Western Europe

Industry on back foot over CGT taper relief(2)

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.

CD&R maintains excellent distribution(2)

Clayton Dubilier & Rice recently led the $10.3 billion acquisition of HD Supply, the wholesale business of US retail giant Home Depot. It is the latest in a string of deals the US buyout firm has completed for distribution businesses. Nicholas Lockley reports.

3i buys Eltel from IK(3)

European buyout firm 3i has bought Eltel Networks, a Nordic electricity and telecommunications business, from Industri Kapital. The sale, which generated a return of nearly 2.5 times IK’s original investment, is the latest in a series of lucrative exits for the Nordic buyout firm.

Standard Life raises a total of £760m

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.

Edmond de Rothschild Capital Partners exits free magazine group(2)

Media group Sud-Ouest has bought free magazine group H3S from Edmond de Rothschild Capital Partners as the buyout firm registers its third exit to date.

Mid-market fears tax hike(3)

Ahead of tomorrow’s crucial Treasury Select Committee hearing, where MPs are expected to criticise the low tax rates enjoyed by the private equity industry’s biggest firms, UK mid-market groups are worried about being caught in the crossfire.

Newmark warns of leverage-fuelled default disaster

Brooks Newmark, a UK Treasury Committee member and Conservative MP, has warned the industry is heading towards a public relations disaster in the event of the collapse of a big portfolio company bought in the last 12-18 months, which may lead to some serious “knee-jerk” reactions.

Edmond de Rothschild Capital Partners exits free magazine group

Media group Sud-Ouest has bought free magazine group H3S from Edmond de Rothschild Capital Partners as the buyout firm registers its third exit to date.

Hg makes 79% IRR on software exit to H&F(2)

London-based firm HgCapital has sold two software companies to US buyout firm Hellman & Friedman for an enterprise value of £500 million. The price is thought to represent a market multiple of four times.

Hewetson quits Hg after restructure(3)

HgCapital’s Ben Hewetson, the head of the mid-market firm’s leisure team, is leaving in the next few weeks. The departure follows Hg’s decision to merge his team with Richard Matthews’ consumer team six months ago.