integrate businesses that operate in the commercial nuclear power generation sector, with a focus on uranium mining and production and related infrastructure operations and services.
SLCP holds €520m fourth closing on latest fund of funds
26/08/2008. Edinburgh-headquarted private equity firm SL Capital Partners has held a €520m fourth closing on its 15th fund of funds, European Strategic Partners 2008. The fund held previous closings in January, April and July of this year. The final closing is expected to take place in March 2009, the firm said.
US venture capital firm Battery expands Israel office
26/08/2008. Technology venture capital and private equity firm Battery Ventures has expanded its Israel operations with the arrival of US-based general partner Scott Tobin and senior associate David Sokolic. They will work out of the firm's Herzilya office, which opened in 2005.
Clean Resources Asia launches long-only water fund
26/08/2008. CLSA Capital Partners' CRA Management has launched a third fund, Clean Water Asia Long Only Fund, a long-only, principally listed equity focused fund. CRA principal and CIO Andrew Pidden explained that this third fund was part of Capital Partners' strategy to roll out the clean investment platform into a full service group, from unlisted through long-only to hedge funds.
Altor closes third fund on €2bn
22/08/2008. Nordic private equity firm Altor Equity Partners has closed its third fund, Altor Fund III, on its hard cap of €2bn.
Nexus India Capital closes early stage fund on $220m
21/08/2008. Indian early stage investor Nexus India Capital has closed its second fund, Nexus India Capital II, on $220m. The fund will focus on consumer and business services, technology, media and cleantech, investing up to $10m per company, the firm said.
Amanda Capital CEO Petteri Änkilä to step down
21/08/2008. Petteri Änkilä, the CEO of Finnish private equity firm Amanda Capital, is to step down. The firm's CFO, Petter Hoffström, will serve as acting CEO, the firm said.
Vector-owned Corel confirms it is in discussions with third party
21/08/2008. Corel Corporation, an Ottawa, Canada-headquartered developer of graphics, productivity and digital media software, has confirmed that it is 'in discussions with a third party regarding a potential sale of Corel'. Vector Capital Partners owns 69 per cent of the company.
Endless backs £70m buy-out of Crown Paints
20/08/2008. Buy-out and turnaround specialist Endless is backing the MBO of UK paint company Crown Paints from Dutch manufacturing corporation Akzo Nobel. The size of the deal was not disclosed, but was reported to be in the region of £70m.
AIP closes $405m fund
19/08/2008. New York-based mid-market private equity group American Industrial Partners has closed American Industrial Partners Capital Fund IV on $405m.
Evergreen hires Edward Whatley as senior vice president
19/08/2008. Seattle, US-based mid-market buy-out firm Evergreen Pacific Partners has hired Edward A Whatley, Jr as a senior vice president. Whatley will be responsible for originating investment opportunities throughout the Western US and Canada as well as participate in all activities of the firm throughout the entire investment cycle.
Permira to sell Jet Aviation to General Dynamics
19/08/2008. UK-based buy-out house Permira has agreed to sell Switzerland-based business aviation service company Jet Aviation to defence contractor General Dynamics for a reported $2.25bn.
Carlyle/Riverstone Global Energy and Power Fund III sells International Logging
19/08/2008. The Carlyle Group and Riverstone Holdings, through their Carlyle/Riverstone Global Energy and Power Fund III, have sold their stake in International Logging, Inc. to oilfield services company Weatherford International. The firms acquired ILI, alongside Boston-based private equity firm Cherington Capital (now Intervale Capital) and company management, in March 2006. Financial terms of the deal were not disclosed.
China venture capital investment reaches $1.37bn in Q2
19/08/2008. Venture investment in Mainland China reached its highest level for five years in the second quarter of 2008, with nearly $1.37bn invested across 71 deals, significantly up from the $662m invested in 69 deals during the same period last year, according to the China Quarterly Venture Capital Report released by Dow Jones VentureSource.
EVCA announces new board members
18/08/2008. The European Private Equity and Venture Capital Association has appointed 11 new members to its board of directors. They replace members who have either reached the end of their mandate or are stepping down for other reasons.
Cinven reportedly targets up to €10bn for new fund
18/08/2008. European buy-out house Cinven is reportedly preparing to raise a €8-10bn fund. The new fund will be the firm's fifth.
Researcher Sarah Pratt joins Sovereign from Citigroup Global Markets
18/08/2008. UK lower mid-market private equity firm Sovereign Capital has hired Sarah Pratt as a researcher. Sovereign now has a 20-strong investment team. Pratt will be responsible for supporting Sovereign's ongoing research in its defined service-based sectors of education and training, healthcare and support services.
Riverside sells German company IndustrieHansa Engineering and Consulting
18/08/2008. The Riverside Company has sold IndustrieHansa Engineering and Consulting, an engineering service and consulting provider to the German automotive and aerospace industries, to Findos Investor, a mid-market private equity firm backed exclusively by German family-owned companies as investors. The size of the deal was not disclosed, but sources close to the deal confirmed that it was somewhere between €50m and €100m.
Sheeraz Haji joins El Dorado Ventures as entrepreneur-in-residence
15/08/2008. Early stage technology venture capital firm El Dorado Ventures has appointed Sheeraz Haji as an entrepreneur-in-residence. Haji will help the firm identify new investment opportunities in segments including online marketing, web-based consumer applications, software-as-a-service and green consumer services.
Maveron hires consumer brands and digital media specialist Amy Errett as partner
15/08/2008. Seattle, Washington-headquartered venture capital firm Maveron has appointed Amy J Errett as a partner. Errett will focus on consumer digital media, internet services and e-commerce ventures. She will be based in the firm's San Francisco office.
2i's Indian Enterprise Fund holds $60m first closing
14/08/2008. Indian mid-market private equity firm 2i Capital Group has held a first closing on its second fund, the Indian Enterprise Fund, on $60m. The fund has a target of $200m, which the firm expects to reach by the end of the year.
Permira hires Henry Chen as head of Greater China
14/08/2008. Permira has appointed Henry L Chen as head of Greater China. He will be responsible for running the firm's new Hong Kong office and for developing Permira's activities in the region.
Wynnchurch hires Frank Feraco as industry operating partner
13/08/2008. Chicago-based mid-market private equity firm Wynnchurch Capital has appointed Frank J Feraco as an industry operating partner. Feraco will work with portfolio companies and advise on new platform investment opportunities.
Apollo, Lazard plan to work together on European investments
13/08/2008. Apollo Management and Lazard Group are to form a strategic partnership targeting private equity investments in Europe.
TrueBridge closes venture capital fund of funds on $310m
13/08/2008. US asset management firm TrueBridge Capital Partners has closed its inaugural CVE-Kauffman Fellows Endowment Fund on over $310m, exceeding its $250m target. The fund held a previous closing in October of last year, on $115m.
Carlyle to sell steel tube business JMC for $3.53bn
13/08/2008. A shareholder group including The Carlyle Group and the Zekelman family has agreed to sell US steel pipe and tube manufacturer John Maneely Company to Russian steel producer Novolipetsk Steel, for $3.53bn.
RBS reportedly selling debt to PE consortium and ABN AMRO assets to GS
13/08/2008. A private equity consortium reportedly comprising Apollo, TPG Capital and GSO Capital, plans to buy leveraged loans from the Royal Bank of Scotland. The transaction could be worth up to $8bn.
Eqvitec Mezzanine Fund III holds €64m first closing
12/08/2008. Nordic private equity firm Eqvitec Partners has held a first closing on its third mezzanine fund, Eqvitec Mezzanine Fund III, on €64m. The fund has a target of €100m, which the firm expects it to reach by the end of the year.
Primus closes sixth private equity fund on $275m
12/08/2008. US private equity firm Primus Capital Partners has closed its sixth fund, Primus Capital Fund VI, on its hard cap of $275m, exceeding the fund's initial target of $250m. The fund held a previous closing in October of last year.
Earlybird closes fourth fund on €127m
12/08/2008. Germany-based venture capital firm Earlybird Venture Capital has closed its fourth fund, Earlybird IV, on €127m. The fund held a first closing on €65m in May 2007.
Norwegian firm Norvestor closes Norvestor V on €236m
11/08/2008. Oslo-based mid-market private equity firm Norvestor Equity has closed its fifth fund, Norvestor V, on €236m, exceeding the fund's initial target of €225m.
Advent to sell Polish rail company Axtone to IK
11/08/2008. Mid-market private equity firm Advent International has agreed to sell Kanczuga, Poland-headquartered rail freight buffer manufacturer Axtone to IK Investment Partners. The size of the deal was not disclosed but is believed to be around €100m, according to Dow Jones Financial News/Private Equity News.
Cinven acquires 50 per cent of leveraged finance business Indicus
11/08/2008. European private equity firm Cinven has acquired a 50 per cent stake in Indicus Advisors, an alternative investment manager focusing on European leveraged finance and global structured credit. The other 50 per cent of the firm will continue to be held by its senior management.
Avista hires healthcare veteran Dr Patrick O'Neill as industry advisor
11/08/2008. New York-headquartered private equity firm Avista Capital Partners has hired Dr Patrick J O'Neill as a healthcare industry advisor. Dr O'Neill worked for Johnson & Johnson from 1976, until his retirement in 2006.
Polish private equity firm Enterprise Investors acquires bathroom retailer Wema
08/08/2008. Warsaw-based private equity firm Enterprise Investors has acquired a 60 per cent stake in Polish bathroom retailer and wholesaler Wema for €46m. The firm made the investment from its €658m Polish Enterprise Fund VI, which closed in September 2006.
Apollo hires Gary Stein as director of investor relations
08/08/2008. Apollo Global Management has appointed Gary M Stein to the newly created position of director of investor relations. Stein will be responsible for establishing and maintaining interactions with current and prospective investors, research analysts and the general investment community.
Blackstone establishes cleantech energy group
07/08/2008. The Blackstone Group has established a new business group focused on investments in the cleantech energy sector. The group will also provide advice on renewable energy strategies across Blackstone's diverse asset base.
Shailendra Bhandari joins Tata Capital
07/08/2008. Shailendra Bhandari has reportedly joined Mumbai-based Tata Capital. Bhandari will lead the firm's private equity division.
Allianz Capital Partners to sell BARTEC to Capvis
06/08/2008. Munich-based Allianz Capital Partners, part of Allianz Group, has agreed to sell a majority stake in German industrial safety technology company BARTEC to Swiss private equity firm Capvis. The size of the deal was not disclosed. Sources familiar with the deal said that the transaction was worth around €300m. Company founders and management will remain minority shareholders following the transaction.
Carlyle to purchase minority stake in Italian Moncler
06/08/2008. US buy-out giant The Carlyle Group has agreed to acquire a 48 per cent stake in Moncler, the holding entity of Moncler Group, an Italian manufacturer of sportswear products. The company is currently owned by Mittel Private Equity (35 per cent), Progressio (22 per cent), ISA (four per cent), Remo Ruffini (38 per cent) and the company's management (one per cent).
Riverstone to acquire Gibson Energy for CAN$1.1bn
06/08/2008. Energy and power-focused private equity firm Riverstone has agreed to acquire Canadian midstream oil and gas company Gibson Energy Holdings from UK-listed energy services group Hunting for CAN$1.1bn (£538m).
Ratos executive vice president Thomas Mossberg retires
06/08/2008. Thomas Mossberg, executive vice president of Swedish private equity firm Ratos, has retired, having reached his contractual retirement age of 62. Mossberg has held the position since 1988.
HBOS launches fund for investors to put capital into its portfolio companies
06/08/2008. UK lender HBOS is raising a £400m fund which will acquire stakes in HBOS portfolio companies, with HBOS continuing to be invested in those companies through the new investment vehicle. A source familiar with the fundraising has confirmed that HBOS has privately approached investors.
Asciano rejects AUS$2.9bn bid from TPG, GIP
05/08/2008. Australian infrastructure company Asciano has rejected a AUS$2.9bn proposal from private equity firms TPG Capital and Global Infrastructure Partners, the infrastructure-focused private equity firm backed by Credit Suisse and General Electric. The offer was for AUS$4.40 per share.
China private equity funds raise $3bn in second quarter
05/08/2008. In the second quarter of this year, 24 new private equity funds raised a total of $3.008bn, according to the China VC/PE Market Fundraising Report Q2 2008 released by ChinaVenture.
Actis consortium acquires Alstom South Africa for $700m
05/08/2008. Emerging markets private equity investor Actis has formed a consortium to acquire Alstom South Africa, a major electrical engineering, manufacturing, distribution and contracting business, for $700m. Actis's partners in this transaction are Old Mutual Investment Group, company management and existing Black Economic Empowerment partners Kagiso, Tiso and a private investor.
Evergreen closes second fund on $425m
04/08/2008. Seattle, US-based mid-market buy-out firm Evergreen Pacific Partners has closed its second fund, Evergreen Pacific Partners II, on its hard cap of $425m, above its $400m target.
Blackstone opens Beijing office, appoints Shan Fu as chief representative
04/08/2008. The Blackstone Group has established a representative office in Beijing, to be headed by Shan Fu, who has joined the firm as its Beijing chief representative.
Tasman Capital completes buy-out from Nikko Citi Holdings
04/08/2008. Australia and New Zealand-focused mid-market private equity firm Tasman Capital Partners has been formed as the result of an MBO of the Nikko Principal Investments Australia business from Nikko Citi Holdings.
Inflexion adds two investment professionals, promotes three
04/08/2008. UK mid-market buy-out firm Inflexion Private Equity has added two new professionals, Andrew Leek and Clara Chen, to its investment team.
TSG Consumer Partners launches emerging consumer brands fund
04/08/2008. US mid-market private equity firm TSG Consumer Partners has launched a dedicated fund focused on investments in emerging consumer growth brands.
Hudson Clean Energy Partners hires wind energy executive Mike O'Neill
01/08/2008. Teaneck, New Jersey-based renewable energy-focused private equity firm Hudson Clean Energy Partners has hired Mike O'Neill to assist the firm in the launch of the newly formed renewable energy company Element Power. He will take on a senior leadership role in Element.
Carlyle’s $600m Blue Wave hedge fund to wind down
01/08/2008. Carlyle-Blue Wave Partners Management, the multi-strategy hedge fund programme backed by private equity giant The Carlyle Group, has gone into voluntary liquidation. Once all positions have been liquidated the Carlyle Multi-Strategy Partners funds will be closed.
Piper Jaffrey hires cleantech specialist Doug Cameron
01/08/2008. US financial house Piper Jaffray has appointed Doug Cameron, former chief scientific officer at Khosla Ventures, as managing director and chief science adviser.
Versant closes fourth healthcare venture fund on $500m
01/08/2008. US healthcare venture capital firm Versant Ventures has closed its fourth fund, Versant Venture Capital IV, on its target of $500m.
Hicks Acquisition, Blackstone to take Graham Packaging public in $3.2bn deal
02/07/2008. Hicks Acquisition Company I, a Dallas-based special purpose acquisition company founded and headed by Thomas O Hicks, The Blackstone Group and the Graham Group, have agreed to take York, Pennsylvania-based Graham Packaging Holdings public. The transaction is valued at approximately $3.2bn.
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