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Yell £2bn IPO announcement expected this week
30/06/2003. British phone directories firm Yell is likely to announce one of UK's biggest stock flotations since the late 1990s later this week. The initial public offering is expected to raise as much as £2bn and would provide an exit for private equity owners Apax and Hicks Muse Tate & Furst. 
Global mergers and acquisitions continue to slow in 2003
30/06/2003. UK mergers and acquisitions activity has continued to slow in the first half of 2003, according to research carried out by KPMG Corporate Finance and Dealogic. The number of M&A deals has fallen sharply compared with the same period last year and the total value of completed deals is also down.
Mega-deals return to UK buy-out market
30/06/2003. Mega-deals have returned to the UK buy-out market, according to the Centre for Management Buy-out Research (CMBOR), sponsored by Barclays Private Equity and Deloitte & Touche. Nine transactions valued at over £100m have taken place in the second quarter of this year, with six mega-deals announced in June alone.
US Communications Equity Associates to launch $350m buy-out fund
30/06/2003. US Communications Equity Associates (CEA) is to launch a $350m buy-out fund to capitalise on the growing number of major media, communications and entertainments companies disposing of non-core assets.
UK private equity industry demonstrates increased confidence in economic outlook
30/06/2003. The UK private equity industry expects to see an improvement in the overall business climate over the next three months, according to the British Venture Capital Association (BVCA) second quarterly Confidence and Attitudes Survey.
Swedish Ratos exits Capona investment
27/06/2003. Swedish listed private equity firm Ratos has sold its entire holding in hotel chain Capona for a total of SKr512m. Ratos has held its stake in Capona ever since the company's formation five years ago and has reported annual average returns for the investment of 29 per cent.
PAI completes second exit in two days
27/06/2003. PAI Partners has defied tough exit conditions in the European private equity market, realising two successful disposals in just two days.
Apax Partners acquires Frans Bonhomme from private equity consortium
27/06/2003. PAI Partners, Cinven and Astorg Partners have sold their co-controlling stakes in Frans Bonhomme to rival private equity firm Apax Partners. Terms of the deal, another example of the growing trend in secondary sales, have not been disclosed.
Vintage Venture Partners launches Israel-focused secondary fund
27/06/2003. Israel-based Vintage Venture Partners has announced the launch and first close of its debut secondary fund. The fund is targeting $60m and has already secured $30m of commitments.
GE Leveraged Finance acquires E700m of leveraged loans from Abbey National
27/06/2003. GE European Leveraged Finance is to acquire E700m of leveraged loans from Abbey National Treasury Services. The investment represents the single largest transaction made by GE's leveraged finance team and comprises 34 senior and mezzanine leveraged business loans spread throughout Europe.
Cinven and Candover inject £600m into casino joint venture
26/06/2003. European private equity firms, Cinven and Candover, are to inject £600m into a joint venture between gambling operator, Gala Group, and Harrah's Entertainment.
German Triangle Venture Capital launches fourth fund
26/06/2003. Triangle Venture Capital has launched its fourth early-stage venture capital fund. Triangle Fund IV is targeting E50m to E75m and is expecting to hold a first closing by the end of 2003.
UK private equity firms take a more proactive approach to portfolio management
26/06/2003. Private equity firms are taking an increasingly proactive approach to portfolio management in the light of more challenging exit conditions, according to a report released by KPMG Corporate Finance.
French Eurazeo to raise E800m in new funds in bid to build private equity activity
26/06/2003. French investment company Eurazeo is planning to launch E800m of new funds this year to underpin its transition from a listed investment holding company into a private equity firm. The first round of funding is expected to be announced before the end of the year.
Signs of revival for UK IPO market
26/06/2003. The UK initial public offering (IPO) market saw the first signs of life for over a year with two new trading company listings this month, according to new research carried out by KPMG. The outlook, however, remains fragile and it is too early to celebrate a recovery, the report cautions.
Goldman Sachs appoints EQT chairman Dahlback as non-exec director
26/06/2003. Claes Dahlback, the chairman of major Nordic buy-out firm EQT, has been appointed a non-executive director by US investment bank Goldman Sachs. He is also chairman of listed Swedish investment firm Investor AB.
Halder launches E150m buy-out fund for Germany
25/06/2003. German and Dutch-based Halder has announced that it is in the process of launching a E150m buy-out fund for Germany. The new fund will focus on family owned small and medium-sized enterprises (SMEs).
US Carlyle Group exits Andritz though IPO
25/06/2003. US private equity firm Carlyle Group has exited its investment in the European advanced production systems company Andritz though a public offering to Austrian and other international institutional investors. The firm said the disposal, the second to date from its European fund, generated a return of twice its original E48m investment.
Latest Deals: 18-24 June 2003
25/06/2003. The AltAssets weekly round up of deals done across the world. This week there were 97 active investors in 39 deals and 4 exits across 13 sectors, compared to 92 active investors in 46 deals and six exits the previous week…
US Cypress Group hires Joseph Parzick as managing director
25/06/2003. US Cypress Group has hired Joseph Parzick as managing director and as a member of the firm's investment committee. Parzick will work with Cypress's business development teams on capital market transactions for new investments and portfolio companies.
Wilshire Private Markets recruits three new investment professionals
25/06/2003. International fund of funds business Wilshire Private Markets Group has recruited three new investment professionals and has expanded its research capabilities with the opening of a new office in the US.
US Bain Capital Ventures recruits Jim Maikranz as special advisor
24/06/2003. Bain Capital Ventures, the venture capital arm of leading US private equity firm Bain Capital, has recruited Jim Maikranz as special advisor. Maikranz will be responsible for working with Bain Capital's portfolio companies, assisting with sales methodology, marketing, lead generation, product positioning and general strategy.
UK Montagu acquires Linpac for £860m
23/06/2003. UK Montagu Private Equity has announced its acquisition of Linpac in a deal valued at £860m. Montagu beat rivals BC Partners and Apax to buy out the family-owned packaging group.
New fund targets $100m to help US firms meet FASB legislation
23/06/2003. A new fund has been launched to help US companies meet recent legislation enacted by the Financial Accounting Standards Board (FASB) in the wake of the infamous Enron debacle. Abney & Holloway will target both institutional investors and high-net-worth individuals to raise funds in what the newly formed company believes may be a rapidly evolving market.
European bankers believe things are looking up for Europe's private equity industry
23/06/2003. Almost two-thirds of European bankers expect private equity to increase its share of the European mergers and acquisitions market in the second half of 2003, according to the latest figures released by the Cinven Index.
European private equity picks up in 2002 but technology investments continue to fall
23/06/2003. European private equity investments in the technology sector have continued to fall in 2002 despite the fact that cross-industry investment enjoyed its second best year to date, according to the PricewaterhouseCoopers' Money for Growth survey.
SVIIT creates new investment vehicle to raise cash for Permira mega-fund
20/06/2003. UK-based Permira, the private equity buy-out house currently raising Europe's largest ever private equity fund with a target of E4.95bn, may end up receiving commitments from investors with as little as a tenth of the minimum stake usually required.
Pantheon Ventures closes US fund of funds on $313m
20/06/2003. Global fund of funds firm, Pantheon Ventures, has announced the close of its fifth US orientated fund on $313m. Pantheon USA V was substantially over subscribed as the firm had originally targeted just $200m.
Bahrain-listed Investcorp recruits media specialist Thomas Middelhoff
20/06/2003. The Bahrain-listed private equity firm Investcorp has recruited media specialist Thomas Middelhoff as head of European corporate investment. Middelhoff joins Investcorp having left German media group Bertelsmann over strategic differences ten months ago.
CSFB and Intermediate Capital complete record Spanish mezzanine deal
20/06/2003. Credit Suisse First Boston (CSFB) and UK-based mezzanine specialist Intermediate Capital Group (ICG) have completed an E135m mezzanine financing for amusement arcade operator Codere. The transaction represents Spain's largest ever mezzanine deal.
Theodore Schell parts company with US Apax
19/06/2003. Theodore Schell, the former Sprint Corp strategy chief who joined New-York based Apax Partners in 2000, has left the private equity firm to return to the telecom industry.
AFIC appoints Gilles Mougenot as president
18/06/2003. The French private equity and venture capital association, AFIC, has appointed Gilles Mougenot as president. Mougenot replaces Astorg Partner's Xavier Moreno.
US-based CSFB Private Equity buys Jostens in $1.2bn deal
18/06/2003. New York-based CSFB Private Equity has agreed to acquire education memorabilia company, Jostens, for approximately $1.2bn. CSFB led the investment through its DLJ Merchant Banking Partners III fund.
Latest Deals: 11-17 June 2003
18/06/2003. The AltAssets weekly round up of deals done across the world. This week there were 92 active investors in 46 deals and six exits across 13 sectors, compared to 146 active investors in 53 deals and three exits the previous week…
Greek government raises fund of funds through bond market
18/06/2003. The Greek government has turned to bond markets to raise E105m for investment in a new private equity fund of funds. The New Economy Development Fund (TANEO) was structured by Westport Private Equity, which will also manage the fund.
European Candover in talks to buy ABB oil and gas unit for up to $1.4bn
18/06/2003. European buy-out house Candover has entered into talks to buy the oil, gas and petrochemicals unit of Swiss engineering group ABB. The sale could raise in the region of $1.4bn for the indebted company.
Italian Cape to launch private equity fund
17/06/2003. Italian Cape is planning to raise an E80m to E110m private equity fund. Cape Natexis Private Equity Fund will focus on small to mid-cap buy-outs in the North of Italy, particularly in the Milan-Padua-Bologna triangle.
US Harvest Partners hires Michael DeFlorio as managing director
17/06/2003. US private equity firm Harvest Partners has recruited Michael DeFlorio as managing director. DeFlorio joins Harvest from Whitney & Co.
US Huron Capital forms speciality chemical investment vehicle
17/06/2003. US private equity firm, Huron Capital Partners, has joined forces with veteran chemical executive Frederick Quinn and chemical sector investment specialist Carol Bramson. The partnership will form a new holding company, Quest Chemical, to acquire companies in the speciality chemical sector.
US TA Associates makes $225m exit
17/06/2003. US-based TA Associates has sold portfolio company, Kintana, to Mercury Interactive for approximately $125m cash and $100m in Mercury Interactive stock. The deal is expected to close in the third quarter of 2003 and is subject to antitrust clearance.
Australian DB Capital Partners launches new private equity fund
17/06/2003. DB Capital Partners, the Australian private equity arm of Deutsche Asset Management, has launched its second private equity fund. Deutsche Private Equity Fund II (DPEFII) is seeking to raise A$175m from both local and international investors.
French Finama hires two new directors
16/06/2003. Finama, the French buy-out business owned by insurance firm Groupama, has recruited Lionel Bergeron and Sami Rifaï as directors.
US Fenway Partners recruits Palladium Equity founder Timothy Mayhew
16/06/2003. US private equity firm, Fenway Partners, has recruited Timothy Mayhew to its senior ranks. Mayhew previously co-founded Palladium Equity Partners and has more than a decade of buy-out experience.
US Arsenal Capital Partners exceeds target with debut fund
16/06/2003. US Arsenal Capital Partners has announced the final closing of Arsenal Capital Partners LP and its affiliated funds with total capital commitments of $300m. The firm's debut fund has exceeded its original target of $250m.
Innovacom reaches first close at E50m but France Télécom reduces commitments
16/06/2003. Innovacom, the European early-stage telecom and information technology venture firm, has completed a first closing of over E50m on its new fund, Innovacom 5. The fund is targeting E100m.
UK Montagu seals secondary buy-out of Actaris from LBO France
13/06/2003. UK Montagu Private Equity has completed a secondary management buy-out of Actaris, the leading global manufacturer of metering systems, from LBO France. The deal has been valued at E420m.
Deutsche Beteiligungs reports slight profit for first half of financial year
13/06/2003. Germany's oldest private equity firm, Deutsche Beteiligungs, has reported slight profits for the first half of the financial year. The firm has also announced the second close of its latest private equity fund.
Icahn and Panda join forces to launch energy venture firm
13/06/2003. US financier Carl Icahn and Panda Energy International have joined forces to launch a venture capital firm. The firm will focus on US energy assets and related infrastructure.
Swiss Capvis closes fund at E340m
12/06/2003. Swiss mid-market buy-out firm, Capvis, has announced the final closing of Capvis Equity II at E340m. The fund exceeded its original target of E300m.
Swiss Ultreia Capital appoints Dr Peter Gruss to board of directors
12/06/2003. Switzerland-based life science private equity firm Ultreia Capital has appointed president of the Max Planck Society, Dr Peter Gruss, to its board of directors. The firm has also appointed its own managing director, Barbara Zink, to the board.
US Aurora continues hiring spree with William New as special venture partner
12/06/2003. US life science and information technology venture capital firm, Aurora Funds, has recruited William New as special venture partner. New is the third special venture partner the firm has hired within a month.
EBRD and Greek Global Finance launch E20m private equity fund
12/06/2003. The European Bank for Reconstruction and Development (EBRD) has joined forces with the largest private equity firm in South-East Europe, Greece-based Global Finance, to launch a private equity fund investing in small and medium-sized enterprises in Bulgaria and Romania.
Nordic EQT achieves ten-fold return on third exit of the year
12/06/2003. Nordic private equity firm, EQT Partners, has sold building technology company, TAC, to Schneider Electric for SKr4bn. The firm has achieved a ten-fold return on its initial investment.
US Edison Ventures hires investor relations professional
11/06/2003. US-based Edison Venture Fund has recruited Sandi Barber as vice president of limited partner relations and administration. Barber will lead investor relations for the firm as well as managing human resources and administrative functions for the three Edison offices.
Canadian Yaletown Venture Partners reaches first close for debut fund
11/06/2003. Canada-based Yaletown Venture Partners has met the $30m first close target for its debut fund. Yaletown Ventures I will invest in West Canadian early-stage energy technology and information technology companies. Subsequent closings will be completed by the end of the year.
Latest Deals: 04-10 June 2003
11/06/2003. The AltAssets weekly round up of deals done across the world. This week there were 146 active investors in 53 deals and three exits across 12 sectors, compared to 112 active investors in 41 deals and five exits the previous week…
Telecom Italia names victors of E3bn directories business
11/06/2003. Telecom Italia has agreed to sell its 61.5 per cent stake in Seat Pagine Gialle's directories business to a private equity consortium consisting of BC Partners, CVC Capital Partners, Permira and Investitori Associati for E3.03bn.
US Ironside Ventures recruits Tony Abate as managing director
10/06/2003. US Ironside Ventures, a venture capital firm focused on multi-stage equity investments in the communications, infrastructure and information technology industries, has recruited Tony Abate as its fourth managing director.
Austrian private equity in bid to ‘catch up' with other EU markets
10/06/2003. Austria has defied a difficult fundraising environment by showing a growth of nearly 30 per cent in the amount of capital raised by its private equity industry in 2002, according to statistics compiled by the Austrian Private Equity and Venture Capital Organisation (AVCO).
US ComVentures launches new fund but loses partner
10/06/2003. US early-stage communications venture firm, ComVentures, is to target $350m with the launch of its sixth fund. ComVentures' fifth fund closed in July 2000 at $550m.
Cinven and CVC cash in on UK betting chain stakes
10/06/2003. Almost a year after UK betting chain William Hill went public in one of the most successful IPOs of 2002, private equity firms Cinven and CVC Capital Partners have cashed in a further tranche of their remaining interest in the company. The deal is valued at £145m.
US Warburg Pincus to buy TransDigm for close to $1.2bn
09/06/2003. US private equity firm, Warburg Pincus has agreed to acquire Transdigm from Odyssey Investment Partners in a deal worth close to $1.2bn. Warburg Pincus will not take on TransDigm's debt, which is in the region of $400m.
ABN Amro forms new private equity subsidiary
09/06/2003. ABN Amro has formed a new subsidiary to make non-strategic private equity investments in financial services companies. The new entity will be called FI Equity Partners.
Competition hots up for Telecom Italia's directories business
09/06/2003. Four private equity consortia are expected to bid for Italia Telecom's directories business, Seat Pagine Gialle, in what would be the largest private equity auction of the year. Offers are expected to be in the region of E5bn.
UK Terra Firma to seal debut deal
09/06/2003. Guy Hands' Terra Firma Capital Partners is close to sealing its debut deal with a £315m acquisition of Waste Recycling Group, the UK's largest landfill operator.
Frank Russell strengthens private equity team in Paris
06/06/2003. Global investment manager, Frank Russell, has recruited Renata Milczarek to strengthen its European private equity fund of funds business. Milczarek will be based in the firm's Paris office and will be responsible for selecting and managing Frank Russell's European private equity portfolio.
US Aurora Funds appoints two special venture partners
06/06/2003. US early-stage venture capital firm Aurora Funds has appointed Richard Holcomb and Tom McMurray as special venture partners. Holcomb and McMurray will be responsible for working with Aurora's portfolio companies and evaluating investment opportunities.
EVCA names Jean-Bernard Schmidt as new chairman
05/06/2003. The European Venture Capital Association has appointed Jean-Bernard Schmidt as chairman. The head of French high-technology venture capital group Sofinnova, replaces Apax executive Max Burger-Calderon.
French AXA Private Equity foresees first close at E120m in July for fund of funds
05/06/2003. AXA Private Equity, the private equity operation of French insurance group AXA, has predicted an E120m first close for its second fund-of-funds in July.
Deutsche Bank dissolves private equity placement business
05/06/2003. Deutsche Bank has dissolved its private equity placement service, Alternative Investment Fundraising Group (AFG). All 40 members of the team are believed to have left the bank.
US Koch Ventures hires Stuart Lodge as partner and chief financial officer
05/06/2003. US early-stage private equity firm, Koch Ventures, has hired Stuart Lodge as partner and chief financial officer. Lodge joins as the sixth investment professional.
North American MDS Capital closes ninth life sciences fund at $211m
05/06/2003. North American life science private equity firm MDS Capital, has closed its ninth fund at $211m. The firm has exceeded its original target of $200m making MDS Life Science Technology Fund II its largest fund to date.
US Brazos recruits Peter Boylan and Megan Taylor
04/06/2003. Brazos Private Equity Partners, the US mid-market private equity firm, has recruited former Thomas Weisel Partners vice president Peter Boylan as an executive. The firm has also appointed Megan Taylor as an associate.
Deutsche Bank to sell $550m of collateralised fund obligations
04/06/2003. Deutsche Bank is seeking to further reduce its exposure to private equity with the sale of $550m of collateralised fund obligations. The securities for sale are backed by over 700 underlying portfolio companies.
Life Sciences specialist to join Scottish Enterprise co-investment fund
04/06/2003. Medical Marketing International Group is to become a partner to the Scottish Enterprise co-investment fund. MMI is the third partner to sign up to the fund.
UK Montagu completes E125m exit from Risdon Pharma
04/06/2003. UK Montagu Private Equity has sold Risdon Pharma, the Germany and France-based manufacturer of packaging for the pharmaceutical industry, to global consumer packaging group Rexam. The transaction was valued at E125m.
Latest Deals: 28 May - 03 June 2003
04/06/2003. The AltAssets weekly round up of deals done across the world. This week there were 112 active investors in 41 deals and five exits across ten sectors, compared to 99 active investors in 38 deals and no exits the previous week…
UK Isis defies difficult exit conditions with second disposal of the year
04/06/2003. UK-based Isis Equity Partners has completed its second exit of the year with the disposal of Thomas Sanderson Blinds to window design company Hunter Douglas. Isis is reported to have more than doubled its initial investment.
European fundraising down sharply in 2002 but long term returns remain solid
04/06/2003. The European private equity industry suffered a tough year for fundraising in 2002 but investment levels and long-term returns both remained solid. According to the official EVCA activity figures European private equity firms raised just E27.5bn last year compared with E40bn in 2001.
Schroder Ventures closes $400m life sciences fund
04/06/2003. Schroder Ventures Life Sciences (SVLS) has closed its third life sciences private equity fund at $402m. ILSF III has attracted commitments from 18 new investors evenly distributed between the US, UK and continental Europe.
EVCA poll finds most GPs think more transparency will professionalise private equity
04/06/2003. Greater disclosure of private equity fund performance would help professionalise the asset class, according to the findings of an EVCA poll undertaken in the first quarter this year. Some 68 per cent of the general partners that responded said a higher level of transparency would attract more investment to European private equity.
CVC and JP Morgan buy SingTel's directory business for $127m
03/06/2003. CVC Asia Pacific and JP Morgan have jointly won an auction to buy SingTel's yellow pages directory business with a cash bid of $127m. The business was being sold as part of SingTel's strategy to offload non-core assets.
Permira takes 49 per cent stake in German spectacle maker
03/06/2003. Pan-European buy-out firm Permira has taken a 49 per cent stake in German spectacle maker Rodenstock. The investment is a prelude to the firm going public and is designed to help the group expand internationally.
US venture valuations slip further in Q1 and fundraising still sliding
03/06/2003. The US venture sector appears stuck to its downward course. Valuations for venture-backed firms slipped further in the first quarter and fundraising was the lowest since 1995, according to figures published by VentureOne.
The Carlyle Group names Cees van Lede to European advisory board
03/06/2003. US-based private equity giant the Carlyle Group has claimed another significant scalp for its European advisory board to add to its impressive list of former policymakers, central bankers and business luminaries. Cees van Lede, a man with an encyclopaedic CV, will join to advise on industrial economic and market issues.
US CalSTRS tenders for $100m fund of funds emerging manager programme
03/06/2003. The California State Teachers' Retirement System (CalSTRS) has issued a tender for a fund of funds manager to put together a $100m programme of ‘new and next generation' private equity managers.
UK's Invensys sells software firm Baan to private equity group
03/06/2003. UK engineering firm Invensys has announced the sale of its software subsidiary Baan to a pair of private equity firms as part of a disposal programme aimed at paying down its debt.
Standard Life says European buy-out activity healthy, reports three per cent rise in NAV
02/06/2003. Standard Life Private Equity Trust has announced a three per cent rise in the value of its European buy-out investments over the last six months. The company said investment activity had been healthy and that the pricing environment now looked historically attractive.
Advent International buys life sciences firm from BC Partners
02/06/2003. Pan-European buy-out firm BC Partners has sold chicken and turkey breeder Aviagen to Advent International in a secondary buy-out worth around E255m. Advent plans to grow the company before floating on public markets.
Harald Mix closes debut Altor fund on E650m
02/06/2003. Former Industri Kapital executive Harald Mix has closed his debut fund comfortably ahead of target on E650m. Altor Equity Partners, which appears to have had a much easier time fundraising than IK, will invest in mid-market firms in the Nordic region.
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