James Taylor

Cracks appear as BVCA comes under fire

As the BVCA comes in for sustained criticism for its handling of yesterday’s Treasury Select Committee hearing, many in the industry – including its own chairman – are suggesting that it cannot continue in its current form.

UK ’the biggest onshore tax haven in the world’(3)

As the private equity industry prepares to face its critics today, some industry observers are warning that the substantial tax breaks enjoyed by practitioners on their carried interest could be their Achilles heel.

Apax Vueling sale fuels Iberia rumours

Apax has sold its entire 21 percent stake in Spanish carrier Vueling Airlines, via a private placement run by Goldman Sachs. The sale has fuelled speculation that it will use the proceeds to finance a bid for Iberia, the Spanish airline currently being targeted by a TPG-led consortium.

Myners recommends light touch but backs tax change

City of London veteran Paul Myners has given UK private equity a boost by telling the Treasury Select Committee not to recommend further regulation of the industry. However, he took a less sympathetic view of practitioners’ current tax treatment.

Buyout groups create €10bn European broadcast giant

Buyout firms Kohlberg Kravis Roberts and Permira have been given the go-ahead to complete the merger of their portfolio companies ProSiebenSat.1 and SBS Broadcasting, which is likely to realise a strong return for the two firms.

Boots chairman: let regulator decide on pensions

Alliance Boots chairman Sir Nigel Rudd thinks the UK Pensions Regulator should be allowed to decide the appropriate level of funding for the pension schemes of companies involved in buyout deals.

3i makes 4x return after HSS turnaround(2)

3i has reaped the rewards of a successful turnaround at tool hire business HSS, after selling the business for £310 million. The buying consortium comprises Archie Norman’s investment vehicle and Och-Ziff, a hedge fund with a history of encroaching on the buyout space.

Balderton increases Codemasters stake amid float rumours(3)

Balderton Capital, the European venture firm that recently spun out of US group Benchmark Capital, has increased its stake in Codemasters, a UK-based video game develop, by buying out the company’s founders. The firm is simplifying the ownership structure ahead of a possible flotation.

3i makes 4x return after HSS turnaround

3i has reaped the rewards of a successful turnaround at tool hire business HSS, after selling the business for £310 million. The buying consortium comprises Archie Norman’s investment vehicle and Och-Ziff, a hedge fund with a history of encroaching on the buyout space.

BP pension fund hires private equity specialist(2)

Energy giant BP has created a new position to oversee its pension fund’s private equity investments. Ex-BA trustee Vicky Wilson will form part of a new-look team at the head of the $27 billion fund.