News
UK - Apax loses stake in Streetbroadcast
Apax Partners has reportedly lost its stake in UK advertising company Streetbroadcast after it was bought out of administration by restructuring firm Redbus.
UK - 3i and Oak Hill divest stakes in Telecity
3i and Oak Hill Capital are reportedly selling parts of their combined 45% stake in London-based Telecity, the internet service provider.
Europe - Merrill Lynch divests stake in Kreos Capital III
Investment bank Merrill Lynch has reportedly divested its original €150m commitment in venture debt fund Kreos Capital III, the 2006 vintage fund of Kreos Capital.
Europe - 3i confirms £732m rights issue
In a press conference this morning, 3i's CEO Michael Queen confirmed plans to raise £732m in a rights issue that would optimise the value of its current portfolio, reduce debt and strengthen the company's 'perceived weak position' in the market.
SWEDEN - Hannes Snellman hires PE and financial restructuring expert
Law firm Hannes Snellman has recruited former managing asssociate at Linklaters, Roger Johnson, as a specialist partner within M&A. Johnson will particularly focus on private equity and financial restructuring.
UK – PE could support a Kleinwort Benson MBO
Market rumour suggests private bank Kleinwort Benson would be considering a private equity-backed management buyout. A trade sale is also a possibility.
GERMANY – Houlihan Lokey boosts financial advisory services
Houlihan Lokey has hired Marc Hayn and Tim Laas to further develop the firm's financial advisory services business in Germany and Northern Europe out of the Frankfurt office.
SWEDEN - Priveq takes over 3i stake in Carmel Pharma
Priveq Investment has acquired 3i's 26% stake in medical equipment company Carmel Pharma for an undisclosed sum. The company was part of 3i's Nordic venture portfolio which is understood to be up for sale.
NORWAY - IK-backed Kid in talks with bank over ownership change
IK Investment Partner's (IK) portfolio company Kid Interiør, a textile retail business, is in discussions with its main sponsor Norwegian bank DnB NOR regarding a transfer of ownership to the bank after running into trouble over its loans.
ITALY - IDeA appoints new chairman
IDeA Alternative Investments (AI) has appointed Lino Benassi as chairman, bringing 40 years' experience to the job.
UK - Eden Ventures et al. further invest in VoiceVault
Eden Ventures has further invested in Biometric Security's VoiceVault, the specialist provider of voice-based biometric identity verification solutions, as part of a £1.5m round of funding. Software development expert Kevin Lomax also contributed and...
GERMANY/ITALY - Mid Europa Partners sells three companies to CER
Mid Europa Partners has sold three companies to CER Europe Holdings, a portfolio company of Atlas Holdings.
UK/US - Irving and Oaktree acquire Chesapeake from administration
Irving Place Capital and Oaktree Capital Management have acquired consumer packaging supplier Chesapeake Corporation from chapter 11 bankruptcy proceedings in a deal valued at $485m. Management also invested for a stake in the business.
BELGIUM – Gimv and Capricorn in EUR 3m round for NovoPolymers
Gimv and Capricorn have co-led a EUR 3m series-A round of funding for Belgian cleantech company NovoPolymers.
UK - Norton Rose appoints investment funds partner
International law firm Norton Rose LLP has hired Michael Newell as partner of the investment funds team in London.
GERMANY – HTGF and Hannover Innovations back Rodos BioTarget
High-Tech Gruenderfonds and Hannover Innovations Fonds have provided start-up financing for biotechnology firm Rodos BioTarget GmbH.
GERMANY – Linklaters appoints new head of litigation and arbitration
Linklaters has appointed Dr Rupert Bellinghausen as the new head of its litigation and arbitration practice.
UK - NSEI backs £610,000 MySapient funding
NorthStar Equity Investors (NSEI) has invested £420,000 into virtual gaming site MySapient as part of a £610,000 funding round, with management and directors holding the balance.
SPAIN - AC Desarrollo ups its stake in Musgo to 87.5%
AC Desarrollo, the private equity arm of Grupo Ahorro Corporación, has carried out a capital increase in chain retailer Musgo - upping its stake to 87.5%.
UK - Gresham-backed Betts acquired by lenders
Gresham-backed toothpaste tube maker Betts Global has been acquired by its lenders in a pre-pack administration after breaching its banking covenants.
SPAIN - Mercapital takes majority stake in Grupo Diagnóstico
According to reports, Mercapital has acquired a majority stake in medical imaging firm Grupo Diagnóstico Recoletas.
FRANCE - AXA PE poised to acquire Areva unit
According to reports, AXA Private Equity is planning to team up with an industrial partner to purchase global nuclear energy company Areva's power distribution unit, which is thought to be worth around EUR 3bn.
NORWAY - AAC acquires road assistance business in Norway
AAC Capital Partners has, alongside company management, acquired a substantial stake in Norwegian road assistance company Viking Redningstjeneste (Viking) from Suletac Holdings.
UK - Simpson Thacher & Bartlett hires partner in London
Law firm Simpson Thacher & Bartlett has hired Adam Signy as partner in the firm's London office.