Deal Round-up 05/11/01

Banking solutions firm raises $7.5m; Ibsen Photonics Buyout raises $15m; Kleinwort Capital invest £5.5m in Tweedpark.

Banking solutions firm raises $7.5m

CR2 Group has raised $7.5m (E8.3m) from existing investors during a third round of funding. The deal included NIB Capital of the Netherlands, along with Belgium's NIB Capital and Ireland's ACT Venture Capital. This latest investment values the company at about $35m.

Dublin-based CR2 supplies channel banking and card payment services to the banking industry. While currently making a loss, it plans to invest the funds in business expansion and on-going software development. The move coincides with the appointment of Dr Christopher J. Horn, a co-founder of Dublin's IONA Technologies, as a non-executive director.

Optical components firm buyout raises $15m

Ibsen Photonics, a Danish company operating in the optical component sector has raised $15m first round funding from the buyout of the company from ADC Telecommunications. The funding is mainly from European venture capital and private equity fund 3i, and Danish venture capital provider, Dansk Kapitalanlæg Aktieselskab.

The company started out ten years ago as Ibsen Micro Structures, in May 2000 it was bought by ADC to form ADC Denmark. Ibsen Photonics will start out with 71 employees and will be comprised of the same management team that previously led ADC Denmark.

UK private equity firm invests £5.5m in Tweedpark

Kleinwort Capital (KC), formerly known as Dresdner Kleinwort Benson Private Equity Limited, has invested £5.5m in the management buyin/buyout of Tweedpark Group, a provider of corporate health and fitness facilities.

The investment is the first from KC, the recently restructured UK mid-market buyout arm of Dresdner Kleinwort Capital, which already has commitments of £100m from Kleinwort Capital Trust and Dresdner Bank AG.

The aim of the investment is to add more products and services to Tweedpark’s portfolio, which already includes physiotherapy and complementary therapies. The company has annual turnover of £7m.