Exits
SPAIN - Catalana d'Iniciatives divests stake in Ritz Hotel
Private equity firm Catalana d'Iniciatives has sold its 34.9% shareholding in Barcelona-based Ritz Hotel.
FRANCE - Seventure invests in online insurance broker
Seventure, formerly known as Spef Venture, has invested EUR 3m in a EUR 4.2m first round of institutional funding in online insurance broker AssurOne. The remainder was provided by business angels, including Hubert Saltiel, former CEO of Saltiel Assurances...
UK - Gresham sells Busy Bees for £71m
Gresham Private Equity has agreed to sell childcare provider Busy Bees to Australian company ABC Learning Centres Ltd in a deal worth £71m. The exit generated a 3.6x return on Gresham's investment. Gresham first backed Busy Bees in February 2000 with...
FRANCE - Apax-owned Outremer Telecom to launch an IPO
Apax France's portfolio company Outremer Telecom is reportedly hoping to float on Euronext Paris.
BELGIUM / ITALY - Cognetas announces disposal of Azelis and Aliplast
Cognetas, formerly known as Electra Partners Europe, is reportedly selling two portfolio companies for a combined EUR 745m.
AUSTRIA – KKR exits remaining stake in Zumtobel
Kohlberg Kravis Roberts & Co has sold its remaining shares in Austrian lighting company Zumtobel Group. The financial investor held a 5.5% stake in Zumtobel after the company’s IPO on the Vienna Stock Exchange (ATX) on 12 May 2006. The transaction was...
UK - Cineworld calls off talks with VUE
It is understood that Cineworld has called off talks with VUE about a possible merger between the two private equity-backed companies in favour of an IPO. Cineworld, backed by Blackstone since 2005, has twice called off a flotation in the last year citing...
GERMANY – Largest IPO in Germany this year
The German flavours and fragrances company Symrise has floated today on the Frankfurt Stock Exchange at an issue price of EUR 17.25, making it the largest IPO in Germany this year. With a freefloat of around 70%, the IPO raised approximately EUR 1.4bn...
DENMARK - Erhvervsinvest sells Roshield for EUR 34.7m
Erhvervsinvest has sold Odense-based Roshield to TenCate for EUR 34.7m. Roshield supplies products that are ready to be installed in vehicles.
BELGIUM - Inustri Kapital sells Consolis to LBO France
Industri Kapital has announced that the sale of Consolis, European market leader in prefabricated concrete, to LBO France. The transaction allows Industri Kapital and its co-investors to generate a money multiple just shy of three times and a triple digit...
ITALY - Capeq Partners and Natexis Cape exit Sial
Private equity firms Capeq Partners and Natexis Cape have announced the sale of their entire stake in dehumidifier manufacturer Sial to Swedish sector player Munters. It is understood that the deal is worth around EUR 19.4m.
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 £700m 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 £230m. 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 £581m...
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, Australasia’s leading general insurance group, for a total consideration of £570m. The two investors delisted the insurance group, then known...