April 2004 issue

News highlights

Private equity news

Matrix buys GLE PE business

CE Europe buyouts grow in popularity

Mezzanine JV for DrKW and Anschutz

Mezzanine levels low in 2003

SVIIT name change

Euro PE 2003 performance figures

Euro fund raising and investment numbers for 2003

Sagitta raises fund and goes independent

Exponent Private Equity launched

Duke Street debt business is sold

Pomona Capital to manage $1.1bn ING portfolio

Larcombe steps down as 3i chief exec

Mezzanine levels low in 2003

LGT Capital Partners wins AP7 mandate

Baring Financial Services opens in Jersey

Chemicals sector attracts high yield

Israel: fund raising on the up

Asset allocation: the right approach?

Automotive deals drop in 2003

Europe ahead of UK says CMBOR

France: LBOs put in good performance

Venture capital news

Hamilton Bradshaw unveils new venture

Vitesse buys All-Stars Awards

Social Enterprise doing well in UK

Shot in the arm for VCT fund raising?

Merlin Biosciences & Vaekstfonden partner

UK to get new science park

Fund news

ARCIS closes ESD Fund III

€500m for German venture FoFs

Close Brothers PE closes 7th fund

Summit raises $465m sub debt fund

AXA PE FoFs II reaches target

ICG closes fund

EVP to raise €105m

Bank of Attica launches Greek VC fund

Exit news

Waterstone gets Early Learning exclusivity

Hyva exit for Alpha B

CVC exits Novem

Eircom returns to public life

Dignity sale for Montagu

Partial Linpac exit for Montagu

ARK celebrates listing

Opera awaits IPO

CSR: biggest tech IPO for three years

Basilea targets Swiss exchange

Innova Capital sells Ceramika

Avecia sells Biocides business

Ukraine raises its PE profile

Gemini sells Riverhead

GIMV realises stake in Kinepolis


Oriflame returns to public market

OHM celebrates AIM float

Cinven consortium sells Unique

GIMV sells stake in DEME

VCs reap benefits from Kelkoo sale

Groupe Moniteur in secondary buyout

3i relinquishes MORI stake

Cinven consortium sells Unique

Carlyle and Crédit Lyonnais exit Egencia

CD&R sells Jafra Cosmetics


Go4Venture moves

BoA hires

Deutsche Bank recruits

Barclays expands

New face at Waterland

Larcombe to retire

Deutsche Bet appts

DVC tech boost

Glover to BVCA chair

Pantheon boosts team

Grant Thornton appts

LDC builds team

Ansbacher FS moves

Hires at ABN AMRO

Fidelity recruits

Travers Smith hires

Rainmaker award

Apax senior advisers

MTI & Apax win

Hicks to retire next year

Index Ventures hires

Pelka leaves HgCapital

More depart JP Morgan



New direction of Swiss listed PE funds?

After launching with a flourish in the late 1990s, listed Swiss fund-of-funds have been through a tough few years. But, asks Vicky Meek, are their fortunes finally starting to change?

Food & Drink

Has the feeding frenzy caused some indigestion?

With the failed auctions of Prize Foods, Beeck-Homann and Findus in the wake of the aborted IPOs of Ranks Hovis McDougall, United Biscuits and the Irish drinks group Cantrell & Cochrane; the trolley dash among private equity houses to load-up on European food and drink companies and head for the checkout has lately begun to weave off-course. Joanna Gant reports.

Buyouts: Media mania

M&A activity in Europe’s media sector is predicted to rise this year, driven by deregulation and continued corporate restructuring. Professional publishing will continue to attract private equity interest, while following a dramatic improvement in market sentiment about advertising revenue-sensitive areas, newspapers and TV and radio broadcasting look set to become new buyout hotspots. Joanna Hickey reports.

Legal & Regulatory Exchange: Confidentiality agreements

Francesca Murra-Johnson examines the use of confidentiality agreements in the UK and compares the situation in Germany, France, Spain and Italy.

LP Corner: To co-invest or not to co-invest?

When Jim Leech, senior vice president of Teachers’ Merchant Bank, the private equity arm of Ontario’s Teachers’ Pension Plan, gave a talk at the Super Return conference in Munich earlier this year everyone thought, as a successful and active co-investor, he would stick purely to extolling the virtues of co-investment programmes. He didn’t. Lisa Bushrod finds out why he is not a lone voice.

These stories and more can be accessed with a username and password to www.evcj.com or by subscribing to the magazine version of European Venture Capital (& Private Equity) Journal.