Frontiers Capital, a UK private equity firm specialising in the telecoms and technology sectors, has listed portfolio company Budget Telecom on Alternext.
The French low cost telephone and internet provider listed with a share price of €9.90 and a market capitalisation €35m. The IPO raised €8.8m, €7m for new equity capital.
Frontiers has been an investor in Budget Telecom since 2000 along with French fund SPEF and ANVAR, the French agency for innovation.
Frontiers Capital was spun-out from Carphone Warehouse in April 2001.
EK Fin, the private equity arm of Bank Austria Creditanstalt (BA-CA), has sold it 100% stake in Rembrandtin, an Austrian speciality coatings manufacturer for an undisclosed sum to Ring Holding.
EK Fin acquired the business in 2005 from the Altana Group, an Austrian chemical and pharma company.
Rembrandtin generated sales of approximately €36m in 2005 and employs 131 people. The main focus of the company’s activities is upon industrial coatings and road marking materials. Its main markets are Austria, Central and Eastern Europe and the Far East.
EK Fin has a total fund volume of €50m, of which approximately 40% has been invested to date. The core shareholder is BA-CA, which holds 98% of the shares.
Advent International has sold Ceská spolecnost pro platební karty (CCS), a provider of fuel cards and related fleet services for business in the Czech and Slovak Republics, to FleetCor, the US fleet card company.
The deal will see Advent paid in cash and shares with the firm becoming a shareholder in Fleetcor alongside Bain Capital and Summit Partners. Chris Mruck, director of Advent, will join the FleetCor board of directors.
Advent Iacquired CCS in October 2005. Under Advent’s watch it has added to its management team and implemented a new growth strategy. CCS employs over 200 people and anticipates revenues in for 2006 to top €600m.