Although 2009 is certainly a year to forget - Unquote

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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.
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