News Archive: October 2007 
GMT completes acquisition of Primesight in £62m deal
31/10/2007. European communications sector-focused private equity group GMT Communications Partners has completed its acquisition of UK outdoor advertising company Primesight for a total consideration of up to £62m. 
H.I.G. Capital strengthens European team
31/10/2007. H.I.G. Capital, a private equity firm which focuses on small to medium-sized companies, has appointed Mark Kelly and Andrew Busby to join its London team.
Mark Neumann joins Nobska Ventures
31/10/2007. Early stage venture capital firm Nobska Ventures has appointed Mark Neumann as an investor and member of the general partner of the Nobska Venture Partners I fund. Neumann will serve as a venture partner of the fund, focusing on investments in Israel and the US Mid-Atlantic regions.
Octopus appoints Purvi Sapre as investment manager in its private equity team
30/10/2007. Octopus Investments, a fund manager and private equity investor in the SME space, has appointed Purvi Sapre as a new investment manager in the firm's private equity team. Prior to joining Octopus Private Equity, Sapre was a manager in Barclays Leveraged Finance team.
CHAMP Private Equity opens office in Singapore
30/10/2007. Australian-based CHAMP Private Equity is opening a new office in Singapore. The Singapore team will focus on supporting existing CHAMP portfolio companies and on originating and completing mid-market acquisitions in Southeast Asia that can benefit from CHAMP's network in Australia and New Zealand, and from the networks of CHAMP's US affiliate, Castle Harlan.
AIG Highstar Capital III closes on $3.5bn
30/10/2007. AIG Highstar, the New York-based private equity partnership with a focus on infrastructure-related businesses, has closed its latest fund, AIG Highstar Capital III, on $3.5bn.
New York State Common Retirement Fund to commit $1bn to emerging managers
30/10/2007. The New York State Common Retirement Fund is increasing its private equity commitment to emerging managers, with a focus on women and minority-owned businesses, to $1bn over the next several years. The move will more than double the amount of capital available to emerging managers.
CCMP Capital closes $3.4bn fund
30/10/2007. New York-based private equity firm CCMP Capital Advisors has closed its new fund, CCMP Capital Investors II, on $3.4bn, exceeding its initial target of $3.25bn. The fund was launched in late spring 2006 and held a first closing in August 2006 on $1.8bn. .
Greenstreet Equity Partners to acquire TECO Transport Corporation for $405m
29/10/2007. An investor group led by Miami-based private equity firm Greenstreet Equity Partners has agreed to acquire energy-focused holding company TECO Energy's transportation business, TECO Transport Corporation, for $405m in cash, subject to working capital adjustment.
Consortium to acquire Puget Energy in $7.4bn deal
29/10/2007. Washington-based electric and gas utility Puget Sound Energy has agreed to be taken private by a consortium led by Macquarie Infrastructure Partners, the Canada Pension Plan Investment Board and British Columbia Investment Management Corporation in a deal with an enterprise value worth approximately $7.4bn. The consortium also included Alberta Investment Management, Macquarie-FSS Infrastructure Trust and Macquarie Bank.
Morgan Stanley Private Equity hires Eric Fry, Michael Hehn
26/10/2007. Morgan Stanley has appointed former Allianz Capital Partners director Michael Hehn and former Metalmark Capital managing director Eric Fry as managing directors in its private equity group. Fry has joined the firm's New York office and Hehn will be based in London from December 2007.
Actis heads consortium in $380m investment in APEC
26/10/2007. Emerging markets-focused private equity firm Actis has joined a consortium with investment firms including Pine Brook, AES and Temasek, committing to invest $380m in oil and gas exploration company APEC.
UK firm ECI exits online and mail order retailer M and M Direct
26/10/2007. UK mid-market buy-out specialist ECI Partners has sold M and M Direct, a Leominster, UK-based online and mail order retailer of discounted lifestyle, fashion and sports apparel and footwear, to growth private equity and US buy-out firm TA Associates. Terms of the transaction were not disclosed.
Segulah closes fourth Nordic mid-market fund on SEK5bn
25/10/2007. Stockholm-based lower mid-market buy-out firm Segulah has closed its fourth Nordic mid-market fund, Segulah IV, on SEK5bn ($778m), the hard cap of the fund. This was a first and final closing.
3i India Infrastructure Fund invests $227m in Adani Power
25/10/2007. 3i, through its 3i India Infrastructure Fund, has invested $272m for a minority stake in Adani Power Private Ltd, a subsidiary of Adani Enterprises Ltd, a member of India-based Adani Group. The transaction gives 3i a reported ten per cent stake in the company, and also marks the first investment made by the fund.
Draper Fisher Jurvetson closes DFJ Growth Fund on $290m
24/10/2007. US technology-focused venture capital firm Draper Fisher Jurvetson has closed its DFJ Growth Fund on approximately $290m. The fund had an original target of $250m.
Vestar to acquire Radiation Therapy Services in $1.1bn deal
24/10/2007. Private equity firm Vestar Capital Partners has agreed to purchase Radiation Therapy Services, an operator of freestanding radiation treatment centres in the US. Vestar has agreed to buy the company for $32.50 per share, plus assumed debt. The deal is worth $1.1bn.
US venture capital investment reaches $8bn in Q3 2001
24/10/2007. US venture capital investment climbed eight per cent in the third quarter of 2007 compared to the same period last year to reach $8.07bn, according to the Quarterly Venture Capital Report released today by Dow Jones VentureOne and Ernst & Young.
RJD hires James Smallridge, Jill Williams
23/10/2007. UK mid-market private equity firm RJD Partners has appointed James Smallridge as investment manager and Jill Williams as investment executive.
Adveq to open office in China
23/10/2007. Private equity fund of funds manager Adveq plans to open an office in Beijing later this year. The new office will be Adveq's fourth - the firm already has operations in Zurich, Frankfurt and New York. The US presence was established in summer 2007.
Mid Europa closes 1.5bn Central European buy-out fund
23/10/2007. Central European-focused buy-out firm Mid Europa Partners has closed its third fund, Mid Europa Fund III, on 1.5bn. In addition, the Mid Europa team will invest 30m through the general partner. Fund III was launched in May of this year with a 1.25bn target and held a first closing on 1bn two months ago.
Hellman & Friedman to acquire Goodman Global
23/10/2007. US private equity firm Hellman & Friedman has agreed to acquire Goodman Global, a manufacturer of residential and light commercial heating, ventilation and air-conditioning equipment in an all-cash transaction valued at approximately $2.65bn.
Warburg Pincus invests $110m in Havells India
22/10/2007. Warburg Pincus has invested $110m in electrical and power distribution equipment company Havells India. Havells is expected to issue fresh shares and warrants to Warburg Pincus, representing approximately 11.2 per cent of the fully diluted share capital of the company.
Sun Capital has $544m offer for Kellwood rejected
19/10/2007. Kellwood Company has rejected an offer from Sun Capital Securities Group, an affiliate of Boca Raton, Florida-based firm Sun Capital Partners. The $21 per share valued the American marketer of apparel and recreational camping products at $544m.
Francisco Rey joins Blackstone's corporate advisory group
19/10/2007. The Blackstone Group has appointed Francisco Rey as a senior managing director in its corporate advisory group. Working from the firm's London office, Rey will focus on the European communications industry and is also expected to help expand Blackstone's advisory practice in the sector to the Middle East and Asia and complement investment efforts in media and technology.
Swiss firm ALPHA Associates closes second CEE fund of funds on 309m
18/10/2007. Zurich-based private equity fund of funds manager ALPHA Associates has closed its latest fund, ALPHA CEE II, on 309m, above its 300m target. The fund will focus on in the CEE region. A first closing on 109m was announced in August 2006.
Actis invests in information management solutions provider in Pakistan
17/10/2007. Emerging markets private equity investor Actis has acquired a 49 per cent interest in Pakistan's LMKR Holdings for an undisclosed amount. LMKR is a provider of information management solutions to petroleum engineering services companies.
Abraaj infrastructure and growth capital fund holds second closing on $1.7bn
17/10/2007. Abraaj Capital, a private equity firm specialising in investment in the Middle East, North Africa and South Asia region, has announced the second closing of its Infrastructure and Growth Capital Fund, with financial commitments of $1.7bn. A first closing was held on $500m at the end of last year. The fund is expected to reach a final closing on up to $2bn before the end of 2007.
GMT appoints Natalie Tydeman as industry advisor
17/10/2007. European communications sector-focused private equity group GMT Communications Partners has appointed Natalie Tydeman as an industry advisor to its investment team. Tydeman's new role will include deal origination, exit and portfolio company management.
Industri Kapital 2007 Fund closes on 1.7bn
16/10/2007. European mid-market private equity firm Industri Kapital has closed its sixth fund, the Industri Kapital 2007 Fund, with total commitments of 1.675bn, above its 1.25bn target. The fund was launched in February 2007 and held a first closing on about 1.25bn in May.
TPG chooses Jerry Ng as new head of Indonesia, Southeast Asia advisor
16/10/2007. Private equity firm TPG has appointed Jerry Ng as its new head of Indonesia and special advisor for Southeast Asia. Ng's main task will be to source and manage investments primarily in the financial services sector in Indonesia and the rest of Southeast Asia.
LGT closes Crown European Buyout Opportunities II on 800m
16/10/2007. Pfaeffikon, Switzerland-headquartered alternative investment manager LGT Capital Partners has closed its Crown European Buyout Opportunities II fund, its latest
private equity investment programme focusing on European small buy-out funds, on 800m.
Permira sells toothpaste tube manufacturer Betts in £110m deal
15/10/2007. Permira, Royal Bank of Scotland and the Bank of Scotland have sold toothpaste tube manufacturer Betts Global to UK mid-market private equity firm Gresham Private Equity in a deal worth in excess of £110m.
AlpInvest receives 2bn mezzanine mandate from ABP, PGGM
15/10/2007. Dutch private equity investor AlpInvest Partners has received a 2bn mezzanine mandate from its pension fund clients ABP and PGGM.
Advent International to acquire Brazilian restaurant chain Viena
15/10/2007. Mid-market buy-out firm Advent International has agreed to buy 100 per cent of Brazilian restaurant chain Viena from the company's founding shareholder. Financial details of the transaction were not disclosed.
Advent International hires four buy-out professionals to its North American deal team
15/10/2007. Advent International has added four new members to its Boston-based North American deal team. Mohammed Anjarwala joins as principal, and Nicholas Pike, Christopher Ryan and Sarah Smith as associates.
Milestone Capital hires Philip Conboy as partner
15/10/2007. UK and France-focused private equity firm Milestone Capital Partners has hired Philip Conboy as a new partner. Conboy joins Milestone after 15 years of private equity investment experience.
Italian private equity firm Consilium closes second fund on 150m
12/10/2007. Milan-based private equity firm Consilium has closed its second fund, Consilium Private Equity Fund, on 150m, exceeding the fund's initial 100m target.
Elevation to sell computer game design firms to EA
12/10/2007. Media and entertainment-focused private equity firm Elevation Partners has agreed to sell VG Holding Corp., owner of computer game design firms BioWare Corp. and Pandemic Studios, to games maker Electronic Arts. EA will pay up to $620m in cash to the stockholders of VG Holding Corp. and will issue up to an additional $155m in equity to certain employees of VG Holding Corp., which will be subject to time-based or performance-based vesting criteria, according to a statement.
MMA Renewable Ventures closes fund for solar electric system
11/10/2007. MMA Renewable Ventures, a subsidiary of Municipal Mortgage & Equity, has closed financing commitments for an approximately 15 megawatt photovoltaic installation at Nellis Air Force Base, a large solar electric system in North America. The project will be financed through equity and debt, with equity investments coming from Citi and Allstate.
Actis invests in information management solutions provider Pakistan
11/10/2007. Emerging markets private equity investor Actis has acquired a 49 per cent interest in Pakistan's LMKR Holdings for an undisclosed amount. LMKR is a provider of information management solutions to petroleum engineering services companies.
ABN Amro Capital, AAC Capital Partners to sell Global Garden Products to 3i
11/10/2007. ABN AMRO Capital and AAC Capital Partners, the former ABN AMRO Capital Northern European mid-market buy-out team, have agreed to sell Global Garden Products to 3i and company management. The transaction values the Castelfranco Veneto, Italy-headquartered manufacturer and distributor of lawn mowers and powered garden equipment at 730m.
Permira to acquire 20 per cent stake in Galaxy for HK$6.5bn
11/10/2007. European-based buy-out firm Permira has agreed to acquire an approximate 20 per cent equity stake in Galaxy Entertainment Group, an operator of casinos, hotels and entertainment in Macau, for HK$6.5bn (US$838m), representing HK$8.42 per Galaxy share.
Draper Fisher Jurvetson teams up with Israeli venture firm Tamir Fishman Ventures
10/10/2007. Draper Fisher Jurvetson, in partnership with Israeli venture firm Tamir Fishman Ventures, has agreed to form joint enterprise DFJ Tamir Fishman Ventures. Tamir Fishman Ventures will re-brand as DFJ Tamir Fishman Ventures.
New Leaf Venture Partners closes second fund on $450m
10/10/2007. US venture capital firm New Leaf Venture Partners has closed its latest healthcare technology venture capital fund, New Leaf Ventures II, on $450m, the hard cap of the fund. The original target of the fund was $400m.
3i increases stake in AES Engineering to 40 per cent of £100m business
09/10/2007. 3i has increased its equity stake in AES Engineering, the holding company of mechanical sealing company AESSEAL Group, to 40 per cent. The transaction values the company at £100m.
CLSA Capital Partners launches $250m Pacific Transport fund
09/10/2007. CLSA Capital Partners, the alternative asset management arm of CLSA Asia-Pacific Markets, has held a first and final closing on its $250m Pacific Transport fund. The firm has also announced that Chris Boyle has been appointed managing director of the fund. Boyle will focus on securing further investments.
KKR to acquire majority holding in Turkish shipping company U.N Ro-Ro
09/10/2007. New York-based Kohlberg Kravis Roberts & Co. has agreed to acquire a 97.6 per cent of the shares in Turkish intermodal transport operator U.N Ro-Ro Isletmeleri and majority shares of each of its affiliates U.N Deniz Tasimaciligi, U.N Deniz Isletmeciligi and U.N Gemicilik Sanayi ve Ticaret. The transaction values the U.N Ro-Ro Group at 910m on a cash and debt-free basis.
Irish venture capital firm Delta Partners raises Ireland/UK-focused early stage fund
08/10/2007. Irish venture capital firm Delta Partners has held a first closing on its latest fund, Delta Equity Fund III, with commitments of 100m. The fund is the second to be established under the Enterprise Ireland's Seed and Venture Capital Scheme 2007-2012. The fund has a target of 150m.
Ascension Health, CHI, CHE launch $200m healthcare fund
08/10/2007. Ascension Health, Catholic Health Initiatives and Catholic Health East have formed a $200m venture capital vehicle, Catholic Health Ventures II. The fund will focus on venture investments in the healthcare industry.
American Capital Strategies raises $585m for second fund
08/10/2007. US firm American Capital Strategies has held a first and final closing on its second private equity fund, the $585m American Capital Equity II fund.
Milestone Capital completes sale of IXEurope stake to Equinix
05/10/2007. Milestone Capital Partners has successfully completed the sale of data centre solutions provider IXEurope to Equinix for a consideration of 140 pence per share, valuing the entire share capital of the company at £250m. Milestone received £79m for its 31 per cent stake, representing a return of 2.9 over its original investment, according to a statement.
Sovereign makes 12 times return from CVS IPO
05/10/2007. UK private equity buy-and-build specialist Sovereign Capital has realised its investment in veterinary services consolidator CVS Group through the flotation of the company on AIM. The flotation at a market value of £105.7m has returned 11.9 times money invested and an IRR of 52 per cent over the life of the investment, Sovereign said.
Charles River Ventures hires Mark Jacobstein as entrepreneur-in-residence
04/10/2007. US early stage venture firm Charles River Ventures has hired Mark Jacobstein as an entrepreneur-in-residence. Jacobstein will focus on identifying investment opportunities and he will also advise the firm's existing portfolio companies.
Braemar Energy Ventures closes $250m Energy Technology Fund
04/10/2007. US venture firm Braemar Energy Ventures has closed its second fund, Braemar Energy Ventures II, on $250m. The new fund will focus on venture and expansion stage investments in energy technology companies. The fund held a first closing on $146m in August of this year.
Bain accepts 2.2bn offer for SigmaKalon
04/10/2007. Bain Capital has accepted an offer by paint and stain maker PPG Industries for coatings producer SigmaKalon. The total transaction value, including assumed debt, is approximately 2.2bn.
Gilde closes European healthcare venture capital fund on 150m
03/10/2007. European life sciences venture capital firm Gilde Healthcare Partners has closed its second healthcare fund, Gilde Healthcare II, on 150m, exceeding its original target of 125m. The fund held a first closing on 85m in July 2006.
Palamon appoints Braam Verster as vice president
03/10/2007. European mid-market private equity firm Palamon Capital Partners has appointed Braam Verster as a vice president.
CVC to sell DCA Agedcare Group to BUPA for AUS$1.2bn
03/10/2007. CVC Asia Pacific and CVC Capital Partners have agreed to sell its controlling interest in Australian and New Zealand healthcare business DCA Agedcare Group to BUPA, a UK health and care company. The transaction values the group at AUS$1.225bn.
Bank of Scotland backs £225m MBO of UK crane hire business Ainscough
03/10/2007. Bank of Scotland Integrated Finance has backed a £255m MBO of UK crane hire company Ainscough Crane Hire. BOSIF has provided a combined debt and equity package to Ainscough management, headed by chief executive Neil Partridge.
Frontier Capital closes $115m growth equity fund
03/10/2007. Frontier Capital, a private equity firm providing growth equity to business services companies, has closed its latest growth equity fund, Frontier Fund II, on $115m. The fund exceeded its $100m target.
Court Square buys Vanguard managed services business, CompuCom
03/10/2007. New York-based private equity firm Court Square Capital Partners has completed its acquisitions of IT outsourcing company CompuCom Systems and of the managed services business unit of Vanguard Managed Solutions from affiliates of divestiture specialist Platinum Equity for $628m.
Cleantech venture capital investments on the rise
02/10/2007. Global venture capital investments in clean technology companies surged to $1.1bn in the first six months of 2007 alone, according to Ernst & Young and Dow Jones VentureOne.
US VC-backed M&A activity reaches $10.5bn in Q3
02/10/2007. In the third quarter of this year 90 venture-backed companies raised more than $10.5bn in M&A transactions, a 31 per cent increase over the $7.9bn raised during the same period last year; the highest quarterly amount since 2000, according to the Quarterly U.S. Liquidity Report released by Dow Jones VentureOne.
Coates board recommends AUS$2.2bn offer from Carlyle and National Hire
02/10/2007. The Carlyle Group and construction equipment company National Hire Group have had their improved third bid for Australian equipment rental firm Coates Hire recommended to company shareholders. Carlyle and National Hire plan to acquire all of the outstanding shares in Coates for $6.59 per share. The offer values Coates on an enterprise basis at approximately $2.2bn.
Morgan Stanley closes $1.5bn Asia-dedicated private equity fund
02/10/2007. Morgan Stanley Private Equity Asia, part of Morgan Stanleys global private equity group, has closed with aggregate commitments of approximately $1.5bn for Morgan Stanley Private Equity Asia III, the firms third investment vehicle targeting private equity investments in Asia. MSPE Asia will manage the fund.
Brait acquires Premier Foods for $218m
01/10/2007. Brait Private Equity, the private equity arm of South African investment bank Brait, has acquired consumer goods company Premier Foods from investment group FABCOS (Foundation for African Business and Consumer Services), for R1.5bn ($218m). Management will also be taking a stake in the business.
Silver Lake, ValueAct pull out of Acxiom deal
01/10/2007. Little Rock, Arkansas-headquartered Acxiom Corporation has agreed with Silver Lake Partners and ValueAct Capital to terminate the previously announced acquisition of the customer data integration provider by Axio Holdings, a company controlled by Silver Lake and ValueAct Partners. The three parties have signed a settlement agreement pursuant to which Acxiom will receive $65m in cash to terminate the merger agreement.
Capricorn Venture Partners raises 50m for latest cleantech fund
01/10/2007. Belgian venture capital firm Capricorn Venture Partners has announced that it has raised 50m for its Capricorn Cleantech Fund, and aims to reach 75-100m by the end of this year. The fund held its first closing in November 2006.
Ignition Partners closes two new funds
01/10/2007. Bellevue, Washington-based venture firm Ignition Partners has closed its fourth early stage venture fund, Ignition Ventures IV, on $400m. The firm has also announced the formation of their Ignition Growth Capital Fund, a $275m affiliate fund focusing on privately negotiated investments in EBITDA positive companies with opportunity for growth.
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