Deal round-up 03/04/02

Baring PE backs Parkside expansion; Barclays company acquires Inchbrook; Warburg Pincus invests $20m in Systinet

Baring PE backs Parkside expansion

Baring Private Equity has doubled the size of its Parkside International investment with the acquisition of BP’s Performance Films (BPPF) division. The value of the deal has not been disclosed but BPPF is expected to achieve turnover of around £35m in 2002. Baring acquired Parkside through a £9m MBO from British Polythene Industries in 2000. 

Baring PE acquired Parkside in September 2000 in a deal that, like this latest investment, was financed by the firm’s Baring English Growth Fund. Yorkshire Fund Managers, advisers to the Baring English Growth Fund, worked with Baring Private Equity on the additional equity to be provided by the Fund to Parkside for the BPPF acquisition. Additional debt facilities are to be provided by NMB-Heller, a joint venture between the ING Group and GE Capital, and ING Lease.

Barclays company acquires Inchbrook

TeCmail Group, the Barclays Private Equity backed MBI, has acquired Inchbrook Holdings, a UK-based specialist printing and mailing company. The purchase price for the deal was undisclosed although the deal will make TeCmail one of the UK’s largest independent integrated mail groups with turnover in excess of £40m.

Since completing the MBI in 1999, TeCmail has pursued a buy-and-build strategy which has involved the acquisitions of the CFM City Financial Mailing Group in August 1999 and Burnham International and Alpha Mail in 2000. Additional funding for the deal was provided by Barclays Leveraged Finance.

Warburg Pincus invests $20m in Systinet

Czech software firm Systinet has received $21m in financing from the venture capital fund Warburg Pincus. Systinet CEO and founder, Roman Stanek, says the money will be used to expand its sales and marketing team and increase R&D to enhance its web applications and services platform (WASP) product line.

Systinet was established by Stanek, founder of the NetBeans software company which was purchased by Sun Microsystems for $9m three years ago. In 2001, Systinet received seed financing worth $2.3m from investors including Windcrest Partners and 3TS Venture Partners.