Buyouts
UK - Extra time called in 3i's Countrywide bid
A vote which would have decided the fate of 3i's mooted £966m take-private offer for Countrywide was postponed yesterday. Sources reported that an unofficial vote saw less than the required 75% of shareholders accepting the offer and consequently the...
UK - Carlyle in another defence deal
Carlyle is reported to have teamed up with BAE to acquire the Devonport naval yard in Plymouth from the Ministry of Defence. The yard, at which nuclear submarines are serviced, is likely to benefit from a £25bn proposal to replace the current submarine...
UK - Barclays Ventures acquires Christy Group in £21m deal
Barclays Ventures has backed the £21m management buyout of Christy Group Ltd, a designer, importer and distributor of children’s dress-up costumes based in Barnsley. Christy supplies major retailers worldwide such as Walmart/ASDA, Tesco, Marks and...
FRANCE - Argan Capital to back buyout of luggage maker Delsey
Mid-cap private equity firm Argan Capital has announced it has signed an agreement to back the buyout of the world's second largest travel luggage maker Delsey.
UK - Oak Hill to acquire United Utilities' outsourcing business
A private equity consortium headed up by Oak Hill, the US group, is to acquire the United Utilities' business outsourcing division, Vertex. The £220m deal follows United Utilities decision to sell Vertex due to falling profits within the division.
BELGIUM - Barclays Private Equity France acquires Desmet Ballestra
Barclays Private Equity France has acquired a majority stake in Desmet Ballestra, operative in the fields of engineering and supply of plants and equipment for the edible oil industry, the detergent-surfactants and related chemical industry and the oleochemical...
UK - Activist shareholders put pressure on 3i's Countrywide offer
It has emerged that investment group Artisan Partners and hedge fund Boussard & Gavaudan have been joined by another Countrywide shareholder, Standard Life, in opposing 3i's 490p per share offer for the estate agency chain. The three investors argue that...
UK - ISIS backs £33m buyout of AITCL
ISIS Equity Partners has backed the £33m management buyout of Anglo Irish Trust Company Ltd (AITCL). The investor provided £13m from its ISIS III fund to acquire a significant minority stake in the Isle of Man-based offshore trust and company administration...
UK - Bank of Scotland backs MBO of Willis & Gambier
Bank of Scotland Integrated Finance has funded the £55m management buyout of Willis & Gambier Ltd, taking a minority stake in the company.
UK - Bank of Scotland backs demerger of components division from Nylacast
Nylacast has agreed a demerger of its components division with backing from Bank of Scotland Integrated Finance in a deal worth over £30m. The components division of Nylacast supplies names such as Delphi, JCB, Caterpillar and GSK with highly engineered...
UK - More bad news for Countrywide deal
Sources report that UK hedge fund Boussard & Gavaudan has amassed a 5% stake in Countrywide and intends to oppose 3i's recommended 490p per share offer.
ITALY - Private equity firms court Fastweb
Reports in the Italian press suggest that three international private equity firms may be interested in buying Fastweb, Italy's second-largest fixed-line telephone company.
GERMANY - The Riverside Company acquires AIS Group
The Riverside Company has acquired Advanced Information Systems Group (AIS Group), a technology solutions provider to the automotive, aerospace and steel industries. Nord LB provided financing for the deal.
UK - LDC backs MBO of Cable Management Group
LDC has backed the management buyout of Cable Management Group (CMG). The investment will support new product development, expansion of export markets and future acquisitions. Headquartered in Coleshill, Birmingham, CMG is the UK market leader in the...
UK - West Coast Capital and Bank of Scotland Corporate to raise bid for house builder
West Coast Capital, the private equity vehicle of Scottish entrepenuer Tom Hunter, and Bank of Scotland Corporate may raise their offer for housebuilding company Crest Nicholson this week. The consortium placed a 585p per share offer for the company in...
UK - 3i's bid for Countrywide prompts disagreement
3i's recommended £940m delisting of Countrywide is the subject of shareholder and board wrangling. Last week, Artisan Partners contacted investors arguing that the 490p per share offer, which includes 0.165 shares in property website Rightmove, did not...
FINLAND - MB Funds buys VC-backed Forchem
MB Funds has signed an agreement to buy Forchem from shareholders including Bio Fund, Profita, OKO Venture Capital, Finnish Industry Investment and the management.
UK - Sovereign Capital begins 2007 with three deals
Sovereign Capital has begun 2007 by announcing the completion of three platform investments, two of which are support services businesses. The first was the £10m BIMBO of London Property Maintenance Ltd, a Kent-based provider of contract cleaning, security...
UK - Matrix completes two buyouts in matter of weeks
Matrix Private Equity backed two management buyouts before the close of 2006, to bring its 2006 tally to eight new investments with an aggregate enterprise value of £65m. The first was the £14m management buyout of Pinewood, the leading UK manufacturer...
SWEDEN - Segulah buys 50% of Kemetyl
Segulah has acquired 50% of Kemetyl, a supplier of car care products to gasoline stations. Segulah III and Pemco, the owner, have a shareholder’s agreement ensuring Segulah III de facto control.
UK - Lyceum's Velo to merge with Leasedrive Group
Lyceum Capital portfolio company VELO has merged with the Leasedrive Group. The merged entity, Leasedrive VELO, is now the largest independent privately-owned vehicle management group in the UK with a combined vehicle fleet of around 17,500 cars. Lyceum...
ITALY - 21 Investimenti and Banca Leonardo buy stake in IVRI
21 Investmenti and Banca Leonardo have jointly acquired a majority stake in IVRI, a security and surveillance business, for an undisclosed sum. The Zané family, founders of the group, will maintain a minority stake.
PORTUGAL - Portugal Telecom deal about to close
After a year of negotiations, the five investment banks fronting Sonaecom's hostile takeover bid of Portugal Telecom are reported to be close to agreeing advisory fees as the deal reaches its final stages.
UK - NVM funds £16m buyout of defence service provider
NVM has provided just under £7m to fund the £16m management buyout of Product Support Ltd (PSL), a supplier of logistics services to the defence industry.