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UK Electra Partners considers exit possibilities for Safety-Kleen
23/12/2003. UK Electra Partners Europe is reviewing strategic options for Safety-Kleen to realise its investment in the parts cleaning services business. The company is valued at approximately £230m. 
GTCR Golder Rauner sells Curascript for $335m
23/12/2003. US private equity firm GTCR Golder Rauner has exited its investment in Curascript Pharmacy. The firm has sold Curascript to publicly traded Express Scripts for approximately $335m.
UK Star Capital acquires stakes in 25 PFI projects
22/12/2003. UK private equity firm Star Capital has acquired equity stakes in 25 operational private finance initiative projects (PFIs). The PFI assets in which the firm has acquired stakes, including debt and equity, have a value of more than £2bn.
IDG Ventures raises $100m fund for investments in Vietnam
22/12/2003. IDG Ventures, the private equity arm of International Data Group (IDG), a technology, media, research and event company, has raised a $100m fund to make investments in Vietnam. The firm is also raising a $20m side-fund for the same purpose.
Chinese Gobi Partners completes $30m close for $75m fund
22/12/2003. Chinese venture capital fund Gobi Partners has reached a first close at $30m. The fund is targeting $75m and will invest in China’s digital media sector.
Volume of UK IPOs to increase in 2004, report says
22/12/2003. Just 16 trading companies were listed on the UK’s Initial Public Offering (IPO) market in 2003, the lowest figure for a decade. But the volume of IPOs is set to increase in the next year, according to KPMG Corporate Finance.
French buy-out group Activa reaches final close on E162m
19/12/2003. French buy-out group Activa Capital has reached a final close on its fund with E162m of commitments after almost two years on the road. The fund will focus on acquisitions the lower mid-market.
Nordic buy-out firm Altor makes its first investments
19/12/2003. Altor Equity Partners, the Nordic buy-out firm set up by Industri Kapital alumnus Harold Mix, has made its first investments. It has acquired two companies in the Nordic receivables management industry, Lindorff and Contant, and plans to merge them together.
EVCA activity indicator suggests private equity conditions improving in Q3
19/12/2003. European private equity activity picked up in the third quarter to reinforce the glimmering sense of a sustained improvement in conditions, according to new figures from the European Venture Capital Association. Fundraising, investment, and divestment all increased on the previous quarter, EVCA said.
Advent completes Spain’s first take private deal for E173m
18/12/2003. Advent International has completed the first take-private deal to be executed by a private equity firm in Spain. The firm has acquired listed amusement park operator Parques Reunidos for E173m.
French Iris Capital, formerly Part-Com, announces first close on E100m
18/12/2003. The France-based venture capital firm Part-Com Management has changed its name to Iris Capital Management and has announced the first close of its latest fund at E100m.
US Coastview Capital hires three new investment professionals from Oxford Bioscience
18/12/2003. US venture firm Coastview Capital has recruited three new investment professionals. Michael Brennan and Stella Sung have joined the firm as managing partners and Edmund Olivier joins as a partner.
Russell Investment Group to buy fund of funds specialist Pantheon
18/12/2003. Russell Investment Group has agreed to acquire private equity fund of funds specialist Pantheon. Russell will integrate its own fund of funds business with that of Pantheon to deepen its private equity capabilities.
Eric Dunn to join US Cardinal Venture Capital as general partner
17/12/2003. US Cardinal Venture Capital has recruited Eric Dunn as a general partner. Dunn joins the firm from Intuit, a provider of software for business and financial management for small business, accounting professionals and consumers.
UK Gresham announces first close at £153m
17/12/2003. UK private equity firm Gresham has announced a first closing on its third fund at £153m. The fund has received commitments from 11 institutional investors so far and is targeting £200m.
3i backs £145m management buy-out of UK tool hire company
16/12/2003. European private equity firm 3i has announced that it is backing the £145m management buy-out of HSS tool hire. ABN Amro is proving debt financing for the deal.
US Blackstone Group bids E3.1bn for German chemical maker Celanese
16/12/2003. US Blackstone has made an offer of E3.1bn for German publicly listed chemicals maker Celanese, in Europe’s third largest ever buy-out.
US-based TIFF closes secondary fund of funds at $150m
16/12/2003. The Investment Fund for Foundations (TIFF), a US not-for-profit co-operative founded by a nationwide network of foundations, has held a final close on its dedicated secondary fund of funds at $150m.
Bregal invests $600m in US Centre Partners
16/12/2003. The international investment firm and family office to the Brenninkmeijer family, Bregal Investments, has announced a $600m commitment to US middle-market private equity firm Centre Partners.
Carlyle Group announces appointments as it expands into Mexico for first time
15/12/2003. The Carlyle Group, a US-based global private equity firm, has made a trio of high- level appointments as part of a first foray into Mexico. The firm has hired Luis Tellez and Joaquin Avila to head up its activities in the country and announced that Thomas McLarty will become a senior advisor on the region.
Barclays doubles money on sale of UK Preferred Mortgages to Lehman Brothers
15/12/2003. Barclays Private Equity has doubled its money on the sale of its majority stake in UK home loans business Preferred Mortgages to Lehman Brothers. Barclays generated a 2.3 times multiple and 40 per cent internal rate of return on the 66 per cent stake it acquired in 2001.
European buy-out firm CVC promotes seven to equity partner
15/12/2003. Pan-European buy-out firm CVC has announced the promotion of seven of its senior directors to equity partner. Their elevation doubles the number of equity partners at the firm and represents a significant broadening of its senior management team.
US venture-backed valuations creep up in Q3 to highest since 2001
15/12/2003. There was more fragile evidence the US venture sector is undergoing something of a recovery with figures showing valuations for venture-backed companies had risen to their highest level in the third quarter since 2001. The overall median pre-money valuation was $11.4m, up from $8.7m in the second quarter, according to VentureOne.
David Tahmassebi joins US Bessemer as entrepreneur-in-residence
12/12/2003. David Tahmassebi has joined US Bessemer Venture Partners as an entrepreneur-in-residence. He will be responsible for helping the firm evaluate potential semiconductor investments.
US Diamondhead Ventures appoints Pete Hartigan as principal
12/12/2003. US Diamondhead Ventures, an early-stage venture firm focused on communications and computing infrastructure spinning out of universities and corporations, has appointed Pete Hartigan as principal.
Hamilton Lane announces new ownership structure and multiple management hires
12/12/2003. Fund of funds firm Hamilton Lane has announced changes to its ownership structure and several additions to its management team.
US Bain Capital buys Deutsche Bahn units for E1.4bn
11/12/2003. US buy-out firm Bain Capital has bought Deutsche Bahn’s chemical distribution and steel trader units for E1.4bn. The move will help the German railway operator to reduce its debt burden as it heads for a possible privatisation.
US Baird Venture Partners closes fund with over $100m of commitments
11/12/2003. US Baird Venture Partners (BVP) has held a final close with over $100m in committed capital. BVP’s new fund will invest in early to late-stage high-growth companies primarily in areas of applied technology, business services and life sciences with a preference for companies located in Wisconsin and the Midwest.
NIF Ventures and Pama to launch Japanese buy-out fund
11/12/2003. Japanese private equity firm NIF Ventures has joined forces with Hong Kong’s Pama to launch a Y30bn corporate buy-out fund early next year. The fund aims to take equity stakes in troubled small businesses with less than Y20bn in market capitalisation or major companies non-core assets.
Etelint launches new technology venture fund with US and China focus
11/12/2003. Etelint Capital Partners has announced the official launch of the Etelint Technology Venture Fund dedicated to invest in IT and life science companies. First Oxygen Ventures is the sole investor in the $25m fund, but the firm plans to increase the size of the fund to $50m next year.
Over half of venture firms plan to raise new funds in 2004
10/12/2003. Slightly over half of venture capital firms are planning to raise another fund before the end of 2004, according to the latest VentureOne / Ernst & Young Outlook Study. The distribution of fundraising was evenly matched between the US and Europe, with 53 per cent and 48 per cent, respectively, indicating they were ready to launch new funds.
OfficeMax co-founder and KeyCorp MD to form US venture capital firm
10/12/2003. The co-founder and CEO of office products retailer OfficeMax and the former head of investment banking at KeyCorp’s McDonald Investments are to form a new venture capital firm focusing on the US retail sector.
Advent International buys German industrial electronics group
10/12/2003. Advent International has announced the acquisition of Moeller Group, a German industrial electronics component producer. Moeller generates annual revenues of approximately E1bn and has 32 production facilities across Europe.
US Texas Pacific exits Punch Taverns investment
10/12/2003. US private equity firm Texas Pacific has exited its investment in Punch Taverns. The firm has sold its 21.8 per cent stake in the UK’s largest pub operator to a number of institutional investors.
Private equity consortium acquires North America Construction Group for $310m
09/12/2003. A private equity consortium has acquired North America Construction Group, a provider of construction services to the Canadian oil and gas industry, for $310m. Sterling Group, Genstar Capital, Perry Strategic Capital, Stephens Group and BNP Paribas are all committing capital to the transaction.
UK Gresham appoints new investment director
09/12/2003. UK mid-market private equity firm, Gresham, has appointed Andy Marsh as an investment director at the firm’s Manchester office. Marsh joins the firm from AMP Henderson Private Equity in Australia where he served as a director. He previously worked at NatWest Equity Partners as an associate director in the North West of England.
US recruitment company launches private equity co-investment fund
09/12/2003. US executive search company, Pinnacle CEO Recruiters, has launched a private equity fund to make co-investments in business services companies it places CEOs in.
Germany-based VCM Venture Capital Management makes four new hires
08/12/2003. Germany-based VCM Venture Capital Management, a private equity firm specialising in fund of funds investments in Europe and the US, has recruited four new professionals to its investment and business development teams.
UK buy-out activity holds steady in 2003
08/12/2003. The UK buy-out market has held steady in 2003 and is set to match the level reached last year, according to preliminary year-end figures released by the Centre for Management Buy-out Research (CMBOR) and sponsored by Deloitte & Touche and Barclays Private Equity.
South Korea relaxes regulations to encourage home-grown private equity funds
08/12/2003. South Korea’s Finance Ministry is to relax regulations in order to encourage home-grown private equity funds to compete with the growing number of foreign rivals that are targeting the country’s distressed financial services sector.
Hermes makes £50m Channel Islands trust and company services investment
08/12/2003. Hermes Private Equity has backed the management buy-out of Walbrook, the trust and company services arm of Deloitte in the Channel Islands and Isle of Man. The transaction has been valued at more than £50m.
French PAI acquires majority stake in Italian coffee machine maker for over E500m
08/12/2003. French private equity firm PAI Partners has acquired a majority stake in Italian coffee machine maker Saeco for over E500m. The firm has bought a 66.85 per cent holding in the company with debt financing provided by JP Morgan.
US Ironside Ventures launches third fund
05/12/2003. Ironside Ventures has launched its third venture capital fund. The fund is targeting $150m and will invest in IT services, systems, software and components markets.
MidOcean Capital to complete UK Center Parcs exit
05/12/2003. MidOcean Capital is getting closer to completing its exit of UK holiday company Center Parcs. UK Stockbroker Collins Stewart is to float Center Parcs next week in an accelerated initial public offering for £285m to help buy the holiday village chain from the UK private equity firm.
Credit Suisse First Boston closes secondaries funds with $1.9bn of commitments
05/12/2003. Credit Suisse First Boston (CSFB) has completed fundraising for a new $1.625bn secondary private equity fund, adding to its $31bn in private equity funds under management. CSFB Strategic Partners is the third largest secondaries fund ever raised.
SG Capital opens France office with three new hires
05/12/2003. SG Capital Europe, the pan-European private equity fund sponsored by Societe Generale, has opened an office in Paris. The firm has recruited three new associates to join the newly launched French operation.
UK venture firms Frontiers Capital and nCoTec merge
04/12/2003. UK venture capital firms Frontiers Capital and nCoTec Ventures have merged to create a new technology focussed firm. The new entity will operate under the Frontiers Capital brand.
UK Aberdeen Murray Johnstone hires Johnathan Massey to help invest new fund
04/12/2003. UK private equity firm, Aberdeen Murray Johnstone (AMJPE), has strengthened its deal origination team with the appointment of Johnathan Massey as head of new business research. Massey joins the firm from Armstrong Craven where he served as head of business information.
Lehman Brothers completes first buy-out in three years
04/12/2003. The private equity arm of investment bank Lehman Brothers has completed its first buy-out transaction in over three years. The firm has acquired US fan manufacturer, Hunter, for approximately $244m.
Private Equity Industry Guidelines Group reveals valuation guidelines
03/12/2003. The Private Equity Industry Guidelines Group (PEIGG), an organisation set up by a number of US general partners and limited partners in 2002, has announced guidelines to help private equity firms establish the value of their investments.
Canadian Skypoint Capital and Venture Coaches merge
03/12/2003. Canadian venture capital firms Skypoint Capital and Venture Coaches have merged under the Skypoint Capital name. The new entity will continue Skypoint’s strategy of investing in early-stage technology companies.
Electra and Candover to exit UK boiler investment
03/12/2003. Private equity firms Electra and Candover are to exit their investment in UK-based boiler manufacturer Baxi. The sale is expected to raise up to £720m.
US Colony Capital to buy Japanese baseball stadium for $915m
02/12/2003. US private equity firm Colony Capital is to buy a Japanese baseball stadium and hotel from retailer Daiei in a deal valued at around $915m. Colony Capital has beaten rivals Ripplewood Holdings and investment bank Lehman Brothers to seal the deal.
European Bridgepoint exits Gower Group in a £62m trade sale
02/12/2003. European mid-market firm Bridgepoint has completed an exit of one of its longest-standing portfolio companies. The firm has sold UK self-assembly kitchen supplier Gower group to Swedish kitchen group Nobia in a £62m transaction. Nobia is owned by rival private equity firm Industri Kapital.
BC Partners to sell Italian spirits company to Campari
02/12/2003. Pan-European buy-out firm BC Partners is to partially exit its investment in C&C, the Irish drinks company, by selling Italian spirits company Barbero to Campari. The deal has been valued at around E150m.
Mark Weisdorf resigns from Canadian CPP Investment Board
01/12/2003. The Canadian CPP Investment Board has announced that Mark Weisdorf has resigned as vice president of private market investments. The organisation has cited differences in management philosophy as the reason for Weisdorf’s departure.
Private equity firms circle UK over-50s holiday firm Saga
01/12/2003. A number of private equity firms including Hg Capital, JP Morgan Partners and Candover are preparing to bid for Saga, the UK holiday company that specialises in insurance and holidays for the over-50s. The transaction is expected to be valued at around £1bn.
Nordic Mezzanine appoints two new investment managers
01/12/2003. Nordic Mezzanine has appointed Olaf Steinebach and Tanja Klausler as investment managers. Steinebach will join the firm’s London office while Klausler will be based in Helsinki.
Canadian Onex Corporation announces first closing at US$1bn
01/12/2003. Canadian Onex Corporation has completed the initial closing of its private equity fund, Onex Partners LP, with commitments totalling $1bn. Onex is targeting $1.6bn and expects to reach a final closing in the first quarter of 2004.
Simone Drack to join SCM Strategic Capital Management
01/12/2003. SCM Strategic Capital Management has recruited Simone Drack to join its private equity department as an analyst with responsibility for investment monitoring and control.
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