Exits
ITALY - PM & Partners receives offers for AEB
PM & Partners, the advisers for Luxembourg-based vehicle Emerald, is understood to be evaluating offers for AEB, one of the fund's portfolio companies. Rumour has it that the counsel is looking to sell the company for no less than EUR 90-100m.
UK - Investcorp's Polestar in crisis
Polestar, the printing group formed by Investcorp's ТЃ700m buyout of two printing groups in 1998, is reported to be on the threshold of a financial restructuring.
FRANCE - Eurazeo sells Eutelsat shares to CDC and confirms interest in Conforama
A few days after Abertis’ acquisition of Eutelsat’s new largest shareholding, Eurazeo announced it had sold its entire 25.5% shareholding to state-backed Caisse des Dépots et Consignations (CDC) for EUR 862.7m.
GERMANY – KKR exits its stake in Demag Cranes
Following the IPO of Demag Cranes six months ago, Kohlberg Kravis Roberts together with Siemens are selling their remaining 33.2% stake in the company. Goldman Sachs and Lehman Brothers are placing the shares in a range of EUR 33.00-33.50 with investors....
UK - 3i generates 100%+ IRR on exit from Domantis to GlaxoSmithKline
3i is to sell its stake in Domantis, a developer of next generation antibody therapies to GlaxoSmithKline in an all cash deal valuing the company at ТЃ230m. The exit is generating an IRR in excess of 100% on 3i's investment. Other investors in Domantis...
DENMARK - CapMan exits ECO-DAN
CapMan funds have sold the activities in ECO-DAN A/S, a Danish provider of guidance systems used for precision farming, to a European manufacturer of agricultural equipment. The transaction is expected to close by the end of 2006.
UK - Risk Capital Partners exits design and marketing company Loewy
Risk Capital Partners has made its fourth full exit in the past 15 months with the sale of its entire holding in the creative design and marketing services company Loewy. The Loewy disposal generated a 2.5x cash on cash return and an IRR of 41%.
UK - 3i-backed Salamander Energy in $405m IPO
3i portfolio investment Salamander Energy has been listed on the London Stock Exchange with a market capitalisation of $405m. Salamander Energy Plc is an upstream oil and gas exploration and production company focused on South East Asia. 3i invested $22.6m...
ESTONIA - BaltCap generates 50% IRR on Ecometal investment
BaltCap has sold its significant minority position in lead battery recycling company AS Ecometal to DeltaCom Holding Ltd for an undisclosed amount. BaltCap has generated an IRR exceeding 50% on this investment.
FRANCE - Cinven, Texas Pacific, Spectrum and Goldman Sachs sell Eutelsat shares
Cinven, Texas Pacific Group, Spectrum Equity Investors and Goldman Sachs have sold their entire stake in Eutelsat Communications, the world's third largest satellite services provider listed on Euronext Paris' compartment A, in two simultaneous sales....
UK - Langholm Capital floats Just Retirement
The IPO of Just Retirement has allowed Langholm Capital to partially exit its investment. Unconditional trading in the shares on AIM begun this morning since when its share price has risen to 198p, giving the company a market capitalisation of ТЃ581m...
GERMANY – EQT-backed Symrise to float
The German flavours and fragrances company Symrise has set the bookbuilding range for its IPO next Monday between EUR 15.75 and 17.75. The company intends to float up to 81m shares, 37.8m as part of a capital increase, which, if valued at the top end...
UK - Duke Street and Englefield exit Equity Insurance Group
Duke Street Capital and Englefield Capital have sold Equity Insurance Group to Insurance Australia Group, Australasiaтs leading general insurance group, for a total consideration of ТЃ570m. The two investors delisted the insurance group, then known as...
NORWAY - EQT sells Plantasjen to Apax
EQT III has agreed to sell garden centre chain Plantasjen to funds managed by Apax Partners. Under EQT's ownership, the company has tripled its revenues. The sale is conditional on approval by the relevant competition authorities.
UK - Lyceum exits Clinovia through a sale to BUPA
Lyceum Capital has realised its investment in home healthcare services provider Clinovia. The Harlow-based company was acquired by BUPA for ТЃ87.7m. The returns on the deal have not been disclosed.
GERMANY – Francotyp-Postalia floats on the Prime Standard
Quadriga Capital has floated German mailing systems solutions company Francotyp-Postalia on the Prime Standard in Frankfurt. The share price was set at EUR 19 and 2.7 million new shares were offered as part of a capital increase, resulting in gross primary...
SWEDEN - Ratos-backed Lindab to float today
Trading in Lindab’s shares on the Stockholm Stock Exchange will commence today. The market capitalisation of the company is SEK 8.658bn. Lindab, which offers in-house solutions in steel and sheet metal, is one of Ratos's portfolio companies.
UK - Gresham generates 2.6x return on exit from Blue Group
Gresham Private Equity has exited Blue Group International through the sale of the business to HCL Plc (formerly Healthcare Locums Plc) in a deal worth ТЃ12m. Gresham made a return of 2.6x its investment.
UK - Bridgepoint exits Longville
Bridgepoint has realised its investment in Longville, the international rental group focusing on the provision of pumping and temperature control solutions. The company has been acquired by US-based Carrier Inc, a business unit of United Technologies...
SWEDEN - 3i and SEB Företagsinvest divest stakes in SBL Vaccines in sale to Crucell
3i and SEB Företagsinvest, alongside other shareholders, are divesting their stakes in SBL Vaccines, a Swedish vaccine distributor in a sale to NASDAQ listed Dutch biotechnology company Crucell. The sale price is EUR 39.4m, excluding deferred payments...
UK - Gresham exits Individual Restaurant Company Limited
Gresham Private Equity has successfully exited Individual Restaurant Company Limited (IRC) through a sale to Bank Restaurant Group plc (Bank) for a value of up to ТЃ41m.
SPAIN - Vueling to float in December
The Spanish stock market regulator CNMV has approved the IPO of 42.62% of low-cost airline Vueling. The share price should oscillate between EUR 24-32 and will give the company a capitalisation of around EUR 359-478m.
SWEDEN - Accent Equity divests Cefar to Blackstone-controlled Encore
Accent Equity has sold its holdings in Swedish med-tech company Cefar to US-based Encore Medical. Encore was recently bought out from Nasdaq in a public-to-private transaction led by Blackstone Capital Partners.
SWEDEN - 3i and SEB Företagsinvest sell vaccine distributor
3i, SEB Företagsinvest and other shareholders are divesting their stakes in vaccine distributor SBL Vaccines in a sale to NASDAQ-listed Dutch biotechnology company Crucell for EUR 39.4m, excluding deferred payments and future royalties. The transaction...