Western Europe

Boots pension trustees win £1bn pledge from KKR

Alliance Boots pension scheme trustees have reached a settlement from Kohlberg Kravis Roberts which secures the scheme for the next ten years. The agreement comes two days before the trustees reportedly planned to challenge KKR’s accepted takeover bid.

Standard Life raises a total of £760m(2)

The UK insurer’s private equity fund of funds products comfortably exceeded their targets, untroubled by departure of Jonny Maxwell, who left the business last year after trying to win its independence.

ICG: Bumper results may not last

The bumper results of three listed private equity vehicles suggest that the public markets remain positive about the asset class, although ICG chairman John Manser believes the coming year will see a downturn in performance.

Industry on back foot over CGT taper relief(3)

The UK parliament’s Treasury Committee has grilled representatives of the domestic private equity industry on tax and other issues, while listening to evidence from unionists, academics and a think tank.

HM Capital to acquire Yellow Pages company

HM Capital became the latest in a slew of private equity firms to invest in distributors of yellow pages directories, when it announced an agreement to acquire Phone Directories Company. The investment is the first from HM’s new Sector Performance Fund.

Stirling Square bolts on Austrian firm to 3SI

Stirling Square Capital Partners, a mid-market buyout firm backed by Citigroup, has moved to consolidate the financial security market by making a European bolt-on acquisition for portfolio company 3SI Security Systems.

Committee critics ignore local buyout successes(3)

Some members of the UK Treasury Select Committee who have fiercely criticised private equity may be disregarding the industry’s successes on their own doorsteps. PEO offers a briefing note on some of the cases the MPs may have missed.

Summit buys minority stake in Vente-Privee.com(3)

US buyout firm Summit Partners has taken a minority stake in private internet sale company Vente-Privee.com, as European internet companies show signs of recovery following European venture capitalist Index Ventures’ successful sale of Last.fm to US television network CBS.

FSA criticises private equity(2)

The British Venture Capital Association has welcomed a report by UK regulator the Financial Services Authority, despite it pointing to market abuse, conflict of interest and overt leverage risks within the industry.

Three Delta ups stake in Sainsbury’s to 25%

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.