News Archive: September 2007 
Sitra, Provider Venture Partners to raise up to 160m for cleantech fund
15/10/2007. Finnish government innovation fund Sitra has teamed up with Swedish venture capital firm Provider Venture Partners to raise a 100-160m venture capital fund to invest in Nordic cleantech enterprises. The new Nordic venture capital fund will be based in Finland and Sweden. 
Bain to acquire 3Com for $2.2bn
28/09/2007. Bain Capital Partners has agreed to acquire 3Com Corporation, a provider of enterprise and small-business networking solutions, for approximately $2.2bn in cash. As part of the transaction, affiliates of telecommunications company Huawei Technologies will also acquire a minority interest in the business.
SVB Capital hires John Dominguez, Vincent Williams
28/09/2007. SVB Capital Partners, the funds management team within financial services provider SVB Financial Group, has taken on two new senior members, John Dominguez and Vincent C Williams.
US venture capital firm Sigma closes Sigma Partners 8 on $500m
27/09/2007. US early stage firm Sigma Partners has held a first and final closing on its eighth fund, Sigma Partners 8, on $500m. The fund was launched in June of this year with a target of $500m.
Investor group pulls out of $25bn Sallie Mae buy-out
27/09/2007. A US investor group led by New York-based private equity firm J.C. Flowers & Co. has withdrawn its $25bn buy-out offer for US college savings and lending firm SLM Corporation, more commonly known as Sallie Mae.
BCP sells TrialGraphix to Kroll
27/09/2007. Baird Capital Partners, the US-based buy-out fund of Baird Private Equity, has exited its investment in litigation consulting services company TrialGraphix through its sale to risk consulting company Kroll, an operating unit of professional services firm Marsh & McLennan Companies. The value of the transaction was not disclosed.
Lyceum to sell UK company NBG to Connaught for £91m
26/09/2007. UK mid-market private equity firm Lyceum Capital, formerly known as West Private Equity, has agreed to sell Caerphilly, Wales-based National Britannia Group, a UK provider of health and safety compliance services, to Connaught, a provider of integrated asset management services, for £91m.
Veronis Suhler Stevenson buys majority stake in Vault.com
26/09/2007. Veronis Suhler Stevenson, a private equity investor in the media, communications, information and education industries, has agreed to acquire a majority stake in online career information specialist Vault.com Inc.
21 Centrale acquires Bongrain Gastronomie
26/09/2007. French private equity firm 21 Centrale Partners has acquired dairy company Bongrain Gastronomie from Bongrain. The firm has acquired an 80 per cent stake in the business for an undisclosed sum. Bongraine will retain a 20 per cent stake, and Bongraine Gastronomie management will also retaining an interest.
AAC Capital Partners to sell FABORY to HgCapital for 345m
26/09/2007. AAC Capital Partners, formerly the Northern European mid-market buy-out team of ABN AMRO Capital, has agreed to sell clothing fastener company FABORY to HgCapital for an enterprise value of 345m.
KKR completes $30bn First Data buy-out
26/09/2007. US buy-out giant Kohlberg Kravis Roberts & Co. has completed its $29.7bn acquisition of software company First Data.
Swiss CGS Management closes second buy-out fund on CHF130m
25/09/2007. Pfδffikon, Switzerland-based buy-out fund manager CGS Management has closed its second fund, CGS Private Equity Partnership II, on CHF130m (79m), below its CHF150m target. A first closing was held on CHF65m in August 2007. The fund was launched in March 2006.
Riverstone hires Ralph Alexander as managing director
25/09/2007. New York-based energy and power-focused private equity firm Riverstone Holdings has appointed Ralph Alexander, a former senior executive at BP, as a managing director. He will be based in the firm's New York office.
Former Dutch finance minister Gerrit Zalm joins Permira
25/09/2007. European-based private equity firm Permira has appointed Gerrit Zalm, former deputy prime minister and minister of finance of the Netherlands, as an adviser. In his new role, Zalm will advise on business, economic and socio-political issues.
Bridgepoint completes sale of JDR to Vision Capital for £90m
25/09/2007. European private equity firm Bridgepoint has completed its sale of JDR Cable Systems to London-based independent investment firm Vision Capital, in a deal reported to be worth around £90m.
Thierry Paternot joins Duke Street Capital as new operating partner in France
24/09/2007. UK and France-focused mid-market buy-out firm Duke Street Capital has appointed Thierry Paternot as operating partner, France. Paternot will focus on consumer businesses. Duke Street's investments in the consumer sector have included Marie Brizard and, more recently, Accantia, Adelie Food Holdings and Burtons Foods.
ICG opens New York office, recruits North America-focused investment team
24/09/2007. UK firm Intermediate Capital Group has opened an office in New York and recruited five senior investment executives to work in its new office. The new office is ICG's first in the US, and will be used to provide intermediate capital solutions to the North American market.
Pamplona's second fund holds first closing on 1.3bn
24/09/2007. Pamplona Capital Management's second private equity fund, Pamplona Capital Partners II, has held a first closing on 1.3bn. The fund will invest in LBO opportunities in Europe.
Montagu sells Open International to Towergate for £276m
24/09/2007. European private equity house Montagu Private Equity has sold Open International, a UK and Ireland broker software house, to European insurance intermediary Towergate for £276m.
KKR and GSCP walk away from $8bn Harman deal
24/09/2007. Harman International Industries, Incorporated has announced that Kohlberg Kravis Roberts & Co. and GS Capital Partners no longer intend to complete the previously announced $8bn acquisition of the company.
US firm Sun Capital offers $544m for Kellwood
21/09/2007. Boca Raton, Florida-based firm Sun Capital Partners, through its affiliate Sun Capital Securities Group, has made an unsolicited $21 per share offer for all of Kellwood Co.'s outstanding shares. The firm is offering $21 per share in cash or approximately $544m in total for the American marketer of apparel and recreational camping products.
Marwit Capital Partners II closes on $183m
21/09/2007. Marwit Capital Partners II has closed on $183m, above its original target of $175m. The fund invests in lower mid-market 'micro cap' businesses that have revenues of $15-125m, EBITDA of $3-15m and enterprise values generally less than $50m.
Segulah to exit Swedish company AB Previa
21/09/2007. Swedish lower mid-market buy-out firm Segulah has agreed to sell Swedish occupational health service provider AB Previa to Danish investment firm Tryg i Danmark. Previa had a turnover of SEK803m (approximately 87m) in 2006.
Canada's CVCA re-elects Rick Nathan as president
20/09/2007. Canada's Venture Capital & Private Equity Association has re-elected Rick Nathan, managing director of Canadian private equity investor Kensington Capital Partners as its president.
Lehman Brothers closes fifth venture capital fund on $365m
20/09/2007. Lehman Brothers has held a first and final closing on its fifth venture fund, Lehman Brothers Venture Partners V, on $365m, the hard cap of the fund. The fund was launched in February of this year, with an initial target of $300m. Lehman Brothers put $75m into the fund.
KKR to sell FL Selenia to PETRONAS in 1bn deal
20/09/2007. Kohlberg Kravis Roberts & Co. has agreed to sell 100 per cent of the share capital of Italian oil and lubricant company FL Selenia to Malaysian oil and gas company PETRONAS. The deal values the company at about 1bn, including net debt.
Mubadala to buy 7.5 per cent stake in Carlyle for $1.35bn
20/09/2007. Mubadala Development Company, an investment and development company wholly owned by the government of Abu Dhabi, has agreed to buy a 7.5 per cent stake in The Carlyle Group for $1.35bn. The minority investment includes no associated voting rights and is subject to value-related protective rights. Mubadala has also committed $500m to a new Carlyle fund.
Web 2.0 venture capital investment activity goes global
19/09/2007. Venture capital investment in Web 2.0 companies, until recently pretty much limited to the San Francisco Bay area, has expanded into other parts of the US and into Europe and Israel, according to Dow Jones VentureOne and Ernst & Young.
HgCapital acquires European talc producer Mondo Minerals
19/09/2007. European mid-market private equity firm HgCapital has acquired talc mining group Mondo Minerals, from international white minerals group Omya.
Emerging markets private equity funds raise $21.5bn in first half of 2007
19/09/2007. A total of 107 private equity funds focused on investing in the emerging markets of Asia, Europe, Latin America, the Middle East and Africa raised a combined $21.5bn in capital commitments in the first half of 2007, compared to $33.2bn raised by 162 funds in all of 2006, the Emerging Markets Private Equity Association reported.
Carlyle hires foreign investment expert Marchick as global head of regulatory affairs
19/09/2007. The Carlyle Group has appointed David M Marchick, a partner and foreign investment expert at Washington DC law firm Covington & Burling, as a managing director and global head of regulatory affairs. Marchick will advise Carlyle's fund managers on issues related to foreign buy-outs, sales and investments. He will report to Carlyle's co-founders.
Platinum to acquire auto glass and services businesses from PPG for $500m
18/09/2007. Beverly Hills-based private equity firm Platinum Equity has agreed to acquire industrial manufacturer PPG Industries' automotive glass and services businesses for approximately $500m.
KKR leads $450m financing for Chinese cement producer Tianrui Cement
18/09/2007. US private equity giant Kohlberg Kravis Roberts & Co. has bought a minority stake in Chinese cement producer Tianrui Group Cement Co. Titan Cement, an entity controlled by KKR, has completed a series of investments in the company with a total value of $115m.
Buy-out team spins out of ABN AMRO Capital
17/09/2007. The Northern European mid-market buy-out team of ABN AMRO Capital, now called AAC Capital Partners, has reached an agreement with ABN AMRO to transfer the control of the team's activities to a management company which is majority-owned by the executives of AAC Capital Partners in Amsterdam, London and Stockholm.
Kaupthing Bank exits Costcutter
17/09/2007. Icelandic financial services firm Kaupthing Bank has sold UK retail chain Costcutter, to Liverpool-based shipping group Bibby Line.
Argos Soditic acquires fine chemicals and dyes businesses from Orgasynth
17/09/2007. European private equity firm Argos Soditic, along with general manager David Simonnet and Pierre Beaugrand, general manager in charge of operations, has acquired the fine chemicals and dyes businesses from French industrial group Orgasynth. The transaction includes the Orgapharm, Orgasynth Industries, All'Cheml, Synthexim, and Steiner subsidiaries. Financial terms of the deal were not disclosed.
Candover withdraws 1.5bn offer for Stork
17/09/2007. UK-based private equity group Candover has withdrawn its 1.5bn offer for Dutch company Stork. Candover had offered 47 a share, to be financed through its Candover 2005 fund. The private equity firm has walked away from the deal because current Stork shareholder, Icelandic holdings company LME Holdings, will not sell its approximately 43 per cent shareholding.
Investor consortium acquires Taiwan's Primax Electronics in $265m deal
17/09/2007. A consortium consisting of FAT Capital, H&Q Asia Pacific and Merrill Lynch has taken private Taiwan-listed electronics supplier Primax Electronics. At NT$18 (approximately US$0.55) per share, the transaction is valued at NT$8.6bn (approximately US$265m).
Darwin Private Equity I holds second closing on £122m
17/09/2007. UK-based lower mid-market private equity group Darwin Private Equity has announced a second closing on its first fund, Darwin Private Equity I, on £122m. Darwin plans to close the fund on its target size of £250m by the end of this year.
CCMP exits M&H Plastics
14/09/2007. Buy-out and growth equity specialist CCMP Capital, on behalf of J.P. Morgan Partners, has agreed to sell Maynard & Harris Plastics to Bank of Scotland Corporate's Integrated Finance division and company management. Terms of the transaction where not disclosed.
Blackstone appoints new managing director to private equity group
14/09/2007. The Blackstone Group has appointed Vikrant Sawhney as a managing director in the firm's private equity division. Sawhney will manage the firm's activities in financing and capital markets and also help oversee certain credit market-related investment activities.
Blackstone to invest in Latvian Lattelecom
14/09/2007. The Blackstone Group is to invest a reported $178m for a 51 per cent stake in Latvian telecommunications company Lattelecom, majority-owned by the Latvian government, as part of a $575m MBO.
PTV III holds first closing on 60m
14/09/2007. The Netherlands and UK-based firm Prime Technology Ventures has held a first closing on its latest fund, PTV III, on 60m. The target of the fund is 150m. With its new fund the firm will continue to invest in early and later stage companies in the IT and related sectors in North West Europe.
European Capital strengthens Frankfurt team to boost pan-European mezzanine activity
13/09/2007. European Capital Financial Services, the sub-investment manager of European Capital, has appointed Bernd Schaessburger as an investment director, to join the firm's new Frankfurt office.
The Frankfurt team, which now numbers four professionals, was established in April 2007 and is headed by managing director Robert von Finckenstein. The team works closely with the European mezzanine team headed by Nathalie Faure Beaulieu in London.
Standard Life to manage 400m in European private equity for CalPERS
13/09/2007. The California Public Employees Retirement System has selected Edinburgh-headquartered Standard Life Investments (Private Equity) to manage a mandate valued at 400m for their Alternative Investment Management Program. The mandate is focused exclusively on European private equity, and will be managed by the ESP Golden Bear Europe Fund.
Stone Point closes Trident IV on $2.25bn
13/09/2007. Greenwich, Connecticut-based private equity firm Stone Point Capital has closed its latest fund, Trident IV, on $2.25bn, surpassing its $1.75bn target. The new fund targets investments of $25-350m in size in companies operating in the insurance and financial services industries on a global basis.
Barclays Private Equity closes Private Equity European Fund III on 2.4bn
13/09/2007. Pan-European mid-market buy-out firm Barclays Private Equity has closed its third fund, Barclays Private Equity European Fund III, on 2.4bn. External investors have contributed around 1.7bn to the fund, with the remaining 650m provided by Barclays Capital.
PPM Capital to be independent from M&G by year-end
12/09/2007. Mid-market private equity specialist PPM Capital and M&G, the fund management arm of life insurance and pensions provider Prudential, has confirmed that their discussions for a buy-out of PPM are close to completion, with a transaction expected to be completed in the fourth quarter of 2007.
RREEF Private Equity hires Adam Graev as director
12/09/2007. RREEF Private Equity, the private equity arm of RREEF Alternative Investments, the global alternatives asset management business of Deutsche Bank's Asset Management division, has appointed Adam Graev to its DB Secondary Opportunities Private Equity Fund as a director, based in New York.
Nomura, Norinchukin Bank, Development Bank to establish pe fund of funds
12/09/2007. Global financial services company Nomura Holdings is set to join forces with The Norinchukin Bank, the central bank for Japan's agricultural, forestry and fishery industries, and the Development Bank of Japan to establish a joint private equity venture offering investment advisory and discretionary investment management services in the private equity fund of funds segment.
Partners Group Global Value 2006 closes on 400m
12/09/2007. Switzerland-based alternative asset manager Partners Group has closed Partners Group Global Value 2006 on its target size of 400m. The new fund can invest across the full range of private equity investments: primary, secondary, direct and listed private equity investments.
Angelo Gordon announces new private equity fund
12/09/2007. The private equity division of non-traditional investment specialist Angelo Gordon is set to launch its latest private equity fund, AG Private Equity Partners IV, with a target of $700m. In addition, the firm also plans to raise a Reserve Fund with a target of $200m that will be used to participate in investments greater than $75m.
CDC commits $80m to two South East Asian private equity funds
12/09/2007. UK government-backed private equity emerging markets fund of funds investor CDC Group has made new commitments totalling $80m to two private equity funds investing in South East Asia. These latest commitments bring the firm's overall investment in South East Asia to over $275m to date.
Globespan closes fifth fund on $380m
11/09/2007. US venture firm Globespan Capital Partners has closed its fifth fund, Globespan Capital Partners V. The fund closed on $380m, with LPs including state and corporate pension funds, university endowments, funds of funds, international pension funds from Europe and Asia, and Japanese technology companies.
Nogales closes second fund on $245m
11/09/2007. Los Angeles-based private equity firm Nogales Investors Management has held a final closing on its second fund. The $245m Nogales Fund II targets investments of between $10m and $30m in mid-market companies in the US.
Expansion Capital closes Clean Technology Fund II on $100m
10/09/2007. Expansion Capital Partners has closed its Clean Technology Fund II on above $100m. The original target of the fund was $60m. The fund invests in North American expansion stage clean technology companies that create more economic value with less energy and materials, or less waste and toxicity, with current customer revenues of $2-30m.
Saw Mill closes $270m fund
07/09/2007. Saw Mill Capital has closed its latest fund, Saw Mill Capital Partners, above its $250m target on $270m. The final closing was the fourth closing of the fund. A first closing was held on $128m in December 2006.
Advent International to buy Domestic & General for £524m
07/09/2007. Mid-market buy-out firm Advent International has agreed to acquire Domestic & General Group for approximately £532.9m.
Snow Phipps closes first fund on $620m
07/09/2007. New York-based mid-market private equity investor Snow Phipps Group has closed its first fund on $620m, well above the fund's initial $500m target.
General Atlantic hires new managing directors in Mumbai, Hong Kong
06/09/2007. General Atlantic has made further appointments just days after announcing the hiring of Jonathan Miller, former CEO of AOL, and Ross Levinsohn, former president of Fox Interactive Media. The firm has now recruited Ranjit V Pandit as a managing director in the firm's Mumbai office, and Jeff X Leng as a managing director in the Hong Kong office.
Actis appoints Lim Meng Ann as head in China
06/09/2007. Emerging markets private equity investor Actis has appointed Lim Meng Ann as partner to head up its Chinese operations. Meng Ann has joined Actis from GIC Special Investments, the private equity arm of the Government of Singapore Investment Corporation, where as executive vice president he was responsible for its private equity investment activities in China.
Jim Leech replaces Claude Lamoureux as head of Ontario Teachers' Pension Plan
06/09/2007. Jim Leech, currently senior vice president at Teachers' Private Capital, the private investment arm of Ontario Teachers' Pension Plan, will take over from Claude Lamoureux as president and CEO of the Ontario Teachers' Pension Plan at the end of this year.
Carlyle raises 5.35bn for third European buy-out fund
06/09/2007. The Carlyle Group has closed its third European buy-out fund, Carlyle Europe Partners III, on 5.35bn.
European venture capital investment reaches 1.1bn in Q2 2007
05/09/2007. European venture capital investment reached 1.14bn in Q2 2007 despite a drop in deal flow to 213 in Q2 2007 from 223 in Q1 and 265 in the same period last year, according to the quarterly European Venture Capital Report by Dow Jones VentureOne and Ernst & Young. The amount of capital was slightly up from both the 1.11bn invested in Q1 2007 and the 1.09bn invested in Q2 2006.
Mid Europa buy-out fund holds first closing on 1bn
05/09/2007. CEE-focused buy-out firm Mid Europa Partners' latest fund, Mid Europa Fund III, has completed a first closing on above 1bn. The fund was launched in May 2007 and is currently the largest CEE buy-out fund. Mid Europa plans to close the fund on its 1.5bn hard cap in the fourth quarter of 2007.
Private equity firms to sell stakes in US rail company after 20 years for $1.5bn
05/09/2007. A group of private equity firms have agreed to sell their stakes in American rail company Dakota, Minnesota & Eastern Railroad to a subsidiary of the trans-American rail firm Canadian Pacific Railway. The total price being paid for DM&E is $1.48bn, with future contingent payments of up to approximately $1bn, which will become due if certain performance criteria relating to the development of the Powder River Basin project are met prior to the end of 2025.
Metalmark to exit investment in Cantera in $675m deal
05/09/2007. New York-based private equity firm Metalmark Capital has agreed to sell its interests in gas gathering and processing company Cantera Natural Gas to Houston-based natural gas company Copano Energy for $675m.
State of New Jersey, Lehman Brothers form $105m private equity fund
05/09/2007. The State of New Jersey and Lehman Brothers have formed the New Jersey Directed Investment Fund, a $105m private equity vehicle for investments specifically in the state of New Jersey.
Carlyle has second bid for Coates rejected
05/09/2007. The Carlyle Group and construction equipment company National Hire have had a revised offer of AUS$6.29 a share for Australian equipment rental firm Coates Hire rejected because the price was again deemed too low.
Ethos-led consortium to acquire South African gaming company Gold Reef
04/09/2007. An investor consortium led by South African private equity firm Ethos Private Equity is planning to acquire the entire issued and to be issued share capital of South African gaming and entertainment company Gold Reef Resorts. If successful, this will be one of the largest private equity-led transactions in South Africa to date. The consortium is offering ZAR34 a share, representing an estimated enterprise value of ZAR11.4bn (approximately $1.57bn).
Swiss Partners Group opens Tokyo office, appoints Kawamura to head new team
04/09/2007. Zug, Switzerland-headquartered alternative asset manager Partners Group has opened a new Asian office in Tokyo. The firm already has an office in Singapore, which was established in September 2004. The new office is headed by senior vice president Junichiro Kawamura.
CVC Capital Partners appoints Fred Watt as COO
04/09/2007. CVC Capital Partners has appointed former Royal Bank of Scotland Group CFO Fred Watt as its new COO. Watt will be a member of CVC's Group Management Committee and will also join the board.
Noble Fund Managers holds first closing on second fund
04/09/2007. Noble Fund Managers, the private investment arm of UK investment bank Noble, has completed a first closing on its second venture finance fund. Noble Venture Finance II has raised £87m for the first closing. Its target is £100m.
Golding launches fourth fund of funds
03/09/2007. Munich-based Golding Capital Partners is launching Golding Mezzanine SICAV IV, its fourth fund of funds, marketed to German institutional investors, primarily insurance companies, banks and pension funds. The fund has a target of 300m.
General Atlantic hires Miller, Levinsohn as advisors to media and consumer team
03/09/2007. Private equity firm General Atlantic has appointed Jonathan Miller, former chairman and CEO of America Online (AOL), and Ross Levinsohn, former president of Fox Interactive Media (FIM) at News Corp., as advisors to the firm's media and consumer sector team.
Citicorp Venture Capital buys control of foodservice disposables manufacturer WNA
03/09/2007. Citicorp Venture Capital has made a controlling investment in Covington, Kentucky-headquartered Waddington North America. The firm has acquired the stake in the foodservice disposables manufacturer from Code Hennessy & Simmons. US mid-market private equity firm Norwest Equity Partners and WNA management also participated in the transaction.
HSBC signs agreement to acquire Korean Exchange Bank from Lone Star
03/09/2007. HSBC has signed an agreement to acquire a 51.02 per cent stake in financial services provider Korean Exchange Bank from Dallas, Texas-based private equity firm Lone Star for $6.3bn.
SAC Private Capital to acquire Taiwanese Cosmos Bank
03/09/2007. Private equity group SAC Private Capital Group and consumer lending firm GE Money have signed a memorandum of understanding to invest $900m in Taiwanese Cosmos Bank. Under the terms of the memorandum, SAC will contribute $650m with GE Money supplying the remaining $250m.
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