Brad Meikle
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 […]
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 […]
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 […]
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 […]
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 […]
Chase Capital Partners and its new Italian partner Mittel brought the Chase-Mittel Capital Fund II (EVCJ October/November 1997, page 5) to a final closing over target at L140 billion (ecu 72 million) in December. Each of the co-sponsors has committed L30 billion to the fund. Alpinvest of the Netherlands, which also committed L30 billion, becomes […]
Alta Berkeley V held a final closing in January on ecu 55 million. The vehicle is Alta Berkeley’s largest to date by a very substantial margin. Some first round participants increased their commitments after the first closing, reported partner Bryan Wood, somewhat extending the fund-raising process but helping, together with later entrants, to take the […]
Hard on the heels of the GBP261 million (ecu 393 million) closing of the HEV III fund-raising exercise (EVCJ October/November 1997, page 8), HEV is launching its first mezzanine fund, which will focus on the Nordic region. HEV, formerly Hambro European Ventures, aims to raise ecu 100 million for the Nordic Mezzanine Fund, with the […]
Germany’s state-owned development bank Kreditanstalt fur Wiederaufbau (KfW) has linked with Allied Capital Corp of the US to launch a joint venture fund. The DM160 million (ecu 96 million) Allied Capital Germany Fund is aimed at businesses with capitalisations ranging from $15-120 million (ecu 14-110 million), with a particular focus on privatisations and spin-offs from […]
The NVP’s fifth study on the performance of private equity in the Netherlands, holds few surprises. Gross returns on realised investments over the period from 1987 to 1996, at 13%, were identical with results for the ten years to end 1995 (EVCJ December 1996/January 1997, page 13), according to the latest figures released by the […]