Advent International, the global private equity firm, has acquired Synventive Molding Solutions, a global designer and manufacturer of hot runner systems. Advent will take a majority ownership stake in Synventive, in its third investment in the industrial technology sector this year. Synventive has manufacturing, service and support operations in more than 20 countries and is headquartered in the US and the Netherlands, with manufacturing facilities in China, the Netherlands, Germany and the US.
- BHF Private Equity has changed its name to Steadfast Capital following the sale by ING Group of subsidiary BHF Bank. The partners said the change of branding was necessary to avoid confusion in the market and to demonstrate more clearly the independence of the fund from the activities of BHF Bank. Steadfast Capital Fund continues to be financed primarily by the ING Group, although it is planned to attract further investors in due course. The company wishes to use the rebranding to strengthen its profile in the market.
- Barclays Private Equity has sold its investment in Fosbel to American Capital Strategies, a US based buyout and mezzanine firm. The £57m deal generated a return for Barclays of more than 4x its original investment over a two-year period. Barclays backed Fosbel’s management team in a £20m buyout in July 2003. Led by Derek Scott, CEO of Fosbel, the company was bought from joint owners Foseco and Glaverbel. Throughout the investment, Fosbel has performed strongly, increasing turnover from £23m in 2002 to £48m in the current year.
- Deutsche Telecom is poised to sell Western Wireless to Telering, an Austrian mobile operator that looks set to top a €1.23bn bid for the company from Permira. The move would follow on the back of France Telecom’s agreement to buy Amena, which topped rival bids from private equity consortia.