N+1 abandons Access Capital deal

Spanish banking group N+1 has announced its intention to call off an agreement to acquire the 35% stake in fund-of-funds Access Capital Partners held by Finnish private equity firm CapMan, blaming the current general financial crisis.

In 1999, CapMan helped launch Access and held a 47.5% stake in the company, later selling a 12.5% stake to the Access managing partners in 2006. Based in Belgium, Access Capital Partners is a private equity fund-of-funds with EUR2.5bn in capital under management. It specialises in small- to mid-market buyout and special situations funds, as well as later stage and buyout funds in the technology space.

CapMan agreed to sell its 35% stake in Access to N+1 Group in July 2007. The price of the transaction was partly tied to Access' development in the next four years and was set at a maximum of EUR23.3m. Under the terms of the agreement, N+1 was to pay EUR1.5m at the closing of the transaction and the balance in 2012.

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