Deal round-up 17/01/03

Two European deals for Apax; Sovereign Capital leads Complete MBO; AMPJE backs UK publisher

Two European deals for Apax


UK-based private equity firm Apax Partners has completed two financings in the past seven days, participating in a $21m deal for Swedish pharmaceutical research and development business Biolipox and a $4m round for UK-based drug-discovery solutions developer Procognia.


Stockholm-based Biolipox specialises in therapeutic opportunities for respiratory conditions and other inflammatory disorders. Other investors in the round included existing investors, HealthCap and Sofinnova Partners as well as new investors, Crédit Lyonnais Private Equity and Auriga Partners.


Biolipox was founded in 2000 by Professors Hans-Erik Claesson and Magnus Björkholm, both of the Karolinska Institute, after a seed financing by HealthCap. The funds raised will be used to advance Biolipox’s pre-clinical pipeline further into pre-clinical and clinical development.


Apax Partners’ second investment was part of a $4m round for Procognia which included existing investors Evergreen Partners and Vitalife. Procognia has to date raised $18.3m from venture capitalists since its inception nine months ago.


The Berkshire-based company is planning to create a range of technological solutions for needs arising in drug discovery, development and manufacture. The proceeds of the financing round will be used to acquire UK-based Sense Proteomic.


Sovereign Capital leads Complete MBO


UK private equity firm Sovereign Capital has backed a £5.7m management buyout at Complete Case Management, provider of specialist care for young, severely disabled people. Founded in 1995, the main activity of Complete Group is to provide personal assistants, enabling people to return home and integrate back into the community.


The transaction includes initial finance to support the management buyout and additional development capital to fund the planned roll-out strategy. Royal Bank of Scotland has provided the debt funding. Last year, Sovereign backed led the £20m management buyout of Community Homes of Intensive Care and Education (CHOICE). Other healthcare deals by Sovereign include Care UK, Speciality Care, CVS and Ambic.


AMPJE backs UK publisher


Aberdeen Murray Johnstone Private Equity (AMJPE) has participated in an undisclosed ‘multi-million pound’ buyout of Public Service Communications Agency (PSCA), a UK-based publishing business.


Founded in 1999 by current managing director Darren Wilson, PSCA is based in Newcastle-under-Lyme in Staffordshire and employs over 50 people. It produces advertising driven publications for the British and European public sector.


Debt for the transaction was arranged by Royal Bank of Scotland.