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Texon Issues High-Yield Bond

22 years ago

Over the past two years, the high-yield bond has established itself as a feature of the European financing landscape. The most recent issue completed was a DM245 million (ecu 124 million) note for Texon International, the world’s largest manufacturer of structural shoe materials. The bond, offered by Chase Securities Inc, Chase Manhattan Bank AG and […]

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Apax Provides Dough for German Bakery

22 years ago

The UK and German funds of Apax Partners & Co have acquired a substantial minority holding in Wendeln Brot, Germany’s leading bread and baked goods manufacturer, through a “three figure millions” (Deutschmark or Sterling-denominated) investment. The funding supported Wendeln’s acquisition of the family-owned Lieken Group: by adding the Lieken Urkorn brand to its stable, the […]

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Bass Sells Pubs and Bingo Business to Buy-ins

22 years ago

Bass disposed of two major businesses, its tenanted pub estate and the Gala bingo division, to buy-ins in December. BT Capital Partners backed Roger Myers and Hugh Osmond’s GBP564 million (ecu 849 million) acquisition of the estate of over 1,400 tenanted pubs. PPM Ventures joined forces with Nat Solomon and chief executive John Kelly, paying […]

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LGV 1998 Fund Kicks Off with Target Buy

22 years ago

The GBP174 million (ecu 262 million) buyout of Target Express Parcels, the first deal from Legal & General Ventures 1998 Private Equity Fund LP (story, page 6) was announced in early February. The deal enables Target’s three founder shareholders to realise part of their holding in the rapidly growing company while reinvesting in the newco […]

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Atlas Links with Guidant in $9 Million Impella Start-Up

22 years ago

A German start-up, Impella Cardiotechnik, plans to develop and market a cardiac support device which may eliminate the need for traditional cardiopulmonary bypass equipment during surgery. Impella was formed by Atlas Venture and Guidant Corporation, a word leader in the treatment of cardiovascular disease. Guidant has assigned to Impella exclusive worldwide rights to a microaxial […]

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Candover Revisits Fairey For Hydraulics MBO

22 years ago

Fairey Group in January sold its defence and aerospace engineering business, Fairey Hydraulics (FHL), to Candover and management in a GBP55 million (ecu 83 million) buyout, the first deal for the GBP850 million Candover 1997 Fund (story, page 3). The connection between Candover and Fairey dates back to 1986, when Candover led the group’s GBP51 […]

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CVC Acquires Market Leader in Time Planning

22 years ago

CVC Capital Partners concluded an outstandingly active 1997 with its second Danish lead. Just before Christmas, the group’s Swedish office closed a GBP58 million (ecu 87 million) buyout of Time/System International (TSI) from quoted Finnish sporting goods group Amer, which is refocusing on its core business. TSI, which specialises in time planning systems, is headquartered […]

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Founder Buys Out Rungis with CVC Backing

22 years ago

Georg Kastner, the founder of Rungis Express Group, led a buyout team which bought the company from the German department store chain Metro, with backing from CVC Capital Partners. No value has been disclosed for the December transaction. Rungis is the market leader for the wholesale delivery of high quality fresh food to gourmet restaurants, […]

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TVM Links with BIL For Virgene Funding

22 years ago

TVM-Techno Venture Management, Biotechnology Investments Limited (BIL) and the company’s founders have provided DM4 million (ecu 2 million) of early-stage funding for Virgene, a Munich-based company which is developing a new approach to the treatment of infectious diseases. The deal was BIL’s first investment in Germany. Virgene was established by Dr Axel Ullrich with seed […]

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AB Asesores Electra Backs Ei System MBI

22 years ago

The Electra Fleming/AB Asesores joint venture AB Asesores Electra (story, page 10) in January led a Pta 3 billion (ecu 18 million) buy-in of Ei System, a leading Spanish personal computer assembler and retailer. The company was acquired through New PC Holdings, established for the purpose, with backing from the newly quoted Dinamia private equity […]

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Cork LBU Moves Forward with Alpinvest Cash

22 years ago

Cork Industries, the company formed through a Candover-backed buy-in of three groups of engineering businesses in July 1996, has completed two further acquisitions. These purchases, of Bird Precision Bellows and Hunt Power Drives, and three acquisitions made by Cork between November 1996 and March 1997, have expanded the group’s portfolio of businesses to 14. From […]

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Procuritas Forms Nordic Specialist Group

22 years ago

Procuritas Partners acquired three transport and service businesses from BTL’s specialist division in a December deal with an estimated value of SKr 350 million (ecu 40 million). The three businesses, all with strong market positions in the Nordic region, have been brought together in the Nordic Specialist Group (NSG), which will have around 600 employees […]

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GE Capital and 3i Join For Vimercati Buyout

22 years ago

Vimercati, an Italian company specialising in the design, development and production of electromechanical and electronic components for the automotive industry, was the subject of an L51.3 billion (ecu 26 million) buyout in December. The deal was led by GE Capital’s Equity Capital Group and co-led by 3i Italy. Vimercati provides a classic example of a […]

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Apax’s French Office Sees Active Winter

22 years ago

Apax Partners & Cie announced four new investments between early December and early January. The most recent was the buyout of Groupe Lehmann, a distributor of building materials and industrial fixtures. Groupe Lehmann, founded early this century, is market leader in the Alsace region’s building products sector and generated a turnover of over FFr 500 […]

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Gilde IT Fund Closes Five Deals in Quick Succession

22 years ago

Gilde Investment Management made five investments totalling $10 million (ecu 9.2 million) in the business applications and Internet sectors between October and February. According to Gilde, the five investments reflect the group’s “underlying vision of investing in companies that have the potential to dramatically change the effectiveness of the core business processes of their customers […]

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CapMan Takes Tally to 50

22 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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Granville Takes Slice of French IT Services Group

22 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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3i and Alta Berkeley Lead Onyvax Funding

22 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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