Exits
FRANCE - Chequers and Pechel sell IT solutions business to TKH
Chequers Capital and Pechel Industries have realised their entire stake in CAE Groupe by selling the company to Amsterdam-listed TKH Group NV.
FINLAND - Eqvitec and CapMan sells remaining shares in Affecto Plc
Fenno Rahasto Fund, an investment vehicle co-managed by CapMan and Fenno Management Oy, and Eqvitec have sold their remaining shakes in Affecto Plc, a Finnish semiconductor company. Fenno Rasto Fund had held 8.9% of the shares and Eqvitec 12.6%. The investors...
UK - Endless exits H&L Garages one year on
Endless has realised its investment in H&L Garages Ltd, a Mercedes-Benz commercial dealership, through a sale back to management. Endless supported the £8.5m mangement buyout of the business from PD Ports in September 2006.
UK - TA Associates delays SmartStream float
The bookbuilding period on TA Associate's flotation of software portfolio company SmartStream has been extended until next week. Conditional trading was expected to start today. News of the delay follows a reduction in the price of the offering by £100m...
UK - Barclays realises IRR of 22% from MBB of Benlowe Group
Barclays Ventures has exited its stake in joinery products manufacturer Benlowe Group in a deal which has generated returns of 2.16x the investment and an IRR of 22%.
UK - Graphite achieves 3x return from Golden Tulip sale
Graphite Capital has wholly exited its stake in the UK subsidiary of budget hotel group Golden Tulip in a trade sale to Whitbread plc worth £44m; generating a return of 3x its investment.
UK - Graphite sells hotel chain for £44m
Graphite Capital has sold budget hotel group Golden Tulip to Whitbread Plc for £44m. Golden Tulip manages five 3-star Tulip Inn hotels and one 4-star Golden Tulip hotel in the UK with a total of 770 rooms. It also has nine more hotels in the planning...
UK - Lyceum sells NBG for £91m
Lyceum Capital has wholly exited its stake in National Britannia Group, a specialist provider of health and safety compliance services, in a trade sale to Connaught Plc worth £91m.
FRANCE - Close Brothers mandated to sell Pizza Pino
Astorg Partners has reportedly mandated corporate financier Close Brothers to sell its portfolio company Pizza Pino.
UK - Arts Alliance completes £50m exit from PrePay Technologies
Venture Capital firm Arts Alliance has fully exited its stake in PrePay Technologies Ltd through a £50m trade sale to Accor services, a subsidiary of quoted French company Accor.
UK - Montagu exits IT software insurance company in £276m deal
Montagu Private Equity has realised its investment in Open International, the specialist software supplier to insurance brokers. Montagu acquired the Worcester-based business in March 2006 for £182m and sold it to privately-owned insurance group Towergate...
UK - RBS to sell train leasing business
Royal Bank of Scotland has hired Lazard to consider options for Angel Trains, the train leasing business it acquired in 1997 for £408m. The news comes at a time when train leasing companies are being investigated by the Competition Commission. Should...
SWEDEN - Segulah divests Previa to Tryg i Danmark
Segulah II, L.P. has agreed to divest AB Previa, a Swedish occupational health service provider, to Tryg i Danmark smba. Tryg i Danmark smba invests in companies within the health care and security sector and is also the majority shareholder of the TrygVesta...
UK - Primary Capital sees 2x return from Elisabeth the Chef exit
Primary Capital has sold cake manufacturer Elisabeth the Chef (EtC) to Senoble, a France-based manufacturer of dairy deserts. The value of the deal has not been disclosed although it is reported that Primary recouped 2x its investment.
ITALY - KKR exits FL Selenia SpA in EUR 1bn deal
Kohlberg Kravis Roberts and Co (KKR) has wholly exited its stake in Selenia SpA, a producer of lubricants and functional oils, in a trade sale to Malaysian petrolium company PETRONAS in a deal which values the company at around EUR 1bn.
GERMANY – Granville Baird sells TEAM BS for EUR 71m
Funds advised by Granville Baird have fully exited their stake in TEAM BS Management Holding to Randstad Group for a total consideration of EUR 71m. Minority shareholder and CEO Dirk Schmitt also exited his stake.
FRANCE/ITALY - Truffle Capital takes GoAdv public
Truffle Capital has simultaneously led a capital increase and public listing of web-based media company GoAdv, in a deal which values the company at EUR 34m.
UK - NVM recoups 3x investment from Ithaca exit
NVM Private Equity has sold Ithaca Business Media in a £14.25m trade sale to United Business Media Plc’s UK-based business information division, CMP Information. The deal realised a return of 3x NVM's original investment, with an IRR of over 60% achieved...
IRELAND - Trinity Venture Capital et al. exit Havok
Trinity Venture Capital and other investors ICC Venture Capital and Iona have realised their investments in Havok, an Irish Gaming Middleware company. The business has been acquired by Intel for an undisclosed sum.
ITALY - Sofipa makes 40% IRR on Teckal sale
Italian mid-market house Sofipa has sold energy services provider Teckal to Manutencoop Facility Management. The enterprise value of the exit is EUR 88m, with an implied equity value of EUR 61m. The IRR on the investment is approximately 40% with a cash...
UK - Kaupthing sees 67% IRR from Costcutter exit
Kaupthing has sold Costcutter to transport and shipping group Biddy Line recouping 2x its investment on its 18 month holding period. The exit represented an IRR of 67%. Costcutter's growth has been driven by new franchise agreements and strong sector...
FRANCE - Iris Capital exits Vox Mobili
Iris Capital and other investors have sold Vox Mobili to OnMobile. Vox Mobili, a software solutions provider specialising in personal mobile data management, was set up in 2000 with financing led by Iris Capital and including several other European venture...
UK - TA Associates to float SmartStream
TA Associates is to float its software portfolio company SmartStream next month. The IPO is seeking to raise £100m, of which £30m will be from TA's sale of a 20% shareholding in the company as it plans to reduce its stake to approximately 60%.
UK - Barclays Ventures sells ARM back to management
Barclays Ventures has sold its shareholding in Advanced Resource Managers Ltd (ARM) to the existing management team. The exit will generate an IRR of 25% for Barclays Ventures. Established in 1996, ARM is a technical recruitment and training consultancy...