Details of the transaction were not disclosed, but Carlyle made the acquisition from its technology-focused buyout fund, which typically invests in businesses with an enterprise value between €20 million and €50 million.
It is understood that following the investment, Europe Technology Partners II, a 2007-vintage, €530 million fund, will be almost fully deployed, with room for only one or two more investments. Carlyle is likely to launch a successor fund “quite soon”, according to a source close to the situation.
Carlyle declined to comment on fundraising plans.
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“As a small-cap TMT investor in Europe I am also pleased that we have expanded our investment footprint to Scandinavia again. We believe the combination of Carlyle’s global footprint and its considerable experience gained through investing in media and creative companies such as Vubiquity and The Mill will help drive significant growth and value creation for BTI” Michael Wand, Head of Carlyle Europe Technology Partners, said.
Carlyle’s Europe Technology Partners II investments include: Graze, a UK-based provider of office snacks, Vubiquity Holdings, a video services provider, and Ada Cosmetics, a supplier of cosmetics and accessories to hotels in Europe.
Valedo is a growth-oriented Swedish private equity firm. It invests in small to mid-size companies primarily in Sweden and the rest of the Nordic region with sales of sales of SEK 100 million (€11 million, $15 million) to SEK 500 million (€57 million, $75 million) according to its website.
It is currently investing its second fund, a SEK 2 billion (€230 million, $300 million), which was raised in 2011. Its prior fund, Valedo I, raised SEK 1 billion in 2006. The firm has approximately SEK 3 billion under management.