Bain Capital raises third European fund

Fund-raising got a huge assist from Boston-based Bain Capital, which closed its third European buyout fund with $5.5 billion in capital commitments. The fund was marketed with a target of nearly $4 billion, and closed at a hard cap that was more than triple the $1.5 billion that Bain raised in 2005 for its second European fund.

Bain Capital has 17 investment professionals working in Europe from its London headquarters and Munich satellite office.

Recent deals include U.K.-based food distributor Brakes, German yacht builder Bavaria Yachtbau and the semiconductor division of Royal Philips Electronics. The firm also recently recorded an exit when it sold Dutch coatings company SigmaKalon Group to PPG Industries for around $3.5 billion. Bain had acquired SigmaKalon for about $1.5 billion in 2003.

In other Bain fund-raising news, the Boston-based firm recently closed its 10th U.S. buyout fund with $15 billion (including a $5 billion co-investment fund). It also is in the midst of raising its fourth “credit opportunities” fund for affiliate Sankaty Advisors.

ABRY Partners, another Boston-based private equity firm, was also an active fund-raiser in the last week. The firm closed its sixth fund, Abry Partners Fund VI, and the capital raised met its $1.35 billion target.

In addition, The Carlyle Group has secured $209.5 million in commitments for its second mezzanine fund, which has a target of up to $1 billion

Buyout and mezzanine fund-raising now stands at $59.5 billion for the year.

Deals completed

Meanwhile, LBO shops closed on six transactions during the past week, according to Thomson Financial (publisher of PE Week). The two transactions with disclosed rank values were both in the $1-billion range.

Providence Equity Partners acquired the television group of Clear Channel Communications Inc. for $1.2 billion. The transaction included 56 TV stations and digital multicast stations. ON Semiconductor Corp. purchase of chip manufacturer AMIS Holdings Inc. was the other large deal. On Semiconductor, which is part of TPG Capital’s portfolio, will own 74% of AMIS Holdings after the acquisition.

Wind Point Partners’s York Label business accounted for half of the four deals with undisclosed values. In separate transactions, York Label purchased Etiprak SA and Etiquetas Industriales Ltda., which are both manufacturers of pressure sensitive labels for the wine industry.

Year-to-date deal volume has bounced up to $38.2 billion. —Eamon Beltran