Deal round up 09/10/02

Inflexion backs pubs buy-and-build; Sofinnova, Wellington Partners back Cobion; Henderson invests in TopGolf

Inflexion backs pubs buy-and-build

Mid-market private equity firm Inflexion has led a £11.3m investment in Nectar Taverns, a newly created business which will pursue acquisitions of individual and small groups of freehold, managed pubs in the northwest of England. The £11.3m of funding comprises £4.05m of equity and £7.25m of debt. 

The firm, which is aiming to build a portfolio of between 20 and 30 pubs, is being chaired by former Northern Leisure chairman Clive Preston. The equity syndicate, which includes Artemis, Unicorn and Electra, holds 79 per cent of the company’s fully diluted equity. Bank of Scotland arranged the debt financing. 

Sofinnova, Wellington Partners back Cobion

German private equity firm Wellington Partners and French firm Sofinnova have contributed E6m to Cobion, a German internet security firm based in Munich. The first round investment will be made in two tranches.

Cobion provides website and email filtering services to both public and private sector organizations, providing them with protection against unwanted or illegal Internet, e-mail and intranet content. The new funding will enable the Cobion to expand its service offering.

Sofinnova Capital is investing from its fourth fund which closed on E330m in March 2001. Welington manages a total fund volume of E265m, with E85m available for new investments.

Henderson invests in TopGolf

Henderson Private Capital, the private equity arm of Henderson Global Investors, has invested in TopGolf, a computerised golfing centre being rolled out in the UK and Ireland.

The European private equity fund managed by Henderson Private Capital is committing an initial £15m to develop TopGolf Game Centres at selected locations across the British Isles. The deal is Henderson’s second in the UK leisure sector in the past year following its £230m deal to acquire a controlling stake in Leisure Link in late 2001.