Western Europe

3i buys Eltel from IK(2)

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.

Kreos hires partner after bumper year(2)

Venture debt provider Kreos Capital has strengthened its senior team with the recruitment of Luca Colciago from Noble as a partner. The hire comes as the firm continues to invest its latest fund, which was closed in April and is being deployed at a rapid rate.

ECM resolves succession issue at German courier

The owner and founder of European courier IN tIME Direkt-Kuriere Transport has sold his stake to German buyout firm ECM Equity Capital Management following succession problems.

CDC float could value firm at £2 billion(3)

The UK government is reportedly planning a sale or flotation of CDC, the emerging markets fund of funds that recently revealed bumper profits.

Chorus of PE tax critics grows(2)

Two former US Treasury secretaries have joined the mounting criticism of carried interest’s tax treatment. ‘o one would want to defend’ GP carry tax status, Lawrence Summers said.

CVC hauled before Treasury following AA criticism

CVC Capital Partners has become the latest private equity firm to be called before the UK Treasury Select Committee, which is due to meet for a third time next Tuesday to discuss the industry. The summons comes in the wake of its controversial ownership of the AA, which this week completed a £6 billion merger with Saga.

Truell consortium flips Threshers to Vision(2)

A consortium led by Edmund Truell has sold the operating businesses of UK retailers Threshers and BrightHouse to secondaries specialist Vision Capital, just two weeks after buying them. The £265 million sale will leave the consortium in control of the companies’ pension fund assets.

Litorina holds first close at SEK 843 million(2)

Litorina Kapital has held a close of its third fund having attracted a wider range of international investors than its previous funds.

Chorus of PE tax critics grows

Two former US Treasury secretaries have joined the mounting criticism of carried interest’s tax treatment. ‘o one would want to defend’ GP carry tax status, Lawrence Summers said.

EVCA: Industry thriving across the board

Record amounts of funds were raised and invested in European private equity in 2006, according to pan-European trade body EVCA, with even the venture segment showing signs of a comeback.