Western Europe

Buyout bosses escape unscathed(2)

The third hearing of the UK Treasury Select Committee saw four more buyout chiefs attempt to justify the industry’s tax and legal treatment to a group of MPs. In a noticeably less hostile environment, the four men presented a largely united front.

GP dollars flood K Street(2)

KKR recently augmented its tax lobbying capability - and it’s not alone. Buyout shops are spending millions on Washington’s K Street - synonymous with the Capitol’s powerful lobbyists - as US lawmakers mull legislation that would increase taxes.

3i and Providence double money on TV company(2)

US TV channel NBC Universal has bought television company Sparrowhawk Media, owner of the Hallmark Channel, for about £175 million. Buyout firms 3i and Providence Equity Partners have spent the last two years turning the business around.

Refco creditors sue TH Lee for $1bn(3)

In the latest twist in the Refco saga, the company’s creditors have filed a $1 billion lawsuit against TH Lee, its founder and three executives, alleging they covered up Refco’s myriad problems, which eventually sunk the company and resulted in criminal charges for its CEO. TH Lee has issued a scathing response, calling the claims ‘misdirected and entirely without merit’.

De Agostini joins Palamon with a stake in Italian loan provider(3)

Italian conglomerate De Agostini has taken a minority stake in Palamon Capital Partners-backed loan provider Sigla Luxembourg, as the relatively undeveloped personal credit market in Italy continues to grow.

Boots syndication could take up to a year

The syndication of the remaining tranche of Alliance Boots debt could take up to a year after a double blow to the company.

I2 closes €200m fund

The Italian special situations investor has closed its first institutional buyout fund with third-party capital, €20 million above its original target.

Pan-African infrastructure fund receives $250 million investment(2)

The recently unveiled Pan-African Infrastructure Development Fund has received a significant investment from the South African Government Employees’ Pension Fund.

AIC endorses Walker reporting guidelines for all large companies

The Association of Investment Companies, a UK trade body, has recommended the Walker report’s guidelines should be extended to all large companies because the regulations should not solely target private equity.

TA sees 3.2x return in UK exit

The Boston-based firm has sold Drive Assist to Charterhouse Capital Partners for $500m.