Private equity correspondent
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Apr 26, 2012

Accell pedals off with Raleigh bikes

LONDON, April 26 (Reuters) – Dutch bicycle maker Accell
Group NV agreed to buy Britain’s Raleigh for about 76
million euros ($100 million), adding one of the most famous
names in the UK bike industry to a portfolio that includes
Dutch, German and French cycling favourites.

The deal marks the next step on the road for Raleigh,
founded 125 years ago by Frank Bowden on Raleigh Street in
Nottingham, eastern England, by marrying its brands with
Accell’s which include Batavus, Koga and Lapierre.

Mar 30, 2012

Private equity groups battle it out for Triton’s Bravida

STOCKHOLM/LONDON, March 30 (Reuters) – At least four private
equity firms are set to fight it out for Sweden’s Bravida, worth
around $1 billion, the latest signal that that buyout markets
are alive and well in the Nordic region.

Sources familiar with the matter said EQT, Apax Partners
, Bain Capital and PAI Partners have proceeded into the
second round of bids for the installation services firm, owned
by private equity group Triton.

Mar 22, 2012

Bain grabs Lloyds buyout loans at knockdown price

LONDON, March 22 (Reuters) – Private equity group Bain
Capital is buying a portfolio of mostly UK leveraged loans at a
knockdown price from state-backed British bank Lloyds
as it accelerates the shrinking of its bloated loan book.

Bain Capital’s credit investment arm Sankaty Advisors has
agreed to buy a portfolio with a face value of about 500 million
pounds ($792 million), according to two people familiar with the
situation, one of whom said the loans were sold at a significant
discount to face value.

Mar 16, 2012

Looming loss prompts CVC exit from Australia: sources

HONG KONG/LONDON (Reuters) – Private equity firm CVC is pulling out of Australia, Asia Pacific’s biggest buyouts market, as it faces one of the largest ever losses for a firm in the region and rapidly fading bank support, people familiar with the situation said. The firm’s high-profile struggles in Australia are a cautionary tale for the large global private equity funds, many of which expanded rapidly into new geographies during the 1990s and early 2000s.

In 2008 CVC CVC.UL raised $4.2 billion for its third Asia fund, still one of the biggest ever for the region.

Mar 15, 2012

Mylan drops out of Rottapharm talks-sources

March 15 (Reuters) – Generics drug maker Mylan
has pulled out of talks to buy a stake in Italian
pharmaceuticals firm Rottapharm, two people familiar with the
situation said, posing another setback to the arduous sales
process that has been dragging on since the middle of last year.

The Rovati family had been looking to find an investor among
rival pharma groups such as Mylan, Forest Laboratories
and Watson Pharmaceuticals, after it failed to sell a
minority stake to private equity houses.

Mar 13, 2012

Cinven raises 3 bln euros towards new fund -source

LONDON, March 13 (Reuters) – Cinven has
raised 3 billion euros ($3.9 billion) towards its latest buyout
fund as it competes against rival private equity groups to raise
new capital for deals, a person familiar with the situation
said.

The European firm, which counts Pizza Express group Gondola
and hospitals operator Spire Healthcare among its investments,
is targeting about 5 billion euros for its fifth buyouts fund.

Mar 9, 2012

Buyout firm Triton eyes 2.5 billion euro fund -sources

LONDON (Reuters) – Northern European private equity firm Triton Partners is hoping to raise at least 2.5 billion euros ($3.3 billion) for buyouts, just two years after finalizing its last deals fund, two people familiar with the situation said.

Triton, which owns Nordic healthcare group Ambea and electrics and plumbing installation company Bravida, is preparing a fund that could be larger than its last 2.4 billion euro fund, the people said.

Mar 8, 2012

SS&C proposes higher bid for GlobeOp, trumps TPG

LONDON, March 8 (Reuters) – U.S. financial software
provider SS&C Technologies has proposed making a 485
pence-a-share cash offer for hedge fund administrator GlobeOp
, in a move that would trump an agreed bid from rival
suitor TPG.

SS&C’s proposal, which GlobeOp’s independent directors have
said they would be willing to recommend, is well above the 435
pence cash offer made by U.S. buyout firm TPG and agreed last
month, and values the company at about 566 million pounds ($889
million).

Mar 7, 2012

GSK resumes hunt for consumer drugs buyer -sources

LONDON, March 7 (Reuters) – GlaxoSmithKline Plc
has resumed the hunt for a buyer for the European slice
of its non-core drugs portfolio, with buyout firms and rival
drug companies in the running to cherry pick consumer health
brands, people with knowledge of the process said.

Among the groups circling the assets, buyout firm Bain
Capital has teamed up with Belgian over-the-counter (OTC) drugs
group Omega Pharma and Dutch private equity group Waterland to
pursue a bid, people familiar with the process said.

Mar 1, 2012

Flowers sees European taxpayer-backed deal profits

BERLIN, March 1 (Reuters) – Three years ago
Christopher Flowers caused a furor when the prominent U.S.
private equity executive said buyouts of failed banks were great
because the government took the losses while investors reaped
the profits.

He is doing it again.

The head of J.C. Flowers & Co, which focuses on financial
institutions buyouts and has about $9 billion under management,
said at an industry conference on Thursday that he still likes
assisted deals, in which the government offers guarantees
against losses and other incentives to investors in troubled
banks.