Western Europe

CMBOR: Gearing down, multiples up

European buyouts had their lowest gearing levels for a decade during the first half of 2010, but were transacted at higher multiples than the market peak in 2007.

RJD sells supply teacher recruiter for 3x

In the first exit from Fund II, the lower mid-market investor has sold Teaching Personnel to Graphite Capital for £45m.

New York State Teachers commits $198m to PE

The state pension fund has made recent commitments to Texas-based Lone Star Funds and UK-based mid-market firm Inflexion.

ECP raises $613m for third African fund

The private equity firm has closed its Africa Fund III short of its original $1bn target size.

VTB lures Wermuth’s private equity head

Andreas Boesenberg has left alternatives firm Wermuth Asset Management to join the private equity arm of Russian financial services giant VTB Group.

LDC ups investment pace

The captive private equity firm of Lloyds Banking Group remains one of the UK mid-market’s most active investors.

TGI Friday’s off the menu for €72m

AAC Capital has booked a 3.8x return on its investment in restaurant chain TGI Friday’s UK, which it made while still captive at ABN AMRO.

Carlyle in $92m language school exit

The Carlyle Group has sold Wall Street Institute, a chain of English language training centers, to education and information company Pearson.

KKR’s Boots bolsters Turkish, Egyptian presence

The European company has taken control of Turkey’s Hedef for a reported £100m, in ‘the first of a number of acquisitions’, according to chairman Stefano Pessina.

Illinois Teachers’ to overhaul private equity

PCG Asset Management will help the $34bn pension rebalance its portfolio, selling older investments and ramping up exposure to international, secondaries and co-investments.