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UK Public-to-Private Buyouts Gather Momentum

20 years ago

A spate of public-to-private deals have been announced since last autumn. Activity in this sector of the buyout market has quickly gathered momentum in the wake of Electra Fleming’s role as white knight to William Cook, taking the company private early last year in the face of a hostile bid from Triplex Lloyd, and DLJ […]

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CVC Links with DLJ for GBP650 Million Buy

20 years ago

BTR has sold Formica Corporation, together with its Australian Building Products businesses to CVC Capital Partners for around GBP650 million (ecu 997 million) as part of the group’s continuing drive to sell off its non-engineering subsidiaries. The acquired businesses, which employ over 8,100 staff worldwide, have combined sales of approximately GBP800 million. Both Formica and […]

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Advent and EMI Form GBP800 Million Retail Group

20 years ago

Tim Waterstone, who founded the Waterstone’s bookseller chain in the 1980s, has regained control of his company from WH Smith through a deal which brings together Waterstone’s, its competitor Dillons and the HMV music and video store chain. The GBP800 million (ecu 1.2 billion) deal was a joint venture between Advent International and music group […]

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Candover Leads GBP360 Million UPN Buyout

20 years ago

UK financial purchasers are continuing to pip trade bidders to the post for major corporate disposals. The latest instance is Candover’s GBP360 million (ecu 552 million) acquisition of UPN, United News and Media’s newspaper interests in the North of England. This sale completed United’s withdrawal from the UK regional newspaper market. Candover beat off competition […]

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HSBC Takes Part in Germany’s Largest Biotech Deal

20 years ago

Hamburg-based EVOTEC Biosystems in March raised DM45 million (ecu 23 million) through a private placement, the largest private equity financing to date for a biotechnology company in Germany. The German office of HSBC Private Equity co-led the funding, investing DM15 million alongside two other new institutional investors, the co-leader Deutsche Bank and Hamburger Sparkasse, and […]

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Apax Buys Dialog in High-Speed, Back-to-Back Deal

20 years ago

Less than four weeks after Apax Partners was approached by Ericsson as a potential buyer for Dialog Semiconductor, the private equity house completed the deal, which was valued at more than $30 million (ecu 27 million). The background to the sale of the German-based supplier of mixed-signal ASICs (Application Specific Integrated Circuits) is convoluted. Dialog […]

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PPM Backs MBI of UK/German Packaging Group

20 years ago

Alusuisse Lonza has sold Lawson Mardon Carton Europe to an MBI backed by PPM Ventures. The newco, First Cartons, is acquiring two UK and three German folding carton plants, employing around 860 people. In 1997, the acquired sites – the Pazo facility in Birmingham, the Thynes facility in Edinburgh and the Rotopack plants in Stuttgart, […]

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TPG Backs Landis & Gyr Buyout

20 years ago

Texas Pacific Group (TPG) of the US, which signalled its intention to step up investment in Europe by opening a London office in March (story, page 17), joined forces with a Swiss private investor consortium for the buyout of Electrowatt’s global payphone and smart card activities. The deal gives TPG and the Swiss investor group […]

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Doughty Hanson Acquires Photographics Group

20 years ago

After hitting the headlines last autumn with its $2.5 billion fund, early this spring Doughty Hanson announced an GBP85 million (ecu 130 million) buyout of photographic products manufacturer Ilford Imaging from International Paper of the US. Ilford, which dates back to the turn of the century, is the world’s last surviving manufacturer of black and […]

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Texas Pacific Group Sets Up European Base

20 years ago

In line with its plans to increase its European exposure, Texas Pacific Group (TPG), opened a London office in March. This office will form the group’s European headquarters, through which it will source deals throughout the continent, with a particular focus on Germany. Three TPG partners will work on European investments at the outset. Jeremy […]

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Pantheon Beats Target for Euro-Fund, Preps Asia Closing

20 years ago

Pantheon Ventures, which closed its first European fund-of-funds in March on ecu 214 million, expects to close its second Asian fund-of-funds over target before the end of April. The European vehicle, originally targeted at ecu 200 million, was launched late in 1996 and brought in ecu 90 million from three core Pantheon clients at its […]

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PPM Ventures Acquires Australia’s Leading MBO House

20 years ago

PPM Ventures has acquired Australia’s only independent dedicated buyout fund managers, Catalyst Investment Management. This deal, which substantially strengthens PPM Ventures’ presence in the Southern Hemisphere, follows the establishment last year of a Hong Kong operation in PPM Ventures’ role as joint manager of the $1 billion (ecu 911 million) Prudential InvestDirect Asia. Catalyst was […]

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Chase and IMG Plan $200 Million Sports Fund

20 years ago

Chase Capital Partners (CCP) is joining forces with sports marketing specialist International Management Group (IMG) to launch a ground-breaking private equity fund for the worldwide sports market. The partners believe the IMG/Chase Sports Capital Fund is the only international private equity vehicle in existence dedicated the sports market. David S. Moross of Whitehall Financial, who […]

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Geocapital Homes In On Europe’s IT Market

20 years ago

US specialist IT investor Geocapital Partners is turning its attention to the booming European IT market and aims to raise a $50 million (ecu 45.5 million) fund for investment in high-growth computer-related enterprises in the UK and Continental Europe. Geocapital partner Stephen Clearman said the firm, through the Geocapital Eurofund, “aims to extend its success […]

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Italian Private Equity in 1997 – Fund Raising and Investment Records Broken

20 years ago

At the annual symposium of the Italian Venture Capital Association, AIFI, the prevailing mood was one of optimism grounded in a domestic private equity market that is currently manifesting record levels of activity. Statistics for 1997 unveiled at the meeting showed that private equity investment broke through the L1,000 billion (ecu 510 million) barrier for […]

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DWA-from Dinosaur to Dynamo A Private Equity Success Story

20 years ago

The sale this spring of the former state-owned East German railcar manufacturer Deutsche Waggonbau AG (DWA) to Bombardier of Canada for DM635 million was the closing chapter of a remarkable success story. It is also an eloquent vindication of the role private equity can, in certain circumstances, play in transforming a company that apparently has […]

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Schroder Ventures Buys Leica Microsystems in $500 Million Deal

20 years ago

Schroder Ventures is buying Leica Microsystems from Leica Holding of Switzerland in a deal worth around $500 million (ecu 455 million). The acquired company, previously known as the Leica Microscopy and Scientific Instruments Group, is headquartered in Germany and is highly international, with 11 factories in seven countries, a global network of 18 sales companies […]

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Cinven Grabs Headlines with GBP860 Million IPC Buy

20 years ago

Cinven kicked off 1998 in fine style, exchanging contracts for the GBP860 million (ecu 1.3 billion) buyout of the IPC magazine group from Reed Elsevier during the first week of January, following intensive – and exclusive – negotiations during the Christmas and New Year period. The price Cinven paid was towards the upper end of […]

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