Constant Ventures in EM.TV deal

The Dutch private equity firm is backing Werner Klatten’s purchase of a 25 per cent stake in EM.TV, the struggling German television production company.

Constant Ventures, a Dutch private equity firm, is backing the purchase of a 25 per cent stake in EM.TV and Merchandising on behalf of the company’s chairman Werner Klatten. He is buying the stake from former EM.TV chairman Thomas Haffa. The price Klatten is paying has not been disclosed.

Klatten’s own company WKB Beteiligungsgesellschaft is doing the deal, and at the end of the month will take hold of 24.8 per cent or 36.16m shares from Haffa for an undisclosed sum. Constant’s investment will take the form of a convertible loan, which WKB has the option to cancel at any time.

Constant will refinance the loan through institutional investors in the capital market and has the option in the medium term to transform it into WKB shares or EM.TV shares held by WKB.

Constant Ventures is the brainchild of Stan Vermeulen, who formed the business following the sale of his former company Alpinvest to NIB Capital. Vermeulen was chairman of Alpinvest for more than 10 years.

Constant’s primary focus is on investing in technology and finance companies.