Deal round-up 02/05/01

Beeson Gregory, Cazenove and Bank One make the headlines with new investments.

Power X completes Beeson Gregory led mezzanine round

London based stock broker Beeson Gregory has led a £20m mezzanine financing round for Power X, a UK designer of high-performance switch fabrics for the routing, switching and optical transport sectors.

Investors in the round Deutsche Banc Alex. Brown, Jupiter Asset Management, Cazenove Private Equity, British Smaller Technology, Celtic House Investment Partners, Pi Capital, Quester and Beeson Gregory’s own fund.

The contribution completing the round came from Intel Communications Fund. Individual investors also participated.

Bank One, Cazenove join backers of CertCo

Risk management company CertCo has raised $20m of new funding from a syndicate of investors that includes original backers Four Partners and Deutsche Bank. Cazenove Private Equity and Bank One joined the round.

CertCo, which focuses on the B2B e-commerce sector, intends to use the cash to build its European operations and develop its portfolio of transaction risk management and security technology solutions. The company also plans to set up an office in London.

Charterhouse, MTI Partners and Gartmore Investments touch iBase

iBase, a UK developer of software for the management and display of digital media, has won support from Charterhouse Specialist Investments Ltd, Gartmore Investments and MTI Partners .

The trio has invested £4.2m in the business to fund further expansion in the UK market and a first foray into the US.

iBase has offices in London and West Yorkshire. Set up in 1993, the company counts the British Library as well as a number of leading UK museums among its clients.

William Hill exits sports spread bets

William Hill, the privately owned UK bookmaker, has sold its sports spread betting division to gaming company IG Group Plc for a cash consideration of £1.1m.

IG group, which is run by Stuart Wheeler, is expected to merge the division with IG Index, its financial spread betting operating.

William Hill is controlled by Cinven and CVC Capital, which bought William Hill in June 1999 for £825m. The private equity firms each have 45 per cent of the group’s equity with existing management holding the balance.