News Archive: July 2007

3i to acquire DEUTZ Power Systems
31/07/2007. 3i has agreed to back the MBO of Mannheim, Germany-based gas and diesel engine manufacturer DEUTZ Power Systems from DEUTZ AG in a €360m deal.

Genstar Capital to acquire PRA International in $790m transaction
31/07/2007. San Francisco-based mid-market private equity firm Genstar Capital has agreed to acquire PRA International, a global clinical research organisation. The transaction is valued at approximately $790m.

Technology Partners closes $300m cleantech and life science fund
31/07/2007. Palo Alto, California-based venture capital firm Technology Partners has closed its latest fund, Fund VIII, on $300m - above its $250m target. With its new fund the firm will continue to invest in seed, early stage and later stage opportunities in the cleantech and life science sectors.

AlpInvest hires Elliot Royce as partner, promotes Wouter Moerel to partner
30/07/2007. Dutch firm AlpInvest Partners has appointed Elliot Royce as a partner in its fund investment team. Royce will be based in New York. He previously worked at Alliance Private Equity Partners, where he was managing director, US fund investments, and head of the New York office.

JMI closes $600m private equity fund for software and business services sector
30/07/2007. JMI Equity, a Baltimore and San Diego-based private equity firm exclusively focused on providing growth capital to software and business services companies, has closed its sixth fund, JMI Equity Fund VI, on $600m. The fund reportedly had a target of $500m and held a first closing in June and a second closing earlier this month, prior to this third and final closing.

3i to generate 61 per cent IRR on Care Principles exit
30/07/2007. 3i has agreed to sell Care Principles, a UK specialist care provider for adults with learning disabilities and behavioural challenges, to The Delta Fund, to which Three Delta provides corporate finance advisory services. The transaction is valued at £270m.

Advent closes $1.3bn fund for Latin America
27/07/2007. Advent International has closed a new buy-out fund dedicated to investing in Latin America. Latin American Private Equity Fund IV closed on its hard cap of $1.3bn, making it the largest private equity fund ever raised for the region.

Mark Anson leaves Hermes
27/07/2007. Hermes chief executive Mark Anson is leaving the firm. Hermes stated family reasons for his departure only 18 months after he took on the role as chief executive.

Healthcare investment expert Fazle Husain joins Metalmark as managing director
27/07/2007. Metalmark Capital, a private equity firm investing in industrials, healthcare, financial services, energy and other natural resources, has appointed Fazle Husain as a managing director. Husain is currently a managing director at Morgan Stanley.

CFSI establishes CFSI Catalyst Fund
26/07/2007. The Center for Financial Services Innovation in the US has established a private equity fund that will invest in early growth stage companies operating in the financial services sector. The CFSI Catalyst Fund will be managed by Arjan Schütte, CFSI's associate director overseeing investment programmes.

EQT to sell Contex to Ratos
25/07/2007. EQT Danmark and other investors have agreed to sell Contex Holding, a developer, manufacturer and supplier of 2D and 3D digital imaging solutions, to Ratos for approximately $240m. Ratos is acquiring 100 per cent of the Allerød, Denmark-headquartered company.

UK firm Rutland Partners closes second fund on £322m
25/07/2007. UK mid-market private equity firm Rutland Partners has closed its second fund, Rutland Fund II, on £322m - above its £250m target. A first closing was held on £312m in December 2006, following four months of fundraising, the firm said.

US venture capital investment increased to $7.4bn in Q2 from $6.9bn in Q2 last year
25/07/2007. US companies attracted $7.4bn of venture capital investment in the second quarter of 2007, an increase of eight per cent over the same period last year, according to the Quarterly Venture Capital Report released by Ernst & Young and Dow Jones VentureOne. The quarterly deal count also rose eight per cent to reach 717 deals, the highest deal volume since 2001.

3i invests in Bestinvest
25/07/2007. 3i has acquired independent financial adviser Bestinvest. The terms of the transaction were not officially disclosed but several sources said that the deal was worth about £165m.

Platinum Equity picks up Ryerson in $2bn deal
25/07/2007. Platinum Equity has agreed to acquire Ryerson in a transaction valued at approximately $2bn. Under the terms of the agreement, Platinum Equity will acquire all of the outstanding shares of Ryerson common and convertible preferred stock for $34.50 per share.

Syntaxis Mezzanine Fund I holds first closing
25/07/2007. Syntaxis Capital, a young mezzanine firm with offices in Vienna and Warsaw, has held a first closing on its Central European fund, Syntaxis Mezzanine Fund I. Total commitments at the time of first closing amounted to just under half the fund's target size of €125m.

Bain Capital to buy Bath and Kitchen business from American Standard for $1.8bn
24/07/2007. American Standard Companies has agreed to sell its Bath and Kitchen products business to US private equity firm Bain Capital Partners for $1.755bn in cash.

Graham Keniston-Cooper to lead Morgan Stanley's private equity business in Europe
24/07/2007. Morgan Stanley has appointed Graham Keniston-Cooper to lead its private equity business in Europe. Keniston-Cooper will be responsible for building a private equity team based in London and for establishing Morgan Stanley's European private equity business for third-party investors.

Cerberus to acquire United Rentals in $6.6bn deal
24/07/2007. New York City-headquartered Cerberus Capital Management has agreed to acquire United Rentals in a transaction valued at approximately $6.6bn, including the assumption of approximately $2.6bn in debt obligations.

Merrill Lynch Global Private Equity to acquire Cumulus Media
24/07/2007. An investor group led by Lewis W Dickey, Jr, chairman, president and CEO of Cumulus, and Merrill Lynch Global Private Equity has agreed to acquire US radio company Cumulus Media in a transaction valued at approximately $1.3bn.

Former ATP PEP managing partner Jens Bisgaard-Frantzen joins Private Advisors
23/07/2007. Jens Bisgaard-Frantzen has joined private equity and hedge fund investment firm Private Advisors. Bisgaard-Frantzen will head the firm's new London office and focus on developing the firm's global private equity investment capability. He comes on board as CEO of Private Advisors UK.

Littlejohn acquires Van Houtte for CAN$600m
23/07/2007. Greenwich, Connecticut-based mid-market buy-out specialist Littlejohn & Co. has completed its acquisition of gourmet coffee producer Van Houtte for CAN$600m. Shareholders who have tendered their shares will receive CAN$25 per share.

Stirling Square to sell Schoeller Arca Systems to One Equity Partners for €428m
23/07/2007. Pan-European private equity firm Stirling Square Capital Partners has agreed to sell its controlling stake in Schoeller Arca Systems to One Equity Partners at an enterprise value of €428m. The founding family and management will continue to hold their respective stakes.

MDV adds Steve Brown as entrepreneur-in-residence
23/07/2007. Steve Brown has joined early stage Silicon Valley-based venture capital firm MDV-Mohr Davidow Ventures as an entrepreneur-in-residence. Brown will work with the firm to pursue opportunities that apply internet technologies and services with the aim to empower consumers and to encourage healthier lifestyles.

Candover to sell Bureau van Dijk Electronic Publishing to BC Partners
23/07/2007. European buy-out firm Candover has agreed to sell Bureau van Dijk Electronic Publishing, an electronic publisher of business information, to BC Partners. The sale represents a return of 2.3 times Candover's original investment and an IRR of approximately 35 per cent, the firm announced.

Bessemer Venture Partners VII closes on $1bn
20/07/2007. US venture capital firm Bessemer Venture Partners has closed its latest fund, Bessemer Venture Partners VII, on about $1bn. Of the total amount $350m is dedicated to investment in India.

Venture capital firms invest $112m in India during Q2
19/07/2007. Venture capital firms invested about $112m across 19 deals in India during the second quarter of 2007, up from $40m invested in 13 deals in Q2 2006, but down from the $130m and 20 deals in Q1 2007, according to a study by Venture Intelligence in partnership with the US-India Venture Capital Association.

HgCapital buys lighting producer SLV Group
19/07/2007. European private equity investor HgCapital has agreed to acquire a majority stake in SLV Group, a Germany-headquartered producer of lighting systems in Europe, from the company's founder and current managing director Franko Neumetzler.

Vector Capital IV closes on $1.2bn
18/07/2007. Vector Capital has closed its latest fund, Vector Capital IV, on $1.2bn. The new fund invests in buy-outs, spin-outs and recapitalisations of established technology companies, and is also expected to acquire long-term stakes in undervalued public companies.

UK firm Endless hires Neil Baishnab, Ian Plumb
18/07/2007. Leeds-headquartered buy-out and turnaround specialist Endless has strengthened its Manchester-based team. Neil Baishnab has been appointed as an associate director and Ian Plumb as an investment manager.

Calvert Holdings establishes Calvert BioCapital Fund I
18/07/2007. Calvert Holdings has established a new venture capital limited partnership that will be dedicated to acquiring and developing early stage biopharmaceutical compounds and technologies.

Ian Armitage replaces Leonard Licht as chairman of HgCapital
18/07/2007. European mid-market private equity investor HgCapital has announced several changes to its senior management. Leonard Licht is retiring after seven years as chairman of HgCapital. Licht will remain a senior adviser and partner of the firm. Ian Armitage, currently chief executive, will assume the role of chairman.

Sainsbury in play with Delta
18/07/2007. Delta (Two), one of the investment vehicles backed by the Qatar oil state, is making a bid for the UK supermarket and retail group Sainsbury.

Lehman Brothers raises $500m in fund of funds IPO
18/07/2007. Lehman Brothers Private Equity Partners has announced the successful IPO of its shares on Euronext Amsterdam. The company has achieved its target of raising $500m through a placing of 50 million shares at $10 per share.

Swiss Partners Group teams up with Sumitomo Mitsui Asset Management in Japan
18/07/2007. Switzerland-based global alternative asset manager Partners Group has announced a cooperation agreement with Sumitomo Mitsui Asset Management in Japan. SMAM acts as investment advisor to various corporate Japanese pension plans.

Apollo's Hexion to acquire Huntsman in $10.6bn transaction
17/07/2007. Hexion Specialty Chemicals, a specialist in thermoset resins and owned by Apollo Management, has agreed to acquire Huntsman Corporation in a transaction valued at approximately $10.6bn, including the assumption of debt.

Sir David Walker puts forward ideas on how to tackle transparency issues
17/07/2007. Sir David Walker has published an initial Disclosure and Transparency in Private Equity consultation document. In it he lists ideas on how the private equity industry should tackle issues that have caused a heated public debate. Sir David has worked with an advisory group consisting of leading private equity professionals and is now seeking a wider debate based on the consultation document. The consultation period runs until 9 October.

Formation Capital, JER Partners acquire Genesis HealthCare
16/07/2007. Formation Capital and JER Partners have completed the acquisition of Genesis HealthCare Corporation. The total enterprise value of the transaction was approximately $2bn, including debt.

Jupiter Venture co-founder Paolo Gesess joins 360° Capital Partners
16/07/2007. Paolo Gesess has joined venture capital firm 360° Capital Partners as a partner. The other partners in the team are Fausto Boni, Emanuele Levi, Diana Saraceni and Francois Tison.

LDC sells Jemella Group to Montagu
16/07/2007. European mid-market private equity investor Montagu Private Equity has funded a £160m buy-out of West Yorkshire, UK-based Jemella Group, alongside the management team led by the business's founder and CEO Martin Penny. The deal represents an exit for LDC, the private equity division of Lloyds TSB, which funded a buy-out of the business in 2006.

Sal. Oppenheim, CAM Private Equity establish strategic partnership
13/07/2007. European private bank Sal. Oppenheim has become a majority shareholder in Cologne-headquartered private equity firm CAM Private Equity.

Galen Partners closes fifth fund on $250m
13/07/2007. Stamford, Connecticut-based healthcare private equity firm Galen Partners has closed its fifth fund, Galen Partners V, on $250m. The fund focuses on investments in healthcare information technology/outsourcing, medical devices and specialty pharmaceutical companies.

Alan Lacy joins Oak Hill as senior advisor
13/07/2007. Oak Hill Capital Partners has appointed Alan J Lacy as a senior advisor to the firm. Lacy will consult across Oak Hill's private equity portfolio and work closely with the firm's Consumer, Retail & Distribution industry group.

NBGI Private Equity realises 10.7 times return on Superglass IPO exit
12/07/2007. UK buy-out firm NBGI Private Equity has sold its 50.9 per cent stake in Superglass as part of the company's IPO on the London Stock Exchange. On admission, the IPO valued Superglass at an enterprise value of approximately £135m. Through the placing of its equity holding, NBGI achieved a 10.7 times return on its original investment and an IRR of 244 per cent per annum, the firm said.

Aureos, IFC launch initiative to boost environmental and social sustainability
11/07/2007. The International Finance Corporation and Aureos Capital have launched an initiative to help small and medium-sized enterprises in the emerging markets improve their environmental and social performance.

Highland Consumer Fund closes on $300m
11/07/2007. Venture capital firm Highland Capital Partners has closed its Highland Consumer Fund I, the firm's first fund focused exclusively on investment opportunities in consumer-facing enterprises, on $300m. Tom Stemberg, co-founder and former CEO of office supplies retailer Staples, and Ted Philip, former president, COO and CFO of internet portal Lycos, will lead the fund as managing general partners.

DBG acquires Slovenian plastic components producer
11/07/2007. Central and Eastern European-focused private equity firm DBG - through its DBG Eastern Europe II fund - has completed an MBI of a 100 per cent shareholding in Solvenia-based plastic components producer Tomplast. Financial details of the transaction were not disclosed.

Avista hires media expert Robin Domeniconi as consultant
11/07/2007. US firm Avista Capital Partners has appointed Robin Domeniconi as a consultant to the firm. Domeniconi will be working with media industry partner James Finkelstein and partner OhSang Kwon, who together head Avista's media investing activities.

3i sells Attends Healthcare Holdings to Rutland
11/07/2007. 3i has sold Attends Healthcare Holdings to UK mid-market private equity firm Rutland Partners for €93.5m. UK-based Attends manufactures and supplies branded and own label healthcare products used to assist both users and carers dealing with incontinence.

GMT to acquire cable television and broadband services provider in Malta
11/07/2007. GMT Communications Partners, a European private equity group focused exclusively on the communications sector, has agreed to acquire Melita Cable, a provider of television, broadband and telephony services in Malta, from Nasdaq-listed Liberty Global and the Gasan Group of Companies.

Battery Ventures closes $750m Fund VIII
10/07/2007. Technology venture capital and buy-out firm Battery Ventures has closed its eighth fund, BV VIII, on $750m.

Cinven to acquire USP Hospitales for €675m
10/07/2007. European private equity firm Cinven has agreed to acquire USP Hospitales, a Spain-based operator in the private healthcare market and a provider to the private healthcare insurance market, from Mercapital for €675m.

Riverside Europe Fund III raises €315m
10/07/2007. The Riverside Company, a private equity firm focused on the smaller end of the middle market, has closed its third European fund, Riverside Europe Fund III, on €315m, exceeding the fund's €250m target.

Carlyle to acquire Sequa Corporation in $2.7bn transaction
10/07/2007. The Carlyle Group has agreed to acquire Sequa Corporation in a transaction valued at $2.7bn. Sequa is a manufacturer active across industries including aerospace, automotive, metal coating, specialty chemical and industrial machinery.

CVC in €1.5bn bid for Univar
09/07/2007. Ulysses Luxembourg, a vehicle controlled by CVC Capital Partners, has committed to offer approximately €1.52bn for Dutch chemicals distributor Univar. Parcom Ventures, the private equity arm of ING, is acting as co-investor in the equity investment of Ulysses.

AXA Private Equity closes second small-cap buy-out fund on €353m
09/07/2007. France-based AXA Private Equity has closed its second small-cap buy-out fund, the AXA Expansion Fund II, on €353m. The new fund focuses on medium-sized companies valued under €100m seeking a financial partner to boost growth.

H.I.G. Capital closes €600m fund for Europe, opens three European offices
09/07/2007. H.I.G. Capital has closed its latest fund, H.I.G. European Partners, on €600m, the hard cap of the fund. The firm said that it would use the fund to facilitate its plans to significantly expand its investment activities in Europe.

CVC to carry away Samsonite
06/07/2007. Luggage firm Samsonite Corporation has entered into a definitive merger agreement to be acquired by CVC Capital Partners. The all-cash transaction is valued at approximately $1.7bn, including the assumption of debt.

CVC to buy Taminco in €0.8bn deal
05/07/2007. CVC Capital Partners has reached an agreement - subject to regulatory approval - to acquire Belgium-based Taminco, a producer of alkylamines and derivatives, from AlpInvest Partners.

KKR moves forward on New York Stock Exchange listing
04/07/2007. Private equity house KKR has filed a registration statement with the Securities and Exchange Commission for a proposed initial public offering of its common units representing limited partner interests in its partnership. The firm intends to apply to list its common units on the New York Stock Exchange under the symbol ‘KKR’.

Lehman Brothers bags former US Treasury Secretary
04/07/2007. Lehman Brothers Private Equity has hired Emil W Henry, Jr, former Assistant US Treasury Secretary for Financial Institutions, as a managing director. Henry, who will be based in New York, will focus on global investments in infrastructure and will report to Michael J Odrich, managing director and global head of private equity within Lehman Brothers’ Investment Management Division.

Carlyle to take Manor Care private in $6.3bn deal
03/07/2007. US-based Manor Care's board of directors have approved a transaction with private equity firm The Carlyle Group to take the company private in an all cash transaction valued at approximately $6.3bn. Under terms of the agreement Manor Care shareholders will receive $67.00 in cash for each share of common stock owned.

GSO to buy Reddy Ice Holdings
03/07/2007. Reddy Ice Holdings has entered into a merger agreement to be acquired by certain funds managed by GSO Capital Partners in a transaction with a total value of approximately $1.1bn.

Linn Energy fuels up on $1.5bn of PE money in Dominion Resources deal
03/07/2007. Linn Energy, has announced that it has signed a definitive purchase agreement to acquire certain oil and gas properties from Dominion Resources, Inc. for a contract price of $2.05bn, subject to customary purchase price adjustments. To assist it in the deal, the firm has executed a unit purchase agreement for a private placement of $1.5bn of equity securities to third party investors, led by Lehman Brothers MLP Opportunity Fund and co-led by Zimmer Lucas Partners and GPS Partners.

ECI Telecom in $1.2bn all-cash transaction
03/07/2007. ECI Telecom, a US-networking infrastructure equipment firm, has entered into a merger agreement for the company to be acquired by the Swarth Group, an investment vehicle controlled by Shaul Shani, and certain funds that have appointed Ashmore Investment Management as their investment manager, in a transaction valued at approximately $1.2bn.

Asset Management Advisors staffs up for private equity
03/07/2007. Multi-family office organisation Asset Management Advisors has brought in a new team to help accelerate its private equity program. The team will be based in Atlanta, GA and Nashville, TN.

Teachers, Providence and Madison line up for BCE
02/07/2007. BCE is to be acquired by an investor group led by Teachers Private Capital, the private investment arm of the Ontario Teachers Pension Plan, Providence Equity Partners and Madison Dearborn Partners. The all-cash transaction is valued at C$51.7bn, including C$16.9bn of debt, preferred equity and minority interests.

Aibel goes to investor group led by Ferd Private Equity Fund II in €670m deal
02/07/2007. A private equity syndicate has sold Aibel to a Ferd Private Equity Fund II-led investor group for an enterprise value of €670m. Sellers are Candover, 3i and JPMorgan Partners.

Noah Yago joins MTV
02/07/2007. The Millennium Technology Ventures family of private equity funds has brought Noah Yago into the firm’s investment team as vice president and promoted Dan Borok to vice president.

SVG holds close of Strategic Recovery Fund II at £70.2m
02/07/2007. SVG's public equity team has announced the final closing of their Strategic Recovery Fund II at £70.2m. The SRF II is a Limited Partnership that invests primarily in UK-listed companies that the team believes are undervalued and would benefit from strategic, operational or management initiatives.

Advent heads to Germany for fashion
02/07/2007. Advent International has taken a majority stake in German fashion discount chain, Takko. The business is being acquired from Permira for a total consideration of €770m. The acquisition has been made in partnership with Takko’s management team led by its managing director, Arnold Mattschull.

Genstar picks up George T Shaheen
02/07/2007. Genstar Capital, a middle market private equity firm that focuses on investments in life science and healthcare services, industrial technology, business services and software, has appointed George T Shaheen to the company's strategic advisory board.