Privat Bank to launch third PE fund

Privat Bank is to launch a third private equity fund, following two previous vehicles launched in 2006. Earlier this year, a group of Catalan managers joined forces with Privat Bank to establish two private equity funds with investment capacity of EUR20m each. Wind Privat Equity I and II are managed by Suma Capital, the investment arm of Privat Bank, M&A advisers Windcorp and managers Angel Roqueta and Oriol Roses, who front the investment activity of the fund. The vehicles target traditional sectors, committing an average of EUR5m per transaction. Its latest investment was the purchase of a stake in parking lot manager Mabyc-Ibersegur and the fund expects to close a second deal before the end of 2007.

Additionally, Spanish press reports suggest that Catalonian families Raventos-Codorniu, Molins Amat-Cementos Molins and Vila Casas have sold their collective stake of 10% in Privat Bank. The buyer is Belgian bank Degroof, which previously held a 90% stake in the Spanish institution. It is understood that Degroof plans to acquire another investment bank or management company in Spain and merge it with Privat Bank to expand business opportunities.

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• Southern Europe