Buyouts
UK - Advent International acquires Lloyds TSB Registrars in £550m deal
Advent International has acquired the share registration arm of Lloyds TSB for £550m. The deal came about after Lloyds TSB appointed Lehman Brothers to run a sale process. Advent beat off competition from Australian company Link Market Services which...
UK - CVC reported to be interested in Jessops
London-listed camera retailer Jessops is the subject of takeover speculation. The company's shares are trading at a fifth of what they were worth last year following a series if profit warnings. CVC is reported to be interested in the company.
UK - Morrisons latest supermarket to attract private equity interest
Morrisons is the latest UK supermarket chain to have attracted private equity interest. The Bradford-based chain is the fourth largest supermarket in the UK following its takeover of Safeway in 2004. A private equity bid could value Morrisons at up to...
UK - One Equity encounters new competition for EMI takeover approach
One Equity is facing competition in its bid to acquire London-listed music publisher EMI. EMI is reported to have opened its books to US hedge fund Cerberus and Fortress Investment Group as well as One Equity, the private equity arm of JP Morgan that...
UK - Bridges leads SBO of Triage from 3i
Bridges Ventures has led the secondary buyout of IT repair company Triage Services. The deal represents an exit for 3i which backed the original £9m management buyout of the company in 1997. Kaye Enterprises and Calculus Capital also participated in...
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 £1bn 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 - Bridgepoint secures Leeds Bradford deal
Bridgepoint has won the auction for Leeds Bradford Airport. It is paying £145.5m to acquire the asset from its five local council owners. Bridgepoint intends to invest up to £70m in the facility to try to double passenger numbers. In 2005, the airport...
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...
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 - Electra in 5x exit from CSG via sale to Candover
Electra Private Equity has sold height safety equipment company Capital Safety Group to Candover in a $565m transaction. The deal has generated a multiple in excess of 5x Electra's investment, equivalent to an IRR of 23%.
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 £1.3bn. 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 £61m plus an earn out of up to £2m 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 £21m 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 £67m.
UK - ABN AMRO backs £163m tertiary buyout of office supplier from Hermes
ABN AMRO Capital has acquired office supplier OyezStraker Group Holdings Ltd for £163m in a secondary management buyout from Hermes Private Equity. The deal will see ABN AMRO invest £41.2m for a majority stake in the newco with Hermes reinvesting for...