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Private Equity Week Wire

SAN RAFAEL, CA — Scene7, a leading provider of dynamic
imaging software for the Internet, kiosks and print, today announced the completion of an
$11.3 million Series B financing round. Moore Capital Management, a leading investment
firm with a focus on emerging technology, led the round. Additional new investors include
Xcelera Inc., a leading European technology company, and GCH Investments, an
investment fund of Cooley Godward LLP. Historical Scene7 investors participating in the
round include Hearst Interactive Media, Weston Presidio Capital, Halpern Denny &
Company, Rhodes Partners, Roger Horchow, Slifer Designs and TWB Investment
Partnership, an affiliate of Perkins Coie LLP.

SAN FRANCISCO — CMEA Ventures announced
that Lloyd Tabb became a Venture Partner. Lloyd has over 18 years of experience
designing, building and leading large-scale software projects. Prior to joining CMEA, Lloyd
was a founder of Commerce Tools, later acquired by Netscape, and designed one of the
first application servers for the web.

CHICAGO — Bank One Corp. (NYSE: ONE) today announced
that Lee M. Gardner will join the company as senior partner in its private equity business,
which will be renamed One Equity Partners.

Based in Detroit, Gardner will work with industrial and manufacturing companies —
including Bank One customers — to take advantage of transactional opportunities that help
achieve the companies’ strategic and financial objectives. Bank One is a leading provider
of financial services to this market.

SEOUL, KOREA — NESS Display Corp. Ltd. (CEO:
Kim Sun-wook), a high-tech R&D organization specializing in the development of
Organic Light-Emitting Diode Displays (OLED) technologies, today announced
that the privately held company has received US $15 million in second round of
financing. The company received investments from leading global private
equity firm The Carlyle Group, through its Technology Venture Fund Asia, imGO
Limited, an investment holding company which focuses on wireless sector
opportunities, Springboard Harper and IMM Capital.

CODY, Wyo., July 12 /PRNewswire/ — Altair International Inc. (Nasdaq: ALTI) announces the
completion of a private equity offering. The funds have been used to pay principal due
under Altair’s $7,000,000 note, thereby reducing potential stock overhang and dilution.

Altair issued a $7,000,000 Asset-Backed Exchangeable Term Note on December 15,
2000. Under terms of the note, principal payments were deferred and accrued during the
period required for filing and obtaining effectiveness of a registration statement relating to
common shares of Altair issuable upon the exchange of unredeemed monthly note
payments. On July 9, 2001, the Securities and Exchange Commission declared the
registration statement effective. As of such date, approximately $1,652,259 in deferred
principal payments had accrued, creating the potential for significant stock overhang if the
accrued payments were not redeemed in cash. In order to reduce such potential overhang,
a small group of long-term Altair shareholders agreed to purchase units consisting of one
common share and one share purchase warrant. The minimum subscription was
$100,000. The offering will raise between $1,900,000 and $5,700,000 depending on the
number of warrants exercised. The maximum number of shares that will be issued under
this offering if all of the warrants are exercised is 2.53 million. All shares and warrants
issued in the private equity offering are restricted securities and cannot be sold for at least
one year unless a registration statement registering the resale of such securities is filed
and becomes effective. Terms of the convertible note agreement currently preclude the
filing of such a registration statement.

NEW YORK — Universal Express, Inc. (OTC:USXP)
announced today that The International Investment Group, a long term investor in Universal
Express, will provide a $5.8 million credit facility under a Private Equity Line with Universal

NEW YORK — RBC Capital Partners announced today the appointments of J. A. (Tony) Manastersky and Gregory J. Smith as Managing Directors of its U.S. $135 million Mezzanine Fund.

Prior to joining RBC Capital Partners, Mr. Manastersky spent 16 years focusing on private placement debt and equity with Northface Capital (a firm he co-founded), Penfund Management and Metropolitan Life.

Mr. Smith brings with him significant sub-debt, equity, corporate finance and mergers and acquisition experience from Deloitte & Touche and SGGF Management Corporation, a western Canadian investment fund.

RBC Capital Partners, with over US$800 million of capital authorized for investment, is the private equity and mezzanine arm of the Royal Bank of Canada. The Mezzanine Fund has US$120 million of undrawn capital available for investment in mid-market companies with annual sales of US$50 million to US$200 million.

ZURICH — UBS announced today that it is postponing its plans to move UBS Capital, its private
equity business, to an affiliated status. Challenging short-term conditions for the private
equity market make it an inopportune time for the brand-building and fund raising
exercises connected with the launch of a new autonomous management company.

UBS is committed to providing best-in-class private equity investment opportunities to its private
clients in an open architecture, supplementing the in-house offering provided by UBS Capital with
suppliers from outside UBS.

UBS doesn’t rule out increased autonomy as an appropriate future direction for its private equity
business, in order to best capitalise on the expansion opportunities offered through third-party
fund raising.

However, in the current environment, UBS will give top priority to maximising value creation from
its existing portfolio, adjusting down the rate of new investment from its own balance sheet in
accordance with the more volatile prevailing conditions.

As a result of these changes, and by mutual consent, Pierre de Weck, CEO of UBS Capital, will
leave UBS at the end of July to pursue other interests. UBS thanks him for his contribution to the
development of the firm in a variety of roles over many years.

UBS Capital will continue to form part of the UBS Warburg business group, headed by Chairman
and CEO, Markus Granziol, under whose leadership an interim management team is being

NEW YORK — Arbinet-thexchange today announced it closed a $35 million round of private equity funding from a syndicate of new and prior
round investors.
Investors cited Arbinet-thexchange’s track record of technical innovation and breadth of adoption by leading telecom carriers as key factors contributing to the success of the
financing in a tight capital market.
The syndicate of investors was led by EnerTech Capital and includes significant participation from previous round investors, BancBoston Ventures, ComVentures, J.P. Morgan
Partners, Van Wagoner Capital Management as well as new investors Entrepia Ventures and Nichimen Corporation. This investment fully funds the company’s business plan to

NEW YORK — Draper Fisher Jurvetson Gotham Ventures (DFJ Gotham) today announced that Gaurav Kittur has joined the firm’s team of
investment professionals.
Most recently, Mr. Kittur was an Associate with eFinanceWorks, a company formed by General Atlantic Partners and Capital Z Partners to fund and develop early-stage businesses
in the financial services technology space. Prior to eFinanceWorks, Mr. Kittur was a Financial Analyst at Morgan Stanley in their Investment Banking Division, involved in capital
raisings as well as merger and acquisition transactions in the Internet and Financial Services Group. Mr. Kittur graduated with honors from the Engineering School at Cornell
University with a B.S. degree in Computer Science where his areas of focus included operating systems, database systems and computer organization and design.

MOSCOW — Golden Telecom (NASDAQ: GLDN), the largest alternative provider of voice, data and Internet services in Russia and
other countries of the Commonwealth of Independent States, today announced it has agreed to buy-back $25 million of common stock, or 2,272,727 shares at $11 per share,
from a subsidiary of Global TeleSystems Inc.. After this sale, GTS will continue to own 588,479 shares of Golden Telecom, or approximately 2.6 percent of the company.
To effect this buy-back, Golden Telecom will assume and exercise options held by Alfa Telecom Ltd., Capital International Global Emerging Markets Private Equity
Fund LP, and investment funds managed by Baring Vostok Capital Partners to acquire Golden Telecom stock for $11 per share from GTS. Alfa,
Capital, and Baring Vostok acquired these options in conjunction with their acquisition of $125 million in GTI shares from GTS, which was announced on May 11, 2001.

SAN JUAN CAPISTRANO, CA — ChromaVision Medical Systems,
Inc. (Nasdaq: CVSN), a manufacturer of automated cell-imaging systems, announced
today that it has obtained $12.5 million in additional funding through a private placement of
preferred stock and warrants. Halifax Fund LP, which is managed by The Palladin Group,
was lead investor and is advised by Tanager Capital Group LLC. Other investors include
Safeguard Scientifics, currently ChromaVision’s largest shareholder. UBS Warburg LLC
served as exclusive placement agent for this transaction.

BOSTON — With an eye to addressing the specific organizational
development and recruiting needs of its investment team and portfolio companies, A. Dana
Callow Jr., managing general partner, Boston Millennia Partners, a leading early-stage
venture capital firm investing in high-growth companies in the telecommunications,
information technology, healthcare and life sciences industries, today announced an
innovative partnership with the Acton-based venture recruiting firm, The McManus Group,

Paul McManus, leader of The McManus Group, will work closely with the Boston Millennia
investment team on recruiting and organizational development issues, from the early deal
flow stage through the liquidity event. In addition to filling senior level positions via The
McManus Group’s extensive network of industry contacts, McManus will coordinate
searches across the portfolio executed by external firms.

MUNICH — Definiens AG achieved a significantly higher valuation in its second round of financing compared to the first venture capital financing in April 2000. In the current and generally very difficult financing environment, a consortium of renowned venture capital providers invested about six million Euros in the development of the technology company.

The original investor Techno Venture Management (TVM) was joined by DaimlerChrysler Venture, S