Weekly round-up: Silverfleet in profile, German tax law reform, and more

Following the close of Silverfleet Capital's Cimbria exit, unquote" talked to managing partner Neil MacDougall about fund performance, recent activity and strategy in our exclusive profile of the mid-market investor. "It was like doing a double backflip over the 10-metre board," says Silverfleet's managing partner Neil MacDougall, referring to the GP's buyout from Prudential and simultaneous fundraise in 2007. Seven years later, its second fund Silverfleet Capital Partners II closed on €870m, well above the original €700m target. The fund has so far made four investments and is 30% invested, says MacDougall, before delving further into performance to date and the GP's approach to investing across the European market. Read more

A change in the law proposed by the German government would increase companies' ability to deduct losses made in one financial year from liabilities in the following year – known as loss carry-forward. The rule change would allow for this even in instances where a new shareholder comes on board in a way that would otherwise lead to a forfeiture of the benefit, for example during a funding round. Hubertus Leonhardt, managing partner at SHS Gesellschaft für Beteiligungs-management, which makes private equity and growth capital investments, supports the reform: "We often remain invested in startups and young companies over a longer time, and it happens regularly that they make losses on their way to bringing a profit-generating product to market." Read more

Over in the Benelux region, the IPO market is heating up, with a particularly welcome climate for online companies and software groups. At the end of September, Takeaway.com floated on Euronext Amsterdam after four years with Macquarie Capital's and Prime Ventures' support. With an enterprise value of €849m, a market cap of €993m, and shares trading at €23 apiece, Takeaway.com is poised to be the largest IPO in 2016 in the Benelux region, above the €820m market cap achieved by Dutch gym operator Basic-Fit when 3i floated it in June. "In the end, you always look at new possibilities to fund your business," says Joris Wilton, manager of investor relations at Takeaway.com. "Given the company's size, and its current growth stage, we thought an IPO was the best path to follow at this point." Read more

That's all for this week's round-up – don't forget to check unquote.com for more in-depth analysis. We would also like to thank all of you who attended the British Private Equity Awards on 4 October in London, and of course congratulate this year's winners!

You can follow unquote" on Twitter via @unquotenews for all the latest private equity and venture capital updates and, of course, on unquote.com.

Greg Gille
Online editor, unquote"

• Tweet  
• Facebook  
• LinkedIn  
• Google plus  
• Send to  

• Topics
• Industry
• Weekly