Last word

Despite jittery equity markets, investors are still willing to buy the right story, as TradeDoubler showed this week. The IPO was six-times covered despite the offer price valuing the company at 28x next year’s earnings. The response was even more surprising considering the firm is a pure internet play focused on marketing.

The largest shareholders are private equity firms Quantum Industrial Partners, AV I ehf and LivforsakringsAB Skandia and founder Enzymix Systems. The offer was priced at SKr110, just above the mid-point of the SKr90–SKr120 range, despite there being no sensitivity in the book. With such a high multiple already achieved, at least half an eye looked to the aftermarket, where the stock debuted at SKr116.50.

  • Law firm Paul Hastings Janofsky & Walker has appointed Kathryn Brown as a partner in the corporate department of its London office. In addition to providing corporate and commercial advice to domestic and overseas clients, Brown regularly advises investment banks and private equity houses on buyouts and cross-border transactions. She is a private equity specialist and has been involved in numerous acquisitions, divestments and joint venture transactions.
  • Doughty Hanson & Co European Real Estate held a first close of its second real estate fund, Doughty Hanson & Co European Real Estate Fund II, with commitments of €166.5m. Fundraising started in the third quarter of this year. Investors include existing limited partners in the first real estate fund, as well as new institutions. Doughty Hanson and its real estate team have committed to invest €57.5m in the fund. Fund II will target investment opportunities in France, the Germanic region, Italy, the Nordic region and the UK. To date, investors in Doughty Hanson real estate have received cumulative distributions from nine realisations and one refinancing out of a total of 21 investments.