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Kamelian Ltd 3i Group plc, Goldman Sachs and Lightspeed Venture Partners
Business Type: Photonic semiconductor optical amplifier components designer Deal Type: Expansion Debt Leader: n/a Debt Leader (individual): n/a Other Advisers: n/a Equity Leader (individual): n/a Equity Amount: £4.3m Total Deal Value: £4.3m Other Advisers: For Kamelian: legal: Hewitsons, Becke & Shaw
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Kamelian Ltd, a designer of photonic semiconductor optical amplifier components, has raised £4.3 million in a new round of funding. The round included participations from existing investors 3i, Goldman Sachs, Lightspeed Venture Partners, and a further contribution from new investor the Hoya Corporation. Established in 2000 and headquartered in Kidlington, UK, Kamelian specialises in the design and manufacture of advanced semiconductor optical amplifier components for optical network applications. From its state-of-the-art device fabrication and packaging facilities in the UK, the company manufactures a range of products from discrete SOA devices to more complex integrated products based on SOA technologies. The new funding will see the company through the break-even in 2005.
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Denmark
Cryptico Northzone Ventures
Business Type: Data encryption technology developer Deal Type: Early stage Debt Leader: n/a Debt Leader (individual): n/a Other Advisers: Northzone Ventures, legal advice: BechBruunDragsted Equity Leader (individual): Arve Johan Andresen (Northzone Ventures), and Ulrik Ankerstjerne (Danish Investment Fund) Equity Amount: ?1.3m Total Deal Value: ?1.3m Other Advisers: Undisclosed
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Northzone Ventures and the Danish Investment Fund have participated in an early stage round of funding in the Danish IT data security company Cryptico for a total ?1.3 million with each investing ?882,000 and ?518,000, respectively. Cryptico currently markets its core product Crypticore to European and US markets focusing particularly on integrating the technology into secure communications products such as mobile devices.
Danske Traelast A/S CVC Capital Partners
Business Type: Building materials and products retailer Deal Type: Public-to-private Debt Leader: Undisclosed Debt Leader (individual): Undisclosed Other Advisers: CVC legal counsel on offer, Bech-Bruun Dragsted Equity Leader (individual): Peter Tornquist Equity Amount: Undisclosed Total Deal Value: ?540m Other Advisers: CVC corporate finance and financial due diligence, Deloitte & Touche; CVC banking lawyers Clifford Chance; CVC advisor on broking shares Carnegie
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CVC Capital Partners has launched a public-to-private leveraged buyout deal in Danske Traelast for a total ?540 million or ?0.23 per share. Danske Traelast is the largest retailer and distributer of building materials in the Nordic region with over 220 outlets. Funds will be used to further grow and develop the business.

Finland
Aidox Oy Eqvitec Partners
Business Type: Mobile handset antennas manufacturer Deal Type: Seed Debt Leader: n/a Debt Leader (individual): n/a Other Advisers: Legal: Juridia, Kimmo Oila Equity Leader (individual): Jari Mieskonen Equity Amount: ?600,000 Total Deal Value: ?600,000 Other Advisers: Undisclosed
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Jari Mieskonen from Eqvitec Partners Oy has led a ?600,000 seed round, financing in Aidox Oy a manufacturer of mobile handset antennas.
Suomen Autokatsastus Oy MB Funds
Business Type: Vehicle inspection services Deal Type: LBO Debt Leader: Sampo Bank Debt Leader (individual): Osmo Sonninen and Mika Kukkola, Sampo Bank Other Advisers: Legal: Dittmar & Indrenius Equity Leader (individual): Hannu Puhakka Equity Amount: Undisclosed Total Deal Value: ?59m Other Advisers: KPMG
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MB Funds has bought out Suomen Autokatsastus Oy (Finnish Motor Vehicle Inspection Ltd) in a leveraged public-to-private deal for a total ?59 million taking a 90 per cent shareholding in the company along with co-investors. The company was wholly owned by the Finnish State and provides vehicle inspection services, drivers examinations, vehicle registrations and quality consultancy for the Finnish market.

France
Atempo Vision Capital
Business Type: Software platform developer Deal Type: Expansion Debt Leader: Undisclosed Debt Leader (individual): Undisclosed Other Advisers: Undisclosed Equity Leader (individual): Sven Lingjaerde Equity Amount: Undisclosed Total Deal Value: ?5.7m Other Advisers: Undisclosed
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Vision Capitals Sven Lingjaerde has led a round of financing with KBC Investco, Plantagenet Partners and Banc of America Equity Partners also participating. Atempo received a total ?5.7 million in this fourth investment round. Funding will be used to further grow Atempo’s business and continue product development plans.
Ekinops Ventech
Business Type: Telecommunications fibre-optics developer Deal Type: Seed Debt Leader: n/a Debt Leader (individual): n/a Other Advisers: Undisclosed Equity Leader (individual): Jean Bourcereau Equity Amount: ?6m Total Deal Value: ?6m Other Advisers: Undisclosed
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Ventech, Auriga partners and Siparex have participated in the first round of funding in Ekinops for a total ?6 million. Ekinops will use the funds to develop fibre optical aggregation and transport sub-systems for metropolitan and long-distance networks.
Emulation and Verification Engineering 3i
Business Type: Electronic design automation systems developer Deal Type: Early stage Debt Leader: n/a Debt Leader (individual): n/a Other Advisers: Legal: Jean-Philippe Jacob CMC Avocats Equity Leader (individual): Pierre Martini Equity Amount: ?3m Total Deal Value: ?3m Other Advisers: Undisclosed
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3i has led a round of financing with Credit Lyonnais Private Equity and Siparex also participating in an early stage funding in Emulation and Verification Engineering Company for a total ?3 million. The three firms jointly participated in the round of funding, each investing ?1.066 million in the French developer of Electronic Design Automation (EDA) patent technologies and products. Funds will be used to further build the research and development team and to support the growth and expansion of its worldwide sales and marketing support structure.
Le Marche du Travail GMT Communications
Business Type: Produces a weekly recruitment publication Deal Type: LBO Debt Leader: Undisclosed Debt Leader (individual): Undisclosed Other Advisers: Legal: Proskaver Rose Goetz & Mendelhsson, Monnassier & Associates. Accounting: Grant Thornton Equity Leader (individual): Jeff Montgomery Equity Amount: Undisclosed Total Deal Value: Undisclosed Other Advisers: n/a
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Jeff Montgomery, managing partner at GMT Communications, has led a round of financing in Le Marche du Travail in a LBO deal, for an undisclosed sum.
Meiosys Wellington Partners and Partech International
Business Type: Software developer Deal Type: Early stage Debt Leader: n/a Debt Leader (individual): n/a Other Advisers: Legal: Jones Day in Paris Equity Leader (individual): Bart Markus, partner, Wellington Partners, and Philippe Collombel, partner, Partech Equity Amount: ?4.85m Total Deal Value: ?4.85m Other Advisers: n/a
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Wellington Partners has led a round of financing in Meiosys for a total ?4.85 million. Partech International has joined Wellington Partners as a new investor with Alven Capital, CPR Private Equity and Sudinnova Partners making a follow-on investment. Funding will be invested in further R&D and towards marketing and sales. Additionally operations have been placed in Palo Alto, California to facilitate closer work alongside the major manufacturers of the software product.
Nemoptic Credit Lyonnais Private Equity
Business Type: LCD technology manufacturer Deal Type: Expansion Debt Leader: Undisclosed Debt Leader (individual): Undisclosed Other Advisers: Undisclosed Equity Leader (individual): Undisclosed Equity Amount: ?12m Total Deal Value: ?12m Other Advisers: Undisclosed
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Credit Lyonnais Private Equity have led a third round of financing in Nemoptic, a developer of Liquid Crystal Display technologies, for a total ?12 million. All previous shareholders including CDC Ixis, Auriga, SGAM, Ventech and Alven Capital et Financiere de Brienne have subscribed to this new round of financing. Funds will be used to further develop and market the new BiNem product a “Colour paper like” zero-power Liquid Crystal Display panel to worldwide markets.
Tokheim AXA Private Equity
Business Type: Measuring systems manufacturer Deal Type: LBO Debt Leader: BNP Paribas Debt Leader (individual): Betrand de Rosamel and Vincent Brousseau, BNP Paribas Other Advisers: Advisors to AXA Private Equity: Legal: cabinet Sokolow, Dunaud, Mercadier, Carreras (Jean-François Carreras, Mark Lebow, Nathalie Poissonnier, François Fabiani). Accounting: PricewaterhouseCoopers (François Antarieu, Jean-Marie Nguyen-Daï, Stephen Hart). Tax and structuring: Landwell & Associés (François Veuillot). Market survey: Arthur D-Little (Vincent Bamberger, Vincent Teulade). Insurance: AON (Florence His). Pension: AON (Dennis Gan). Environment: URS (Robert Shofstall). M&A Advisor: ABN AMRO Corporate Finance (Franck Ceddaha, Gerben Dragt). Advisors to the sellers: M&A Advisor: Houlihan Lokey Howard & Zukin (Andrew J. Torgove). Legal: Skadden Arps Paris (Christopher Baker, Anthony Pariset, Estelle Guyon, Hala Audi, Armelle Hugon), Skadden Arps Chicago (Felicia Gerber Perlman, Jeffrey J.Steinle, Patrick Belville). Restructuration: Bridge Associates LLC, New York Banque BNP-Paribas (Bertrand de Rosamel, Vincent Brousseau) Legal: Ashurst Morris Crisp (Laurent Mabilat, Diane Sénéchal, Alexander Benedetti) Equity Leader (individual): Mathieu Antonini & Frederic Collard Equity Amount: ?150m Total Deal Value: ?150m Other Advisers: Undisclosed
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AXA Private Equity has finalised the LBO of Tokheim s.a.s for a total ?150 million. The round was led by Mathieu Antonini and Frederic Collard with debt financing provided by BNP Paribas at a ratio of 2:3. The LBO has acquired the “international” segments of the Tokheim Corporation based in the US. The buyout has been devised to consolidate the position and expand business operations in Asia, the Middle East and Latin America.

France (Monaco)
V.Ships Close Brothers Private Equity
Business Type: Ship management services provider Deal Type: MBO Debt Leader: Bank of Scotland and BNP Paribas Debt Leader (individual): n/k Other Advisers: n/a Equity Leader (individual): Neil Murphy, partner, Close Brothers Private Equity Equity Amount: £27.5m Total Deal Value: Undisclosed Other Advisers: For V.Ships: finance: Moore Stephens, Phil Cowa, Legal: Norton Rose (Mauro Mattiuzzo). Advisors to Close Brothers Private Equity: financial due diligence: KPMG (Steven Cole), tax structure: Ernst & Young (Jeremy Moore), legal: Osborne Clarke (Geraint Lloyd)
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Close Brothers Private Equity has backed the management buyout of V.Ships, a leading third-party manager of vessels in both the cargo and leisure sectors. Close Brothers has invested £27.5 million to acquire a 45 per cent shareholding in the business, management has also increased its stake to 45 per cent, with GE Capital and Vlasov, the original ship-owning family company, retaining a 10 per cent interest. As part of the deal V.Ships has also arranged new debt facilities with Bank of Scotland and BNP Paribas. Established in 1984 and based in Monaco, V.Ships is a leading provider of independent ship management and related marine services to the shipping industry. The company runs day-to-day operations on cargo and leisure ships, including providing crews, procurement services and systems technology. In addition to its core ship management activities the group also offers a broad range of maritime services including leisure, financial, consulting, commercial and agency services. The deal values V.Ships at approximately £64 million.

Germany
7d AG Dr Neuhaus Techno Nord GmbH
Business Type: Software technology developer Deal Type: Expansion Debt Leader: n/a Debt Leader (individual): n/a Other Advisers: n/a Equity Leader (individual): Matthias Grychta, Dr Neuhaus Techno Nord GmbH Equity Amount: ?1.3m Total Deal Value: ?1.3m Other Advisers: n/a
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7d AG, a leader in the German market for context management systems, has secured an additional ?1.3 million in funding. Dr Neuhaus Techno Nord GmbH led the financing and a group of business angels also participated. Dr Neuhaus Techno Nord is also looking for an additional investor to participate in this round, possibly acquiring a stake in the shares already owned. The funding will be used to expand the company, which includes Christian Brueske being appointed to the post of vice president sales & marketing.
Epigenomics AG Wellcome Trust
Business Type: DNA methylation developer Deal Type: Expansion Debt Leader: n/a Debt Leader (individual): n/a Other Advisers: n/a Equity Leader (individual): Julie Eskay-Eagle, manager, Wellcome Trust Equity Amount: ?21m Total Deal Value: ?21m Other Advisers: n/a
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Epigenomics AG, developer of DNA methylation-based products, has closed an expansion round with a value of ?21 million. New investor The Wellcome Trust Ltd and existing investors participated in this round. Existing investors include 3i, Abingworth, Deutsche Venture Capital, MPM Capital and tbg. The funding will be used to develop existing diagnostic products in cancer as well as its pharmacodiagnostic and research products along with general corporate purposes.
FRIZ Biochem GmbH Global Life Science Ventures
Business Type: Biochips developer Deal Type: Expansion Debt Leader: n/a Debt Leader (individual): n/a Other Advisers: n/a Equity Leader (individual): Dr Hans Kuepper and Hanns-Peter Wiese Equity Amount: ?3m Total Deal Value: ?3m Other Advisers: Legal advisor to Global Life Science Ventures was Preu, Bohlig & Partner, Dr Gruber
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FRIZ Biochem GmbH, developer of second generation DNA-microarrays, has announced its first closing of ?3 million in expansion financing. FRIZ is an old investment of Global Life Science Ventures predecessor fund called Global Life Science LP, which again invested in this follow-on round as lead investor along with DRF Beteiligungsgesellschaft as co-investor. Additional financing, including soft loans, is expected from a second closing. FRIZ Biochem will use the financing to establish pilot production capabilities and to validate the first microarray assays in the field of food pathogens and clinical diagnosis.
gamigo AG T-Online Venture Fund
Business Type: Online computer shop operator Deal Type: Expansion Debt Leader: n/a Debt Leader (individual): n/a Other Advisers: n/a Equity Leader (individual): Philip Geinandt, managing director, T-Online Venture Fund Equity Amount: ?2m Total Deal Value: ?2m Other Advisers: Legal advisor to T-Online Venture Fund was Beiten Burkhardt Goerdeler: Dr Bernhard Schultz and Igor Ruecker
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T-Online Venture Fund has invested ?2 million into gamigo AG, a portal and provider of online games. The funding will be used by gamigo AG to develop its position in the German market and to expand and develop the company. Gamigo AG received previous funding from Axel Springer Venture and bmp AG. Neither participated in this round..
Hahl Group Granville Baird Capital Partners
Business Type: Synthetic filaments manufacturer Deal Type: MBO Debt Leader: n/k Debt Leader (individual): n/k Other Advisers: n/a Equity Leader (individual): Kane Pirie, partner, Granville Baird Capital Partners Equity Amount: Undisclosed Total Deal Value: Undisclosed Other Advisers: n/a
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Granville Baird Capital Partners has backed the management buyout of Hahl Group, a synthetic filaments manufacturer for the filtration industries. Hahl Group is being sold by Apex Speciality Materials because of Apex’s financial difficulties. Hahl Group generated sales of ?35 million in 2002.
Larnax GmbH BioM AG
Business Type: Drug development company Deal Type: Seed Debt Leader: n/a Debt Leader (individual): n/a Other Advisers: n/a Equity Leader (individual): Dr Bernhard Wimmer, head of investments, BioM AG Equity Amount: ?788,000 Total Deal Value: ?788,000 Other Advisers: Holme Roberts & Owen, Dr Joerg Ritter
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Medigene AG and BioM AG have jointly established Larnax GmbH for the discovery and development of novel drugs against cardiac and metabolic diseases. Medigene’s cardiological research programme will develop into Larnax as from April 1, 2003. Medigene holds almost a 25 per cent stake in Larnax GmbH.
PMC Porous Combustion GmbH BayTech Venture Capital
Business Type: Gas and oil burners components and sub-systems developer Deal Type: Early stage Debt Leader: n/a Debt Leader (individual): n/a Other Advisers: nk Equity Leader (individual): Dr Jochen Walter, partner, BayTech Venture Capital Equity Amount: ?3.6m Total Deal Value: ?3.6m Other Advisers: n/a
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PMC Porous Media Combustion GmbH has secured total financing of ?3.6 million. BayTech Venture Capital invested ?1.2 million in Porous Media Combustion, Vattenfall Europe Venture and Danfoss Innovation AS also invested in this round. The capital raised will be used to finalise product development and to set up production.
Sloning BioTechnology GmbH DEWB AG
Business Type: Develops technology for automated chemical synthesis Deal Type: Start up Debt Leader: n/a Debt Leader (individual): n/a Other Advisers: n/a Equity Leader (individual): Dr Sebastian Giehring, venture capital manager, DEWB AG Equity Amount: Undisclosed Total Deal Value: Undisclosed Other Advisers: n/a
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DEWB AG has taken a 25.8 per cent stake in Sloning BioTechnology GmbH, a developer of technology for the automated chemical synthesis of DNA sequences. The funding by DEWB will be used to continue the development of the technology required to create a fully automated synthesis solution. HBM BioVentures and 3i also participated in this round with undisclosed sums.
Viterra Energy Services AG CVC Capital Partners
Business Type: Heat and water sub-metering services provider Deal Type: LBO Debt Leader: CIBC World Markets and Goldman Sachs Debt Leader (individual): n/k Other Advisers: n/a Equity Leader (individual): Marc Strobel, director, CVC Capital Partners Equity Amount: Undisclosed Total Deal Value: Undisclosed Other Advisers: CVC Capital Partners was advised by PricewaterhouseCoopers and Willkie Farr & Gallagher provided legal advice
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CVC Capital Partners has acquired Viterra Energy Services, a provider of water and heat meters, from Viterra AG. The transaction values the equity of Viterra Energy Services at ?845 million. CVC Capital Partners will also assume ?85 million debt. Viterra Energy Services provides heat and water meters and a range of associated services including reading, installation and maintenance of meters and billing services to customers in 23 countries worldwide. The deal is subject to regulatory approvals.

Ireland
Altamedius Ltd Delta Partners
Business Type: Payment software developer Deal Type: Expansion Debt Leader: n/a Debt Leader (individual): n/a Other Advisers: n/a Equity Leader (individual): n/k Equity Amount: ?2.3m Total Deal Value: ?2.3m Other Advisers: William Fry (legal advisor)
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Altamedius, formerly Artic Web, has secured ?2.2 million in funding. Exisiting venture capital investors Delta Partners and Vertex in Singapore led this funding round and Enterprise Ireland also made its first investment into Altamedius with ?700,000.

Italy
Fiat Avio SpA The Carlyle Group
Business Type: Aircraft engines and aeronautical products manufacturer Deal Type: LBO Debt Leader: n/k Debt Leader (individual): n/k Other Advisers: Lazard is advising Fiat on the sale of FiatAvio Equity Leader (individual): Edoardo Lanzavecchia, managing director, The Carlyle Group Equity Amount: Undisclosed Total Deal Value: Undisclosed Other Advisers: Goldman Sachs is advising The Carlyle Group
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The Carlyle Group has signed a letter of intent to acquire Fiat Avio, the aircraft engine manufacturing unit of Fiat. The deal covers all of Fiat Avio’s aerospace and aeronautical activities, including airplane, rocket and satellite engines. Negotiations with Carlyle Group are based on an enterprise value of ?1.6 billion. Finmeccanica will also participate in the negotiations as an industrial partner once all the necessary resolutions have been passed. In 2002, Fiat Avio reported revenues of ?1.534 billion and an operating income of ?210 million. Due diligence will take approximately five weeks.
Marr SpA Arca Impresa Gestioni SGR
Business Type: Food products distributor Deal Type: LBO Debt Leader: n/a Debt Leader (individual): n/a Other Advisers: Rothschild Italia advised Cremonini on the deal Equity Leader (individual): Giuseppe Turri, managing director, Arca Impresa Gestioni Equity Amount: ?100m Total Deal Value: ?100m Other Advisers: n/a
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Arca Impresa Gestioni SGR and Barclays Private Equity have paid ?100 million for a 33.33 per cent stake in Marr SpA. Cremonini has sold a 11.67 per cent stake in Marr to the funds for ?35 million. The funds also injected ?65 million into a capital increase at Marr.

Netherlands
Getronics HR Solutions NIB Capital Private Equity
Business Type: Payroll services provider Deal Type: MBO Debt Leader: n/k Debt Leader (individual): n/k Other Advisers: Advisors to the sellor were ABN AMRO Corporate Finance (financial) and Greenberg Traurig (legal) Equity Leader (individual): Alexander van Wassenaer, buyout partner, NIB Capital Private Equity Equity Amount: Undisclosed Total Deal Value: ?315m Other Advisers: Legal advisor to NIB Capital Private Equity was Stibbe
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NIB Capital Private Equity is backing the management buyout of Getronics HR solutions, a payroll services provider in the Netherlands. The deal is worth ?315 million and Getronics HR Solutions will trade under its former name RAET.
02 Netherlands BV Greenfield Capital Partners
Business Type: Fixed line services and mobile network operations provider Deal Type: LBO Debt Leader: n/k Debt Leader (individual): n/k Other Advisers: n/a Equity Leader (individual): Stef van Doesburg, partner, Greenfield Capital Partners Equity Amount: Undisclosed Total Deal Value: ?25m Other Advisers: n/a
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mm02 plc has agreed the sale of its Dutch subsidary, 02 Netherlands BV, for ?25 million in cash. Greenfield Capital Partners will, once the transaction has cleared competition authorities in The Netherlands, will hold all the shares in 02 Netherlands BV.

Norway
Scali Four Seasons Venture Capital
Business Type: Computer systems developer Deal Type: Expansion Debt Leader: n/a Debt Leader (individual): Undisclosed Other Advisers: Undisclosed Equity Leader (individual): Undisclosed Equity Amount: ?4.89m Total Deal Value: ?4.89m Other Advisers: Undisclosed
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Four Seasons Venture Capital has led a round of financing in Scali for a total ?4.89 million. Intel Kapital, Kongsberg Gruppen and SND Invest have also participated in the round of financing. Bjorn Skare has joined Scali as CEO.

Poland
Magellan Enterprise Investors
Business Type: Financial services Deal Type: Expansion Debt Leader: n/a Debt Leader (individual): n/a Other Advisers: n/a Equity Leader (individual): Dariusz Pronczuk, partner, Enterprise Investors Equity Amount: ?7.5m Total Deal Value: ?7.5m Other Advisers: For Enterprise Investor: legal: Beata Gessel, Andrzej Chajec & Partners. For Magellan: legal: Pszczolkowski, Kancelaria Adwokacka, financial: Guziejewski i Albrecht
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Magellan, a leading non-banking financial institution operating in the hospital payables market in Poland, has received a ?7.5 million investment from Enterprise Investors. The funding has been provided through the Polish Enterprise Fund IV. Established in 1999, and based in Warsaw, Poland, Magellan buys the outstanding debts of public healthcare units from primary creditors, such as medical equipment suppliers and pharmaceutical companies, at a discount and then restructures and collects the debt for a profit. The company works with over 500 hospitals and 200 public healthcare suppliers, including foreign multinationals, to cover virtually all the market. The new funding will enable the company to develop its debt portfolio and offer new products to this growing and sophisticated market.

Spain
Grupo Indal Diana Capital
Business Type: Lighting systems manufacturer Deal Type: Expansion Debt Leader: n/a Debt Leader (individual): Undisclosed Other Advisers: Undisclosed Equity Leader (individual): Undisclosed Equity Amount: ?12m Total Deal Value: ?12m Other Advisers: Undisclosed
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Diana Capital has led a round of financing with Axis participating in Grupo Indal for a total ?12 million earngin them a combined 26 per cent stake. Diana Capital fund 1 invested ?8 million and Axis invested ?4 million. Grupo Indal manufactures lighting systems for industrial and urban use and will use the financing to further expand its business capability.
Oryzon Genomics ENISA
Business Type: Functional agrogenomics developer Deal Type: Early stage Debt Leader: n/a Debt Leader (individual): n/a Other Advisers: Undisclosed Equity Leader (individual): Undisclosed Equity Amount: ?273,000 Total Deal Value: ?273,000 Other Advisers: Undisclosed
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ENISA (La Empresa Nacional de Innovacion SA) has invested in an early stage round of funding totalling ?273,000 in Oryzone Genomics, a company based in the Barcelona Science Park. Funding will be used to further develop the company’s research capability and to assist in the growth towards offering a commercial product to the market for the treatment of nuerodegenerative diseases. ENISA was recently been set up by the Spanish Ministry of Economy as a means of investing publicly held money in small- to medium-size private firms to encourage the growth of innovative companies in the Spanish economy. The investment in Oryzone Genomics is ENISA’s first investment.

Sweden
Com Hem EQT
Business Type: Cable television network operator Deal Type: LBO Debt Leader: Undisclosed Debt Leader (individual): Undisclosed Other Advisers: Undisclosed Equity Leader (individual): Thomas Van Koch Equity Amount: Undisclosed Total Deal Value: ?236m Other Advisers: Undisclosed
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Nordic buyout firm EQT Northern Europe has acquired TeliaSoneras’ cable television business Com Hem through a leveraged buyout transaction for a total of ?236 million. Telia Sonera was forced to sell Com Hem by the European Commision, after Telia’s merger with Com Hem. Funds will be used to continue the development of existing operations and to introduce new products and services.
Jolife CapMan
Business Type: Cardiac arrest systems developer Deal Type: Early stage Debt Leader: n/a Debt Leader (individual): n/a Other Advisers: Legal advisor was ABI (Andrén, Bratt & Isacsson), Stockholm Sweden. Patent aspects Fish & Neave in New York, US Equity Leader (individual): Dr Bjorn Nordenvall Equity Amount: ?3.3m Total Deal Value: ?3.3m Other Advisers: n/a
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CapMan has led a round of financing in Jolife AB, with Innovations Kapital also participating. Total raised was ?3.3 million. Jolife AB will use the funds to further develop its product for the treatment of victims of sudden cardiac arrest. Dr Bjorn Nordenvall, investment director, led the round of investment for CapMan.

UK
Advanced Sewer Products Limited Capital Network
Business Type: Sewing products manufacturer Deal Type: Expansion Debt Leader: South Yorkshire Investment Fund Debt Leader (individual): Tony Goulbourn, CEO of South Yorkshire Investment Fund Other Advisers: n/a Equity Leader (individual): n/a Equity Amount: Undisclosed Total Deal Value: 95000 Other Advisers: n/a
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Advanced Sewer Products Limited has received a £95,000 funding package from a syndicate of investors. The deal includes a loan from the South Yorkshire Investment Fund and additional funding from a syndicate of business angels, led by Don Green. The investment will allow UK-based Advanced Sewer Products Limited the opportunity to bring an innovative new design of drain stopper to the construction industry. The patented product has overcome many of the traditional problems of the slow and messy installation of existing drains bungs. It is much quicker to install and is more stable in the pipe. It can be retrieved without entering the manhole, avoiding a torrent of sewerage that fills the chamber when the bung is released.
Amino Communications Yorkshire Fund Managers
Business Type: Electrical systems designer Deal Type: Expansion Debt Leader: n/a Debt Leader (individual): n/a Other Advisers: n/a Equity Leader (individual): Michael White, portfolio manager, Yorkshire Fund Managers Equity Amount: £2.24m Total Deal Value: £2.24m Other Advisers: KBC Peel Hunt advised Amino Communications
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Amino Communications, an electronic systems designer, has raised £2.24 million in a third round of funding. The investors in this round included Yorkshire Fund Managers, which invested through British Smaller Technology Companies VCT plc and British Smaller Technology Companies VCT2 plc, high net worth individuals and trade partners. Established in 1997 and based in Cambridge, UK, Amino Communications specialises in the design of products for multimedia distribution such as online digital video and audio and data reception. The company has developed a range of small, low cost, high functionality set-top boxes and products for hotels and hospitality markets, healthcare, retail and education, and networked and broadcast markets. The new funding will be used to finance substantial sales growth with customers across the world.
Applied Kilovolts n/a
Business Type: Specialist scientific instrument manufacturer Deal Type: MBI Debt Leader: Royal Bank of Scotland Debt Leader (individual): Ian Milne and Keith Jones, Royal Bank of Scotland Other Advisers: n/a Equity Leader (individual): n/a Equity Amount: n/a Total Deal Value: £5.5m Other Advisers: For management: Tenon Corporate Finance (Clive Hatchard and Andrea Errington). For vendor: Harry Dand
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Royal Bank of Scotland has backed the £5.5 million management buy-in of Applied Kilovolts, a specialist scientific instrument manufacturer. The deal includes funding from Kevin Wheelhouse, the existing management team, and Royal Bank of Scotland. Located in Brighton, UK Applied Kilovolts specialises in high voltage power supplies in the 1kV to 60kV range and concentrates on modular power supplies. The company has become a leading supplier of high stability, precision modules for the scientific instrument market in the UK and Europe.
Armstrong Healthcare Ltd Hotbed Ltd, Generics Asset Management and Oxford Technology VCT
Business Type: Surgical robots developer Deal Type: Expansion Debt Leader: n/a Debt Leader (individual): n/a Other Advisers: n/a Equity Leader (individual): Simon Emary, director, Hotbed Ltd Equity Amount: 800000 Total Deal Value: 800000 Other Advisers: n/a
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Armstrong Healthcare Ltd, a developer of intelligent surgical robots, has raised £800,000 in a round of venture capital funding. The round included participations from private equity network Hotbed Ltd, Generics Asset Management, Oxford Technology VCT and private individuals. Established in 1991 and based in High Wycombe, UK, Armstrong Healthcare is a leading developer and manufacturer of intelligent robots designed specifically for use in the operating theatre. The company has a portfolio of products including EndoAssist, a laparoscopic robot that provides a “third hand” enabling a single surgeon to perform minimally invasive operations that otherwise need two people, and PathFinder, a new image-guided robot for neurosurgery and orthopaedic surgery, which positions surgical instruments with millimetre accuracy on targets selected from a CT or MR scan. The funding from Hotbed will enable the company to continue to develop its range of products.
Ashbourne Care Homes Group Electra Partners Europe
Business Type: Elderly care home operator Deal Type: MBI Debt Leader: n/a Debt Leader (individual): n/a Other Advisers: n/a Equity Leader (individual): Robert Clarke and Chris Collins of Electra Partners Europe Equity Amount: £15m Total Deal Value: £29m Other Advisers: For Electra: corporate finance: Deloitte & Touche (Paul Zimmerman and David Jones), due diligence: Deloitte & Touche (Simon Creedy-Smith)
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Electra Partners Europe has backed the management buy-in of Ashbourne Care Homes Group (Ashbourne), an elderly care home operator. The Electra European Fund is making an initial investment of £15 million and assuming debt of £14 million. The fund is also providing an additional facility of around £35 million for the further development of the business. Headquartered in Leeds, UK, Ashbourne operates 129 care homes in the UK, with approximately 7,000 available beds and 6,200 residents. The company had been the subject of a prior MBO led by Electra Partners Europe in 1993. It was then taken public in 1994 and subsequently sold, first to Sun Healthcare, and later to a private UK company. For the year ended March 2003, Ashbourne had a turnover of approximately £123 million. With Electra Partners Europe’s backing, the management team plans to accelerate the programme of operational improvements begun by the previous owners.
BioWisdom Limited Merlin BioSciences Ltd and MB Venture Capital Fund I
Business Type: Ontologies developer Deal Type: Expansion Debt Leader: n/a Debt Leader (individual): n/a Other Advisers: n/a Equity Leader (individual): Mark Docherty, partner, Merlin BioSciences Ltd Equity Amount: £2.5m Total Deal Value: £2.5m Other Advisers: For Merlin Biosciences: legal: Klegal (Patrick Martin and Neil Millar). For BioWisdom: Taylor Vinters (Quentin Golder). For MB Venture Capital Fund I: Clyde & Co. (Robin Hampton)
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BioWisdom Limited, a provider of knowledge technology to the pharmaceutical industry, has raised £2.5 million in a round of venture capital funding. The round was led by Merlin Biosciences and included participation’s from MB Venture Capital Fund I and the founding members of the company. Founded in September 2000 and located in Cambridge, UK, BioWisdom Limited is a leading provider of products which provide a framework of biomedical knowledge in a variety of machine-readable formats, collectively known as ontologies. These discovery ontologies are used to power software applications to improve access to biomedical information. BioWisdom works closely with customers in pharmaceutical and biotechnology companies as well as a number of leading software vendors and scientific information providers to deliver the benefits of the discovery ontologies to a range of drug discovery professionals. The proceeds from this funding round will allow the company to build upon the quality of its ontology products.
Birkby’s Plastics Ltd n/a
Business Type: Plastics moulding company Deal Type: MBO Debt Leader: Lloyds TSB Commercial Finance Debt Leader (individual): Peter Scaife, senior regional manager (Leeds office), Lloyds TSB Commercial Finance Other Advisers: For Lloyds TSB Commercial Finance: due diligence: KPMG Transaction Services, legal: Walker Morris Equity Leader (individual): n/a Equity Amount: n/a Total Deal Value: Undisclosed Other Advisers: For Birkby’s Plastics: legal: Pinsent Curtis Biddle (Alan Greenough, assisted by Jeremy Small, Sarkis Zeronian, Martin Goodwin and Andrew Pedley), financial: KPMG Corporate Finance. Denton Wilde Sapte advised the vendors, Marubeni Corporation
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Birkby’s Plastics, a plastics moulding company, has been acquired from the Marubeni Corporation in a management buyout. The deal includes an asset-based lending package from Lloyds TSB Commercial Finance. Headquartered in Liversedge, UK, Birkby’s Plastics designs, manufactures and assembles plastic components and associated assemblies for the automotive and business electronics markets. The company, which was part of the Marubeni Corporation since 1990, employs more than 500 people at its site in Liversedge and at its technology centre in Detroit, US. Birkby’s exports plastics products to over 80 locations in more than 20 countries.
Care Management Group Limited ISIS Equity Partners plc
Business Type: Residential care services provider Deal Type: LBO Debt Leader: Barclays Leveraged Finance Debt Leader (individual): Barclays Leveraged Finance Other Advisers: n/a Equity Leader (individual): Liz Jones and David Sherratt of ISIS Equity Partners Equity Amount: £30m Total Deal Value: Undisclosed Other Advisers: For ISIS Equity Partners: legal: Pinsent Curtis Biddle (Andrew Masraf and Joanne Ellis). Corporate finance: PricewaterhouseCoopers (Andy Parker, Sarah Taylor and James Richardson). Financial due diligence: PricewaterhouseCoopers (Ron Reid and Rachel Wallis). Commercial due diligence: PricewaterhouseCoopers (Dave Packford and Graham Lovell). Property due diligence: LCS International (Paul Saper and Peter Champness). Management due diligence: Whitehead Mann (Carol House and Patricia Ascot). For management: corporate finance: Deloitte & Touche (Darren Miller and Tom Poole). Legal: Tarlo Lyons (Martin Kay). For vendors: corporate finance: Deloitte & Touche (Paul Zimmerman, David Jones and Alison Strutt). Legal: Tarlo Lyons (John Hargreaves)
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ISIS Equity Partners plc has backed the leveraged buyout of Care Management Group, a specialist residential care services provider. The deal includes a £30 million equity investment by ISIS and a debt finance package from Barclays Leveraged Finance. Established in 1996, Care Management Group is a leading provider of specialist residential care services for individuals with learning disabilities, challenging behaviour and associated mental health needs. The company currently operates 44 homes predominately in the South East of England, caring for 330 residents and recently acquired a specialist home in Essex catering for children with moderate to severe learning disabilities and complex needs. The current turnover of the group is £16 million. In addition to supporting the buyout, ISIS, alongside Barclays Leveraged Finance, has committed a significant sum to the ongoing growth plans of CMG, which are anticipated to include new developments and the acquisition of existing operators.
Church & Co Equinox Investment Company
Business Type: Footwear manufacturer Deal Type: LBO Debt Leader: n/k Debt Leader (individual): n/k Other Advisers: n/a Equity Leader (individual): n/k Equity Amount: Undisclosed Total Deal Value: Undisclosed Other Advisers: n/k
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Equinox Group has acquired a 45 per cent stake in Church & Co from Italian fashion house Prada, for an undisclosed amount. The Luxembourg-based investment firm is backed by major Italian groups including Banca Intesa and Pirelli. Founded in 1873 by brothers William, Thomas and Alfred Church, Church & Co is one of the UK’s most established shoe manufacturers. Church’s philosophy was that their shoes should be made by the most skilled craftsmen and last a lifetime. Today the company can still boast that its 250 operation processes take eight weeks to make each pair of shoes, with the retail price of an average of around £200 per pair. Designer Miuccia Prada has always stressed her desire to protect the British identity of the firm, which still today maintains 95 per cent of its production in the UK.
Csols plc Close Brothers and Hotbed Ltd
Business Type: Data management software developer Deal Type: Early stage Debt Leader: n/a Debt Leader (individual): n/a Other Advisers: n/a Equity Leader (individual): Simon Emary, director, Hotbed Ltd Equity Amount: £1m Total Deal Value: £1m Other Advisers: n/a
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Csols, an automation technology company, has raised £1 million in a round of private financing. The round includes contributions from private equity network Hotbed Ltd, Close Brothers and private investors. Csols is a software development company that specialises in the development of data management software for R&D laboratories. The company has developed Links for LIMS, a product which automates manual and paper-based processes common in most laboratories. This unique technology can integrate any laboratory data system or device with higher level business systems such as laboratory information management systems and enterprise resource planning systems. Links for LIMS minimises man-hour costs and eliminates the potential error inherent in manual data inputting systems.
Elite Tooling n/a
Business Type: Machine tools manufacturer Deal Type: Expansion Debt Leader: South Yorkshire Investment Fund Debt Leader (individual): Tony Goulbourn, chief executive, South Yorkshire Investment Fund Ltd Other Advisers: n/a Equity Leader (individual): n/a Equity Amount: n/a Total Deal Value: 40000 Other Advisers: n/a
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Elite Tooling Ltd, a manufacturer of cutting tools and tool holders, has received a £40,000 loan from the South Yorkshire Investment Fund. Established in 1996 by directors Bob Hill and Lyndsay Butterfield and based in Rotherham, UK, Elite Tooling designs, manufactures and distributes high performance cutting tools and tool holders. The company started out as an importer and wholesaler of tools, but the loan has enabled Elite to buy specialist equipment and computer software to develop its own range of tools, which will be supplied to independent distributors.
Envelopes Plus (Holdings) Ltd Matrix Private Equity
Business Type: Envelopes manufacturer Deal Type: BIMBO Debt Leader: HSBC Debt Leader (individual): John Wake and Lennox Williams, HSBC Other Advisers: n/a Equity Leader (individual): Ashley Broomberg, managing director, Matrix Private Equity Equity Amount: 500000 Total Deal Value: £2.3m Other Advisers: For Matrix Private Equity: legal: Pinsent Curtis Biddle (Hugh Gardner). For Envelopes Plus (Holdings) Limited: legal: Davies Lavery (Stuart Butler-Gallie). Corporate finance: BDO Stoy Hayward (Andrew Perrett), financial due diligence: Lawson Alexander Blank (Andrew Lawson)
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Matrix Private Equity has backed the buy-in/ management buyout of Envelopes Plus (Holdings) Limited. Matrix Private Equity, which invested through the Matrix Enterprise Fund, provided £500,000 of the total funding. The deal also includes senior debt financing provided by HSBC. Founded in 1987 and based in Dewsbury, UK, Envelopes Plus is a leading manufacturer of envelopes for the greeting card industry and the commercial market. The company supplies anything from colourful envelopes for greeting cards to reply paid envelopes for direct mail campaigns. The new management team plans to expand operations by extending the ranges produced, opening up a warehouse facility in London to enlarge the geographic area it can service, as well as targeting the European market. The company also plans to focus on servicing niche opportunities in the commercial envelope market.
Eyebright Bridges Community Ventures
Business Type: Day surgery facilities provider Deal Type: Start up Debt Leader: n/a Debt Leader (individual): n/a Other Advisers: n/a Equity Leader (individual): Carolyn Maddox, director, Bridges Community Ventures Equity Amount: 500000 Total Deal Value: 500000 Other Advisers: Osborne Clarke (legal advice)
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Eyebright plc, a supplier of day surgery theatres, has received a £500,000 equity investment from Bridges Community Ventures. Established in January 2001 and located in Passfield Liphook, UK, Eyebright supplies day surgery theatres to both private and National Health Service hospitals in the UK. The company provides both single theatre self-contained temporary buildings which can be erected on-site, and a more versatile range of buildings based on its unique CR-Core Technology. Constructed of stainless steel and ultra rigid panels, the CR-Core provides a better air-conditioned sterile environment than most operating theatres at a fraction of the cost. Eyebright, which currently supplies facilities for simple procedures, will also supply facilities for nearly all operations under general anaesthetic including heart and orthopaedic procedures.
FirstAssist Barclays Private Equity
Business Type: Healthcare insurance and related assistance services Deal Type: MBO Debt Leader: Bank of Scotland Debt Leader (individual): Ian Aston, Bank of Scotland Other Advisers: For Bank of Scotland: Legal: Pinsent Biddle Curtis (Stephen Miles) Equity Leader (individual): Owen Clarke, director, Barclays Private Equity Equity Amount: £87m Total Deal Value: £147m Other Advisers: For Barclays Private Equity: corporate finance: Hawkpoint Partners (Lawrence Guthrie), due diligence: KPMG (Andrew Neden), legal: Clifford Chance (David Walker and Tim Page). For management: legal DLA (Andrew Carpenter). For vendor: corporate finance: Lexicon Partners (Angus Winther), legal: Ashurst Morris Crisp (Vivienne de Chermont)
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Barclays Private Equity has backed the £147 million management buyout of the healthcare and assistance business of Royal & SunAlliance, including its subsidiary company FirstAssist Group Ltd. Barclays Private Equity has invested £87 million for a 90 per cent stake in the business, which has been renamed FirstAssist. The deal also includes a senior debt finance package from Bank of Scotland Corporate Banking. Founded in 1997, FirstAssist provides a range of risk managed solutions in the healthcare, well-being, business protection and advice markets. The services provided in the UK include total incident management, affordable legal expenses insurance cover, uninsured loss recovery services and bespoke advice, counselling and assistance services. The business has grown strongly to total income of around £300 million in 2002. The deal will enable the management team to capitalise on the potential of an excellent business in a growing sector.
Fitness First Cinven
Business Type: Health and fitness clubs operator Deal Type: LBO Debt Leader: Bank of Scotland and Royal Bank of Scotland Debt Leader (individual): David Miller (Bank of Scotland) and Jacqui Allen (Royal Bank of Scotland) Other Advisers: n/a Equity Leader (individual): Yagnish Chotai and Dominic Murphy of Cinven Equity Amount: £165m Total Deal Value: £403m Other Advisers: For Cinven: financial: UBS Warburg (Michael Lacey-Solymar), legal: Freshfields (David Higgins), and PricewaterhouseCoopers (John Ratcliffe). For Fitness First: financial: Investec and Dresdner Kleinwort Wasserstein
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Moray Limited a company formed at the direction of Cinven, has announced a recommended cash offer for Fitness First plc, a leading operator of health and fitness clubs. Subject to the offer becoming or being declared unconditional in all respects, the ?4.4 billion Third Cinven Fund will invest approximately £146 million for a majority equity stake in the business. The deal also includes a £19 million equity investment by the management team. To finance the remaining cash consideration due under the offer, to refinance existing debt, to finance development capital expenditure, to provide working capital and to pay associated fees and expenses, Moray has put in place approximately £331 million of senior credit facilities, jointly arranged and underwritten by Bank of Scotland and the Royal Bank of Scotland. The deal values Fitness First at approximately £403 million. Headquartered in Poole, UK, Fitness First is one of the largest operators of fitness clubs in the world, with operations in the UK, continental Europe, the Far East and Australia. As at October 31, 2002, the Fitness First Group operated 311 clubs, 142 of which were in the UK, and had approximately 720,000 members. The Fitness First Group operates high quality, well-equipped, value for money fitness clubs targeting the mid-market segment of the health club industry. The offer by Moray Limited has been recommended by the independent directors of Fitness First plc.
IBL Lighting Ltd n/a
Business Type: Lighting products manufacturer Deal Type: MBI Debt Leader: NMB Heller Debt Leader (individual): Jon Hughes, regional director, NMB Heller Other Advisers: For NMB-Heller: legal: Bermans Solicitors (Dave Gledhill). For management: legal: Shadbolts (Tim Ball). For vendor: Grant Thornton (Martin Ellis), legal: DLA Equity Leader (individual): n/a Equity Amount: n/a Total Deal Value: £3m Other Advisers: n/a
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NMB Heller has backed the management buy-in of IBL Lighting Ltd. The funding package provided by NMB Heller includes a £325,000 cash flow loan, matching the management’s own investment in the business, plus an invoice discounting facility. The company went into receivership in November 2002 with the potential loss of 90 jobs. However, the finance package provided by NMB Heller has meant the company was able to trade through receivership and come out the other side relatively unscathed. Established in 1985 and based in Chessington, UK, IBL Lighting manufactures low voltage and low energy lighting products and supplies the construction and retail industry through electrical distributors. The company has been renamed Intram Barwell LTD.
Oxxon Pharmaccines Ltd Quester Capital Management, Isis Capital, NIF Ventures, Gray Ghost, LLC, MVM, Neomed Innovation ASA and The Isis College Fund
Business Type: Therapeutic vaccines developer Deal Type: Expansion Debt Leader: n/a Debt Leader (individual): n/a Other Advisers: n/a Equity Leader (individual): Iain Wilcock, director, Quester Capital Management Equity Amount: £15m Total Deal Value: £15m Other Advisers: For the investors: legal: SJ Berwin (Perry Yam). For Oxxon Pharmaccines Ltd: legal: Olswang (Howard Palmer)
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Oxxon Pharmaccines Ltd, a company developing innovative therapeutic vaccines, has raised £15 million from a syndicate of private investors. Quester Capital Management, which invested through the Isis College Fund, Quester VCT 4 plc, Quester VCT 5 plc and Quester Venture Partnership, led the investment syndicate. Other investors in the round included Gray Ghost, LLC, Isis Capital, MVM Ltd, Neomed Innovation ASA and NIF Ventures. Founded in 1999 and based in Oxford, UK, Oxxon Pharmaccines is a biotechnology company focused on the development of immunotherapeutic product candidates (pharmaccines) based on its proprietary PrimeBoost technology. The company currently has a melanoma product and a hepatitis B product in Phase II clinical trials. Clinical trials using Oxxon’s PrimeBoost for preventative vaccines include malaria and HIV, in Phase II, and TB, in Phase I, and are being driven by Oxxon’s founding collaborators. The funding from this round will drive Oxxon’s therapeutic vaccine clinical programmes in the areas of chronic infectious diseases and cancer.
RGIT Montrose Limited 3i
Business Type: Training and consultancy services provider Deal Type: MBO Debt Leader: Bank of Scotland Corporate Banking Aberdeen Debt Leader (individual): Euan Leask, associate director, Bank of Scotland Structured Finance Aberdeen Other Advisers: n/a Equity Leader (individual): Graeme Sword, investment director, 3i Equity Amount: Undisclosed Total Deal Value: Undisclosed Other Advisers: Advisers to the buyers also included Ernst & Young, Ledingham Chalmers and Raeburn Christie. The vendors were advised by PricewaterhouseCoopers Corporate Finance and Paull & Williamsons
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3i has backed the management buyout of RGIT Montrose, a provider of training and consultancy services to the international energy sector. The deal, which is worth in excess of £10 million, includes debt financing from Bank of Scotland Corporate Banking. Headquartered in Aberdeen, UK, RGIT Montrose a leading provider of training and consultancy services to the international energy, industrial, defence and civil sectors. The company focuses on delivering training programmes and consultancy in the fields of health and safety, survival, fire-fighting, emergency and crisis management, marine survival, well services and technician development and total training support services. The management buyout team comprising of executive chairman, Mel Keenan, group managing director, Murray Strachan, and international and development director, Martin Beard, plans to expand in the business both at home and abroad.
Shazam Entertainment IDG Ventures Europe and Lynx Capital Ventures
Business Type: Mobile music recognition company Deal Type: Expansion Debt Leader: n/a Debt Leader (individual): n/a Other Advisers: n/a Equity Leader (individual): Ajay Chowdhury, managing partner, IDG Ventures Europe Equity Amount: ?6m Total Deal Value: ?6m Other Advisers: For IDG Ventures Europe: legal: Star legal (Wendy Lotter). For Shazam Entertainment: legal: Olswang
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Shazam Entertainment Ltd, a mobile music recognition company, has raised ?6 million in a round of venture capital funding. The round was led by IDG Ventures Europe and included a further contribution from Lynx Capital Ventures. Located in London, UK, Shazam Entertainment has developed a real-time song identification service for mobile phone users. The service is based on a patent-pending technology in audio pattern recognition. This technology is able to match a noisy audio sample captured on a mobile phone against a database of over a million tracks in less than one second. Shazam offers its service to mobile operators, enabling them to drive premium service revenues with a music application. Shazam’s service works on any mobile phone without any upgrade to the handset or network. The new funding will enable the Shazam to expand its business internationally.
Sparrows Offshore International Group Limited London Merchant Securities plc
Business Type: Crane management, maintenance and engineering services contractor Deal Type: LBO Debt Leader: Royal Bank of Scotland Structured Finance Debt Leader (individual): Brian Johnstone, Royal Bank of Scotland Structured Finance Other Advisers: n/a Equity Leader (individual): Nick Friedlos, finance director, London Merchant Securities plc Equity Amount: £10.2m Total Deal Value: £25.6m Other Advisers: For LMS: finance: KPMG (Sarah McNaught), legal: SJ Berwin (Simon McLeod)
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London Merchant Securities plc (LMS) has backed the £25.6 million acquisition of Sparrows Offshore International Group Limited (Sparrows), from 3i. LMS Capital, a subsidiary of LMS, has invested £9.5 million to acquire a majority shareholding in the company. The deal also includes a debt finance package provided by Royal Bank of Scotland Corporate and Structured Finance in Aberdeen. Headquartered in Aberdeen, UK, Sparrows is a leading offshore crane management, maintenance and engineering services contractor operating and servicing over 300 production facility and marine drilling units worldwide. While the majority of Sparrows’ activity is currently in the North Sea, it also has operations in a number of other parts of the world including the Gulf of Mexico, Brazil and West Africa. Sparrows was the subject of a management buyout in September 2000, backed by 3i’s oil and gas team in Aberdeen. All members of the executive management team are reinvesting alongside LMS in this transaction.
Stewart Group Holdings Limited n/a
Business Type: Owns a garden container and water gardening business Deal Type: MBO Debt Leader: GMAC Commercial Finance Debt Leader (individual): Jason Zillwood, regional manager, GMAC Commercial Finance Other Advisers: Stewart Group Holdings Limited: legal: Osbourne Clarke Equity Leader (individual): n/a Equity Amount: n/a Total Deal Value: £11m Other Advisers: n/a
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GMAC Commercial Finance has backed the £11 million acquisition of Stewart Group Holdings Limited and its subsidiaries from Bridgepoint Capital. GMAC Commercial Finance has provided a £5 million refinancing package to support the management buyout. Stewart Group Holdings comprises Stewart Plastics, a leading manufacturer of garden containers, and Lotus Water Gardens, an established water gardening brand. Founded separately just after WWII the two UK-based companies were originally privately-owned and were acquired by Bunzl plc at different times. At the end of 1999, Bunzl sold the two companies to the newly formed parent company, Stewart Group Holdings. Stuart Plastics manufactures plastic housewares and catering food storage and food preparation products. Lotus Watergardens provides a range of aquatic products, enabling the consumer to build and maintain a pond. The deal enables the management team to fund the expansion of the business.
The NCC Group Barclays Private Equity
Business Type: Independent technology assurance business Deal Type: MBO Debt Leader: Barclays Leveraged Finance Debt Leader (individual): Dion Hirst and Dave Rimer, Barclays Leveraged Finance Other Advisers: n/a Equity Leader (individual): Tony Hyams and David Walker of Barclays Private Equity Equity Amount: Undisclosed Total Deal Value: ?44m Other Advisers: For Barclays Private Equity: legal: Eversheds (Peter Halpin and David Williams), financial due diligence: PricewaterhouseCoopers (Chrstine Adshead and Neal Smith)
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Barclays Private Equity has backed the ?44 million management buyout of The NCC Group. Barclays Private Equity has acquired a 65 per cent stake in the company, which was formerly part of the National Computing Centre. The deal also includes a debt financing package from Barclays Leveraged Finance. Established in 1966 and based in Manchester, UK, The NCC Group provides software escrow, independent third party protection and storage of business critical software. These business solutions help organisations manage their technical risks. The company has experienced substantial growth in recent years, and its software escrow protects over 10,000 clients. The management team will continue to offer a consultancy service, predominantly in the protection, verification and assurance markets.
Vivamer University of Cambridge Challenge Fund
Business Type: Drug delivery technology developer Deal Type: Seed Debt Leader: n/a Debt Leader (individual): n/a Other Advisers: n/a Equity Leader (individual): Dr Nick Slaymaker, technology manager, University of Cammbridge Challenge Fund Equity Amount: 106000 Total Deal Value: 106000 Other Advisers: Mills & Reeve (legal advice)
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Vivamer Ltd, a developer of drug delivery technology, has secured seed finance from the University of Cambridge Challenge Fund. Vivamer was founded in December 2002, to commercialise responsive polymer chemistry developed by Professor Nigel Slater and Mark Eccleston. Professor Slater’s work at Cambridge focuses on Bio-products manufacturing and functional, bio-mimetic materials and his work is related to the Bioscience engineering research theme. The seed financing will be used to demonstrate the utility of Vivamer’s technology in the areas of diagnostic imaging and drug delivery for anti-cancer applications.