Botts & Company announces launch of BCP 2

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Botts & Company has announced the launch of Botts Capital Partners 2, which closed on EUR 220m in 1999. BCP 2 has already held a cornerstone close on EUR 100m, which was subscribed by repeat investors including Bank of Scotland and Hermes Investment Management, and anticipates a first close by this September, and a final close by Q1 2003. It is targeting EUR 325m. It is anticipated that with its buy-and-build investment strategy, many of BCP 2Â’s investee companies will require follow-on investment, so a large portion of the fund will be retained for this purpose. Preferred sectors include industrial products and services, entertainment and leisure, media and consumer branded goods, although it is open to opportunities in other sectors, too. BCP 2 will invest in companies with an enterprise value of between EUR 20m and EUR 200m, committing between EUR 10m and EUR 70m to each one, typically in return for a majority or controlling stake of the equity. Around 65% of BCP 2 will be invested in the UK, with the remaining 35% earmarked for investment in continental Europe. BCP 2 is managed by a team of 12 investment executives. Deutsche Bank is acting as placement agent to the fund.