Although 2009 is certainly a year to forget - Unquote

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funds Name Gilde Buyout Fund IV Closed on 800m (June 2010) Focus Buyouts, mid-market, Europe Contact Koos Teule Gilde Buy Out Partners BV Newtonlaan 91 PO Box 85067 3508 AB Utrecht Netherlands Tel : +31 30 219 2508 Advisers MVision (Placement agent); SJ Berwin (Legal) unquote Gilde’s latest fund reaches 800m hard-cap Fund Gilde Buyout Partners has closed its Gilde Buyout Fund IV on 800m. Launched in March 2009, the vehicle has a 10-year lifespan, with the potential to extend by two one-year periods. Based in the Netherlands, the fund was oversubscribed and reached its hard-cap following strong investor interest. Management fees have been set at 1.65%, while the hurdle and carry follow the industry standard of 8% and 20% respectively. Carried interest will be paid on the fund as a whole. MVision acted as global placing agent and SJ Berwin was mandated as legal adviser. Gilde’s previous buyout fund, Gilde Buyout Fund III, reached its 600m target in September 2006. To date, it has completed nine investments. Investors The fund has attracted 45 contributors, with several previous Gilde investors returning. 50% of commitments came from Europe, 35% from the US and 15% from the Asia Pacific. Pension plans and sovereign wealth funds account for the majority of the investor base. Investments Gilde aims to make equity investments of 25-200m in mid-market companies across a wide range of industries, with a core focus on the Benelux, German-speaking and French economies. The fund expects to perform around 15 investments over its lifetime, several of which are said to be already in the pipeline. People The fund is managed by the Gilde buyout team, led by Boudewijn Molenaar. Name Argos Expansion Closed on 45m (July 2010) Target 120m Focus Expansion, SMEs, France Contact Constance Jay Argos Soditic 14, rue de Bassano 75783 Paris Cedex 16 France Tel: +33 1 53 67 20 50 Advisers Proskauer Rose (Legal) Latest Argos fund holds 45m first close Fund Argos Soditic has closed its Argos Expansion fund on 45m. The vehicle will make its first investments while continuing to raise funds from LPs, with a final target of 120m. The fund has a 10-year lifespan with a fiveyear investment period. Officially launched in January 2008, it started receiving commitments in 2009. Based in France, Argos Expansion is an FCPR benefiting from simplified authorisation procedures. Management fees have been set at 2%, hurdle at 7% and carry at 20%. While no placing agent was mandated, Proskauer Rose acts as legal adviser to the fund. Investors Argos Expansion has received commitments from 14 investors so far. The EIF and CDC Entreprises, acting on behalf of the French Strategic Investment Fund (FSI), have contributed along with the three fund managers. The vehicle is looking to attract commitments from France and the rest of Europe. Investments The fund will provide development and acquisition financing for small and medium-sized French enterprises (SMEs) already held or being acquired by their management teams. It will typically invest between 2-12m in junior capital (sponsorless mezzanine) and minority equity. The fund should perform between 10-15 investments in businesses with enterprise values ranging from 10-100m. People An independent management team consisting of three partners – Olivier Bossan, Louis de Lestanville and Jean de Sampigny – will manage the fund’s operations and investments. 04 UNQUOTE AUGUST/SEPTEMBER 10 ENTIRE CONTENTS COPYRIGHT 2010 INCISIVE MEDIA INVESTMENTS LTD www.unquote.com/france
unquote Carlyle set to exit Otor CARLYLE HAS entered into exclusive discussions with packaging and office supplies wholesaler DS Smith, regarding the acquisition of Carlyle’s stake in listed company Otor. The transaction would involve the sale of 94.75% of Otor’s share capital, which Carlyle acquired in 2005. In addition, shares retained by Otor’s chairman would also be sold to DS Smith, which would then control more than 95% of the company. DS Smith has offered 8.97 per Otor share, which would value the company at 247m, including a 47m debt. Following completion of the transaction by the end of 2010, DS Smith intends to launch an offer for the remaining listed shares. Otor is a French corrugated cardboard packaging manufacturer, operating six box plants, three specialty sheet plants, two paper mills and one packaging machine unit. Floated on NYSE Alternext Paris in 1998, it posted revenues of 315m in 2009. news in brief Avenir et al. back Société Hôtelière Côte Rôtie AVENIR ENTREPRISES, Sofival, BNP Paribas Développement, Garibaldi Participations and Risque & Sérénité have funded the buyout of eight hotels on behalf of Société Hôtelière Côte Rôtie (SHCR). The eight hotels, located in the Rhône-Alpes region of France, were acquired from Groupe Accor for an undisclosed amount. Sofival, a local real estate developer, contributed 39% of the funds. The remainder was provided by private equity houses Avenir Entreprises (21%), BNP Paribas Développement (17%), Garibaldi Participations (7%) and Risque & Sérénité (5%). SHCR was created to operate hotels and aims to take advantage of the region’s tourist potential, especially for skiing holidays. AIFM vote put back to autumn A CRUCIAL VOTE on the AIFM Directive has been delayed until September. Issues regarding third country rules, which would limit the capabilities of non-EU domiciled hedge, private equity and venture capital funds, led to the collapse of talks between the European parliament and country representatives. The European commission had set an ambitious target of agreeing the regulations by the end of this month. However, the Spanish EU presidency says it will not be possible to reach an agreement in June, and the vote has now been delayed until the second parliamentary session in September this year. A delay in holding the vote gives lobbyists crucial extra time to push for changes in the draft legislation, which could negatively impact private equity and venture capital investment in Europe. Seventure leads Nutrionix investment PREVIOUS INVESTORS Seventure Partners have worked with seven business angels to provided additional funding for French-based Nutrionix, a company that specialises in the reduction of sodium in food. The first round of funding from Seventure of 900,000 completed in spring 2009 enabled Nutrionix to launch its first commercial product, K-Salt, and accelerate product development. This second round of funding was arranged to take advantage of increasingly receptive market conditions and the need to accelerate development. Lloyds sells UK portfolio to Coller Capital LLOYDS BANKING GROUP has become the latest bank to cut its private equity exposure, selling its £480m portfolio of UK private equity stakes to a newly created joint venture, Cavendish Square Partners. Lloyds will jointly own the venture with Coller Capital, which has agreed to pay £332m for 70% of the venture, while the bank maintains a 30% stake. The deal will see a transfer of 40 UK trading companies to the new vehicle, currently managed by Bank of Scotland Integrated Finance (BOSIF). Coller won the deal through an auction process, with the agreement subject to regulatory approval. Lloyds expects to complete the transfer of the assets and existing BOSIF management team to the new vehicle by the third quarter of 2010. ENTIRE CONTENTS COPYRIGHT 2010 INCISIVE MEDIA INVESTMENTS LTD UNQUOTE AUGUST/SEPTEMBER 10 05 www.unquote.com/france
Page 1 and 2: unquote France LA RÉFÉRENCE PAR E
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Page 7 and 8: EUROPEAN FUNDRAISING REVIEW 2010 LO
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Page 13 and 14: Financial 3/25/09 5:53:18 PM
Page 15 and 16: unquote European round-up Målselv
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Page 19 and 20: unquote expansion Expansion capital
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Although 2009 is certainly a year to forget - Unquote

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