News Archive: January 2008 
Palamon appoints Lorenzo Pellicioli to board of advisors
31/01/2008. European mid-market private equity firm Palamon Capital Partners has appointed Lorenzo Pellicioli to its board of advisors. The firm's advisory board now counts 11 members. 
Finnish firm Pohjola holds second closing on fund of funds on €119m
31/01/2008. Finnish private equity fund of funds manager Pohjola Private Equity Funds has held a second closing on its first independent fund of funds, the Selected Private Equity Funds I, on €119m. The fund has already exceeded its initial target of €100m but will remain open to investors until June 2008 or until it reaches its hard cap of €180m.
WL Ross & Co. closes $4bn distressed fund
31/01/2008. Private investment and fund management firm WL Ross & Co., since 2006 part of investment management company Invesco, has closed its WLR Recovery Fund IV on $4bn.
Crosslink closes $400m Crossover Fund V
31/01/2008. Multi stage technology venture capital and growth equity firm Crosslink Capital has closed its latest fund, Crossover Fund V, on $400m, the hard cap of the fund.
Investor consortium to acquire electrics company BUT Group for €550m
31/01/2008. Decomeubles Partners, backed by private real estate investment firm Colony Capital, private investment firm Merchant Equity Partners and Goldman Sachs, has agreed to acquire Kesa Electricals' furniture and electricals business BUT Group.
Alliance Data sues Blackstone
31/01/2008. Alliance Data Systems Corporation, a Dallas-headquartered provider of loyalty and marketing solutions, says it has filed a lawsuit against Aladdin Solutions and Aladdin Merger Sub, the acquisition entities formed by The Blackstone Group to acquire Alliance Data pursuant to the terms of a 17 May 2007 merger agreement. Alliance wants Blackstone to proceed with the acquisition of the company.
Stirling Square hires Julien Horreard as associate
30/01/2008. Pan-European private equity firm Stirling Square Capital Partners has appointed Julien Horreard as an associate.
Aurora to acquire NuCO2 in $487m deal
30/01/2008. US private equity firm Aurora Capital Group has agreed to acquire NuCO2, a bulk CO2 products and services provider to the fountain beverage industry. The transaction values the company at $487m.
Advent International hires 3i's Conor Boden as head of portfolio board development
30/01/2008. Advent International has hired Conor Boden as head of portfolio board development, a newly-created role. Boden will focus on extending Advent's existing operating partner programme.
India venture capital investment tops $540m in 2007
30/01/2008. Venture capital firms invested $543m across 98 deals in India during 2007, up from the $500m invested in 94 deals in 2006, according to a study published by Venture Intelligence in partnership with the US-India Venture Capital Association.
Northern Light Venture Capital closes $350m fund for China
30/01/2008. China-focused venture capital firm Northern Light Venture Capital has closed its second fund, Northern Light Venture Fund II, on $350m. The fund will primarily target early stage investments in technology, media and telecommunications and consumer-related companies operating in China.
HgCapital sells UK body care company The Sanctuary Spa Group for £75m
29/01/2008. European private equity firm HgCapital has sold UK body care company The Sanctuary Spa Group to consumer products group PZ Cussons for £75m.
3i, ABN AMRO invest £53m in TSMarine
29/01/2008. 3i and ABN AMRO Merchant Banking are investing a combined £53m in Aberdeen, Scotland-based sub-sea oil and gas service provider TSMarine.
The Gores Group completed €383m Sagem Communications acquisition
29/01/2008. Los Angeles-headquartered private equity firm The Gores Group has completed its acquisition of French technology company Sagem Communications from technology group SAFRAN for €383m.
Australian venture capital firm Southern Cross opens Silicon Valley office
29/01/2008. Sydney-based early stage technology venture capital firm Southern Cross Venture Partners has established a new office in Palo Alto, California. The new office will be led by Southern Cross co-founder and managing director John Scull.
TCW closes TCW Energy Fund XIV on $2.6bn
29/01/2008. The TCW Group, a subsidiary of Société Générale Asset Management, has closed its TCW Energy Fund XIV on $2.6bn, exceeding its original $2bn target. Fundraising began at the start of 2007.
CDC commits close to $1bn to new Actis fund
28/01/2008. UK government-backed private equity emerging markets fund of funds manager CDC Group has committed almost $1bn to a new emerging markets infrastructure fund, managed by Actis. CDC is committing capital of $750m to the Actis Infrastructure Fund 2. In addition, CDC is seeding infrastructure assets valued at approximately $167m to the fund.
Investcorp closes third technology fund on $500m
28/01/2008. Investcorp Technology Partners, the New York and London-based technology private equity arm of investment group Investcorp, has closed its Investcorp Technology Partners III fund on $500m, above its original target of $400m.
MTI hires Jayne Chace as venture partner
28/01/2008. UK technology-focused venture capital firm MTI has appointed Jayne Chace as a venture partner. In her new role, Chace will focus on the marketing needs and business development enhancements of MTI's portfolio companies.
Paine & Partners backs MBO of Capital Z's hedge fund sponsorship business
25/01/2008. San Francisco and New York-based private equity firm Paine & Partners (formerly Fox Paine) has backed an MBO of the hedge fund sponsorship business from Capital Z Investment Partners. Financial terms of the transaction were not disclosed.
UK mid-market fund Bowmark Capital Partners IV closes on £265m
25/01/2008. UK mid-market private equity firm Bowmark Capital, led by managing partners Charles Ind and Kevin Grassby, has closed its new fund on £265m, the self-imposed hard cap.
Cressey & Company appoints Ralph Davis as partner
24/01/2008. Chicago-headquartered healthcare-focused investment firm Cressey & Company has appointed Ralph W Davis as partner. He will focus on making new investments and supporting portfolio companies.
Goldman Sachs establishes relationship with Allied Capital
24/01/2008. Goldman Sachs Private Equity Group has committed to invest at least $125m in future investment vehicles managed by US company Allied Capital Corporation. In addition, Goldman Sachs plans to purchase $170m in existing private equity and debt investments from Allied Capital. Goldman Sachs will also have the option to invest in Allied Capital affiliates or vehicles managed by them, and co-invest alongside the firm in the future.
Granite Global Ventures hires China expert Alvin Sun as partner
23/01/2008. US and Asia-focused expansion stage venture capital firm Granite Global Ventures has appointed Alvin Sun as a partner in the firm's Shanghai office.
CapMan closes Nordic technology fund on €142m
23/01/2008. Nordic private equity firm CapMan has closed its CapMan Technology 2007 fund on €142.3m, just short of its €150m target. The fund held a first closing in February 2007, on €110m.
Huron closes $350m lower mid-market fund
23/01/2008. US lower mid-market private equity firm Huron Capital Partners has closed The Huron Fund III on $350m, exceeding its original target of $250m. Fundraising began in October 2007.
Index closes €400m growth fund
22/01/2008. European venture capital firm Index Ventures has closed its Index Ventures Growth I fund on €400m, the hard cap of the fund. The new fund will focus on investment opportunities created by the maturation of Europe’s start-up industry and the movement of traditional late stage investors into larger deal sizes in both the technology and life science sectors, the firm said.
J.C. Flowers confirms interest in UK insurer Friends Provident
22/01/2008. US private equity giant J.C. Flowers & Co has confirmed that it is considering a takeover bid for UK life insurance company Friends Provident. The firm said in a statement that it has already built up a 2.7 per cent stake in the company.
UK PE industry generates £5.4bn in fee income for financial services sector
22/01/2008. The latest piece of research published by The British Private Equity and Venture Capital Association confirms that the private equity industry has become a major force in the British economy. The UK private equity industry generated a total of £5.4bn of income for the financial and professional services sector in the financial year 2006-2007. This figure represents 12 per cent of the total annual revenue of the UK financial services industry, according a study entitled The Impact of Private Equity as a UK Financial Service 2006/7, conducted by Arbor Square Associates on behalf of the BVCA.
UK small and medium-sized companies happy with PE investor-investee relationship
21/01/2008. A total of 86 per cent of small and medium-sized companies surveyed in September and October 2007 said they have a good relationship with their private equity backers, according to UK private equity firm Bowmark Capital's first Bowmark Entrepreneurs' Index.
Ethos acquires wheel retailer Tiger Automotive for ZAR1.05bn
21/01/2008. South African private equity firm Ethos Private Equity has secured shareholder approval to acquire Tiger Automotive and then delist the company from the Johannesburg Securities Exchange. The deal values the car wheel retailer at approximately ZAR1.05bn (€100m).
Vestar adds healthcare expert, financial services specialist to New York team
18/01/2008. US firm Vestar Capital Partners has appointed financial services specialist Victor Cohen as a vice president and healthcare and health media expert Evan Marks as a principal in its Vestar Resources team. Both will be based in the firm's New York office.
Carlyle appoints telecoms and media expert Stephen Gray as senior advisor
18/01/2008. The Carlyle Group has appointed Stephen C Gray as senior advisor in its Global Telecommunications and Media Group.
HarbourVest closes eighth fund above target on $5.5bn
18/01/2008. Fund of funds manager HarbourVest Partners has closed its latest vehicle, the HarbourVest Partners VIII fund programme, on $5.5bn, surpassing its original target of $5bn.
Wellington Partners IV Technology closes on €265m
17/01/2008. Pan-European venture capital firm Wellington Partners has closed its latest fund, Wellington Partners IV Technology, on €265m, above its €250m target. The firm officially started fundraising in summer 2007.
Private equity and venture capital professionals' UK economic outlook negative
17/01/2008. Private equity and venture capital professionals view the UK economy in 2008 with concern as 70 per cent of BVCA member companies say that they expect the UK's economic environment to get worse over the course of the year, according to a new YouGov poll published by The British Private Equity and Venture Capital Association (BVCA).
Exponent closes second fund on £805m
17/01/2008. London-based mid-market buy-out firm Exponent Private Equity has closed its second fund, Exponent Private Equity Partners II, on £805m. The firm did not announce the target of the fund but sources close to Exponent said that the firm was looking to raise about £750m.
Apax recaps Luxembourg-based IEE
17/01/2008. Apax Partners in France has led a €165m recapitalisation of IEE, a Luxembourg-based automotive safety sensing and electronic systems company, to optimise the company's balance sheet and distribute a €61m dividend to shareholders, according to the firm.
European venture capital investment in 2007 down seven per cent from previous year
16/01/2008. The amount of disclosed venture capital invested in companies in Europe dropped to €5.27bn in 2007, a decrease of 6.6 per cent from the €5.64bn invested in 2006, according to Library House.
Canaan Partners hires Harish Gandhi as executive director in its India team
16/01/2008. California-headquartered venture capital firm Canaan Partners has appointed Harish Gandhi as executive director in the firm's India office. In his new role, Gandhi will work to strengthen and expand Canaan's technology investments.
US firm Arsenal establishes Shanghai office, hires Dr Steve Li as principal
16/01/2008. New York-based mid-market buy-out firm Arsenal Capital Partners has appointed former Arch Chemicals senior executive Dr Steve (XiaoHu) Li as a principal in the firm's newly established Shanghai office.
First Reserve, AMCI, Pamodzi invest in South African uranium company
16/01/2008. Investment firms First Reserve Corporation, Pamodzi Investment Holdings and AMCI Capital have acquired a 60 per cent interest in Cooke, a new South African uranium and gold mining company. Harmony Gold Mining Company owns the remaining 40 per cent of the company.
US venture fundraising in 2007 reaches highest level since 2001
16/01/2008. Last year a total of 235 US venture capital firms raised $34.7bn - the highest level since 2001 when venture capitalists raised $38.8bn in 318 funds, according to Thomson Financial and the US National Venture Capital Association. The number of funds raised in 2007 increased by a modest 2.6 per cent from 2006, while dollar value increased by 9.4 per cent from 2006.
Carlyle, Riverstone to sell gas firm CDM Resource Management in $655m deal
16/01/2008. Carlyle Group and Riverstone Holdings have agreed to sell Houston-based natural gas compression services company CDM Resource Management to US midstream energy partnership Regency Energy Partners.
Gryphon Investors raises $100m supplemental fund
16/01/2008. San Francisco-based private equity firm Gryphon Investors has raised $100m through a rights offering with its limited partners. The Gryphon III Annex Fund will supplement the remaining uncommitted capital of Gryphon Partners III and be invested on a pari passu basis in all new Gryphon III investments.
Gilde, AAC exit investment in coffee company Drie Mollen with sale to CapVest
16/01/2008. European private equity firms Gilde Buy Out Partners and AAC Capital Partners have sold their combined stake in Dutch coffee roasting company Drie Mollen International to CapVest Equity Partners for an undisclosed sum. CapVest made the investment from its CapVest Equity Partners II fund.
KKR acquires $1.25bn in Legg Mason notes
15/01/2008. Baltimore, Maryland-headquartered asset management firm Legg Mason has sold 2.5 per cent convertible senior notes worth $1.25bn to Kohlberg Kravis Roberts & Co. The notes are due in 2015.
European venture-backed IPO activity down in 2007
15/01/2008. A total of 38 venture-backed European companies completed IPOs in 2007, raising €893.6m. This is down 49 per cent from 2006, which saw €1.74bn raised through 89 venture-backed IPOs, according to the European Liquidity Report from Dow Jones VentureSource.
Segulah recapitalises Nordic hydraulics company Dacke PMC
15/01/2008. Segulah's fund Segulah III, through acting agent HSH Nordbank, has teamed up with several banks to provide a SEK2bn (€213m) recapitalisation of its portfolio company Dacke PMC.
CVC announces new hires and promotions
14/01/2008. CVC Capital Partners has announced a number of promotions and appointments. Geert Duyck and Roy Kuan have both been promoted to managing partners. Duyck, with CVC since 1998, is responsible for CVC's Paris and Brussels offices, while Kuan, who joined CVC in 1999, is responsible for Greater China, Southeast Asia and Korea.
Bain Capital to acquire Bright Horizons Family Solutions in $1.3bn deal
14/01/2008. Boston-headquartered Bain Capital Partners has agreed to acquire employer-sponsored childcare provider Bright Horizons Family Solutions in a transaction valued at approximately $1.3bn.
Aureos Latin America Fund holds first closing on $140m
14/01/2008. Aureos Capital's Aureos Latin America Fund has raised $140m at its first fund closing. The fund is expected to close on $300m by the end of June 2008.
German venture capital firm SHS hires Stephan Rapp as senior manager
14/01/2008. Tübingen, Germany-based healthcare and life sciences-focused venture capital firm SHS Gesellschaft für Beteiligungsmanagement has hired Stephan Rapp as a new senior manager.
VCM hires Pascal Feucher to head new Paris office
14/01/2008. German private equity fund of funds specialist VCM Capital Management has established a new office in Paris, to be led by managing director Pascal Feucher.
Synergy closes debut fund on $143m
11/01/2008. Synergy Life Science Partners, a US venture capital firm focused on investments in emerging medical device technologies, has closed its debut fund on $143m.
3i's Mark Dickinson joins Candover as director
10/01/2008. European buy-out firm Candover has appointed Mark Dickinson as a director. Dickinson joins Candover from 3i, where he led several buy-outs, principally in the support services, leisure and oil and gas sectors.
MAVA names John Burton new president
10/01/2008. The Mid-Atlantic Venture Association's board of directors has elected Updata Partners co-founder and managing general partner John Burton as its new president.
Blackstone to acquire GSO; announces $500m unit buy-back plan
10/01/2008. The Blackstone Group has agreed to acquire GSO Capital Partners, an alternative asset manager specialising in the leveraged finance marketplace with approximately $10bn under management, for up to $930m. GSO manages a multi-strategy credit hedge fund, a mezzanine fund, a senior debt fund and various CLO vehicles.
Nordic venture firm Energy Ventures closes third fund on $243m
10/01/2008. Nordic energy-focused venture firm Energy Ventures has held a second and final closing on its third fund, Energy Ventures III, on NOK1.34bn (approximately $243m), above its NOK1.2bn target. The fund held a first closing in September 2007 on NOK1bn ($170m).
Sorenson Capital Partners II raises $400m
09/01/2008. Utah, US-based lower mid-market buy-out firm Sorenson Capital has closed its second private equity fund, Sorenson Capital Partners II, on approximately $400m. The new fund will invest primarily in companies based in the Western US with revenues between $30m and $300m.
SVLS hires Dr Hamish Cameron as venture partner
09/01/2008. US venture capital firm SV Life Sciences has appointed Dr Hamish Cameron as a venture partner in its London office. He will focus on therapeutic investments in Europe and the US.
Darby hires Diane Smith to lead Latin American mezzanine efforts
09/01/2008. Darby Overseas Investments, the private equity arm of Franklin Templeton Investments, has appointed Latin America expert Diane Smith to oversee its mezzanine finance activities in the region.
Argos Soditic launches sponsorless mezzanine fund
09/01/2008. Buy-out firm Argos Soditic has launched a new European mid-market mezzanine fund, Argos Expansion, with a target of €150m.
US fundraising up 19 per cent in 2007
09/01/2008. US private equity firms raised $302bn in 415 funds last year, up 19 per cent over the $255bn (raised in 404 funds) in 2006, according to Dow Jones Private Equity Analyst.
US firm Montreux closes fourth life sciences fund on $250m
08/01/2008. Menlo Park-based life sciences-focused venture capital firm Montreux Equity Partners has held a first and final closing on its fourth fund, Montreux Equity Partners IV, on $250m, the hard cap of the fund. The original target of the fund was $200m.
VC investors exit IT telecommunications company Apertio in £140m sale to Nokia
08/01/2008. A group of venture capital investors has agreed to sell IT telecommunications company Apertio to Nokia Siemens Networks in a deal worth around €140m.
Icos hires Dinant Veehof as general partner
08/01/2008. Dutch cleantech venture capital firm Icos Capital has hired Dinant Veehof as a general partner.
US venture-backed liquidity reaches $52.9bn in 2007
07/01/2008. The annual total for venture-backed liquidity reached $52.9bn in 2007, the highest annual total since 2000, according to the Quarterly U.S. Liquidity Report from Dow Jones VentureSource.
ONSET appoints medical technology expert John Ryan as partner
07/01/2008. US venture capital firm ONSET Ventures has appointed John Ryan as a partner to work in its medical technology investing team.
3i to acquire UK vision correction company Ultralase in £175m deal
03/01/2008. 3i has agreed to acquire vision correction business Ultralase, a British subsidiary of Spanish cosmetic surgery business Corporación Dermoestética, for £174.5m.
Carlyle joins Cinven, Altice as new shareholder in Numericable, Completel
02/01/2008. The Carlyle Group is to become a shareholder in French cable companies Numericable and Completel, alongside existing shareholders, European buy-out firm Cinven and European media and telecommunications investor Altice. Carlyle and Cinven will each own 35 per cent of the two companies, while Altice will own a 30 per cent stake. Financial details were not disclosed.
Bain, 3i invest in Quintiles
02/01/2008. Bain Capital and 3i have invested in healthcare services company Quintiles Transnational Corp. The two firms have joined an investor group consisting of TPG, sovereign wealth fund Temasek and Quintiles founder and CEO Dennis Gillings.
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