Morgan Grenfell Equity Partners

Deutsche Bank owned Morgan Grenfell has sold the interests of Morgan Grenfell Equity Partners (MGEP) to investment partnerships managed by Vision Capital. The transaction value has not been disclosed, but it is understood that the value is in the region of around EUR 100m. Vision Capital will manage the investments, with Goldman Sachs GS Vintage Fund II, a $1.1bn secondaries vehicle, being the lead investor.

Company

MGEP was a 1995 vintage fund that had no further money to invest. The portfolio represents the majority of investments held by MGEP, including interests in Deloro Stellite Group Limited, Abrasive Technologies Holding AG, AB Cerlo Group and Shearings Group Limited. Deloro Stellite and Abrasive Technologies are specialist manufacturing businesses which attracted, respectively, $125m and £60m funding from MGEP in 1997 and 1999. Deloro Stellite is headquartered in the UK in London and has manufacturing facilities in the UK, Europe and North America. Abrasive Technologies is based across continental Europe. Following the sale of the portfolio, MidOcean Partners will manage the principal remaining Morgan Grenfell fund, Deutsche Equity Partners IV.

People

Graham Clempson is chief executive officer at Morgan Grenfell Private Equity. Rob Kendall is director at Vision Capital.

Advisors

Equity - SJ Berwin (Legal); KPMG (Corporate finance), LEK Consulting (Market due diligence).

Vendor - Macfarlanes (Legal); Allen Overy (Legal).

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