Deal round up 30/07/02

Graphic Capital backs pensions advisory MBO; Atlas Ventures invests in Choreology; 3i backs Hotsip expansion program

Graphic Capital backs pensions advisory MBO

UK mid-market private equity investor Graphite Capital has invested £17m in a majority stake in pensions advisory firm PIFC. The investment in PIFC forms part of a management buyout of the company which will give management a 38 per cent stake, with Graphite taking the remainder.

Graphite Capital was formed in March 2001 when F&C Ventures was acquired by its management team from the Foreign & Colonial Group. The firm has funds under management of more than £500m. Three of the funds are private, three are publicly quoted.

The buyout is Graphite’s second investment this year. In January the firm backed the £23m MBO of GDA Applied Energy, a ventilation, water heating and space heating products company.

Atlas Ventures invests in Choreology

Choreology, a UK-based business transaction management software company, has secured $3m in new investment from early stage investor Atlas Ventures.  Choreology has received $2m to date and can draw down a further $1m as it meets business milestones.

Choreology, founded in 2001, will use the financing to develop its latest software product, which is targeting business transactions that coordinate multiple applications.

3i backs Hotsip expansion program

Swedish software company Hotsip has secured E4.5m from investors as the firm looks to further develop its product base and boost the company’s market presence.

The funding for this round was provided by repeat investors, including 3i, Argnor Wireless Ventures and Ledstiernan. The new investment, coupled with the firm’s recent commercial agreement with Sonera, secures financing for future operations. Hotsip currently has offices in Stockholm and Helsinki.