Deal Round-up 16/05

Lloyds TSB Development Capital, European Capital Partners, InnovationsKapital and NBGI Private Equity invest.

Lloyds TSB in Xpert buyout

Xpert, the UK provider of integrated technology and communications services, has been bought out by its management for an undisclosed sum. Lloyds TSB Development Capital provided equity capital.

Tom Kelly, Xpert’s CEO who led the deal, said: “This buyout provides us the an opportunity to build and enhance our strong customer partnerships and specialist competencies.” Xpert projects £36m of revenue for 2001.

Ernst and Young Northern Corporate Finance acted as lead financial adviser. DLA acted on the legal side, and Barclays Acquisition Finance provided banking facilities.

Swedish start-up raises $3.5m

Comlase AB, a Stockholm-based fibe-optics network start-up, has raised $3.5m of first round equity funding.

The capital was provided by venture capital firms European Capital Partners and Innovationskapital.

Comlase was set up in January 2001 by a team of professionals with backgrounds in development, production and marketing of optical components. The company’s first products are expected to be pump laser chips and modules for optical amplifiers.

NBGI Private Equity backs automotive MBO

LSUK, a UK manufacturer of braking and fuel injection systems, has been acquired by its management team led by managing director Dick Morgan.

The company, which last year had revenues in excess of £50m, was bought off Ernst and Young, the financial services company handling the bankruptcy of Finelist, LSUK’s former parent which went into receivership last year.

The financial terms of the deal have not been disclosed. Management was backed by NBGI Private Equity, which invests in established small to medium-sized old economy businesses Europe.

Lloyds TSB Commercial Finance and BDO Stoy Hayward also worked on the transaction.