SAN FRANCISCO — Golden Gate Capital, a newly formed private equity firm, today announced the
closing of its initial fund totaling $700 million. Golden Gate Capital will
seek to partner with management of privately and publicly held companies to
pursue buyouts, recapitalizations, leveraged build-ups and growth equity
investments in high-growth, change-intensive businesses. Transaction sizes
will range from $25 million to $500 million with equity requirements of up to
TORONTO — VenGrowth, Canada’s leading technology venture capital
investor, today announced record fundraising for the 2000 tax year. Over $240 million of
new capital was raised for VenGrowth II, VenGrowth’s current retail venture capital fund.
This is the fourth year in a row VenGrowth has attracted the largest proportion of the
investment dollars being directed into Ontario Labour Sponsored Investment Funds
LONDON — CIBC World Markets announced today that it has
been appointed by Apax Partners & Co. as joint arranger and sole agent for EURO410
million in senior and mezzanine debt in support of Apax Partners & Co.’s leveraged buyout
of Enterprise Solutions S.A. Apax Partners, a London-based private equity group, agreed to
acquire 80% of Enterprise Solutions from Swedish telecom equipment giant LM Ericsson
AB. Backed by committed financing from CIBC and UBS Warburg, Apax and Ericsson
signed the definitive sale and purchase agreement in London and Stockholm on 8 March.
NEW YORK — Atlantic Technology Ventures, Inc. (Nasdaq: ATLC),
a company engaged in developing and commercializing a portfolio of patented
technologies, announced today that pursuant to stock repurchase agreement No. 2
between BH Capital Investments, L.P. and Excalibur Limited Partnership, leading
international institutional investors headquartered in Toronto, Ontario, Canada (the
“Investors”) and Atlantic (that agreement, “Repurchase Agreement No. 2”), Atlantic
repurchased from the Investors, for an aggregate purchase price of $617,066.67, all
165,518 shares of Atlantic’s Series B convertible preferred stock held by the Investors.
The repurchase price represents 125% of the purchase price originally paid by the
Investors for the repurchased shares, as well as an amount equal to the annual dividend
on the Series B preferred stock at a rate per share of 8% of the original purchase price. The
repurchased shares constitute all remaining outstanding shares of Series B convertible
preferred stock; Atlantic has cancelled those shares.
NEW YORK — IntraLinks Inc., the new digital workspace,
today announced that it has received $10 million in new equity capital from
DB eVentures, Deutsche Bank AG’s global strategic private equity investor
focused on financial services, and Canaan Partners. This additional
financing increases total proceeds from the most recent round of funding to
FOLSOM, CA — Dorado Software Inc., the leader in
network infrastructure software for personalizing network services, today announced it has
closed financing for $24 million. Led by Insight Capital Partners, this round of financing will
be used to accelerate and strengthen Dorado’s product development, delivery, and sales
and marketing operations.
ARLINGTON, VA — Friedman, Billings, Ramsey Group,
Inc. (NYSE: FBR) today announced that the Board of Governors of the Federal
Reserve System (the “Board”) has approved the company’s proposed acquisition
of Rushmore Trust and Savings, FSB, and its parent company, Money Management
Associates LP (MMA), of Bethesda, Md. The acquisition will more than double
FBR’s assets under management, and expand and enhance the company’s recurring
revenue streams with the addition of fund administration and bank products.
Upon closing, Friedman, Billings, Ramsey Group, Inc. will become a financial holding
company under the 1999 Gramm-Leach-Bliley Act. FBR is the first securities firm engaged
principally in investment banking and merchant banking to have been approved by the
Board under the Act. As part of the Board’s order, FBR received approval to exceed the
Board’s regulatory thresholds on merchant banking activities.
NEW YORK — Salomon Smith Barney named Christopher Varelas
to head its technology investment banking for the western U.S.
Varelas will replace John Denniston, who left the firm last month to become chief operating
officer at Kleiner Perkins Caufield & Byers, a West coast venture capital firm.
In his new role, Varelas will be responsible for managing Salomon’s Palo Alto office. He
also will retain his current title of global head of technology mergers and acquisitions.
Varelas has more than 10 years of experience in mergers and acquisitions and investment
banking. He had led Salomon’s tech mergers and acquisitions practice for the past five
For yesterday’s complete Wire, click here.