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Electra and AB Asesores Float Dinamia

21 years ago

The UK’s Electra Fleming and Spain’s AB Asesores have formalised the exclusive agreement they arrived at early last year (EVCJ April/May 1997, page 5) by forming a 50:50 joint venture management company, AB Asesores Electra. AB Asesores Electra will manage the newly-created Dinamia vehicle, which raised Pta 20 billion (ecu 120 million)) through a retail […]

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Kennet IT Fund Comes In Well Over Target

21 years ago

Kennet Capital closed its maiden European IT fund on GBP47 million (ecu 70.7 million) in January. Electra Fleming and specialist IT investment banking and advisory group Broadview Associates formed Kennet Capital as a 50:50 joint venture last year (EVCJ April/May 1997, page 7) to invest in IT and communications technology sectors in Europe. The original […]

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Sofinnova Partners Joins the Independents

21 years ago

Sofinnova, one of France’s pioneering venture groups, which led the way in start-up funding for IT and life sciences ventures and was the first French venture capital group to set up a US operation, has been bought out by its management team. Its partners announced in February that they have acquired a majority stake in […]

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Catalyst To Target Changing Financial Services Industry

21 years ago

The European financial services sector is entering a period of unprecedented change, when its transformation will be driven by new entrants attacking the weaknesses of incumbents, a trend which technological advances, deregulation and the advent of a Single European Currency will serve to accelerate. Or so say Rodney Schwartz and Jussi Laurimaa, who are launching […]

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UK Buyouts Break GBP10 Billion Barrier

21 years ago

Preliminary end-of-year figures for 1997 saw the UK buyout market breaking the GBP10 billion (ecu 15 billion) barrier for the first time, according to the Centre for Management Buyout Research (CMBOR). CMBOR valued the market at GBP10.4 billion, 33% up on the previous record total from 1996 (Table 1). The number of transactions recorded rose […]

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DLJ Eyes European Deals

21 years ago

Donaldson Lufkin & Jenrette is poised to beef up its London-based private equity operation as part of the overall expansion of the investment bank’s European business. Andrew Rush, a managing director of DLJ’s New York private equity operation, is expected to relocate from New York to London to source investment opportunities for DLJ’s $3 billion […]

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Italy’s OTTO Mega-Deal Set for Completion

21 years ago

The privatisation of SEAT, the Italian “Yellow Pages” business, the largest private equity transaction yet seen in Continental Europe (EVCJ August/September 1997, page 4), will be finalised this Spring. Late last year, an international equity syndicate co-led by Banca Commerciale Italiana (BCI) and Investitori Associati, invested around L875 billion (ecu 450 million) to acquire the […]

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Alchemy Closes GBP100 Million, Now Looks to Germany

21 years ago

By the end of 1997, Alchemy Partners, the private equity group established by Jon Moulton, had closed annual commitments of GBP101 million (ecu 152 million) from 14 institutions for its open-ended 12-month rolling structure, the Alchemy Investment Plan. Having raised the maximum annual capacity originally envisaged (EVCJ April/May 1997, page 5), and with nine deals […]

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Legal & General Closes GBP190 Million Annual Fund

21 years ago

Legal & General Ventures (LGV) has closed GBP90.5 million of external commitments for its fifth annual partnership fund, the latest in a series of UK and Continantal European buyout vehicles for individual calendar years. With Legal & General’s customary annual commitment of GBP100 million, the LGV 1998 Private Equity Fund LP weighs in at GBP190.5 […]

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Barclays Enlarges Private Equity Business

21 years ago

Barclays Bank’s private equity arm, retained by the bank following its sale of parts of the BZW investment banking business, is positioning itself for further growth. Renamed Barclays Private Equity (BPE) to reflect its status as a subsidiary of the Barclays Capital division, the private equity group has announced substantial new funding, further progress of […]

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Second Advent Central Europe Fund Hits First Close

21 years ago

Advent International rapidly brought its second Central Europe fund to a first closing on $80 million (ecu 74 million) early this year. Joanna James, the new managing director of the group’s Central Europe team, said Advent International has already received “serious indications of interest” that would take the fund to its original target of $150 […]

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Candover Closes GBP850 Million 1997 Fund

21 years ago

The last of the 1997 mega-funds, The Candover 1997 Fund, closed in December on GBP850 million (ecu 1.28 billion). One of the largest funds in Europe after the $2.5 million (ecu 2.3 billion) Doughty Hanson leviathan, the new vehicle will enable Candover Investments to underwrite more than GBP200 million of equity for a single deal. […]

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CVC Set to Be Major 1998 Fund Raiser?

21 years ago

It should come as no surprise that CVC Capital Partners is gearing up for a new fund-raising effort. CVC, in 1997 ranked by KPMG as the leading buyout player in Continental Europe for the sixth consecutive year, raised $800 million (ecu 740 million) for CVC European Equity Partners in 1996. In the 18 months to […]

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Morgan Grenfell Looks To German Private Equity

21 years ago

Morgan Grenfell Development Capital is pressing ahead with its European expansion strategy despite press speculation that Deutsche Morgan Grenfell is liable to lose much of its autonomy, along with the Morgan Grenfell name, as part for Deutsche Bank’s overhaul of its global investment banking business. A glance at the back of MGDC’s 1997 review reveals […]

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Advent International Reshapes Europe Team

21 years ago

Advent International has announced several senior appointments following the closing last year of its $1 billion GPE III fund and the recent launch and initial close of its new Central European Fund (story page 3). Joanna James has succeeded Nick Callinan as managing director of Advent’s Central Europe team, while John Singer and Will Schmidt […]

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3i and Alta Berkeley Lead Onyvax Funding

21 years ago

3i Cambridge and Alta Berkeley in December led an investor syndicate which provided more than GBP4.3 million (ecu 6.5 million) of funding for Onyvax, a UK start-up founded in early 1997 to develop vaccines for a range of cancers. SR One, SmithKline Beecham’s venture capital arm, and Alberville Investments, controlled by the Peter Sager Wallenberg […]

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Granville Takes Slice of French IT Services Group

21 years ago

Granville Private Equity Managers has invested an undisclosed sum for a 31% holding in SII, a French IT services company operating in the utilities, automotive, aerospace and telecoms sectors. The December investment was announced shortly after the opening of Granville’s office in Germany and its first German investment, Elmeg (EVCJ December 1997/January 1998, page 7). […]

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CapMan Takes Tally to 50

21 years ago

CapMan Capital Management, Finland’s dominant independent private equity house, rounded off an exceptionally active year by finalising five new investments between November and January. In all, CapMan completed 12 domestic investments and four Eastern European deals in 1997, ending the year with a 50-strong portfolio. The latest additions to the CapMan funds’ industrially diverse portfolio […]

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