News/Industry
UK - MEP to sell MFI to management
Reports suggest that Merchant Equity Partners-backed kitchen and bathroom retailer MFI Retail Ltd is to be bought back by its management team for around £25m, saving it from collapse.
UK - Survey reveals increasing role of advisors in deal origination
A new survey conducted by BDO Stoy Hayward confirms that company advisors are growing in importance in terms of deal origination, with 80% of UK-based private equity-backed businesses answering that they sourced their investment via a professional advisor...
SWITZERLAND - TowerBrook refinances Odlo
TowerBrook Capital Partners has agreed a refinancing of portfolio company Odlo Sports Group AG, a designer, manufacturer and distributor of functional sports clothing, which will see new debt facilities of CHF 86.7m injected into the business.
EUROPE - 3i reports 40% drop in new investments
3i Plc has announced a year-on-year drop of almost 40% in new investments for the five months to 31st August, which fell to £622m in 2008 compared to more than £1bn for the same period in 2007.
FRANCE – Atos Origin rejects Candover offer
IT services provider Atos Origin has rejected a EUR 1.6bn takeover approach by Candover for its Atos Worldwide unit, which specialises in electronic payment systems.
GERMANY - Mantra invests in Arques
French investment firm Mantra is in the process of completing a deal to increase its stake in listed industrial holding Arques Industries.
EUROPE - Private equity attracted to logistics
According to a new study by PricewaterhouseCoopers, private equity buyers are increasingly targeting investments in the transport distribution and logistics sectors.
SPAIN – N+1 to sell Atecsa
Market rumour suggests that Dinamia, a listed investment vehicle controlled by N+1, is considering a sale of its car inspection services portfolio company ITV Atecsa for a purchase price of between EUR 60m and EUR 90m.
GERMANY – Terra Firma settles legal case
Terra Firma, along with a fund managed by Deutsche Bank, have abandoned their attempts to block Swiss bank UBS from selling debt held in Germany’s Tank & Rast service station following a high court settlement.
SPAIN - Doughty loses battle over SEUR
UK-based investor group Doughty Hanson has received EUR 1m in break up fees after its takeover bid for courier SEUR was matched by the incumbent shareholder Geopost, a subsidiary of French postal service La Poste.
CEE - Argo opens Era Shopping Park
Argo Group, through its fund Argo Capital Partners I, alongside local developer Omilos Group have opened the Era Shopping Park in Romania.
FRANCE - AXA PE to divest Spotless
AXA Private Equity is reportedly seeking to sell portfolio company The Spotless Group, a producer and distributer of home care and cleaning products, with the price tag expected to be EUR 700m. Lazard is reported to have been mandated to find a buyer.
EUROPE - European Commission to discuss transparency proposals
The European Parliament today voted to send the Lehne and Ramussen reports on the transparency of institutional investors to the European Commission for discussion.
NORWAY - First Reserve and DOF bid for DOF Subsea
Norwegian Shipping Group DOF ASA has teamed up with First Reserve Corporation to put forward a cash offer for all the outstanding shares in subsea services contractor DOF Subsea at a price of NOK 39 per share.
EUROPE – European Parliament demands greater transparency
MEPs are demanding tough new regulations to force greater transparency from hedge funds and private equity groups.
SWITZERLAND - Capvis and HgCapital join forces on KVT
Capvis and HgCapital have agreed a co-investment in industrial parts company Koenig Verbindungstechnik AG (KVT).
SPAIN - Private equity reports 37% drop
According to figures released by ASCRI, private equity investment during the first semester of 2008 totalled EUR 1.27bn, a 37% drop from the same period last year.
ITALY - Figures suggest investment activity remains strong
Italian private equity does not appear to have slowed following last year’s record high figures, with the first semester of 2008 seeing investments totalling EUR 2bn recorded, according to preliminary statistics released by AIFI.
FRANCE - Private equity returns remain high
Figures recently released by AFIC reveal that the performance of French private equity funds continued its upward trend in 2007.
NORDIC - Argentum wins SVCA award
Government-owned investment company Argentum received the Nordic Private Equity Achievement Award at the SVCA conference in Stockholm.
GERMANY - Granville Baird moves from Steinhöft to HafenCity
After ten years at its Steinhöft headquarters in Hamburg, Granville Baird is moving to new offices in the city's HafenCity business park effective Monday 22nd September.
UK - Paragon rejects £373m private equity bid
Embattled buy-to-let morgage lender Paragon has rejected a £373m takeover bid put forward by an unnamed private equity group and abandoned talks with other potential acquirers.
GERMANY - PEF donates EUR 180,000 to HHM
The Private Equity Foundation (PEF), a venture philantrophy fund, has made its first donation of EUR 180,000 to the Hamburger Hauptschulmodell (HHM), an employment and training initiative aimed at secondary modern schools in Hamburg. PEF members will...
SPAIN - Close Brothers acquires Atlas Capital
Corporate finance firm Close Brothers has acquired the remaining 55% stake in Atlas Capital Investment Bankers from the management for an undisclosed sum. The business will be re-branded Atlas Capital Close Brothers.