Deal Round-up 05/02/02

AMJPE invests in North Sea oil; ISIS exits Media Holdings; Hg Capital invests in Broadband Britain; Segulah buys home installations business

AMJPE invests in North Sea oil

Aberdeen Murray Johnstone Private Equity (AMJPE) has agreed to invest £10m in new offshore oil operator, Tuscan Energy.

Tuscan has recently secured a licence to drill in a part of the North Sea that includes the Argyll field, where UK oil production first began in 1975. Argyll was abandoned in 1992 and has now been selected for redevelopment by the UK government. Tuscan is preparing for a launch in 2003.

The investment marks the biggest deal for investment for AMJPE in Scotland to date.

ISIS exits Media Holdings

Isis Capital, formerly known as Friends Ivory & Sime Private Equity, has completed the £20m of Media Holdings, the holding company behind the ITV licencee for the Channel Islands. The buyer is Yattendon Investment Trust Plc.

In June 2000 ISIS had invested £7.2m in a £16.3m MBI at Media Holdings in return for a 60 per cent stake in the business. Adam Holloway, a director at ISIS, said he was pleased with the return on the investment, adding that the firm had chosen to realise a gain now as opposed to during the next possible exit window in three to four years time.

David Elms at KPMG Corporate Finance advised the vendors, including management, on the transaction. 

HgCapital invests in Axiom

European private equity house HgCapital has invested £7.2m in telecommunications software developer Axiom, maker of order-to-order and inventory management software. Axiom has offices across Europe and is looking to further expand its geographic reach.

Nic Humphries, an HgCapital director sauce, said the firm remained bullish about prospects for the communications sector, despite negative sentiment in the telecoms market. Axiom is the fifth investment Hg has made in companies that offer network and service management products to communications operators.

Segulah buys home installations business

Swedish venture capital firm Segulah has invested SKr431m (E46.6m) in a majority stake of home installation company NVS Nordiska Varme Sana. Skandia Investment has also participated in the deal.  

Sedulah, which has an co-operation agreement with Duke Street Capital, is investing its second fund, a SKr850m vehicle closed in 2001.