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3i sells ERM stake to Bridgepoint in $535m deal
31/10/2005. 3i has agreed to sell its stake in environmental consultancy Environmental Resources Management to Bridgepoint in a deal worth $535m. The sale will see 3i making a complete exit of their 52 per cent stake in the business for $250m of proceeds. The firm backed the $243m buy-out of ERM in 2001, investing $80m. 
US Carlyle reportedly interested in IT services company CSC
31/10/2005. US private equity giant The Carlyle Group has been considering investing in California-based IT services company Computer Sciences Corporation, the Financial Times reported.
US private equity groups and Cumulus to acquire Susquehanna Radio for $1.2bn
31/10/2005. US private equity groups Bain Capital, The Blackstone Group and Thomas H. Lee Partners and US radio operator Cumulus Media have formed Cumulus Media Partners to acquire the radio broadcasting business of Susquehanna Pfaltzgraff Co for approximately $1.2bn.
InnovationsKapital holds first close on €76m
31/10/2005. InnovationsKapital, a start-up and early-stage venture capitalist operating in the Nordic region, has held a first close on its latest fund, the Innkap IV fund, on €76m. The fund was launched in May of this year and has a target of €135m.
European IK acquires Wehkamp and Transfair from GUS for €390m
28/10/2005. Industri Kapital, a European private equity firm with Nordic roots, has acquired Dutch home shopping company Wehkamp and Dutch credit management company Transfair, from the London Stock Exchange-listed retail and business services group GUS for a combined €390m.
Carlyle to buy 85 per cent stake in Xugong Group Construction Machinery for $375m
28/10/2005. The Carlyle Group has agreed to acquire an 85 per cent shareholding in Xugong Group Construction Machinery Co., a Chinese construction machinery manufacturer and distributor, for $375m in cash. The US private equity giant has reportedly worked on this deal for more than two years.
Eutelsat's private equity owners suspend plans for IPO
28/10/2005. Eutelsat's owners, including Cinven, Eurazeo, Goldman Sachs Capital Partners, Spectrum Equity Investors and TPG, have suspended their plans for an IPO of Eutelsat.
Hellman & Friedman and TPG to acquire majority stake in LPL Financial Services
28/10/2005. US private equity firms Hellman & Friedman and Texas Pacific Group have agreed to acquire a majority equity interest in Boston and San Diego-headquartered brokerage firm Linsco/Private Ledger (LPL Financial Services). Following the transaction, LPL's founders and employees will retain approximately 40 per cent of the company's equity. The agreement values the company at $2.5bn.
Advent International closes third Latin American fund on $375m
27/10/2005. Advent International has closed its latest fund, Latin American Private Equity Fund III, on the hard cap of $375m. The original target capitalisation for the fund was $300m.
CalPERS's Mark Anson to succeed Tony Watson at Hermes
27/10/2005. Mark J P Anson, the chief investment officer of the California Public Employees' Retirement System, will succeed Tony Watson as chief executive of Hermes when Watson retires at the end of January 2006.
VSS and Mecom to buy Berliner Verlag from Verlagsgruppe Georg von Holtzbrinck
26/10/2005. US media buy-out specialist Veronis Suhler Stevenson and David Montgomery's investment company Mecom Group have agreed to buy Berliner Verlag from Verlagsgruppe Georg von Holtzbrinck. The purchase price has not been disclosed but a report in the Financial Times suggests that VSS and Mecom paid around €160m for the German publisher.
Poland's Innova Capital exits Orange Slovakia
26/10/2005. Polish private equity firm Innova Capital has exited its investment in Slovakian mobile communications operator Orange Slovakia. Two Innova Capital investment funds were part of the consortium that has now sold its shares to French telecommunications operator France Telecom.
Dutch AlpInvest spins off mid-market buy-out business
25/10/2005. Netherlands-based private equity investor AlpInvest Partners has spun off its mid-market buy-out business, which will be renamed Taros Capital. The new firm will be independent as of 1 January 2006.
BC Partners, Electra, PAI reportedly plan to buy Heinz's European frozen food divisions
25/10/2005. BC Partners, Electra Partners, PAI and the newly formed FMCG Investments are among a number of private equity firms and trade buyers potentially interested in buying Heinz's European frozen food and seafood businesses, according to the Financial Times.
Q3 US venture capital investments in later stage companies rises to four-year high
25/10/2005. US venture capital investments in later stage companies rose to $2.6bn in Q3 2005, a four-year high. This followed the upward trend that began in late 2004, according to research published in the MoneyTree Survey by PricewaterhouseCoopers, Thomson Venture Economics and the National Venture Capital Association.
Aberdeen Murray Johnstone Private Equity renames itself Aberdeen Asset Managers Private Equity
24/10/2005. Aberdeen Murray Johnstone Private Equity, the private equity division of Aberdeen Asset Management, has renamed itself Aberdeen Asset Managers Private Equity in a move that is part of a wider rebranding and internal restructuring. The investment operation will be split into two teams, one dedicated to private equity and the other one dedicated to growth capital.
3i exits Encon investment in £140.5m deal
24/10/2005. 3i has sold Encon, a UK specialist distributor of insulation products, to Wolseley in a £140.5m deal. The sale will complete 3i's exit from the Encon group, which it acquired alongside its management team in late 1997. 3i's proceeds represent a money multiple of 5.8 x its original investment and an IRR of 30 per cent, 3i said in a statement.
Q3 2005 US venture capital investing up on Q3 2004
24/10/2005. US venture capital investing increased in the third quarter compared to the same period last year, the first year-on-year rise in 2005. A total of 555 deals were completed, raising a combined $5.49bn. This represents an increase of seven per cent on deals done and nine per cent on value compared to Q3 2004, according to the Quarterly Venture Capital Report released by VentureOne and Ernst & Young LLP.
KKR European Fund II closes on €4.5bn
24/10/2005. US buy-out giant Kohlberg Kravis Roberts & Co. has closed KKR European Fund II, the firm's second private equity fund targeting investments primarily in Western Europe, on €4.5bn. The original target of the fund was €3bn.
CVC sells Adisseo Group to China National Chemical Corporation
21/10/2005. CVC Capital Partners has agreed to sell all of the outstanding shares in Drakkar Holdings, the Belgian parent company of the Adisseo Group animal nutrition businesses to Beijing-headquartered China National Chemical Corporation (ChemChina). Financial details of the transaction have not been disclosed.
Apax Partners France to sell French Frans Bonhomme to Cinven in €900m deal
21/10/2005. Apax Partners France and its co-investors Barclays Private Equity, Crédit Agricole Private Equity, Goldman Sachs Mezzanine Partners and Quilvest have agreed to sell Frans Bonhomme to Cinven for a reported enterprise value of €900m.
NGN Capital closes first healthcare venture capital fund above target on $250m
21/10/2005. NGN Capital has closed its first healthcare venture capital fund, NGN BioMed Opportunity I, on the self-imposed hard cap of $250m, above its initial $150m target. The new fund will focus on investments in the US and Europe. About ten per cent are allocated to other regions including Asia.
New research: most private equity groups take less debt than banks offer
20/10/2005. A total of 90 per cent of private equity groups are taking less debt than banks are offering them, according to new research from Close Brothers Corporate Finance.
Cerberus and Nikko to invest in Seibu Group
20/10/2005. Cerberus Asia Capital Management, Nikko Principal Investments Japan and other investors have agreed to inject up to a total of Y160bn ($1.38bn) in Japanese Seibu Group. Cerberus is to become the biggest shareholder, according to various reports.
Investindustrial closes third Southern European buy-out fund on €500m hard cap
19/10/2005. Investindustrial has closed its third Southern European buy-out fund on the hard cap of €500m. Investindustrial III's original target was €440m.
3i sells minority stake in fashion retailer Republic to Change Capital
19/10/2005. European private equity and venture capital company 3i has sold its minority stake in Republic as part of a £105m deal to Change Capital. Following the transaction, Change Capital will become the majority shareholder in Republic.
IK exits investment in Sydsvenska Kemi
19/10/2005. Industri Kapital, a European private equity firm with Nordic roots, has agreed to sell Sydsvenska Kemi, the holding company of speciality chemicals group Perstorp, to PAI partners.
Montagu to sell The Isle of Man Steam Packet Company to Macquarie in £225m deal
19/10/2005. Montagu Private Equity, the UK-based pan-European buy-out firm, has agreed to sell The Isle of Man Steam Packet Company to Macquarie Bank for £225m.
KKR appoints Sir Deryck Maughan as an MD and chairman of KKR Asia
19/10/2005. US buy-out giant Kohlberg Kravis Roberts & Co. has appointed Sir Deryck Maughan as a managing director of KKR and chairman of KKR Asia. Sir Deryck served most recently as vice chairman of Citigroup and chairman and chief executive officer of Citigroup International.
Duke Street sells Sporting Index to HgCapital for £76m
18/10/2005. UK-based buy-out firm Duke Street Capital has sold Sporting Index to HgCapital for a consideration of £75.8m. This represents a return of 2.6 times the original investment and an IRR of 40 per cent, according to Duke Street.
Electra Partners Europe completes acquisition of premium bar operator Urbium
18/10/2005. European mid-market private equity specialist Electra Partners Europe has completed its acquisition of Urbium through acquisition vehicle Lightflower Acquisition. The transaction price of 1075 pence per share values the company at approximately £155m.
US private equity and venture capital fundraising activity surpasses 2004 in three quarters
18/10/2005. After three quarters this year, both US venture and buy-out and mezzanine funds have already raised more capital than in 2004, according to Thomson Venture Economics and the National Venture Capital Association.
The Sterling Group completes sale of Exopack to Sun Capital Partners
18/10/2005. Houston-based private equity firm The Sterling Group has finalised the sale of Exopack Holding Corp. to Sun Capital Partners.
Two major deals for Apax Partners
18/10/2005. An Apax Partners-led consortium has agreed to acquire Somerfield in a £1.1bn deal. The consortium will pay 197 pence per share. This transaction concludes the seven-month auction of the supermarket chain.
First Reserve Corporation acquires Chart Industries in a $460m transaction
18/10/2005. First Reserve Corporation has acquired Garfield Heights, Ohio-based Chart Industries, a provider of low temperature and cryogenic applications used by the energy industry and other sectors, in a transaction valued at approximately $460m.
US Morgenthaler closes new venture/buy-out fund on $450m
18/10/2005. US venture capital and buy-out specialist Morgenthaler has closed its eighth fund on $450m. As with Morgenthaler's previous funds, MPVIII will be invested jointly by its venture capital and buy-out teams.
Mid-market buy-out fund Finatem II holds second closing on €99m
17/10/2005. German mid-market buy-out fund Finatem II has held a second closing on €99m and is on the way to reach its final target of €125m.
Sovereign Capital's Peter Brooks resigns
17/10/2005. Sovereign Capital managing partner Peter Brooks is to leave the UK lower mid-market private equity firm - only months after the firm's second fund closed. He will 'pursue new interests', according to a statement issued by Sovereign Capital.
European HgCapital to acquire Hofmann-Menü Group from Pricoa Capital Group
14/10/2005. European mid-market private equity investor HgCapital has agreed to acquire Boxberg-Schweigern, Germany-headquartered Hofmann-Menü Group from Pricoa Capital Group. Financial details of the transaction have not been announced.
Blackstone to acquire TeamHealth
14/10/2005. US buy-out giant The Blackstone Group has agreed to acquire Knoxville, Tennessee-headquartered TeamHealth, a provider of outsourced physician staffing and administrative services to healthcare providers from an investor group comprised of Madison Dearborn Partners, Cornerstone Equity Investors, Beecken Petty O'Keefe & Company, and members of TeamHealth's management team.
North Castle, DLJ Merchant Banking to sell CRC Health Group in $720m transaction
14/10/2005. North Castle Partners and DLJ Merchant Banking Partners have agreed to sell CRC Health Group to Bain Capital in a transaction valued at $720m. North Castle and DLJ Merchant Banking initially invested in CRC in August 2002. CRC represents North Castle's largest realisation to date, the firm said in a statement.
French state, Caisse des Dépôts and the EIF launch €150m technology fund of funds
14/10/2005. The French state, Caisse des Dépôts and the EIF, EIB Group's specialist venture capital arm, have launched a new technology fund of funds, called Fonds de Fonds Technologique.
BMO becomes anchor investor for private equity fund Halyard Capital Fund II
13/10/2005. BMO Financial Group has announced that it will commit up to $150m in capital to the Halyard Capital Fund II, a PE fund focused on investing in middle market companies in the media, communications and business services industries.
Parthenon exits AccuMed Home Health
13/10/2005. US private equity house Parthenon Capital has announced that it completed the sale of AccuMed Home Health, a home nursing services operator, to TLC Health Care Services Inc.
AUSDOC exit for ABN AMRO Capital
13/10/2005. ABN AMRO Capital, the private equity arm of ABN AMRO, has announced the sale of AUSDOC Information Management to Brambles Information Management for A$260 million.
US health care venture capital dominated by biopharmas in Q3
13/10/2005. During the third quarter of 2005, health care venture capital funding increased by more than 30 per cent, compared with the Q3 2004, reveals new research.
USA sees IT M&A cool down in Q3
13/10/2005. This quarter's mergers and acquisitions activity in the USA's IT sector was 34 per cent less than the third quarter of 2004 and about 22 per cent less than the second quarter of 2005, says new research.
Alloy Ventures closes on early-stage venture capital fund
13/10/2005. Alloy Ventures has announced the closing of its fifth venture fund, Alloy Ventures 2005. With commitments of $368m in this fund the total capital under management has surpassed $1bn.
Dr Helmut Schühsler new chairman of EVCA's Professional Standards Committee
12/10/2005. The European Private Equity and Venture Capital Association has appointed Dr Helmut M Schühsler, managing partner of the Munich-based venture capital firm TVM, as chairman of the Professional Standards Committee. Dr Schühsler takes over from Hervé Claquin, chief executive officer of ABN Amro Capital Finance, who has held the position since 2001.
European Capital Financial Services opens London office
12/10/2005. European Capital Financial Services, an affiliate of US based buy-out and mezzanine fund American Capital Strategies, has opened an office in London.
KKR to acquire Accellent in $1.3bn deal
11/10/2005. US buy-out giant Kohlberg Kravis Roberts & Co. has agreed to acquire Accellent from a private investment group led by KRG Capital Partners and DLJ Merchant Banking Partners, an affiliate of Credit Suisse First Boston, for approximately $1.27bn.
Electra Partners Europe hires Evans, Easingwood, Kraemer, Azemard and Rays
11/10/2005. European mid-market private equity specialist Electra Partners Europe has appointed five new investment professionals.
DLJ Merchant Banking Partners opens Los Angeles office
11/10/2005. DLJ Merchant Banking Partners, the middle-market private equity investment arm of Credit Suisse First Boston, has opened an office in Los Angeles to augment its long-standing presence in New York and London.
Granville Baird Capital Partners' Havers leads UK team
10/10/2005. European mid-market specialist Granville Baird Capital Partners has promoted Simon Havers to managing director and head of the UK team. Havers succeeds Mike Fell, who led GBCP's UK investment team for nearly ten years. At his request, Fell will now focus full time on deal making, GBCP said in a statement.
Schroder Private Equity Fund of Funds III holds first close on €167m
10/10/2005. Schroder Private Equity Fund of Funds III has held a first close on €167m. A final closing is expected in March 2006. The fund is advised by SVG Advisers, the fund management business of SVG Capital.
Henderson closes new secondary fund on £330m
10/10/2005. Henderson Private Capital has announced the final close of its new infrastructure fund, Henderson PFI Secondary Fund L.P.
Q3 private equity investments in Indian companies up on quarter and year
07/10/2005. In the quarter ended September 2005 international and local private equity firms invested about $528m across 28 India-based companies, up from the $395m raised by 36 companies in the previous quarter and the $90m invested in eight companies in the same period last year, according to data from Venture Intelligence India.
German Ventizz Capital Partners floats Erfurt-based ErSol Solar Energy
07/10/2005. Düsseldorf, Germany-based private equity firm Ventizz Capital Partners has floated its portfolio company ErSol Solar Energy, an Erfurt, Germany-based solar cell manufacturer on the Frankfurt Stock Exchange.
European Capital closes on €750m of equity commitments
07/10/2005. European Capital has closed on the offering of €750m of equity commitments. An aggregate of €229m of equity commitments were provided by third-party institutional investors, with the balance coming from American Capital Strategies, European Capital's affiliate.
Gala - backed by Permira, Candover and Cinven - acquires Coral in £2.2bn deal
07/10/2005. Bingo and casino company Gala, backed by Permira, Candover and Cinven, has acquired Coral Eurobet, the bookmaker and internet gaming operator, for a consideration of £2.18bn. Each of Gala's three private equity owners is increasing its investment in the enlarged company by £275m to help finance the acquisition.
TA Associates, Madison Dearborn Partners invest $600m in US MetroPCS
06/10/2005. US buy-out firms TA Associates and Madison Dearborn Partners are each investing $300m to complete a $739m minority equity investment in Dallas-based wireless communication services provider MetroPCS Communications. Some of their common limited partners will join them in the investment.
Blackstone acquires majority interest in Sithe Global Power from Reservoir Capital
06/10/2005. Blackstone Capital Partners, an affiliate of The Blackstone Group, and management led by CEO Bruce Wrobel, have purchased an 80 per cent ownership interest in Sithe Global Power from Reservoir Capital Group.
Warburg Pincus to acquire Dutch Multikabel from German PrimaCom for €515m
06/10/2005. Warburg Pincus has agreed to acquire Dutch cable operator Multikabel from German cable operator PrimaCom for an enterprise valuation of €515m.
Next Wave Funds, JAIC launch European life sciences fund of funds
06/10/2005. US-headquartered venture capital firm Next Wave Funds has formed a joint venture with Japanese venture capital firm Japan Asia Investment Co., to launch a new European life sciences fund of funds. The target size of the fund, called Next Wave Fund II, is €100m.
UK Kleinwort Capital hires David Ramsey as investment manager
06/10/2005. Kleinwort Capital, the UK lower mid-market specialist, has appointed David Ramsey as an investment manager. Ramsey will be joining the new investment team.
Baird Capital Partners hires three in Chicago
06/10/2005. Baird Capital Partners, the private equity arm of financial services firm Robert W. Baird & Co., has appointed Aaron Lillybridge as an associate, and Viral Patel and Scott Brown as analysts in Chicago.
Blackstone, Hellman Friedman, KKR and Texas Pacific to sell Texas Genco for $5.8bn
05/10/2005. A private equity consortium comprising The Blackstone Group, Hellman & Friedman, Kohlberg Kravis Roberts and Texas Pacific Group has agreed to sell all the outstanding equity of US power generation company Texas Genco to NRG Energy for approximately $5.8bn, comprised of approximately $4bn in cash and $1.8bn in common and preferred stock. In addition, NRG will assume approximately $2.5bn of Texas Genco debt.
TVM Life Science Ventures VI closes on $291m
05/10/2005. TVM, a life sciences and information technology venture capital firm based in Europe and the US, has closed its new life sciences fund, TVM Life Science Ventures VI, on $290.8m. TVM LSV VI will maintain the firm's strong emphasis on investments in the fields of drug discovery and development.
Bridgepoint sells its stake in Virgin Active back to Virgin for £134.5m
05/10/2005. Pan-European private equity firm Bridgepoint has sold its 55 per cent stake in health and fitness business Virgin Active back to Virgin for £134.5m. Bridgepoint has made a three times money multiple on the investment, the firm said.
German Finatem Beteiligungsgesellschaft acquires two companies
05/10/2005. German mid-market buy-out group Finatem Beteiligungsgesellschaft has acquired J&S Group in a management buy-out from a vendor group of private investors. The company's management acquired a 15 per cent stake in the company. Financial details of the transaction have not been disclosed.
US Carlyle appoints Andrew Burgess as managing director in London
05/10/2005. US private equity giant The Carlyle Group has appointed Andrew Burgess as managing director in the London office. He joins the European buy-out team, which manages the Carlyle Europe Partners I fund - fully invested, and the €1.8bn Carlyle Europe Partners II fund - closed in March 2005.
3i-backed Petrofac in £742m flotation on London Stock Exchange
05/10/2005. 3i has realised over £120m through the IPO of Petrofac, an international oil and gas facilities service provider, on the London Stock Exchange at a market capitalisation of £742m.
Charterhouse Group sells MP TotalCare to Warburg Pincus for $270m
04/10/2005. Charterhouse Group has sold its portfolio company MP TotalCare to Warburg Pincus in a transaction valued at approximately $270m.
Q3 US venture-backed IPOs beat levels of first two quarters
04/10/2005. The number of US venture-backed IPOs reached the highest level so far this year with 16 in the third quarter, compared to five in Q2 and eight in Q1 2005. The number is also higher than the 14 IPOs that occurred in the same quarter last year, according to the Quarterly Liquidity Report from VentureOne.
New US firm Spark Capital closes $260m debut fund
04/10/2005. Spark Capital - the newly formed US venture capital partnership focused on early-stage investments in the conflux of the media, entertainment and technology industries - has closed its debut fund on $260m.
One Equity Partners acquires German Vacuumschmelze from Morgan Crucible Company for £300m
04/10/2005. One Equity Partners, a private equity affiliate of JPMorgan Chase & Co., has acquired Hanau, Germany-headquartered Vacuumschmelze (VAC) from the UK specialty materials producer Morgan Crucible for around £300m, comprising £225m payable in cash at completion plus the assumption of around £75m of International Accounting Standard 19 pension and employee benefits liabilities.
Emerging markets specialist Darby secured €100m in capital to extend mezzanine loans in European countries
04/10/2005. Darby Overseas Investments, the US-headquartered emerging markets specialist, is expanding its European presence. The firm has secured €100m in capital to extend mezzanine loans in countries that joined the European Union in 2004 and those aiming for membership in the future.
Carlyle and Welsh, Carson, Anderson & Stowe to sell Dex Media in $9.5bn deal
04/10/2005. The Carlyle Group and Welsh, Carson, Anderson & Stowe have agreed to sell yellow pages publisher and directional media company Dex Media to its competitor R.H. Donnelley Corporation. Under the terms of the agreement, each Dex share will be exchanged for $12.30 in cash and 0.24154 RHD shares. In aggregate, current Dex shareholders will receive approximately $1.85bn in cash and 36.4 million RHD shares, for total equity consideration of approximately $4.2bn. RHD will also assume Dex's net debt outstanding, expected to be approximately $5.3bn at year end 2005.
Palamon Capital Partners to acquire controlling stake in German Loyalty Partner
03/10/2005. Pan-European mid-market private equity firm Palamon Capital Partners has agreed to acquire a controlling stake in Munich, Germany-headquartered Loyalty Partner from Lufthansa Commercial Holdings, a wholly owned subsidiary of Deutsche Lufthansa, and retailing group Metro for a reported €130m.
UK Exponent Private Equity acquires Times Educational Supplement for £235m
03/10/2005. London-based buy-out firm Exponent Private Equity has acquired the TSL Education business from News International, the main UK subsidiary of the global media company News Corporation, for £235m in the first acquisition by Exponent's maiden 2004 Fund.
UK mid-market specialist Sovereign Capital supports the buy-out of CMGL
03/10/2005. UK lower mid-market specialist Sovereign Capital Partners and the management of Claims Management Group Limited have acquired 100 per cent of the share capital in CMGL from Zurich Financial Services. Financial details of the transaction have not been disclosed.
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