Private Equity Deals & Transactions

Cinven’s Munton takes a step back

After nearly 30 years in the buyout industry, one of Cinven’s founding partners is scaling back his time commitment to the firm as it prepares to raise between €8bn and €10bn for its fifth fund. Cinven is also reportedly among the bidders for Anglo-Dutch media group Reed Elsevier, expected to fetch roughly £1bn.

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Dick Munton, one of the founding partners of London-based private equity firm Cinven, is scaling back his private equity activity after nearly 30 years. He will remain as a partner, working at the firm for several days per month.
 
The list of deals Munton has led includes the buyouts of companies such as bingo and gambling giant Gala

Dick Munton

Coral Group, Unique Pub Company, United Biscuits, the cinema chain Odeon and Italian aerospace group Avio.
 
Munton’s semi-retirement comes as Cinven gears up to raise its fifth fund. The firm is likely to begin fundraising towards the end of 2009 with a target of between €8 billion ($12 billion) and €10 billion, depending on market conditions, an industry source told PEO.
 
In January, Cinven named three new partners and two new principals to its London, Paris and Frankfurt teams. The firm now has a partnership of 20 people.
 
Cinven is currently  in the process of bidding for the business publishing arm of Anglo-Dutch media group Reed Elsevier, partnering with Candover, another British private equity firm, according to several media reports.
 
Other groups reportedly in the bidding process include TPG, Advent International and Providence Equity Partners. Second round bids are due in the next two weeks and expected to range from £1 billion to £1.25 billion.
 
Last week Cinven entered the debt markets with the acquisition of a 50 percent stake in the London and New York debt investment boutique Indicus Advisers for an undisclosed sum.
 
Cinven broke the European fundraising record in 2006, when it raised its €6.5 billion fourth fund.