Deal Round-up 04/06/01

Close Brothers, Barclays, Amadeus Capital, AXA Private Equity and Aberdeen Murray Johnstone in new deals

Close Brothers funds further expansion of Goodridge as 3i bows out

Close Brothers Growth Capital today announced an investment in Goodridge a supplier of specialist hydraulic hoses. The investment provides an exit for 3i and funds further expansion of the business in the UK, Europe and the US.

This is Close Brothers third deal in a month and is typical of the mid-cap transaction size in which they operate. The other deals they were involved in were the MBI of Chilworth Manor and the provision of expansion finance to A-Z Restaurants.

MBO of Recruitment Solutions backed by Barclays Private Equity

Barclays Private Equity has led the MBO of the specialist recruitment firm Recruitment Solutions. Barclays have invested £9m as part of a funding package of about £18m.

Recruitment Solutions Group provide temporary professional staffing to public- and private-sector clients including medics, teachers and social workers. operates Medics and Social Work Solutions, subsidiaries that. The management team is led by managing director, Jeff Downey who said that the company is considering growth through acquisition.

Clearswift Raises £6.75m Million in first round financing

Amadeus Capital and Pino Ventures, the Italian venture capital fund, were among the firms who took part in the first round financing of Clearswift, a provider of e-mail and content security services. The fund-raising gives the company a post-money valuation of £10.5m.

The company's clients already include Marks & Spencer and the Virgin Group as well as British government departments. The funding will enable Clearstream to expand in Europe and the US where new offices are planned.

French microelectronics firm, PHS MEMS, Raises E31m

PHS MEMS, a French microelectronics firm specialising in optical devices, raised E31m in third round funding from an investment group including AXA Private Equity, IDI Group, Thales CSF Ventures, Finove, and Innovafrance.

The funding is to be used to to expand its operations in the U.S. and Europe and to develop new products through increased staffing in the research and development areas.

Nova Technology Fund Finances Seismic Data System

Aberdeen Murray Johnstone’s Nova Technology Fund has invested £350,000 out of a total funding of over £1 million in Glasgow-based Vibration Technology Ltd, a manufacturer of cable-free seismic acquisition systems used in the oil industry.

Other firms involved in this round of financing include Generics AG and Yorkshire Fund Managers on behalf of British Smaller Technology Companies VCT. This fundraising will fund the completion of the design and system development stages of the product.