Western Europe

Lyceum exits nurseries business

Mid-market private equity firm Lyceum Capital has completed a successful exit from UK nurseries business Asquith, after boosting earnings by 200 percent and increasing the workforce by more than half.

Cerberus sought to bail Japan’s JVC(2)

Kenwood, a Japanese maker of audio equipment may reportedly seek financial backing from Cerberus to bid for JVC, a Japanese consumer electronic brand that TPG had been keen to acquire. Talks between TPG and JVC parent Matsushita are believed to have collapsed.

Newmark warns Gordon Brown over tax on carry

Brooks Newmark, Conservative Member of Parliament and former buyout partner, said the UK Chancellor seemed set on increasing tax paid on carried interest, but warned that he should tread carefully.

Hollick warns government; Cohen calls for tax increase

Two of the UK industry’s heavyweights have spoken out ahead of the UK parliamentary hearing today. KKR’s Lord Hollick called on the government to reduce tax, while Sir Ronald Cohen said the capital gains tax should increase on carry on funds above £500m.

Three Delta ups stake in Sainsbury’s to 25%(3)

The investment vehicle of Qatari property investment fund Three Delta has upped its stake in Sainsburys. The FTSE 100 listed UK supermarket’s shares leapt by nearly 5 percent, as speculation suggested a takeover bid was forthcoming.

3i and Litorina sell Q-Matic to Altor for bumper gain(2)

UK buyout firm 3i and Swedish buyout firm Litorina Kapital have sold Q-Matic to Nordic buyout firm Altor, making a nine times return on their initial investment and registering a 150 percent IRR over three years.

Cerberus sought to bail Japan’s JVC

Kenwood, a Japanese maker of audio equipment may reportedly seek financial backing from Cerberus to bid for JVC, a Japanese consumer electronic brand that TPG had been keen to acquire. Talks between TPG and JVC parent Matsushita are believed to have collapsed.

Blackstone may float on Friday(2)

Morgan Stanley has reportedly revealed Blackstone’s IPO pricing will be brought forward to Thursday and the units may go on sale as soon as Friday.

British breakthrough on Web 2.0(2)

Last week’s acquisition of London-based web start-up Last.fm for $280m could herald a new era for UK internet companies. Dave Keating reports.

BP pension fund hires private equity specialist

Energy giant BP has created a new position to oversee its pension fund’s private equity investments. Ex-BA trustee Vicky Wilson will form part of a new-look team at the head of the $27 billion fund.