Deal round up 23/09/02

Bridgepoint acquires stake in Western Wines; TVM leads German pharma round

Bridgepoint acquires stake in Western Wines

Bridgepoint Capital has taken an 18 per cent stake in Western Wines as part of an equity release transaction totalling £53m. The investment, which also sees current management acquire a share in the company, follows a decision by Western Wines chairman Roger Gabb to realise an element of his value in the business.  

Bridgepoint first invested in Western Wines in 1997 when it acquired a minority stake in a deal totalling £4m that was subsequently sold to management in 1999. Western Wines is the largest branded supplier of South African wine with over 40 per cent market share and is a leading supplier to all major retailers. In 2002 the business is targeting sales in excess of £70m.

TVM leads German pharma round

Cardion, a German biopharmaceutical company based in Erkrath, has completed a E11.5m round of investment led by the firm’s major shareholder Techno Venture Management. Other investors in the round included DVC Deutsche Venture Capital, IKB Private Equity, Mulligan BioCapital, Gold-Zack Partners and New Medical Technology.

Cardion will use the financing to continue research into its leading treatment, which is expected to go into clinical trials in mid-2003. Cardion was founded in 1996 and completed its first equity financing in late 1997. Since then, the company has raised more than E60m in venture capital financing.