Deal round up 29/10/02

AMPJE completes internal secondary buyout; DVC leads German biotech round; French VCs back Cytheris round

AMPJE completes internal secondary buyout


UK mid-market investor Aberdeen Murray Johnstone Private Equity (AMPJE) has restructured its investment in Palgrave Brown, a manufacturer of roofing materials and related joinery products.


The transaction, valued at £30.6m, is unusual in that one set of AMJPE clients’ funds have purchased the business from another set of client funds, who backed the original BIMBO of the business four years ago. The business has grown significantly since then, increasing turnover from £14m in 1999 to £54m in 2002.


The transaction was financed with a combination of equity from AMJPE client funds and senior debt, working capital and asset finance facilities arranged by Barclays Acquisition Finance.


The transaction will provide current managing director Richard Fawcett and the original funds invested by AMPJE with an exit. The remainder of the management are being backed by the new investment.


DVC leads German biotech round


German biotechnology and life sciences investor DVC Deutsche Venture Capital has led a E5m investment round in SiREEN, a German biotechnology firm based in Martinsried.


In addition to DVC, ABN AMRO Capital was the other new investor in the business. All existing seed investors participated in the round, including Novartis Venture Fund, BioM and Ascension. The capital will be used develop the company’s in-house drug development projects alongside Evotec OAI, another investor in the round.


French VCs back Cytheris round


French biopharmaceuticals company Cytheris has completed a E6.9m first round of financing as part of plans to launch a new US division of the company, clinical trials in the US and to further develop its immune system treatments.


Biogestion, manager of the Bioam fund, Axa Private Equity, Montreal-based CDP Capital Technologies and Credit Lyonnais Private Equity, led the E6.9m round. The fund raising exceeded the original target for the round, which was commenced earlier this year.