Private equity correspondent
Simon's Feed
May 31, 2012

3i boosts debt assets with deal for Invesco funds

LONDON (Reuters) – Private equity firm 3i Group (III.L: Quote, Profile, Research, Stock Buzz) said it had agreed to buy a clutch of debt funds from Invesco (IVZ.N: Quote, Profile, Research, Stock Buzz), as the group steps up efforts to diversify away from traditional private equity deals under new Chief Executive Simon Borrows.

3i said it had signed agreements to buy seven European collateralized loan obligation management contracts from Invesco, adding some 2 billion euros in assets to its debt management arm established 18 months ago.

May 30, 2012

Rivals eye $1 billion Dexia Asset Management: sources

LONDON (Reuters) – Private equity firm Permira PERM.UL is up against U.S. asset managers and an insurance group in the race to buy the $1 billion asset management arm of bailed-out Franco-Belgian bank Dexia (DEXI.BR: Quote, Profile, Research, Stock Buzz), people familiar with the situation said.

Affiliated Managers Group (AMG.N: Quote, Profile, Research, Stock Buzz), Federated Investors (FII.N: Quote, Profile, Research, Stock Buzz) and New York Life Insurance NYLIN.UL are considering binding bids for Dexia Asset Management, three people said.

May 28, 2012

Woodford whistleblowing case delayed by judge

LONDON, May 28 (Reuters) – The case for unfair dismissal
brought by former Olympus CEO Michael Woodford following the
uncovering of one of Japan’s biggest corporate frauds was
delayed on Monday, sparking talk of an out-of-court settlement.

The employment tribunal began in London, throwing the
spotlight back on a $1.7 billion accounting scandal that cost
the camera-to-endoscope maker its board and reputation.

May 25, 2012

Toilet makers size up 1 bln euro Sanitec -sources

STOCKHOLM/LONDON, May 25 (Reuters) – Makers of toilets and
taps are sizing up Finnish rival Sanitec, put on the block by
private equity group EQT with a price tag of up to 1 billion
euros ($1.3 billion), people familiar with the situation said.

Spanish family-owned group Roca, Japan’s JS Group
Corporation and Turkey’s Eczacibasi Holding,
which has joined forces with private equity firm KKR,
are all considering binding bids for Sanitec.

May 24, 2012

Duty-free shopping group Global Blue sells for $1.3 billion

LONDON (Reuters) – Silver Lake SILAK.UL and Partners Group (PGHN.S: Quote, Profile, Research, Stock Buzz) have agreed to buy Swiss-based tax-free shopping business Global Blue for 1 billion euros ($1.3 billion) from rival Equistone.

The two investors beat a handful of other buyout groups including BC Partners BCPRT.UL, EQT and TH Lee to buy the fast-growing business.

May 23, 2012

US industrial groups eye Germany’s Bartec -sources

LONDON/FRANKFURT, May 23 (Reuters) – Leading U.S. industrial
groups and buyout firms are circling Bartec, a German maker of
safety systems designed to prevent explosions in hazardous areas
of oil and gas production, people familiar with the situation
said.

Ametek, Danaher and Honeywell are
among those eyeing the maker of analysis and electrical safety
systems for companies such as BP and Exxon Mobil,
three people said.

May 22, 2012

Bridgepoint to sell drugs maker Aenova – sources

LONDON/FRANKFURT, May 22 (Reuters) – Private equity group
Bridgepoint has hired Morgan Stanley to sell
Aenova, hoping to get more than 400 million euros ($510 million)
for the German vitamins and generic prescription drugs maker,
two people familiar with the situation said.

Aenova is set to join a growing list of medium-sized German
businesses going up for sale as private equity groups trawl
their portfolios looking for strong disposal candidates.

May 21, 2012

Buyout trio chase 2.5 bln euro Iglo Group -sources

LONDON, May 21 (Reuters) – A trio of private equity groups
remain in the hunt to buy Europe’s biggest frozen food company
Iglo Group in a 2.5 billion euro ($3.2 billion) plus
auction process, people familiar with the process said.

Blackstone, BC Partners and PAI are into
the second round of the sale by rival buyout firm Permira
while Bain and Clayton Dubilier & Rice did not make
the cut, the people added.

May 17, 2012

3i promotes dealmaker to top job

LONDON (Reuters) – British private equity firm 3i Group (III.L: Quote, Profile, Research) promoted its investment head Simon Borrows to be chief executive on Thursday, charging the former banker with turning around a business hit by a series of poor deals in recession-hit European markets.

Borrows, who founded the European operations of independent investment bank Greenhill & Co (GHL.N: Quote, Profile, Research), is an M&A expert and his appointment as CEO could intensify speculation about a sale of 3i or, in the absence of obvious buyers, a management buyout.

May 17, 2012

3i names new CEO to address company performance

LONDON, May 17 (Reuters) – British private equity firm 3i
Group has promoted Simon Borrows to chief executive as
it looks to turn around its lacklustre performance and boost its
flagging share price.

The London-listed private equity firm said on Thursday
Borrows had assumed the role immediately, replacing Michael
Queen who has been in the post for a little more than 3 years.