Deal round up 08/08/02

Royal Bank backs 3i exit opportunity; Second round funding nets Artech E3m

Royal Bank backs 3i exit opportunity

Royal Bank of Scotland and Lombard have financed a secondary buyout at construction equipment business Selwood Group, enabling 3i to secure a full exit from the firm it backed eight years ago. No details on were disclosed on the terms of the deal.

This latest transaction gives management, led by managing director Kevin Bright, full ownership of the company. 3i’s original investment in the company was made in 1994 when it backed a management buyout headed by Bright.

Hampshire-based Selwood Group reported turnover of £39m last year and has over 400 employees operating nationwide.

Second round funding nets Artech E3m

A consortium of venture capital investors comprising lead investor Wellington Partners, French-based VC firm Partcom and LCF Rothschild, has participated in a E3m second round of financing for French software vendor Artech. The latest financing will be used to further expand Artech’s European coverage.

Artech has recently increased its management team to coincide with a move into the German market. Wellington Partners says it believes the firm can attain profitability within the next twelve months.