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Rumour roundup: what to expect in 2012

Sonnie Ehrendal
16 December 2011

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With 2012 just around the corner, the market is abuzz with rumours. Sonnie Ehrendal takes a look at what to expect in the coming year.

Nordic fundraising is expected to continue in the new year, with rumours about Nordic Capital fundraising first emerged a year ago and, judging by its previous €4.3bn fund, is expected to be in the region of EQT VI's €4.75bn. Swedish financial newspapers have also suggested that Triton will start fundraising in Q1 2012; its last fund closed at €2.4bn in 2009.

Several Nordic mid-cap exits are expected next year. Triton is reportedly looking to sell three portfolio companies: Bravida, Inflight Service, and Ovako. Price tags above SEK 5bn each are expected. Other reports suggest Altor's Helly Hansen is up for sale for around SEK 3bn. Part of the business was divested for SEK 1.05bn in December 2010. Similarly, Ratos' Anticimex is believed to be in exit mode, with a price potentially landing at around SEK 2bn.

In the UK, BC Partners is thought approaching the upper end of the €6.5bn target for its ninth European Capital fund. Apax is aiming even higher, expecting a first close for its €9bn fund in the near future - still, a little lower than the €11.2bn Apax Europe VII fund raised in 2008.

A number of large deals are thought to be in the pipeline. Allianz Capital Partners is considering a sale of vending machine company Selecta - price estimates range from £800m to £1bn. CVC has made a £1bn offer for life assurance company Phoenix, which is under consideration after negotiations with trade player Resolution were terminated.

Reports suggest Onex-backed Tomkins is preparing a sale of its tyre business. It has been suggested the unit will carry a price tag of up to £550m. The whole business was valued at £2.9bn when acquired in 2010.

Cinven and a few other private equity houses have been linked to a take-private of LSE-listed Mothercare after its share price plummeted from 600p to around 150p over the last year. Its current market cap is around £150m.

Meanwhile, in continental Europe, staple financing has been arranged for Orange Switzerland's £1.5-2bn auction. CVC, Providence, Apax, Doughty Hanson, and EQT are thought to have shown interest in the company.