Deal round-up 15/01/04

Granville Baird funds Team BS MBO; Pi backs IRISYS; Benchmark invests €3.2m in NewBay Software; Amadeus leads TeraView second round

Granville Baird funds Team BS MBO

Granville Baird Capital Partners, the European mid-market private equity firm, has taken a majority shareholding in temporary staffing business, Team BS Betriebs-Service. Granville Baird Capital Partners has invested €9.5 million to back the management buyout, led by Dirk Schmitt, Team BS Managing Director, who will also retain a minority shareholding.

Headquartered in Offenbach, Germany, Team BS has 17 branches and employs approximately 1,000 staff. Turnover in 2003 was approximately €30 million.

Team BS is Granville Baird Capital Partners' ninth investment in Germany. Other German portfolio companies include Alukon, Amann, Balzac Coffee, Eisenworld, Hahl,, Nobis and Westfalia. In total Granville Baird Capital Partners has a current portfolio of 29 investments.

Pi backs IRISYS

Pi Capital, the UK-based independent venture capital manager investing in growing UK unquoted businesses, has announced the completion of a £1.9 million investment round in one of its portfolio companies, Infrared Integrated Systems Limited (IRISYS), an intelligent infrared sensing and imaging company.

IRISYS was founded in 1996 to develop and exploit infrared technology for commercial applications. The firm has received the further funding commitment from existing shareholders, including senior management, and members of the Pi Capital Club, together with a number of new private investors.

Benchmark invests €3.2m in NewBay Software

NewBay Software, developer of the world's first mobile phone blogging system, has received a €3.2 million investment from the European office of US venture capital firm Benchmark Capital. The funding will enable NewBay to expand its current operations and develop new products and services. As part of Benchmark's investment in NewBay, Barry Maloney will join the board of the company.

NewBay develops and markets software that enables mobile phone users to create and run websites. NewBay sells its FoneBlog software system to mobile phone operators worldwide enabling them to increase revenue, customer loyalty and internet data services. NewBay Software was founded in 2002 and is based in Dublin.

Amadeus leads TeraView second round

Amadeus Capital Partners has led a second round venture investment of £6 million (€8.7 million; $11 million) in TeraView, a Cambridge-based imaging equipment company. First round investors TTP Ventures, Cambridge Gateway, and Quester are also participating in the round.

TeraView was spun out of Toshiba Research Europe Laboratories in Cambridge in 2001 by Don Arnone, as Chief Executive, and Professor Mike Pepper, of Cambridge University’s Cavendish Laboratories, as Chief Scientist. The company has developed technology to emit and detect THz (Terahertz) light, which lies at frequencies between infrared and radio waves, specifically for a range of commercial and security applications.