Deals

UK - General Atlantic Partners to float Xchanging

General Atlantic Partners is considering an IPO of outsourcing and processing portfolio company Xchanging. The asset could fetch up to ТЃ500m on the London Stock Exchange, with General Atlantic expected to continue to hold a stake in it.

FRANCE - Rexel begins IPO process

Private equity-backed electrical equipment manufacturer Rexel yesterday applied for listing with the Authorité de Marchés Financiers, just over two years after it was de-listed by Eurazeo.

UK - GMG'sTrader Media Group to be sold to private equity?

Guardian Media Group is reported to be in discussions with Apax, Blackstone and Candover about a possible sale of its Trader Media Group. Trader is responsible for listings magazine Auto Trader and approximately 70 titles in the UK, Ireland, the Netherlands...

UK - Bridges Community Ventures makes third successful exit

Bridges Community Ventures has sold its stake in vehicle spare parts distributor HS Atec Ltd back to management. The exit has generated returns of over 2x and an IRR of 28.7% and represents a third successful exit for the community development-focused...

GERMANY - APCOA changes hands for EUR 885m

Investcorp has sold pan-European manager of parking services APCOA to Eurazeo for an enterprise value of EUR 885m. In the summer of 2004, Investcorp acquired 98.26% of APCOA Parking AG from Salamander AG, a subsidiary of EnBW Energie Baden Württemberg...

UK - 3i-backed NCP to be subject of £800m tertiary buyout

3i is reported to be in discussions with Macquarie over a possible sale of NCP, the UK car park operator. The deal could fetch up to ТЃ800m generating impressive returns for 3i, which acquired NCP from Cinven for ТЃ555m in mid-2005. Macquarie had bid...

UK - Apollo launches £1bn formal bid for Countrywide

Apollo Management has launched a ТЃ1bn takeover of the UK's largest estate agency chain Countrywide. The offer excedes the ТЃ971m bid by 3i earlier this year which was rejected by shareholders after being recommended by the company's board.

FRANCE - Neuf Cegetal buys venture-backed Erenis

French telecom business Neuf Cegetal announced today it had agreed to acquire Erenis, a telephony and internet services provider backed by Iris Capital, AGF Private Equity, Credit Agricole Private Equity, Net Partner and CDC.

UK - 3i expected to sign Enterprise buyout in a month

3i has made a 605p per share offer for maintenance group Enterprise. The deal values the company at ТЃ486m and sources close to the buyout expect it to be approved and signed within a month. The current offer represents a premium of 29.5% per share before...

UK - Possible Sainsbury's deal gets even more complicated

Any formal bid for the supermarket retailer Sainsbury's looks set to face complications as news emerges that Polygon has built a 1.5% stake in the company. In the past the hedge fund has taken activist positions and helped scupper the ТЃ346m take-private...

UK - 3i to bid for Enterprise

3i is in talks with Enterprise Plc, a company which provides support services and maintenance to utilities companies, local government and large corporations. It is understood that the offer will be up to 20p higher than a 575p per share bid from an unknown...

UK - Close Growth Capital supports £32m MBO of A-Gas from 3i

Close Growth Capital (CGC) has supported the ТЃ32m secondary management buyout of A-Gas International from 3i. CGC provided hybrid equity and debt financing for the deal. Senior debt and working capital facilities were provided by Barclays Bank. Bristol-based...