Buyouts
UK - Boots deal encounters up to £1bn unforeseen pension costs
KKR's buyout of Alliance Boots has encountered a setback in the form of an extra ТЃ1bn demanded by the trustees of its pension fund. The pension fund was reported to have a surplus just days earlier. Yesterday, the Pension Regulator called on trustees...
UK - One Equity could value EMI at £3bn
EMI is being circled by One Equity, the private equity group associated with JP Morgan. The music publisher has been the subject of private equity speculation since last November. It was first courted by Permira which was understood to have considered...
SPAIN - Applus+ up for sale (again)
CVC, Carlyle, Permira, Brigepoint, Apax Partners and Blackstone are reported to be preparing offers of around EUR 1.5bn for Applus+. The likeliest buyer, however, is Blackstone; rumour has it that the the US giant is set to launch a pre-emptive bid for...
UK - Carlyle swoops on BAE with submarine bid
As part of its efforts to acquire the refitting and refueling Devonport naval dockyard in Plymouth, Carlyle has proposed running the UK's submarine building programme at Devonport. This process currently takes place at BAE-owned Barrow-in-Furness.
GERMANY - Klöckner Pentaplast changes hands for EUR 1.3bn
Cinven and JP Morgan Partners have sold German manufacturer of rigid plastic films Klöckner Pentaplast to The Blackstone Group for EUR 1.3bn, representing an 8x multiple of pro-forma EBITDA. In 2001, Cinven and JPMorgan acquired Klöckner Pentaplast from...
BULGARIA - AIG acquires Bulgarian Telecommunications Company
AIG Global Investment Group has acquired a 65% stake in Bulgarian Telecommunications Company for EUR 1.08bn from Viva Ventures GmbH. The former state-owned telecommunications company is currently listed on the Bulgarian Stock Exchange and AIG acquired...
UK - Blackstone, Bain, CVC and Cinven interested in CDR's Brakes
Clayton, Dublier & Rice has appointed JPMorgan and Deutsche Bank to sell portfolio company Brakes, the food distribution business formerly known as Brakes Bros. The transaction is expected to fetch up to ТЃ1.3bn. CDR delisted Brakes in 2002 when it had...
UK - Kelso Place acquires sub-prime mortgage broker TML
Kelso Place Asset Management has completed the acquisition of TML Financial Solutions, a subsidiary of Kensington Group Plc. The new independent company will trade under its previous name, The Mortgage Lender. The Mortgage Lender, a specialist sub-prime...
UK - Apollo to save troubled Focus DIY?
Apax and Duke Street Capital portfolio company Focus DIY is believed to be on the brink of a rescue deal with Apollo Management. The DIY retailer has struggled with its debt load for the last two years following worsening conditions in the home improvement...
SPAIN - Cinven leaves CVC-PAI-led Altadis consortium
Cinven is said to have left the consortium led by CVC and PAI Partners, reportedly preparing a bid for cigarrette producer Altadis.
UK - ECI acquires CliniSys in £61m deal
ECI Partners has acquired healthcare IT company CliniSys for ТЃ61m plus an earn out of up to ТЃ2m from its founding shareholders, some of whom are re-investing in the business. Headquartered in Surrey and with operations in Belgium, The Netherlands, France,...
UK - RBS backs £21m buyout of chemicals business Tocris
Royal Bank of Scotland has backed the ТЃ21m management buyout of speciality chemicals business Tocris Cookson Ltd from its founding shareholders. The deal sees RBS taking an equity stake in the newco having provided a combined equity and debt package....
UK - LGV seeks further asset in dental healthcare sector
It is thought that Legal & General Ventures is considering a bid for AIM-listed dental group Oasis Healthcare. The Norwich-based company's shares rose a fifth yesterday on the back of news that it had received several preliminary approaches.
GERMANY - Mauser AG changes hands in EUR 850m transaction
One Equity Partners have sold Mauser AG for EUR 850m to fellow financial investor Dubai International Capital. In May 2003, One Equity Partners had acquired the industrial packaging specialist for an undisclosed amount.
UK - LDC back buyout of MB Aerospace
LDC has backed the management buyout of engineering contractor MB Aerospace Holdings. LDC will own a majority stake in the newco, which has been formed from MB Aerospace and MB Faber, two of the main subsidiaries of 109 year-old generalist engineering...
UK - Gresham reaps 12x money on exit from Penn Pharmaceuticals
Gresham Private Equity has reaped 12x its money from its exit from Penn Pharmaceuticals. The company has been acquired by LDC in a secondary management buyout worth ТЃ67m.
UK - ABN AMRO backs £163m tertiary buyout of office supplier from Hermes
ABN AMRO Capital has acquired office supplier OyezStraker Group Holdings Ltd for ТЃ163m in a secondary management buyout from Hermes Private Equity. The deal will see ABN AMRO invest ТЃ41.2m for a majority stake in the newco with Hermes reinvesting for...
UK - ECI Partners sells Nuaire to Electra realising IRR of 80%
ECI Partners has sold ventilation system manufacturer Nuaire to Electra Partners realising an IRR of 80%. ECI acquired Nuaire in a management buyout from its founder for ТЃ38m in 2004. Electra's investment was supported by debt provided by Bank of Ireland...
FRANCE - Apax sells Parkéon to Barclays Private Equity for around EUR 260m
Apax Partners has agreed to sell the former parking and ticketing division of Schlumberger (e-city) to Barclays Private Equity for a total consideration of approximately EUR 260 million.
FRANCE - CDC CI backs Genoyer's secondary buyout
CDC Capital Investissement has acquired a majority stake in the secondary buyout of oil, gas, water and petrochemicals pipes manufacturer Genoyer. The deal means an exit for Carlyle, which had piloted the company's first buyout in 1998.
NL - GIMV sells Holonite to Egeria
GIMV has sold its stake in Holonite, a producer of composite stone finishing elements for the construction industry, to Egeria. The transaction price remains undisclosed, but the sale has a positive impact of EUR 5.3m (EUR 0.23 per share) on GIMV’s last...
UK - Aberdeen backs the £6m BIMBO of MSIS
Aberdeen Asset Managers Growth Capital has backed the BIMBO of industrial cleaning company MS Industrial Services Ltd. Aberdeen has invested ТЃ2.5m as part of the ТЃ6m deal. Aberdeen intends to grow the company from an industrial cleaning and waste disposal...
FRANCE - AXA PE acquires SYNERLAB
AXA Private Equity has acquired SYNERLAB Group, a French pharmaceutical sub-contractor. SYNERLAB manufactures and packages dry drugs and liquid drugs to customer requirements. SYNERLAB has 520 staff and recorded revenues in 2006 of approximately EUR...
FRANCE - Industri Kapital to sell Ceva Santé to management-led syndicate
Industri Kapital (IK) will generate an IRR of 40% on the sale of veterinary pharmaceutical laboratory Ceva Santé Animale to a syndicate led by management and including Euromezzanine and Natexis Private Equity.