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Private equity and venture capital news from Europe

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• PE firms go through to next round of HobbyCraft auction 15 Mar 2010. Source: AltAssets. Private equity firms are leading the way in the race to acquire UK arts and crafts retailer HobbyCraft, according to reports. UK car parts and bicycle seller Halfords Group had been looking at the company but did not end up submitting a first round bid for the company, leaving private equity to dominate the shortlist of bidders.

• RBS to offload PE fund stakes in secondary market 15 Mar 2010. Source: AltAssets. Royal Bank of Scotland is in talks to sell interests in private equity funds in the secondary market to rid itself of non-core assets and reduce its balance sheet, according to the Financial Times.

• AIFM could decimate venture and growth funds, EVCA says 15 Mar 2010. Source: AltAssets. Proposed EU regulations on the private equity industry could devastate venture and growth capital firms, according to industry body the European Venture Capital Association.

• OpenGate Capital picks up French Connection’s Nicole Farhi label 15 Mar 2010. Source: AltAssets. US private equity firm OpenGate Capital has acquired the Nicole Farhi clothing brand owned by French Connection, as the fashion house moves to close its US stores and restructure.

• KKR, Warner to place break-up bid for EMI 15 Mar 2010. Source: AltAssets. US private equity firm KKR is preparing to launch a break-up bid with Warner Music for Terra Firma’s EMI, according to the Sunday Times.

• HgCapital launches £50m share placing to fund investments 12 Mar 2010. Source: AltAssets. HgCapital Trust, the listed investor of HgCapital funds, has announced the launch of a £50m (€55m) share placement to raise money for investments. The firm placed the shares at 845 pence (€9.3m) per share.

• DFJ Esprit hires senior adviser for Nordic investments 12 Mar 2010. Source: AltAssets. European venture capital firm DFJ Esprit has hired Mikko Suonenlahti, who joins the team as a senior adviser, focusing on investments in the B2B and B2C software, medtech, bio-IT and energy efficiency sectors in the Nordic region.

• Advent plans to put Poundland up for sale 12 Mar 2010. Source: AltAssets. Private equity house Advent International has hired advisers to prepare a potential sale of Poundland to a rival buy-out firm or to a competitor discount retail chain, according to the Financial Times.

• Brown, Sarkozy to discuss EU private equity regulation 12 Mar 2010. Source: AltAssets. Gordon Brown and Nicolas Sarkozy will try to map out a deal over EU fund regulation reforms, with the UK Prime Minister hoping for a compromise on measures which have been branded protectionist, according to the Financial Times.

• Primary wins auction for HSBC's Amtech Group 11 Mar 2010. Source: AltAssets. HSBC Private Equity has sold portfolio company Amtech Group to mid-market investor Primary. The £35m (€38.5m) sale takes the form of a management buy-out, with £15m (€16.5m) in senior debt finance provided by Lloyds TSB Corporate Markets Acquisition Finance.

• EMI chief executive to leave 11 Mar 2010. Source: AltAssets. Elio Leoni-Sceti, chief executive of troubled record label EMI, is to step down at the end of this month. The turnaround specialist was brought in to head the company in July 2008 by private equity owner Terra Firma, and will be replaced by current non-executive chairman Charles Allen.

• Long-term European private equity performance remains robust 11 Mar 2010. Source: AltAssets. Short-term horizons for private equity and venture capital performance have registered a slight improvement, while long-term returns enjoyed by investors remain robust, according to data for 2009 compiled by Thomson Reuters in association with EVCA.

• Creandum hires ex-Balderton Capital general partner 11 Mar 2010. Source: AltAssets. Nordic venture and growth capital firm Creandum has brought Johan Brenner, previously a general partner at Balderton Capital, into the fold as a venture partner.

• European PE investment in 2009 down 71 per cent on boom of 2007 11 Mar 2010. Source: AltAssets. Last year was a period of internal diligence and stewardship for the European private equity and venture capital industry, as investors concentrated on supporting existing portfolio of companies against a backdrop of recession and macro-economic uncertainty.

• US Treasury Secretary Geithner blasts EU regulation 11 Mar 2010. Source: AltAssets. US Treasury Secretary Tim Geithner has warned the European Commission that plans to regulate the private equity and hedge fund industries could put up barriers between the continent and the US, according to the Financial Times.

• PE firms line up for UK greetings card company 10 Mar 2010. Source: AltAssets. Permira, Cinven, Summit Partners and Warburg Pincus are among the private equity firms bidding for UK greeting cards retail chain Card Factory in a deal that could fetch £400m (€438.9m), according to reports.

• Limited partners warn EU over regulation 10 Mar 2010. Source: AltAssets. An investor association whose members hold over $1trn in private equity assets under management has warned EU regulators that proposed regulatory measures could close Europe off from international private equity and severely limit the prospects of European firms.

• Biopharma company Genticel receives €13.1m to treat cervical cancer 09 Mar 2010. Source: AltAssets. French biopharmaceutical company Genticel, formerly known as BT Pharma, has secured €13.1m in funding to develop its immunotherapeutic treatments for cancers caused by the human pipillomavirus (HPV). Investors included IRDI, Amundi Private Equity Funds and InnoBio fund (CDC enterprises), in the round led by AGF Private Equity.

• UK waste management company rejects Carlyle's bid 09 Mar 2010. Source: AltAssets. Sales talks between US buy-out giant Carlyle and UK private waste treatment company Shanks have broken down after the private equity firm’s 120 pence per share bid was rejected.

• UK state regulator slams performance of government’s SME VC initiative 09 Mar 2010. Source: AltAssets. The performance of a flagship scheme by the UK government to make venture investments in small businesses has been slammed by a watchdog. According to the UK Public Accounts Committee, the government’s efforts to stimulate small business development through venture capital investment have performed below expectations, suffering from high management costs and unclear goals.

• PE-backed waste management firm Biffa to sell landfill gas business for £350m 08 Mar 2010. Source: AltAssets. Private equity-backed waste management group Biffa has put its landfill gas business up for sale at a price of £350m (€387m), according to reports.

• HgCapital discusses £150m UK laundry equipment company purchase 08 Mar 2010. Source: AltAssets. UK private equity firm HgCapital is in exclusive talks to purchase John Laithwaite, a commercial laundry equipment supplier, according to reports. The deal could be worth up to £150m (€165.6m).

• Cath Kidston to sell business to private equity 08 Mar 2010. Source: AltAssets. UK vintage designer Cath Kidston is in talks with US buy-out firm TA Associates to sell a stake in her retail chain, in a deal that values her business at £100m (€110.8m), according to the Guardian.