Livingstone Guarantee and Kennet spin out

14 April 2003

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Livingston Guarantee has been acquired by management, from Tenon Group plc. LG was acquired by Tenon in October 2001 and its sale follows a recent strategic review and the restructuring of Tenon's corporate finance division.Founded in 1976, LG delivers corporate finance advice to major groups, owner managers and private equity investors. The firm will continue to focus on private equity deals and in particular the mid-market, cross-border M&A transactions, led by its team of six partners.In addition, European venture capital firm Kennet Venture Partners has spun out from M&A boutique Broadview in a management buyout, for an undisclosed sum.Kennet invests in growth businesses in networking and data communications, software and IT services, internet infrastructure and semiconductor technologies. The firm is responsible for managing and advising two venture capital funds. Kennetâ€™s current and former portfolio includes Cramer Systems, Aspective and Paragon Software; its largest investors include Habourvest, Swiss Re, Swiss Life and Allianz.Both Broadview and Kennet will maintain a close working relationship, and will continue to co-locate their offices in London and Silicon Valley after the buyout.