Fundraising launches in DACH Cinven grabs SLV-Group ... - Unquote

unquote 

Deutsche 

COVERING NEWS OF THE PRIVATE EQUITY MARKETS IN GERMANY, SWITZERLAND AND AUSTRIA 

Issue 127 APRIL 2011 

Fundraising launches in DACH 

THE DACH REGION has seen three fundraising announcements 

in recent weeks – a sign that the area’s fundraising market is 

hotting up in 2011. 

The funds were primarily focused on the mid-market, rather 

than the mega-fundraisings being attempted elsewhere, but are 

still considered an important barometer for the market. 

Auctus closed its third fund on €155m after five months of 

fundraising. The figure was raised after the firm revised its hardcap 

following a significant oversubscription. 

The GP says it received a high level of interest from funds-offunds, 

family offices and pension funds. The vehicle has already 

made two investments: Noventiz, a recycling business, and 

Flemming, a dental laboratory business. 

eCapital III Cleantech Fonds also saw a final close last month, 

raising €50m for venture investments in green technologies. 

Meanwhile, Capital Management Partners closed its latest fund on 

€175m. CMP German Opportunity Fund II will invest in midmarket 

companies in Germany. 

The string of announcements follows recent unquote” reports 

that many funds will be looking to raise in 2011 after several years 

of dormancy following the financial crisis. 

However, MVision’s Mounir Guen believes the market in 2011 

will be particularly tough, as many major fund managers seek to 

raise their next vehicle, resulting in intense competition for LP 

commitments. 

If this analysis holds true, only the very best managers will 

be able to hit their targets easily, and focused funds with a clear 

strategy are likely to be in vogue for the coming years. 

Cinven grabs SLV-Group in ABO 

CINVEN HAS ACQUIRED SLV-Group from HgCapital in a 

€500m deal. The lighting provider was originally picked up by Hg 

in 2007 for €320m, and has since bolstered its business locally and 

broadened the reach of its international distribution network. 

SLV now hopes that, in Cinven’s hands, it will be able to leverage 

the private equity buyer’s expertise in Europe’s consumer and 

industrial sectors to expand its business cross border. 

The firm, which was founded in 1979 and is based in Übach- 

Palenberg, Germany, provides both interior and exterior lighting 

solutions on a wholesale basis. 

Cinven also operates a number of subsidiaries in Europe, as well as 

in Hong Kong, the US and Russia. 

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Quick view 

Funds 04 

News 06 

People 07 

DACH market focus 08 

IPO comeback 09 

CEE analysis 10 

Healthcare sector 11 

European round-up 12 

Deal sector index 14 

Exits 23 

Watch 25 

Funds raising 26 

Funds investing 28 

IPO tracker 36 

Diary dates 38 

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News 06 

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News 

Analysis 

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CEE analysis 10 

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European round-up 12 

Deals 

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Activaero 15 

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WEGU Europe 20 

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funds 

Name 

CMP German Opportunity Fund II 

Closed on 

€175m 

Focus 

Distressed small- and mid-cap 

buyouts 

Contact 

Kai Brandes 

Address 

CMP Capital Management- 

Partners GmbH 

Mosse Palais 

Leipziger Platz 15 

10117 Berlin 

Germany 

Tel. +49 (0)30-39 40 69-0 

Fax +49 (0)30-39 40 69-25 

Advisers 

P+P Pöllath + Partners (Legal) 

Campbell Lutyens (Placement 

agent) 

Alter Domus (Fund administration) 

Name 

Auctus III 

Closed on 

€155m 

Focus 

Small- and mid-cap buyouts 

Contact 

Ingo Krocke 

Address 

AUCTUS Capital Partners AG 

Brienner Strasse 7 

80333 Munich 

Germany 

Tel. +49 (89) 159 0700 00 

Fax +49 (89) 159 0700 49 

Advisers 

P+P Pöllath + Partners (Legal) 

unquote 

Capital Management closes fund II on €175m 

Fund 

Capital Management Partners GmbH has closed its second fund, CMP German Opportunity Fund 

II, at its hard cap of €175m, surpassing its initial €150m target. The fund lifetime is 10 years with a 

five-year investment period, while terms and conditions are described to follow the industry standard. 

Campbell Lutyens acted as financial adviser and global placement agent, while P+P Pöllath + Partners 

provided legal advice and Alter Domus was chosen as fund administrator. 

Investors 

The fund has a European dominated investor base, with a third of LPs also hailing from the US and several 

Australian backers. Funds-of-funds and insurance funds make up the majority of commitments with investors 

including Allstate, Fort Washington, Grove Street Advisors, IFM, Parish Capital, Unigestion and Veritas. 

Investments 

CMP German Opportunity Fund II will look to make 10 investments in distressed and underperforming 

mid-cap companies with revenues of €30-300m based in the German speaking region. It aims to invest 

between €5-25m per buyout, and can further rely on LP co-investments to carry out larger transactions. 

The previous fund, CMP Fonds I, is fully invested and has realised nine of its 10 investments, with the 

last exits expected in Q2 2011. The fund performance is said to be above the market average. 

People 

Kai Brandes and Ludger Vonnahme are the managing partners of Capital Management Partners 

supported by five investment directors. 

Auctus closes third fund on €155m 

Fund 

Auctus Capital Partners has closed its third fund AUCTUS III at €155m following a fundraising period 

of only five months. The fund, launched in mid-July 2010, was substantially oversubscribed attracting 

high interest from existing and new investors and had to increase its initial hard cap of €150m. It has 

a 10-year lifespan with two one-year extension options and terms and conditions follow the industry 

standard at 2.5% management fee, 8% hurdle and 20% carry. No placement agent was used and P+P 

Pöllath + Partners provided legal advice. 

Investors 

More than 50% of investors from the previous fund reinvested with 90% of LPs hailing from Europe and 

the remaining from the US. Commitments come from insurances, pension funds, banks, endowments 

as well as 40% from fund-of-funds and 15% from German family offices. 

Investments 

AUCTUS III maintains its small-cap investment strategy and continues to focus on control investments 

in SMEs in Germany, Switzerland and Austria with revenues between €10-100m. It will aim to make 

15 investments mainly in the healthcare and business support services sector with the education and IT 

segment also being considered. The average equity ticket per transaction will range between €5-15m. 

The fund has already made four deals, including the investments in recycling business Noventiz, German 

dental labs market leader Flemming and logistics provider CTJ. 

04 UNQUOTE APRIL 11 ENTIRE CONTENTS COPYRIGHT 2011 INCISIVE MEDIA INVESTMENTS LTD 


unquote 

funds 

AUCTUS II (vintage 2007) has not had to face a single write-off during the recession and currently 

holds an NAV of 2x cost on the 2007-2009 deals with two realised exits and several more expected by 

end of the year. The first fund, AUCTUS I (vintage 2003), has already paid back >5x total invested 

equity to investors and is expected to finish with 6x equity following the one remaining exit. 

People 

CEO Ingo Krocke is responsible for the management of the fund, supported by 11 investment 

professionals and three additional back office staff. 

Constellation Capital launches €100m fund 

Fund 

The private equity house and its team members are no novices to deal doing, having already completed 

14 transactions funded on a deal-by-deal basis with external investors. The new fund focuses on “assetlight” 

service-related companies in German-speaking Europe. Fee structure for the fund follows the 

market standard with a 2% management fee, 8% hurdle and 20% carry, but the vehicle features a threeyear 

investment period, reducing the fund lifetime and expenses to eight years. 

The GP contribution is 5%, while the two managing partners have a personal liability to the fund, given 

the fund manager is established as a commercial limited partnership. Baker & McKenzie provided legal 

advice, with IPES chosen as fund administrator. No placement agent is being used for the time being. 

Investors 

The fund will look to draw on its established relationships with 40 investors that have previously 

contributed to investments on a deal-by-deal basis. It will look to attract high-net-worth individuals, 

family offices and institutional investors. The minimum ticket for private individuals is €1m and €10m 

for institutions. 

Name 

Constellation II PE Fund 

Target 

€100m 

Focus 

Small- and mid-cap buyouts 

Contact 

Ralf Flore 

Address 

Constellation Capital AG 

Kantonsstrasse 77 

CH - 8807 Freienbach 

Tel. +41 444826666 

Fax +41 444826663 

Email ralf.flore@constellation.ch 

Advisers 

Baker & McKenzie (Legal) 

IPES (Fund administration) 

Investments 

Constellation II German Small Cap Fund has a strong sector approach, focusing on four main segments: 

outsourcing/business services, financial services, lifestyle/education and healthcare services. The fund 

will aim to make two to three investments in the DACH region per year and six to eight investments 

in total. Additionally, it will look to grow existing portfolio companies through add-on acquisitions. 

Equity tickets range between €5-15m, while typical targets are asset-light service companies with 

revenues ranging from €20-150m. The 14 transactions that were previously undertaken on a deal-bydeal 

basis have on average returned a 1.9x money multiple and 25% IRR. 

People 

Ralf Flore and Rainer Fröhlich are managing partners of Constellation Capital supported by six further 

partners. Additionally, 10 “industry partners” provide specific sector advice on transactions. 

eCapital holds final close of third fund 

Fund 

Venture capital firm eCapital has announced the final closing of its third fund, eCapital III Cleantech 

Fonds, at €50m. 

Name 

eCapital III Cleantech Fonds 

Target 

€50m 

Closed 

March 2008 

Closed on 

€50m 



funds 

unquote 

Focus 

Cleantech, DACH 

Contact 

Dr Paul-Josef Patt 

Investors 

Cornerstone investors are Dr Paul Grunow, co-founder of Solon and Q Cells, a number of German 

family offices, and German institutional investors. Insurance company LVM Versicherungen invested 

with two of its funds. 

Investments 

The management fees for the fund are placed at 2.5%. The fund manager has set the carried interest rate 

at 20% and the hurdle rate at 8%. About 60% will be used for primary investments while 40% of the fund 

is reserved for follow-on rounds. Joint investments with other funds will be considered. The investors 

may also re-invest following an exit. 

The fund has five investments including Amynona Polymers GmbH, Novaled AG, eZelleron GmbH, 

Feranova GmbH and Heliatek GmbH. eCapital is planning to make about 15 investments in the 

cleantech sector including companies in the fields of water, energy, new materials and transport. 

Further investments will be made in companies in the later and early-stage phase based in Germany, 

Austria and Switzerland with funding of between €0.5m and €2.5m. 

People 

The fund is managed by eCapital Entrepreneurial Partners, where Dr Paul-Josef Patt is CEO. Andreas 

Rodin from Pöllath & Partner provided legal advice for the fund. No placement agents were involved. 

news in brief 

DBAG acquires Romaco for €61m 

DEUTSCHE BETEILIGUNGS AG has backed the MBO of industrial machinery 

manufacturer Romaco group with €61m. 

The vendor is a US supplier for engineered equipment Robbins & Myers Inc. 

DBAG has invested €8m from its balance sheet in return for a 19% stake. Romaco’s 

management and DBAG fund V will hold the remaining shares. 

The investment will be used for internationalisation, expanding the service business 

and strengthening the sales network. The planned expansion will be achieved through 

organic growth, as well as add-on acquisitions. 

Romaco was founded in the 1990s and is based in Karlsruhe, Germany. About 

two-thirds of its revenues come from the firm’s packaging machines used in the 

pharmaceutical and cosmetics industries. 

The other arm of the business is process technology, providing machines and complete 

processing lines primarily for food, healthcare and cosmetic industries. 

The company has an expected turnover of €100m for 2011 and employs about 450 

members of staff. Additional facilities are situated in Rheinfelden, Switzerland, and 

in Bologna, Italy. 

Acton invests in 

Yatego GmbH 

ACTON CAPITAL PARTNERS has 

acquired a stake in German e-commerce 

portal Yatego GmbH. 

This is the fifth investment of 

the Munich-based growth equity 

investor from its Heureka Growth 

Fund, established in 2008. Funding 

comes from international private and 

institutional investors. The terms of 

the deal were not disclosed. 

Founded in 2003, Yatego features 

approximately 10,000 retailers with 

around 3.2 million products. 

It employs more than 100 staff in 

St Georgen, Germany. In 2010, it 

conducted €100m in transactions. 



unquote 

Zurmont Madison 

invests in CCS Holding 

ZURMONT MADISON PRIVATE Equity has acquired a 

majority stake in Swiss outsourcing service provider CCS Holding 

for an undisclosed amount. The transaction was made as part of a 

succession agreement. 

The capital will be used to grow the business organically 

and through add-on acquisitions, as well as to expand the 

company’s activities on the Asian market. The management 

team will retain a stake in the company. 

CCS Group is based in Lyss, Switzerland, and was founded in 

1985. The company offers outsourcing services for electronic 

and mechatronic applications. 

In 2010 the business generated a turnover of almost CHF 60m 

and it currently employs about 1,000 members of staff. 

Carlyle acquires ADA 

Cosmetics stake 

news in brief 

PRIVATE EQUITY HOUSE Carlyle Group has acquired a 

majority stake in German provider of hotel cosmetics, ADA 

Cosmetics, from Halder in a secondary buyout for an undisclosed 

amount. The investment was made from Carlyle’s European 

growth capital fund CETP II. 

The capital will be used for geographic expansion of the 

company. The management will retain a minority stake. Halder 

acquired ADA Cosmetics through a management buyout from 

its founding family in 2006. 

Kehl-based ADA Cosmetics was founded in 1979 and is a 

supplier of cosmetics and accessories for the hotel industry. 

Products are offered to premium hotels in Europe, Asia and the 

Middle East. The company had a turnover of €43m in 2010 

and currently employs about 270 people. 

people moves 

Constellation Capital adds 

new managing partner 

Jan Wildberger joins 

P+P in Frankfurt 

Ralf Flore has joined Swiss investor 

group Constellation Capital as a 

managing partner. 

Previously he was CEO at Heliad Equity 

Partners, where he invested in more than 

10 companies mainly in the service sector 

in Germany and Switzerland. 

Ralf Flore 

P+P Pöllath + Partners has appointed Dr 

Jan Wildberger as partner. 

He is based in the Frankfurt am Main 

office and joins from Simmons & 

Simmons where he headed up the 

international law firm’s German private 

equity practice. 

Jan Wildberger 

AHB appoints Waitz as new partner 

Hamburg-based law firm Arends Hofert 

Bergemann (AHB) has announced the 

appointment of Dr Benjamin Waitz as a partner. 

Waitz previously worked for Pöllath + Partners 

where he was responsible for M&A and private 

equity, as well as venture capital transactions and 

financing. Dr Waitz also lectures at Westfälische 

Wilhelms-Universität Münster postgraduate 

courses related to taxation. 

Benjamin Waitz 



DACH market focus 

unquote 

Lack of primary deals could 

hamper DACH growth 

In the past year, private equity investment in the DACH region has picked up, 

but could a lack of primary deal activity from the Mittelstand hamper investment? 

Diana Petrowicz investigates 

The outlook for the DACH market is good as the economy 

regains its strength following the financial crisis, but dealflow 

could be a problem, market experts say. 

According to Palamon Partners’ Holger Kleingarn, although 

many private equity companies are active in the market and 

ready to invest, there are problems. “A lot of funds are looking 

to invest but, aside from secondary sales from PE firms, we see 

some shortages in supply of businesses for sale.” 

This lack of primary dealflow comes at a time when the 

region’s economy is resurgent. Unemployment is at a record 

low at the moment, the industrial segment is developing well 

and the retail sector is being driven by spending power. As 

far as private equity deal-doing is concerned, the volume of 

private equity buyouts and growth capital transactions in 

2010 was almost back to 2005 levels, according to Private 

Equity Insight. 

good companies, where private equity players know each other 

well, and this is going to continue.” 

While acquiring companies from rivals might be an option 

for private equity funds, LPs are reportedly concerned about 

secondary buyouts, which are said to achieve lower returns 

and reduce company performance. However, a recent study 

from Golding Capital Partners has shown that these concerns 

were unjustified. In fact, the results confirmed that secondary 

buyouts can produce reasonable returns, while the operational 

value of companies only showed small differences comparing 

primary and secondary deals. 

The small number of companies in the primary market might 

decrease the number of deals in the DACH region this year but 

with a strengthened economy, companies should perform well 

in 2011 and secondary buyouts will help maintain dealflow at 

current levels. ■ 

That said, primary buyout activity in 2011 has 

remained subdued with only secondary buyouts 

recording a slight increase – a continuation of the 

trend already observed throughout 2010. 

It seems that companies in the region are not ready 

for investments from private equity funds just yet. 

According to Kleingarn, German entrepreneurs 

and owners, although more open than ever, are 

still slightly biased against private equity ownership, 

which makes proprietary dealflow so important in 

this market. 

Consequently, investors are increasingly turning 

to other private equity owners to source deals, as 

Kleingarn notes: “We see secondary buyouts of 



unquote 

IPO comeback 

PE-backed flotations: 

Set for a comeback? 

The difficulties encountered by private equity-backed IPOs in 

2010 reignited the debate on the public markets’ cautious attitude 

towards such assets. Greg Gille reports 

Hearing that the global financial crisis dealt a crushing blow to 

private equity-backed IPOs will not be a surprise. According 

to unquote” data, flotations of PE-backed European companies 

fell by 93% between 2007 and 2008, from 62 to just four. The 

situation has somewhat improved since then, with unquote” 

recording 22 listings last year. 

Nevertheless, this figure remains a far cry from the one 

witnessed during the market heyday. What is more, a number 

of 2010 listings saw share prices tumble on public markets in 

the months following their IPO. The worst performing private 

equity-backed listings took place in the UK, with companies 

such as Cambria Automobiles Holdings, Promethian 

Technologies Group and Ocado experiencing sustained price 

falls throughout the year. 

This phenomenon led many observers to comment on a lack 

of appetite for PE-backed assets, partly rooted in the image of 

private equity funds taking a company private, saddling it with 

debt and re-listing it to make a swift exit. Speaking at a Taylor 

Wessing-hosted IPO seminar, capital markets partner William 

Belcher advised PE shareholders to consider longer lock-in 

periods to attract public investors, as they are generally seen 

as an incentive for management to stay involved and ensure a 

smooth transition process. 

Panellists at the seminar however dismissed the idea of a general 

mistrust of PE-backed assets. “I wouldn’t single out the PE 

community for the breakdown of trust with public markets,” 

said one participant, before pointing at pricing issues as a factor 

in the counter performance of many recent IPOs: “Ocado 

constitutes a pivotal event – pragmatism on pricing is key.” 

The share price range suggested by Ocado’s management was 

indeed widely criticised for being unrealistic prior to the IPO, 

given that the company had yet to post a profit. 

Craig Fraser, head of research at Arbuthnot Banking Group, 

highlighted the importance of carefully assessing the value of 

a business before listing it: “Don’t even think about an IPO 

before you have undergone a full and proper valuation based 

on forecast earnings and use of funds.” 

Pricing is not the only key to investors’ hearts though, with 

a strong business model being equally important: “Premiums 

can also be obtained if you can demonstrate attractive 

characteristics such as a dynamic growth story, a market 

leading position and a strong management team. Consider 

these points carefully; otherwise you may not get value for 

money,” Fraser continued. 

The recent listing of US-based hospital operator HCA – the 

largest private equity-backed IPO since the financial crisis – 

apparently ticked all the boxes, and might encourage GPs to 

consider the public markets as a viable exit route in the coming 

months. Panellists however pointed at a sustained period of 

instability for global markets in 2011 in light of the ongoing 

events in the Arab world and Japan, and the negative effect this 

could have on IPOs. 

At a time when most GPs are rushing to return money to 

investors before going fundraising again, it remains to be seen 

whether exiting via the public markets will be a bet worth 

making – especially as corporate buyers are currently displaying 

a strong appetite for M&A opportunities. 



Central and Eastern Europe 

unquote 

CEE market: 

Catching up fast 

The unquote” Central and Eastern Europe Congress, held this month in London, 

gave delegates a valuable insight into the reshaping of the PE landscape postcrisis, 

and the new investment opportunities arising as the region catches up fast 

on the way to recovery. Greg Gille reports 

Following a tough couple of years post-financial crisis, it 

would seem that CEE countries are now marching on to 

better days, and are in some respects catching up to their 

more established Western neighbours. Deal activity in the first 

quarter has already surpassed the whole of 2010 by a large 

margin, with unquote” recording in excess of €1bn worth of 

transactions – including the €370m buyout of Polish grocery 

store operator Zabka Polska by Mid Europa. 

Confidence, while not unchecked, is back among deal-doers, 

as our recent survey of CEE industry participants indicates. 

68% of respondents expect a rise in activity for the region 

in 2011; and at a time when LPs are said to be increasingly 

looking to emerging markets such as Asia, 78% of respondents 

expect LP appetite for CEE funds to stay the same or even 

rise slightly. 

Panellists at the congress highlighted that private equity 

in the most mature CEE countries – notably Poland and 

the Czech Republic – increasingly shares similar features 

with its Western counterpart and can benefit from good 

infrastructure, available debt financing, experienced 

management and process-driven businesses. 

Good assets therefore command multiples not unlike those 

seen in the UK or in France: “Valuations are high and will 

continue to be so. More and more quality is coming to the 

market and that will justify the high prices,” noted Riverside 

Europe Partners vice president Ludek Palata. According to 

the unquote” CEE survey, 45% of respondents indeed expect 

pricing to stay in the 7-9x EBITDA range going forward. 

As most European GPs are set to go fundraising in the next couple 

of years – and CEE players are no exception – SJ Berwin partner 

Sonya Pauls highlighted that CEE funds are “firmly in line with 

ILPA guidelines” and are therefore well positioned to attract LPs: 

the “fund as a whole” model is the most commonly used, and 

corporate governance is just as strong as in the rest of Europe. 

That said, speakers at the congress also stressed that CEE 

cannot be considered as a uniform region in terms of 

investments. Some countries – notably in the Balkans – still 

have ground to cover before attracting as much attention as 

the likes of Poland: “Some CEE countries compete for capital 

with GPs in France, the UK or Germany. Others have a higher 

hurdle to overcome,” warned Harbourvest vice-president Till 

Burges. Furthermore, as Arx Equity partner Brian Wardrop 

noted, FX risks and their impact on portfolio companies 

cannot be overlooked when investing in the region. 

Mark Florman, the new BVCA CEO, also urged delegates 

not to downplay the impact of the AIFMD and upcoming 

regulation in general. According to him, smaller firms across 

Europe are going to be slowed down by the numerous 

processes introduced by the directive. Finally Tomáš Sedláček, 

chief macroeconomic strategist at ČSOB, warned investors 

not to overlook the importance of large deficits in most CEE 

countries, even if strong growth is back. 

Sobering remarks aside, congress delegates remain optimistic 

regarding the potential for CEE dealflow to pick up 

throughout the year – and maybe steal the West’s thunder on 

more than one occasion. ■ 



unquote 

healthcare sector 

Private equity nursing 

healthcare providers 

The beginning of the year has seen private equity investors eager to tap into Europe’s 

healthcare services market. Could this growing and resilient sector be the perfect 

investment in a troubled economic climate? Greg Gille reports 

While the life sciences sector largely remains the turf of venture 

houses and highly specialised funds, it would seem that 

generalist players have woken up to the possibilities offered by 

another growing segment of the healthcare market. Although 

signs of the renewed interest for the sector were already visible 

towards the end of last year, 2011 started with a flurry of 

investments in private healthcare providers. 

Advent International kicked things off in January with the 

£925m buyout of Priory Group from RBS. The mental health 

and specialist care services provider apparently turned a few heads 

around as Advent had to fend off competition from rival firms 

such as Bain, Blackstone and Cinven in the auction process. This 

is a testament to Priory’s health: the company posted a £123.3m 

turnover in 2002, which had doubled to £242.2m by 2008 and 

further increased to £256.7m in 2009. Its profits also rose from 

£40.7m in 2008 to £86m the following year. 

Still in the UK, Carlyle is building a dental care giant with 

its acquisition of Integrated Dental Holdings from Bank of 

America Merrill Lynch Capital Partners. It is merging it with 

Palamon-backed Associated Dental Practices and the enlarged 

group will be worth around £600m, roughly 10x its £55-60m 

combined EBITDA. 

Across the pond, the French private clinics market also looks 

attractive to Bridgepoint, as the firm announced two investments 

earlier this month: its mid-market team Bridgepoint Development 

Capital (BDC) acquired a majority stake in clinics operator 

Compagnie Stéphanoise de Santé (C2S), while Bridgepoint 

Europe IV backed the OBO of Médipôle Sud Santé – a deal that 

valued the company at more than €200m. Retirement homes 

and homecare providers also proved popular over the past few 

months, with a number of smaller deals being completed. 

At a time when buyout houses are on the lookout for resilient 

assets, able to make the most of a lacklustre economic environment, 

the European private healthcare market trends seem increasingly 

attractive to investors: “We had been looking at the private clinics 

sector for a long time. It benefits from favourable demographic 

trends – you can reliably count on a 2-3% market growth per year. 

This visibility is hard to come by in other sectors,” notes BDC 

partner Pierre Colasson, who led the acquisition of C2S. 

An ageing population and demand for better patient care aside, 

private healthcare providers are also likely to benefit from the 

ongoing efforts undertaken by European governments to tackle 

deficits and ease the burden of costly public establishments. 

This is particularly relevant in the UK – with the coalition 

government looking to significantly downsize the public sector 

– and was one of the factors at play in the buyout of Priory: 

Advent believes private healthcare providers are likely to be 

commissioned to supply an increasing number of services on 

behalf of the public sector over the coming year. 

This is not to say that the sector is a particularly easy one to 

penetrate, as it is often capital-intensive and requires GPs to 

navigate tight regulatory frameworks. This can, however, 

be viewed as another strength, according to Colasson: “The 

heavily regulated nature of the market – which presents a few 

drawbacks, notably in terms of prices charged for the services – 

can also be seen as an attractive factor, since it guarantees high 

barriers to entry.” By limiting competition, this could enable 

GPs already invested in the market to take advantage of the 

consolidation opportunities it offers. 

Indeed, the private healthcare services sector is for the moment 

rather fragmented, with a myriad of small independent outfits 

operating on a local scale – similar in that regard to the 

recruitment services market, which also witnessed several buyand-build 

transactions taking place at the end of 2010. This was 

another key driver in most of the aforementioned deals, as private 

equity owners will look for relevant bolt-ons in order to benefit 

from both economies of scale and a wider customers base. 

Dealflow in the healthcare services sector should therefore keep 

investors busy in the coming months, as today’s buyouts pave 

the way for tomorrow’s acquisition finance deals. 



European round-up 

unquote 

■ Benelux unquote” 

Activity in the Benelux region picked up through March, after an extremely quiet 12 months for the region, indicating that private 

equity is once again looking at opportunities to invest in this small but industrious part of Europe. 

Gimv exited its portfolio company Scana Noliko, a canned food producer, in a €155m trade sale to PinguinLutosa. However, in 

an unusual move, Gimv also took a 13% stake in PinguinLutosa with a separate €60m investment, indicating it continues to see 

value in this market segment. 

Rumours also emerged that 3i was looking to offload its stake in Belgian chemicals distributor Azelis. The investor had acquired 

the firm in 2007 for €315m. Though 3i has yet to reveal its expected price tag, it is thought to be seeking a trade buyer for the 

firm, rather than pursuing a secondary buyout or IPO. 

On the growth capital front, Crédit Agricole Private Equity backed Belgian photovoltaic solutions manufacturer Ikaros Solar, in 

order to support its international expansion. This was the investor’s first cleantech deal outside of France. 

■ France unquote” 

France saw two large exits over the past few weeks – a fitting start for a year that should be geared towards returning money to 

investors before launching new fundraising efforts. Barclays Private Equity and LBO France sold 90% of Converteam to General 

Electrics for $3.2bn – around 13x EBITDA. Private equity ownership has been kind to the power conversion and engineering 

company: it was worth €150m when Barclays PE bought it off Alstom in 2005. 

The Yoplait saga also came to an end, as PAI partners sold its 50% stake in the yoghurt maker to General Mills for €800m. Although 

PAI declined to comment on return multiples, it reaped around 10x its original investment according to sources close to the deal. 

Some firms are still keen on spending though. Cinven for instance acquired a further 30% of listed women’s wear business Camaïeu 

for €388m. It now owns more than 90% of the company and plans to take it private shortly. 

Most of the recent dealflow, however, took place at the lower end of the value chain. Alven Capital injected €2.5m into software 

developer Entropysoft, led a €2.5m funding round for mobile marketing company MobPartner and invested €1m in online 

energy-saving consultancy QuelleEnergie.fr. 

Unfortunately, it emerged that 2010 has not been kind to FCPI and FIP funds – the retail vehicles that have been a major source 

of funding for innovative French SMEs in recent years. Total commitments decreased by 7% last year, from €963m to €894m, 

according to a recent survey by trade body AFIC. 

■ Nordic unquote” 

The Nordic region has seen a steady stream of deal activity in the last few weeks, with Ratos being one of the most active players. 

The listed private equity firm recently announced the €94.3m buyout of cinema operator Finnkino Oy, the bolt-on of a Carrier 

Corporation division for MCC and the closing of two refinancing rounds; that of wine and spirit producer Arcus-Gruppen and 

sanitation service provider Anticimex. 

Altor’s acquisition of a 90.5% stake in E.ON ES from E.ON Sverige AB was a significant buyout recorded in recent weeks. The 



unquote 

European round-up 

deal is thought to be valued in the region of €200-300m. BC Partners’ secondary buyout of Nille from Herkules and Herkules’ 

acquisition of Norsk Jernbanedrift were other notable deals. 

There was a slight fall in the number of early-stage and expansion deals completed in March. A selection of deals includes 

Industrifonden’s SEK 25m investment in Malmö-based Airec AB and Investinor et al.’s NOK 25m investment in Norwegian 

biotech company Smartfish. ALMI Invest, K-Svets Venture and Chalmers Innovation Seed Fund also closed a SEK 10m funding 

round for Aluwave, a system supplier of customised LED modules and LED-based systems. 

On the exit front, EQT-owned Gambro’s sale of CaridianBCT for $2.625bn was, by some margin, the largest recorded deal. FII 

et al. also complete the sale of The Switch Engineering to American Superconductor Corporation for €190m. 

■ Southern Europe unquote” 

The lion’s share of the investment activity during March took place in the expansion arena. Though many of the deals recorded 

in this category were insignificant in size, Atlas Capital’s injection of €10-15m into Madrid-based footwear retailer Tino 

Gonzalez, and Mercapital-backed Artá Capital’s acquisition of a 26% stake in mattress firm Flex are undoubtedly worthy of a 

mention. The Fondo Italiano also closed its second transaction, backing Comecer, a radiochemistry specialist located in Emilia- 

Romagna, with €7.5m. 

There was also a steady flow of four buyouts last month, spread evenly between Italy and Spain. In Italy, First Reserve signed off 

the nation’s biggest deal so far this year with its €1.23bn MBO of thermoelectric power plant producer Ansaldo Energia, while 

Argos Soditic acquired a majority stake in Ravenna-based food supplier Dimar. Iberia, meanwhile, played witness to ProA Capital’s 

purchase of ambulance company Ambuibérica in an all-equity deal, and Magenta Partners signed its second transaction in the lowcost 

fitness segment with its establishment of El Gym in Barcelona. 

Portugal continued to edge ever nearer to an international financial bail-out however, with a rise in bond yields close to those of 

Ireland precipitated by the resignation of Prime Minister José Socrates. 

■ UK & Ireland unquote” 

March saw some major legislative and tax changes in the UK, which will impact the private equity industry in years to come. 

Firstly, Chancellor George Osborne’s 2011 Budget saw some positive moves on corporation tax, which should help the industry. 

Corporation tax is to be cut by 2%, up from the 1% previously promised. While it won’t directly impact on private equity funds, it 

should help improve profit margins for portfolio companies. An increase in entrepreneurs relief, and continued support for VCT 

and EIS schemes have been hailed as positive developments for the venture capital community. 

The UK also saw changes to the takeover code, aimed at protecting companies against hostile bids. A tightened put-up clause, 

which would require any potential acquirer to put up a formal bid within 28 days of targeting a listed company, could hamper 

private equity funds investing in public markets. 

On the deal front, Lyceum Capital took a controlling stake in takeaway food chain EAT in a secondary buyout from Penta Capital. 

EAT is thought to be worth around £100m, and has grown significantly in recent years, increasing turnover almost threefold 

since 2005. 



deal sector index 

unquote 

DEALS VALUE TYPE NAME LEAD BACKERS COUNTRY PAGE 

AUTO PARTS

unquote 

early-stage 

Early-stage transactions include start-up/seed and early-stage equity investments. Start-up/seed financing is provided to companies for use 

in product development and initial marketing. Companies may be in the process of being set up or may have been in business for a short 

time, but have not sold their product commercially. Early-stage financing allows companies which have completed the product development 

stage and require further funds to initiate commercial manufacturing and sales. They may not yet be generating any revenues. 

Life Sciences leads €5m Activaero round 

Transaction 

Venture capital firm Life Sciences Partners has led a €5m series-A finance round for Activaero. 

Existing investors BioMedPartners AG, VI Partners AG, Abalis Finance AG, Vesalius Biocapital I 

SICAR SA, MedVenture Partners and other shareholders provided €1.5 for this round. The capital 

will be used to complete clinical development of the firm’s asthma programme and controlled 

breathing inhalation devices. 

Life Sciences Partners had an established relationship with Activaero and the inhalation device specialist 

approached the investor directly. The investor believes in the potential of the business and its highquality 

clinical studies and is positive about further growth. 

GERMANY 

EARLY-STAGE 

Activaero 

€5m 

Location Gemünden 

Sector Biotechnology 

Staff 42 

Founded 1998 

Turnover €3m 

Company 

Activaero is a developer of controlled breathing drug delivery technologies. The business is 

headquartered in Gemünden, Germany and also operates in Munich and Dublin, Ohio. The company 

had a turnover of about €3m in 2010. 

People 

Dr Jörg Neermann represented Life Sciences Partners. 

HTGF et al. support Tixel with €0.7m 

Transaction 

High-Tech Gründerfonds and hannover innovations fonds have backed data transfer specialist Tixel 

with €0.7m. 

EARLY-STAGE 

Tixel 

€0.7m 

Location Hannover 

Sector Software 

Founded 2009 

The investors were convinced by the transfer technology operating in a so-far unrivalled market. 

According to HTGF, worldwide data volume will further increase and therefore the investor considers 

the company’s product is of strategic and visionary importance. 

The capital will be used to expand the partner network among big companies, optimise the technical 

infrastructure and increase local headquarter staff. 

Company 

Hannover-based Tixel is a spin-off of electronics company Thomson, founded in 2009. The company 

has developed a reliable data transfer solution with high transfer speeds. 

Tixel has developed the TIXstream technology, based on the patented Reliable WAN Transfer Protocol 

(RWTP). The technology provides transfer speeds of about 4Gbit/s. 

People 

Andreas Quauke represents High-Tech Gründerfonds. 



early-stage 

unquote 

EARLY-STAGE 

yourTime Solutions 

€0.5m 

Location Potsdam 

Sector Software 

Founded 2010 

Staff 7 

HTGF backs yourTime with €500,000 

Transaction 

High-Tech Gründerfonds (HTGF) has invested €500,000 in German software provider yourTime 

Solutions. 

The investment emerged when Jan Johannsen, CEO of yourTime, directly approached HTGF. The 

investor was convinced by the management team, which consists of experienced business managers, and 

was also attracted to the potential of the software product. 

HTGF believes that the company offers a high-quality time and e-mail management software which can 

be applied as a cloud solution for corporate use. The capital will be used to support new development 

and market entry of the “yourMail” software product. 

Company 

Potsdam-based yourTime Solutions GmbH develops and markets time and e-mail management 

solutions. The company was founded in 2010 and currently employs about seven members of staff. 

People 

Christine Schmidl represented High-Tech Gründerfonds. 

EARLY-STAGE 

MegaZebra 

n/d (

unquote 

expansion 

Expansion capital is provided to support the growth and expansion of an established company and must include an element of equity financing. 

Funds may be used to enable increased production capacity, market or product development and/or to provide additional working capital. 

Acquisition finance provided to a new or existing investee company to support its acquisition of a target or targets is also included in this section. 

T-Venture invests in FutureE 

Transaction 

T-Venture, the venture capital arm of Deutsche Telekom, Entrepreneurs Fund and KfW have backed 

FutureE Fuel Cell Solutions with an undisclosed amount. 

Contact between T-Venture and FutureE was established through the lead investor, Entrepreneurs 

Fund, and as it is a supplier to Telekom’s subsidiary PASM Power and Air Condition Solution 

Management GmbH & Co. KG. 

The capital will be used to develop the technology and launch the company’s fuel cell system “Jupiter”. 

GERMANY 

EXPANSION 

FutureE Fuel Cell 

Solutions 

n/d (€500m) 

Location Übach-Palenberg 

Sector Durable household 

products 

Founded 1979 

Staff 190 



uyouts 

unquote 

distribution. The capital will be used for further internationalisation of the business. SLV will leverage 

from Cinven’s expertise in the consumer and industrial sector in Europe. 

Previous funding 

Hg Capital acquired SLV for €320m in 2007. Since then, the company has expanded its core business 

in Übach-Palenberg and also strengthened the international distribution network. 

Debt 

No details regarding the debt structure were disclosed. 

Company 

SLV is based in Übach-Palenberg and was founded in 1979. The company is a provider of interior and 

exterior lighting solutions. It operates subsidiaries in Germany, France, Italy, Belgium, Switzerland, 

Hong Kong, the US and Russia. 

SLV only operates as a wholesaler – its products are distributed via a network of partners supplying 

about 60 countries. The business employs 190 people. 

People 

Justin von Simons is managing director at HgCapital Germany and Bruno Schick represented Cinven. 

Advisers 

Equity – Altium Capital (Corporate finance); Hengeler Mueller, Dr Emanuel Strehle, Dr Christof 

Jäckle, Dr Matthias Scheifele, Dr Alf-Henrik Bischke, Dr Christian Hoefs, Dr Iris Paetzke, Dr Alexander 

Ego, Maximilian Brosinger, Dr Philipp Scheuermann, Jan-Henning Wyen, Tobias A Schäfers, Eckbert 

Müller, Dr Gunther Wagner (Legal). 

Vendor – Macquarie (Corporate finance); Clifford Chance, Burc Hesse, Marc Besen, Dr Uwe 

Schimmelschmidt, Torsten Syrbe, Thomas Weitkamp, Frederik Mühl, Dr Leif Schrader, Dr Michael 

Lamsa, Cord von Mandelsloh, Susanne Baier, Carina Soesanto, Julia Wahls, Michael Samol (Legal). 

Company – Willkie Farr & Gallagher, Mario Schmidt, Dr Patrick Meiisel, Dr. Christian Rolf, Jochen 

Riechwald, Dr Maximilian Schwab, Sabine Weber (Legal). 

Debt – Clifford Chance, Dr Bettina Steinhauer (Legal). 

SECONDARY BUYOUT 

CABB 

n/d (>€340m) 

Location Sulzbach 

Sector Specialty 

Chemicals 

Staff 750 


EBITDA €50m 

Bridgepoint acquires CABB from AXA 

Transaction 

Private equity firm Bridgepoint has acquired German chemical specialist CABB from AXA Private 

Equity in a secondary buyout for an undisclosed amount thought to be over €340m. 

The transaction emerged through an auction process run by Rothschild. 

Bridgepoint was attracted by the company’s good performance, which continued during the downturn, 

and consistently strong revenues as well as its margin growth over the year. The investor believes the 

company has potential to increase its global reach, and is planning to further grow the firm through 

bolt-on acquisitions and expansion to Asia and North America. 


AXA Private Equity acquired CABB in 2006 from Gilde Investment Funds for between €25 and 50m. 

Debt was provided by DZ Bank. During the holding period CABB acquired SF Chem with backing 



unquote 

buyouts 

from AXA and doubled its revenues to €311m. The company also entered the Asian market with its 

acquisition of Karavati in India. 

Debt 

A debt structure was provided by DZ Bank, Société Générale and Commerzbank. 

Company 

Sulzbach-based Clariant Acetyl Building Blocks (CABB) is a chemical specialist. Its products have 

applications in the agro-chemistry, detergents, plastics and pharmaceuticals industries. The firm 

employs about 750 people. The company had a turnover of €311m in 2011 and an EBITDA of €50m. 

CABB operates four production sites in Germany, Switzerland and India, as well as sales offices in the 

UK, Argentina, China and the US. 

People 

Graham Oldroyd and Uwe Kolb represent Bridgepoint. Christof Namenyi is managing director at AXA 

Private Equity. 

Advisers 

Equity – Greenhill & Co Europe (Corporate finance); Freshfields Bruckhaus Deringer LLP, 

Markus Paul, Uta Itzen, Torsten Schreier, Adrian Maguire, Pratap Amin, Heiner Feldhaus, Kerstin 

Blau-Hansen, Ulla Rupp, Marcus Emmer, Hendrik Braun, Sarah Widmaier, Georg Schmittmann, 

Michael Leicht (Legal); Clifford Chance (Legal); Nexant Ldt and ChemAdvice GmbH (Market due 

diligence); KPMG and PricewaterhouseCoopers (Accounting due diligence); ERM (Environmental 

due diligence); Marsh and Argo (Insurance due diligence). 

Company – Pöllath&Partner, Dr Jan Wildberger, Dr Benedikt Hohaus (Legal). 

Vendor – Rothschild GmbH (M&A); Willkie Farr&Gallagher LLP (Legal); Ernst & Young 

GmbH (Tax); Deloitte & Touche GmbH (Accounting due diligence); Arthur D Little Benelux 

SA/NV (Market due diligence). 

Odewald KMU completes Polytech buyout 

Transaction 

Odewald KMU has purchased a majority stake in cataract surgery supplier Polytech Ophthalmologie 

from its founding Reese family for an undisclosed amount. 

The investment was made from the German small-cap Odewald KMU fund. Current managing director 

Rolf Reese and other members of the senior management have reinvested in the company. 

BUYOUT 

Polytech 

Ophthalmologie 

n/d (

uyouts 

unquote 

Company 

Polytech Ophthalmologie is based in Rossdorf, Germany, and was founded in 1989. The company is a 

supplier of products for cataract surgery. The product portfolio includes intraocular lenses, viscoelastics 

and surgery tools. In 2010 the company generated revenues of more than €20m. The eye surgery 

specialist operates in Germany, Austria, Hungary and Poland. 

People 

Joachim von Ribbentrop, Oliver Schönknecht, Igor Golubov and Axel Reske from Odewald KMU 

managed the transaction. 

Advisers 

Equity – Heuking, Ashurst (Legal); Pöllath + Partner (Tax); mazars (Financial due diligence); 

maconda (Commercial due diligence); Willis (Insurance due diligence); Capeo (Corporate finance). 

BUYOUT 

WEGU Europe 

n/d (

unquote 

buyouts 

Company 

Flamingo NV was launched in 1972 and is based in Herentals, Belgium. The company is a retailer 

of pet accessories and has a strong market position in Belgium, France and Germany. It exports its 

products to more than 70 countries. The pet supplier employs about 200 people. 

People 

Dr Christopher Höfener represented Perusa Partners. 

Advisers 

Equity – Contrast Law (Legal); KPMG (Financial due diligence). 

Odewald acquires d&b audiotechnik 

Transaction 

Odewald & Compagnie has acquired sound system provider d&b audiotechnik GmbH together with 

management from Afinum Management GmbH for an undisclosed amount. 

The investor sourced the deal via an auction exclusively run by Berenberg Bank, Frankfurt. The 

transaction is subject to merger control approval. 

The capital will be used to achieve further growth of the company by increasing its market share in 

existing international markets and expansion into new markets, mainly in Central and Eastern Europe, 

Asia and South America, as well as by enlarging d&b’s product portfolio. 

SECONDARY BUYOUT 

d&b audiotechnik 

Location 

Sector 

Backnang 

Technology 

hardware & 

equipment 

Founded 1981 


Staff 200 

Vendor AFINUM 

Management 

GmbH 


In November 2007 Afinum acquired d&b audiotechnik GmbH in a buyout transaction from its 

founders and several shareholders. 

Debt 

A debt structure was provided by UniCredit, Munich, and DZ Bank, Frankfurt. 

Company 

d&b audiotechnik is headquartered in Backnang, Germany, and has been developing, manufacturing 

and distributing loudspeaker systems since 1981. The company operates internationally in the field 

of electroacoustics to produce high quality products for reinforcement of speech and music. d&b’s 

loudspeakers are used globally in rental and installation markets for events, multimedia, musicals, 

concert halls, theatres, opera houses and broadcast. 

The company operates under the brand d&b and has sales subsidiaries in the US, UK, Japan, France, 

Italy and Spain. In 2010, d&b generated sales of approximately €41m, while employing some 200 

people. 

People 

Afinum was represented by Dr Gernot Eisinger, Dr Jochen Klemmer and Tobias Fauser. Odewald & 

Compagnie’s deal team consisted of Torsten Krumm, Andreas Fetting, Ilja Reiner, Sven Matiebe and 

Robert Meusel. 

Advisers 

Equity – Heuking Kühn Lüer Wojtek, Cologne, Dr Pär Johansson, Dr Christoph Schork (Legal); 



uyouts 

unquote 

Rölfs WP Partner AG, Arndt Rautenberg, Markus Kurzhals, Jossip Hesse (Financial & commercial 

due diligence and tax). 

Management – Kleeberg & Partner, Munich, Robert Hörtnagel, Christoph Bode (Legal). 

Vendor – Berenberg Bank, Frankfurt, Dr Ronald Weihe, Dirk-Oliver Löffler, Dr Roland Schulz, 

Katarzyna Wojcik (M&A); Ulsenheimer Friederich Rechtsanwaelte, Munich, Dr Hermann Rock 

(Legal); CMS Hasche Sigle, Munich, Dr Oliver Thurn, Dr Martin Kuhn (Legal); KPMG, Stuttgart, 

Johannes Weiler, Markus Heidelberger, Elen Dinges (Financial due diligence); KPMG, Stuttgart, 

Florian Geiger, Matthias Hülsmann (Tax); goetzpartners, Munich, Dr Wolfram Römhild, Michael 

Hommert, Dr Frank Schwenold (Commercial due diligence). 

BUYOUT 

Media Concept 

Location Hohenbrunn 

Sector Specialty retailers 

Founded 2002 

Staff 70 


Hannover Finanz backs Media Concept MBO 

Transaction 

Hannover Finanz has led an investment in online retailer Media Concept together with BayernLB 

Private Equity. The private equity firms have acquired a 63% stake between them. 

Real Treuhand informed the investors about the sale of Media Concept. The investors were 

attracted by the strong growth of the business, which showed a significant increase in turnover and 

profit since its launch in 2002. The private equity backers were also convinced by the expansion 

potential of the company. 

The investment will be used for an expansion into the Dutch and Spanish markets. 

Sebastian Köhler will replace founder and shareholder Dieter Büchl in the management team, while 

Andreas Gebauer will remain in his position as CEO. 

Debt 

The transaction was an all-equity investment. The company has no existing debt structure from former 

transactions. 

Company 

Media Concept was founded in 2002 and is based in Hohenbrunn, Germany. The company is an online 

retail specialist for ink cartridges and toner. The products are sold to private and business customers and 

distributed through several online shops. 

The printer equipment distributor had a turnover of around €80m in 2010. The online business 

operates in Germany, Austria, Italy and France. 

People 

Claus von Loeper, Frank Löffler, Benjamin Oberwörder and Dr Christina Silberberger managed the 

investment for Hannover Finanz Group. Jan Hähnel and Justus Schmidtke represented Bayern LB 

Private Equity. 

Advisers 

Equity – Real Treuhand, Peter Wolfgang Schulten (Legal); Raupach & Wollert-Emendorff, 

Dr Harald Stang, Heiko Ramcke (Legal); Lynx, Michael Brohl (IT due diligence); Deloitte, 

Jens Ballerstein, Alexander Gehring, Dr Alexander Wilkozewski (Financial & commercial due 

diligence). 



unquote 

exits 

Frog Capital et al. sell stake in agri.capital 

Transaction 

Frog Capital and Ludgate Environmental Fund have sold their stakes in German biogas energy producer 

agri.capital GmbH to Alinda Capital Partners. 

Alinda has agreed to invest €300m in the company over the next three years, in addition to acquiring 

the investors stake for an undisclosed sum. This transaction marks the third exit in less than a year for 

Frog, following the sale of SiC Processing to Nordic Capital and Amazon’s acquisition of BuyVIP. 

Frog Capital had not intended to exit this early, having invested in the company in early 2010. Alinda’s 

offer was however sufficiently attractive for the investor to accept. 

GERMANY 

TRADE SALE 

agri.capital GmbH 

n/d (

Q&A: LPEQ 

Listed private equity 

Page 17 

COMMENT 

Pension fund liabilities 

Page 24 

PLACING AGENTS 

Back in demand 

Page 18 

IPOS 

Much ado about nothing? 

Page 20 

www.unquote.com Issue 114 March 2010 

exits 

unquote 

bmp decided to sell ergoTrade as it operates in a market sector that does not fit into bmp’s new 

investment focus. The transaction emerged through the Sims Group, which approached bmp directly. 


bmp was a lead investor and co-founder of ergoTrade that was launched in 2000. According to bmp 

the company developed successfully during the holding period. 

Company 

ergoTrade was founded in 2000 and provides IT remarketing and life cycle management services. 

The company is based in Schwaig and has customers in more than 40 different countries. Sales are 

focused on Eastern European countries such as Hungary, the Czech Republic, Romania and Bulgaria. 

ergoTrade has about 50 employees. 

People 

Oliver Borrman and Eva Schulz managed the exit for bmp. 

Big Deals 

Monthly feature-led editorial covering the 

European private equity market 

A wealth of information on European deals 

over 20M sourced by the unquote” 

team so you can be assured of the accuracy 

of the data 

Details of all private equity funds currently 

raising and investing in Europe 

Forward thinking comment and analysis of 

recent events 

Breaking private equity news from 

unquote.com, the leading source of 

private equity information 

unquote 

PRIVATE 

EQUITY 

EUROPE 

Taking aim at P2Ps 

Despite the stock market rally, European investors have 

kept publicly listed companies in their sights, Page 14 

in fine detail 

For more information and to sign up for a free trial, visit 

www.privateequityeurope.com 



unquote 

Deutsche watch period to end March 2011 

PERIOD TO 

END MAR 2011 

Figures are based on all expansion/early-stage transactions in the DACH region that were confirmed as having 

an institutional private equity or mezzanine investor as a lead or syndicate partner. 

For further information on unquote’s data and research please call Emanuel Eftimiu on: 

+44 20 7004 7464. 

Volume 

40 

35 

30 

25 

20 

15 

10 

5 

YTD 2011 Value €51.23m 

YTD 2011 Volume 14 

Source: unquote”/Private Equity Insight 

Number and total value of early-stage deals in the DACH region per quarter. 

Early-stage 

0 

0 

Q1 2005 Q3 2005 Q1 2006 Q3 2006 Q1 2007 Q3 2007 Q1 2008 Q3 2008 Q1 2009 Q3 2009 Q1 2010 Q3 2010 Q1 2011 

Q1 2005 

Q3 2005 

Q1 2006 

Q3 2006 

Q1 2007 

Q3 2007 

Q1 2008 

Q3 2008 

Q1 2009 

Q3 2009 

Q1 2010 

Q3 2010 

Q1 2011 

200 

150 

100 

50 

Value (€m) 

Volume 

35 

30 

25 

20 

15 

10 

5 

YTD 2011 Value €71.5m 


0 

0 


Q1 2005 

Q3 2005 

Q1 2006 

Q3 2006 

Q1 2007 

Q3 2007 

Q1 2008 

Q3 2008 

Q1 2009 

Q3 2009 

Q1 2010 

Q3 2010 

Q1 2011 

Expansion 

500 

400 

300 

200 

100 


Number and total value of expansion deals in the DACH region per quarter. 

* Does not include PIPE deals like Blackstone’s €2.68bn investment in Deutsche Telekom, or 

JC Flower’s €1.25bn investment in HSH Nordbank. 

Value (€m) 

Figures are based on all buyouts in Germany, Switzerland and Austria with a recorded or estimated value of €10m+ that were 

confirmed as having an institutional private equity or mezzanine investor as a lead or syndicate partner. 

Volume 

40 

35 

30 

25 

20 

15 

10 

5 

YTD 2011 Value €0.42bn 



Number and total value of €10m+ buyouts per quarter in the DACH region. 

Buyouts 

0 

0 


Q1 2005 

Q3 2005 

Q1 2006 

Q3 2006 

Q1 2007 

Q3 2007 

Q1 2008 

Q3 2008 

Q1 2009 

Q3 2009 

Q1 2010 

Q3 2010 

Q1 2011 

20 

15 

10 

5 

Value (€bn) 

Volume 

250 

200 

150 

100 

50 

YTD 2011 Value €6.6bn 


European buyouts 

0 

0 



Number and total value of €10m+ European buyouts per quarter. 

Does not include CEE buyouts. 

Q1 2005 

Q3 2005 

Q1 2006 

Q3 2006 

Q1 2007 

Q3 2007 

Q1 2008 

Q3 2008 

Q1 2009 

Q3 2009 

Q1 2010 

Q3 2010 

Q1 2011 

80 

70 

60 

50 

40 

30 

20 

10 

Value (€bn) 



funds raising 

unquote 

A 

BE 

CH 

Austria 

Belgium 

Switzerland 

D 

DEN 

EE 

Germany 

Denmark 

Estonia 

EI 

ES 

F 

Ireland 

Spain 

France 

FIN 

I 

LT 

Finland 

Italy 

Lithuania 

BUYOUT FUNDS 

Group Fund name Base Target (m) Close Value (m) 

Active Venture Partners Active Venture II ES n/d 1st €25 

ADM Capital CEECAT Recovery Fund UK €300 1st €100 

AFINUM Management GmbH 

AF Eigenkapitalfonds für deutschen Mittelstand D €500 1st €200 

GmbH & Co KG 

Alchemy Partners Special Opportunities Fund II UK £500 1st £280 

Argos Soditic Argos Expansion F €120 1st €45 

Aster Capital Aster II F €120-150 FA n/d 

Atlantic Bridge Atlantic Bridge UK €130 1st €85 

Augur Capital Augur FIS Financial Opportunities II D €250 1st €70 

BC Partners BC European Capital IX UK €6,000 1st €4,000 

BeCapital IA BeCapital Private Equity SCA SICAR BE €100 1st €80 

Boehringer Ingelheim GmbH Boehringer Ingelheim Venture Fund (BIVF) D €100 FA n/d 

Capricorn Venture Partners Capricorn Health-tech Fund BE n/d 1st €42 

Carlyle Group Carlyle Global Financial Services Partners US n/d 1st $1,100 

Chequers Capital Chequers Capital XVI LP F €800 FA n/d 

Constellation Capital AG Constellation II PE Fund CH €100 FA n/a 

Covesco German Seed Fund GmbH & Co KG German Seed Fund D €50 FA n/d 

Credo Ventures Credo Stage 1 CZ €20 1st €11 

Deutsche Beteiligungs AG (DBAG) DBAG Expansion Capital D €250 FA €170 

Earth Capital ECP Renewable Energy Fund One UK €750 1st n/d 

Eurolight Ventures Eurolight Ventures Fund ES €80-90 FA n/d 

Foresight Group Foresight Solar VCT UK £40 FA n/d 

General Motors General Motors Ventures US $100 FA n/d 

Idinvest Idinvest Private Debt F €250 1st €167 

Impax Asset Management Group Impax New Energy Investors II UK €300-400 2nd €259 

Meidlinger Partners Meidlinger Partners Sustainable Investments LP US $100 1st $15 

Natixis Private Equity, Fonds Strategique Kurma Biofund F €75-100 1st €51 

d’Investissement (FSI) 

Northzone Early-stages Northzone VII NOR €150 1st €85 

Providence Equity Partners Providence Equity Partners VII US n/d FA n/d 

RWE Innogy Innogy Venture Capital GmbH D n/d FA n/d 

SAM Private Equity and Robeco Robeco SAM Clean Tech Private Equity III Fund CH $500 1st $200 

Sherpa Capital Sherpa Capital ES €30 FA n/d 

Unigestion Unigestion Environmental Sustainability Fund of Funds CH €150 FA n/d (FA) 

Unigestion Unigestion Secondary Opportunity Fund II CH €150 2nd €150 

WestBridge WestBridge SME Fund UK €50 1st €10 



unquote 

LX 

NL 

NO 

Luxembourg 

Netherlands 

Norway 

P 

PL 

SWE 

Portugal 

Poland 

Sweden 

UK 

US 

FA 

United Kingdom 

United States 

Fund announced 

FC 

1st 

2nd 

Fund closed 

First close 

Second close 

Date Stage Region Contact Telephone number 

Jan-11 Early-stage, expansion – technology Spain, Germany, Scandinavia Christopher Pommerening +34 93 487 6666 

Apr-10 Buyout, distressed companies CEE, Central Asia, Turkey n/d +44 207 529 5008 

Aug-10 Expansion – small- and mid-cap companies D n/d +49 89 255 433 01 

Aug-10 Buyout, distressed companies Europe Ian Cash, Frits Prakke +44 207 240 9596 

Jul-10 Mezzanine Europe Olivier Bossan +33 153672050 

Feb-11 Early-stage – technology Europe, North America and Asia Jean-Marc Bally +33 1 45 61 34 58 

Nov-10 Buyout, expansion – technology Europe n/d +353 (0)1 603 4450 

Sep-10 Buyout DACH Claudia Otremba +49 69 716 799 26 

Mar-11 Buyout Europe Charlie Bott +44 20 7009 4800 

Jun-10 Expansion – cleantech SMEs US, Europe Alexandre Schmitz +32 2 213 32 66 

Apr-10 Early-stage – healthcare Europe Michel Pairet +49 32 77 8740 

Dec-10 Early-stage, expansion – healthcare Europe n/d +32 (0)16 28 41 00 

Apr-10 Buyout, expansion Global James Burr +1 202 729 5626 

Mar-11 Buyout – mid-market Europe n/d +33 1 5357 6100 

Apr-11 Buoyut – SMEs DACH Ralf Flore +41 44482 6666 

Apr-10 Early-stage – technology DACH n/d +49 8683 33698 16 

Nov-10 Early-stage Europe n/d +420 222 317 377 

Jan-11 Buyout, expansion – mid-market D Thomas Franke +49 69 95787-307 

Jan-10 Expansion – renewable energy, infrastructure EMEA Ben Cotton +44 20 7811 4500 

Feb-11 Early-stage – photonic SMEs Europe Victor Sunyer n/d 

Oct-10 Early-stage – infrastructure Europe Jamie Richards +44 1732 471 805 

Jun-10 Early-stage US, Europe Jon Lauckner n/d 

Oct-10 Mezzanine, secondaries Europe n/d +33 1 55 27 80 00 

Nov-10 Buyout – renewable energy sector Europe Peter Rossbach +44 20 7434 1122 

Dec-09 Early-stage – cleantech, water, energy Global Kevin Brophy +1 215 701 32 99 

Nov-09 Early-stage – life sciences Europe Alain Maiore, Thierry Laugel +33 1 58 19 89 57 

Feb-10 Early-stage, expansion Nordic, Europe Tellef Thorliefsson +47 221250 10 

Jan-11 Buyout Global n/d +1 (401) 751-1700 

Oct-10 Early-stage Europe n/d +49 201 1214499 

Jun-10 Fund-of-funds North America, Western Europe Francois Vetri +41 44 653 10 02 

Oct-10 Buyout, distressed situations Europe, Latin America Eduardo Navarro n/d 

Feb-10 Funds-of-funds US, Europe, Asia Hanspeter Bader +41 22 704 41 11 

Jun-10 Secondaries Europe, US, Asia Hanspeter Bader +41 22 704 41 11 

Jul-10 Buyout Europe Guy Davies +44 2920 546250 



funds investing 

unquote 

This table lists all fully-raised funds known to be actively seeking investment opportunities in the DACH markets. Information regarding any additional fund 

that does not currently feature on our list would be well received. 

BUYOUT FUNDS 

Group Fund name Base 

3i Eurofund V UK 

Access Capital Partners Capital Fund IV expansion Buy-out Europe F 

Advent International Advent International Global Private Equity VI UK 

AFINUM Management GmbH AFINUM Fünfte D 

Alchemy Partners Alchemy Investment Plan UK 

Altor Equity Partners Altor Fund III SWE 

Ambienta Ambienta I I 

AnaCap Financial Partners AnaCap Financial Partners II UK 

Apax Partners Worldwide Apax Europe VII UK 

Arcadia Beteiligungen Arcadia II D 

Argan Capital Argan Capital Fund UK 

Argos Soditic Euroknights VI F 

Auctus Capital Partners Auctus III D 

Bain Capital Bain Capital IX US 

Bain Capital Bain Europe III US 

Baird Capital Partners Europe Baird Capital Partners Europe Fund LP UK 

BaltCap BaltCap Private Equity Fund Estonia 

Barclays Private Equity Barclays Private Equity Europe III UK 

BC Partners BC European Capital VIII UK 

Blackstone Group BCP VI US 

BPE Private Equity BPE2 Private Equity GmbH & Co KG D 

Bregal Capital LLP The Bregal Fund III LP UK 

Bridgepoint Bridgepoint Development Capital I UK 

Bridgepoint Bridgepoint Europe IV UK 

Buy_Out Central Europe Buy_Out Central Europe II A 

Capital Management Partners CMP German Opportunity Fund II D 

Capiton Capiton IV D 

Capvis Equity Partners Capvis Equity III D 

Carlyle Group Carlyle Europe Partners III UK 

CBR Management Equivest II D 

CCMP Capital Advisors CCMP Capital Investors II US 

Charterhouse Charterhouse Capital Partners IX UK 

Cinven The Fourth Cinven Fund UK 

Clayton Dubilier & Rice Clayton Dubilier & Rice Fund VIII US 

Climate Change Capital Ltd Climate Change Capital Private Equity fund UK 

Cognetas Cognetas Fund II UK 

CornerstoneCapital CornerstoneCapital Fonds II D 

CVC Capital Partners CVC European Equity Partners IV UK 

Danske Private Equity Danske PEP IV DEN 

Deutsche Beteiligungs AG DBAG Fund V D 

DLJ Merchant Banking Partners DLJ Merchant Banking Partners IV UK 

Doughty Hanson Doughty Hanson & Co Fund V UK 

Duke Street Capital Duke Street Capital VI UK 

ECM Equity Capital Management German Equity Partners III D 

Electra Partners Europe Electra Partners Club 2007 UK 

EQT EQT V SWE 

Equita Management GmbH Equita Fonds 3 D 

Finatem Finatem Fund III D 

First Reserve Corporation First Reserve Fund XII US 



unquote 

Size (m) Closed Stage Region 

€5,000 Oct-06 Buyout Europe 

€413 Apr-08 Buyout, expansion Europe 

€6,600 Apr-08 Buyout Global 

€230 Oct-07 Buyout, mid-market DACH 

€1,600 Evergreen Buyout UK, Western Europe 

€2,000 Aug-08 Buyout, distressed companies Global 

€218 Oct-09 Buyout, expansion Europe 

€575 May-05 Buyout, expansion Europe 

€11,200 Oct-07 Buyout Global 

€250 Mar-07 Buyout, mid-market DACH 

€425 0ct-06 Buyout Nordic, Western Europe, CEE 

€400 Dec-10 Buyout, small and mid-market Europe 

€155 Mar-11 Buyout – small- and mid-cap DACH 

$8,000 (+$2,000 co-invest) Jun-05 Buyout Global 

€3,500 Jun-05 Buyout Europe 

€240 Jun-05 Buyout UK, D 

€63 Dec-09 Buyout Baltic 

£2,400 Sep-07 Buyout, expansion Europe 

€5,500 May-05 Buyout Europe 

$15000 Jan-11 Buyout US, Europe 

€100 Jun-05 Buyout DACH 

€1,000 Feb-10 Buyout UK & Europe 

€300 Jun-05 Buyout Europe 

€4,850 Nov-08 Buyout Europe 

€150 Jan-08 Buyout DACH 

€175 Apr-11 Buyout, distressed, special situations DACH 

€350 Oct-05 Buyout DACH 

€500 Feb-08 Buyout DACH 

€5,350 Sep-07 Buyout US, Europe 

€200 Jun-07 Buyout DACH 

$3,400 Nov-07 Buyout US, Europe, Asia 

€4,000 Apr-09 Buyout Europe 


$5,000 Jan-10 Buyout Europe, US 

€200 Sep-07 Buyout, expansion – clean energy Europe 

€1,260 Jul-05 Buyout Western Europe 

€50 Jul-05 Buyout, small-cap DACH 

€6,000 Aug-05 Buyout Europe 

€600 Jan-05 Buyout, fund-of-funds Europe, North America 

€434 Jan-06 Buyout DACH 

$2,100 Oct-06 Buyout Europe, US 


€1,000 Aug-07 Buyout Europe 

€250 n/d Buyout DACH 

£100 Jun-08 Buyout Western Europe 

€4,250 Dec-06 Buyout Europe 

€315 Mar-07 Buyout D 

€120 Jan-10 Buyout, mid-market DACH 

$9,000 Mar-05 Buyouts, expansion – energy Global 




unquote 

BUYOUT FUNDS 


Fortis Private Equity Fortis Private Equity NL, BE 

GI Partners GI Partners Fund III US 

Gilde Buy Out Partners Gilde Buy Out Fund IV NL 

GIMV GIMV BE 

GMT Communications Partners GMT Communications Partners III UK 

Goldman Sachs GS Capital Partners VI US 

H.I.G. Capital H.I.G. European Partners US 

Halder Beteiligungsberatung Halder-GIMV Germany II D 

Hellman & Friedman HFCP VII US 

Hermes Private Equity Hermes Private Equity Partners III (HPEP III) UK 

HgCapital HgCapital V LP UK 

HitecVision HitecVision V LP NOR 

Hudson Clean Energy Partners Hudson Clean Energy Partners LP UK 

Ibersuizas Ibersuizas Capital Fund II ES 

IDeA Alternative Investments SpA IDeA Co-Investment Fund I I 

Industri Kapital IK2007 UK 

Infinity Infinity III UK 

Innova Capital Innova/4 LP P 

Investcorp Investcorp Technology Partners III UK 

Investindustrial Investindustrial Fund IV I 

Invision Private Equity Invision IV CH 

J Hirsch & Co ILP III LX 

L Capital Management L Capital FCPR 2 F 

Lime Rock Partners Lime Rock Partners V US 

Lion Capital Lion Capital Fund II UK 

Madison Dearborn Partners Madison Capital Partners VI LP US 

Montagu Private Equity Montagu III LP UK 

Morgan Stanley Global Secondary Opportunities Fund US 

NBGI Private Equity NBGI Private Equity Fund II UK 

Neuberger Berman NB Distressed Debt Investment Fund Limited US 

Nordic Capital Nordic Capital Fund VII Jersey 

Oaktree Capital Management LP OCM European Principal Opportunities Fund II US 

Odin Equity Partners Odin Equity Partners Fund II DEN 

Orlando Management GmbH Special Situations Venture Partners II D 

PAI partners PAI Europe V F 

Palamon Capital Partners Palamon Europe Equity II UK 

Partners Group Partners Group Direct Investments 2009 CH 

Permira Permira IV UK 

Perusa Partners Perusa Partners I UK 

PINOVACapital PINOVA Fund I D 

Platinum Private Equity Partners Platinum Private Equity Partners II US 

Primary Capital Primary III UK 

Proa Capital ProA Capital Iberian Buyout Fund I ES 

Quadriga Capital Services GmbH Quadriga Capital III UK 

Riverside Company Riverside Europe Fund IV BE 

Robeco Alternative Investments Robeco European Private Equity II NL 

SG Capital Europe Advisors Ltd SG Capital Europe Fund III LP UK 

SGAM SGAM Private Value Fund F 

Summit Partners Summit Partners Europe Private Equity Fund US 

TA Associates TA XI LP US 

TDR Capital TDR Capital II UK 



unquote 


€1,250 n/d Buyout, expansion Europe, US, Asia 

$1.900 Jan-10 Buyout, distressed companies Europe, North-America 

€800 Jul-10 Buyout Benelux, DACH, F 

€1,200 n/d Buyout, expansion, early-stage Europe 

€250 Jul-07 Buyout Europe 

$20,300 Jun-05 Buyout Global 



$8,800 Nov-09 Buyout Global 

n/d Jul-07 Buyout Europe 

£830 Feb-06 Buyout Europe 

$816 Feb-08 Buyout, expansion Europe, US 

$1,000 Jan-10 Buyout – renewable energy Global 


€217 Jun-05 Buyout, expansion – co-investments Europe 

€1,675 Oct-07 Buyout Europe 

$200 Mar-11 Buyout, expansion UK, Europe, North America 

€225 Nov-06 Buyout, mid-market CEE 

$400 Jan-08 Buyout Europe 

€1,000 Feb-08 Buyout Europe 

CHF300 Oct-08 Buyout, expansion Europe 

€270 Oct-08 Buyout I, D 

€325 Mar-08 Buyout Europe, US 

$1,400 Jun-08 Buyout Global 


$4,100 May-10 Buyout Global 

£2,260 Jun-05 Buyout Europe 

$585 May-10 Buyout, mid-market US, Europe 

€100 Dec-08 Buyout, expansion, turnaround UK 

$197 Jun-10 Buyout, distressed, special situations Europe 

€4,300 Nov-08 Buyout Global, focus on Europe 

€1,800 Dec-08 Buyout, expansion, distressed Global 

€210 Dec-08 Buyout DEN, Southern SWE, Northern D 

€255 Nov-06 Buyout DACH 


€670 Jun-06 Buyout, expansion Europe 

€650 Sep-10 Buyout Europe 

€9,600 Sep-06 Buyout Europe, US, Japan 

€155 Ap-08 Buyout Europe 

€115 Oct-10 Buyout, expansion Germany 

$2,750 Sep-08 Buyout Global 

€200 Apr-06 Buyout Europe 

€250 Apr-08 Buyout Europe 

€525 Mar-07 Buyout, mid-market DACH, Benelux 

€420 Nov-10 Buyout, small- and mid-cap Europe 

$100 Jun-05 Buyout Europe 

€245 May-05 Buy-out, small- and mid-cap DACH, Benelux, I, F 

€267 Jun-07 Buyout, expansion, early-stage Europe, US, Asia 

€1,000 Apr-08 Buyout Global 

$4000 Aug-05 Buyout, expansion US, Europe, India 

€1,750 Jun-06 Buyout – mid-market Western Europe 




unquote 

BUYOUT FUNDS 


Terra Firma Terra Firma Capital Partners III UK 

The Gores Group Gores Capital Partners III US 

TowerBrook Capital Partners TowerBrook Investor LP III UK 

Triton Partners Triton Partners III D 

Vendis Capital Vendis Capital I BE 

Ventizz Capital Partners Ventizz Capital Fund IV D 

Vitruvian Partners Vitruvian Investment Partnership UK 

Warburg Pincus Warburg Pincus X US 

Waterland Private Equity Waterland Private Equity III NL 

Zurmont Madison Management Zurmont Madison Private Equity CH 

EARLY-STAGE/EXPANSION FUNDS 


360° Capital Partners 360° Capital Fund F 

3i Growth Capital Fund UK 

4D Global Energy Advisors SGAM/4D Global Energy Development Capital Fund II FIN 

Acton Capital Partners Heureka Expansion Fund D 

Advent Venture Partners Advent Life Science UK 

Alliance Venture Partners Alliance Venture Polaris NOR 

Amadeus Capital Partners Amadeus III UK 

Atlas Venture Atlas Venture Fund VIII UK 

Atomico Ventures Atomico Ventures II US 

BankInvest BankInvest BioMedical Annex Funds DEN 

BB Biotech Venures BB Biotech Ventures III UK 

BioMedPartners BioMedInvest II CH 

Brú II Venture Capital Brú II Venture Capital Fund Iceland 

CapMan CapMan Life Science IV SWE 

Conor Venture Partners Conor Technology Fund II FIN 

Demeter Partners Demeter 2 F 

Earlybird Venture Capital Earlybird IV D 

eCAPITAL eCAPITAL III D 

Emerald Technology Ventures SAM Private Equity Sustainability Fund II UK 

Energy Ventures Energy Ventures III NOR 

Essex Woodland Health Ventures Essex Woodland Health Ventures VIII US 

Forbion Capital Partners FCF I Co-Invest Fund NL 

Hasso Plattner Ventures Hasso Plattner Ventures Europe D 

HitecVision HitecVision Asset Solutions NOR 

Holtzbrink Ventures HV Holtzbrink Ventures Fund IV D 

Index Ventures Index Ventures V UK 

Innovacom Innovacom 6 F 

Kennet Partners Kennet III UK 

Kohlberg Kravis Roberts KKR European Annex Fund UK 

Milk Capital Milk Capital F 

NBGI Ventures NBGI Private Equity French Fund I UK 

NBGI Ventures NBGI Technology Fund II LP UK 

NeoMed NeoMed Innovation IV NOR 

Platina Partners European Renewable Energy Fund UK 

Pond Venture Partners Pond III US 

Prime Technology Ventures Prime Technology Ventures III NL 

Quest for expansion Quest for expansion NV BE 

Serena Capital Serena Capital F 

Sofinnova Partners Sofinnova Capital VI F 



unquote 



$2,000 Feb-11 Buyout US, Europe 

$2,800 Nov-08 Buyout Europe, North America 

€2,250 Feb-10 Buyout Europe 

€112 Jan-11 Buyout, expansion Europe 


€925 Mar-08 Buyout Europe 

$15,000 Apr-08 Buyout Global 

€400 May-06 Buyout Benelux, D 

CHF250 Jan-09 Buyout, expansion DACH 


€100 Feb-08 Early-stage Europe 

€1,200 Mar-10 Expansion Europe, Asia, North America 

$181 Apr-07 Expansion Europe, US, Africa, Middle East 

€150 May-10 Expansion – technology Europe, North America 

$120 Nov-10 Early-stage – life science Europe, US 

NOK340 Nov-06 Early-stage Global 

$310 Mar-07 Early-stage Europe 

$283 Jan-05 Early-stage Europe, US 

$165 Mar-10 Early-stage Europe 

n/d Jul-05 Early-stage Europe 

€68 Jul-05 Early-stage, expansion Global 

CHF120 Dec-05 Early-stage – healthcare DACH 

€65 Apr-07 Expansion Europe,US 

€54 May-07 Expansion Europe 

€60-80 May-10 Early-stage – technology Baltic 

€203 Jan-10 Expansion – cleantech, renewable energy F, ES, D 

€127 Aug-08 Early-stage DACH, F, Benelux, Nordics, UK 

€50 Mar-11 Early-stage and expansion – cleantech DACH 

€135 Apr-07 Early-stage, expansion North America, Europe 

NOK1,340 Jan-08 Early-stage North Sea, US 

$900 Mar-05 Early-stage, expansion – healthcare Europe, Asia 

€54 Sep-10 Early-stage Europe 

€100 Jun-08 Early-stage, expansion Europe, Israel 

$420 Jun-10 Expansion – oil & gas Global 

€177 Jan-11 Early-stage – media DACH 

€350 Mar-09 Early-stage – technology, biotech, cleantech Europe, Global 

€150 Oct-07 Early-stage, expansion Europe 

€200 Jul-08 Expansion – technology Europe, US 

€400 Aug-09 Expansion Global 

€20 Jul-08 Early-stage Global 

€100 Jan-10 Early-stage Europe 

€60 Oct-07 Early-stage Europe 

€104 Dec-05 Early-stage, expansion Europe 

€209 Mar-10 Expansion – renewable energy Europe 

$145 Feb-06 Early-stage Europe 

€150 Jan-09 Early-stage, expansion – technology Europe 

€103 Nov-05 Early-stage Europe 

€100 Jan-06 Early-stage, expansion Western Europe 

€260 Feb-10 Early-stage, expansion Europe 




unquote 

EARLY-STAGE/EXPANSION FUNDS 


SV Life Sciences (SVLS) SV Life Sciences (SVLS) Fund V US 

Target Partners Target Partners Fund II D 

Wellington Partners Wellington Partners IV Technology UK 

WHEB Ventures WHEB Ventures Private Equity Fund 2 UK/D 

OTHER FUNDS 


17Capital 17Capital Fund LP UK 

Altamar Private Equity Altamar Secondary Opportunities IV ES 

Arcis Group ESD Fund IV UK, F 

Babson Capital Europe Almack Mezzanine I UK 

Coller Capital Coller International Partners V UK 

Environmental Technologies Fund Environmental Technologies Fund LP UK 

EQT EQT Credit SWE 

EQT EQT Expansion Capital II SWE 

F&C Private Equity Aurora Fund UK 

Goldman Sachs Asset Management GS Vintage Fund V US 

GSO Capital Partners, Blackstone Group GSO Capital Solutions Fund UK 

HarbourVest Partners Dover Street VII US 

Headway Capital Partners Headway Investment Partners II (HIP II) UK 

IFE Conseil IFE Conseil II LX 

Indigo Capital Indigo Capital V (ICV) UK 

Intermediate Capital Group Plc European Mezzanine Fund IV UK 

J.P. Morgan Asset Management J.P. Morgan Private Equity Limited UK 

LGT Capital Partners Crown Global Secondaries II plc CH 

Mezzanine Management Central Europe AMC II A 

MML Capital Partners Mezzanine Management Fund IV LP UK 

Nordic Mezzanine Nordic Mezzanine Fund III FIN 

Park Square Park Square Capital II UK 

Park Square Capital Park Square Capital Partners LP UK 

Partners Group Partners Group Global Opportunities CH 

Partners Group Partners Group Secondary 2008 CH 

Pomona Capital Pomona Capital VII US 

Syntaxis Capital Syntaxis Mezzanine Fund II LP A 

Vision Capital Vision Capital Partners VII UK 

Fund-of-funds 


Abbott Capital Management Abbott Capital Private Equity Fund VI US 

Amanda Capital Amanda III FIN 

Arcano Capital Global Opportunity Fund II ES 

ATP Private Equity Partners ATP IV K/S DEN 

F&C Private Equity F&C European Capital Partners UK 

IDeA Alternative Investments SpA ICF II I 

LODH Private Equity AG Euro Choice IV D 

Morgan Stanley AIP Morgan Stanley Private Markets Fund IV UK 

Pohjola Private Equity Selected Mezzanine Funds I FIN 

Portfolio Advisors Portfolio Advisors Private Equity Fund V US 

Robeco Robeco Responsible Private Equity II NL 

Siemens Siemens Global Innovation Partners I (SGIP I) D 

SL Capital Partners LLP European Strategic Partners 2008 UK 

Wiltshire Private Markets Wilshire Private Markets Fund VIII US 



unquote 


$523 Jul-10 Early-stage – healthcare US, Europe 

€113 Mar-05 Early-stage – technology DACH 

€265 Jan-08 Expansion Europe 

€105 Jun-10 Expansion – cleantech EuroPE 


€88 Sep-10 Mezzanine Europe 

€65 Jan-10 Secondaries Global 

€354 Oct-08 Secondaries Europe 

€800 Jun-06 Mezzanine Europe 

$4,500 Apr-07 Secondaries Europe, US 

£110 Mar-08 Mezzanine – clean energy Europe 

€350 Dec-10 Mezzanine, expansion Europe 

€474 Jun-07 Mezzanine, expansion Europe 

€45 Jul-10 Secondaries Europe 

$5,500 Mar-05 Secondaries Global 

$3250 Jul-10 Mezzanine US, Europe 

$2,900 Apr-09 Secondaries Global 

n/d Apr-08 Secondaries Global 

€300 Nov-06 Mezzanine Benelux, D, F, ES, I 

€550 Jun-07 Mezzanine Europe 

£1,250 Apr-07 Mezzanine Europe 

$93 Sep-05 Secondaries Global 

€1,200 Jun-10 Secondaries Europe, Australia, US, Asia 

€261 Apr-08 Mezzanine CEE 

€268 Jun-07 Mezzanine Western Europe, North America 

€320 Feb-10 Mezzanine Nordic, DACH, Benelux 

€850 Apr-11 Mezzanine Europe 

€1,050 Jan-05 Mezzanine Europe 

€400 Oct-06 Co-investment Global 

€2,500 Dec-09 Secondaries Global 

€1,300 Jul-08 Secondaries Global 

€130 Dec-09 Mezzanine CEE 

€680 Jan-09 Direct secondaries Europe 


$1,020 Apr-05 Fund-of-funds Global 

€100 May-07 Fund-of-funds Europe, US, Russia, Asia 

€150 Jan-10 Fund-of-funds Europe, Asia, US 

€1,000 Dec-10 Fund-of-funds Europe, US 

€173 Jul-08 Fund-of-funds Europe 

€281 Aug-10 Fund-of-funds Europe, US 

€513 May-05 Fund-of-funds Europe 

$1,140 May-09 Fund-of-funds Global 

€102 Jun-09 Fund-of-funds – mezzanine, co-investment Europe 

$1,000 Apr-09 Fund-of-funds US, Europe 

€50 May-05 Fund-of-funds Global 

n/d May-10 Fund-of-funds, early-stage Global 

€700 Sep-10 Fund-of-funds Europe 

$615 Apr-05 Fund-of-funds Global 



IPO tracker 

unquote 

The table below tracks the performance of previously private equity-backed companies in the DACH region as listed stock 

Company ICB subsector name Original deal Equity syndicate 

Venture Buyouts 

Bauer AG Heavy construction n/d, 1996 Deutsche Beteiligungs AG 

Brenntag AG Speciality chemicals €3.25bn, 2006 BC Partners 

Burckhardt Compression AG Industrial machinery €25m, 2002 Zurmont Madison Private Equity 

Demag Cranes AG Commercial vehicles & trucks n/d, 2002 Kohlberg Kravis Roberts & Co 

Francotyp-Postalia Industrial machinery n/d, 2005 Quadriga Capital 

Homag Group AG Industrial machinery n/d Deutsche Beteiligungs AG 

Kabel Deutschland Broadcasting & entertainment €3.2bn, 2005 Providence Equity Partners 

Klöckner & Co AG Steel n/d, 2004 Lindsay Goldberg & Bessemer 

Orior AG Food producers n/d , 2006 Capvis Equity Partners 

Polytec Group Auto parts €72m, 2000 Capvis Equity Partners 

Sky Deutschland (Premiere) Broadcasting & entertainment n/d, 2002 Permira 

Symrise AG Speciality chemicals n/d, 2002 EQT Partners 

Tognum AG Industrial machinery €1.6bn, 2005 EQT Partners 

Tom Tailor Holding AG Apparel retailers n/d, 2005 Alpha Beteiligungsberatung 

Versatel AG Internet n/d, 2005 Apax Partners 

Zumtobel AG Building materials & fixtures n/d, 2002 Kohlberg Kravis Roberts & Co 

asknet AG Software n/d, 2001 Süd Private Equity 

Digital Identification Solutions AG Software n/d, 2004 Brockhaus Private Equity 

Heliocentris Fuel Cells AG Electrical components & equipment n/d, 1999 bmp AG 

Magix Entertainment GmbH Software €10m, 2000 3i 

Santhera Pharmaceuticals Biotechnology €7m, 2004 NGN Capital, BioMedInvest, 3i 

u-blox Semiconductors CHF 8m, 2000 Partners Group, 3i 

VITA 34 International AG Healthcare providers n/d, 1997 SHS Gesellschaft für Beteiligungsmanagement 

mbH 

Wilex AG Biotechnology €30m, 2000 Apax Partners, Merlin Biosciences, TVM Capital, 

Earlybird 

XING AG Internet €5.7m, 2005 Wellington Partners 

YOC AG Media agencies €2.1m, 2000 bmp AG, AVIDA Group 

* country specific sector index 

Source: Bloomberg 



unquote 

IPO date 

Prime 

exchange 

Issue price 

Market cap at 

IPO 

P/E ratio 

Industry 

benchmark P/E 

ratio * 

Share price 

11/04/2011 

Price change 

since IPO 

3-month 

trend 

Jul-06 Xetra €16.75 €287m 21.2 n/a €36.01 115% — 

Apr-10 Frankfurt €50.00 £745m n/a n/a €80.90 62% ▲ 

Jun-06 SIX CHF 85 CHF 289m 11.54 n/a CHF 278.00 227% ▲ 

Jun-06 Xetra €22 €462m n/a n/a €35.86 63% ▼ 

Nov-06 Xetra €19 €279m n/a n/a €3.47 -82% ▼ 

Jul-07 Xetra €31 €484m n/a n/a €14.47 -53% ▼ 

Mar-10 Xetra €22 €5.5 bn n/a n/a €38.35 74% ▲ 

Jun-06 Xetra €16 €744m n/a n/a €23.55 47% ▲ 

Apr-10 SIX CHF 48.0 €164m 8.44 n/a CHF 53.0 10% — 

Apr-06 Vienna €7.75 €151m n/a n/a €7.19 -7% ▲ 

Mar-06 Xetra €28 €1bn n/a n/a €3.06 -89% ▲ 

Dec-06 Xetra €17.25 €1.2bn 20.05 n/a €21.21 23% ▲ 

Jul-07 Xetra €24 €1.8bn 25.13 n/a €25.80 7% ▲ 

Mar-10 Xetra €13 €143m n/a n/a €13.50 4% ▼ 

Apr-07 Xetra €29 €721m n/a 16.99 €6.60 -77% ▲ 

May-06 Vienna €20.5 €902m n/a 16.17 €24.78 21% ▲ 

Nov-06 Xetra €9 €44m n/a 16.99 €3.07 -66% ▲ 

May-06 Xetra €19 €41m n/a 16.99 €4.50 -76% ▲ 

Jun-06 Xetra €4.5 €7m n/a n/a €5.00 11% ▲ 

Apr-06 Xetra €16.4 €203m 15.16 15.37 €7.62 -54% ▲ 

Nov-06 SIX CHF 90 CHF 270m n/a 18.03 CHF 7.20 -92% ▼ 

Oct-07 SIX CHF 51 CHF 270m n/a n/a CHF 49.30 -3% ▼ 

Mar-07 Xetra €15 €40m 13.86 12.77 €5.00 -67% ▲ 

Nov-06 Xetra €13.8 €164m n/a 18.03 €3.57 -74% ▼ 

Dec-06 Xetra €30 €156m n/a 16.99 €41.57 39% ▲ 

Jun-06 Xetra €18 €31m n/a n/a €32.02 78% — 



diary dates 

unquote 

31 May 2011 

unquote” Nordic Private Equity Congress 

Stockholm, Sweden 

Tel: (+44) 20 7484 9947 

Email: victoria.cozens@incisvemedia.com 

http://www.nordicpecongress.com 

22 September 2011 

European Fundraising Summit 

London, UK 

Tel: (+44) 20 7484 9947 


October 2011 (date tbc) 

unquote” Deutsche Private Equity Congress 

Munich, Germany 

Tel: (+44) 20 7484 9947 


http://www.deutschepecongress.com 

November 2011 (date tbc) 

unquote” Italia Private Equity Congress 

Milan, Italy 

Tel: (+44) 20 7484 9947 


http://www.italiapecongress.com 

February 2012 (date tbc) 

unquote” South Africa Private Equity Congress 

Cape Town, South Africa 

Tel: (+44) 20 7484 9947 


http://www.southafricapecongress.com 

To book your place or to request a full programme for any of our 2011 events, 

email nicola.tillin@incisivemedia.com or call her on +44 (0)20 7484 9884. 

LPs and Funds of Funds may attend unquote” conferences free of charge, 

subject to qualification by Incisive Media. 



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Who’s Who in Private Equity Online 

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From £695 

European Buyout Review 

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Private Equity Insight’s unique Performance Analyser provides the only way to: Compare forecast performance models with aggregated actual data; 

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