The secret of search funds

There can’t be many asset classes that boast an average IRR of 52 per cent. Search funds, in which an inexperienced entrepreneur is backed by angel investors to search for and acquire a business, have this enviable distinction, according to a Stanford University study from 2007 (see chart below).

NVM celebrates lucrative exit

As NVM Private Equity celebrates the 25th anniversary of its formation, the exit of medical diagnostics company DxS provides an additional reason for cheer.

Silverfleet Capital acquires Kalle

In one of the largest private equity deals agreed so far this year, European buy-out firm Silverfleet Capital has acquired Kalle, a manufacturer of sausage casings, for 212.5 million (£183 million).

Shaving King in bold bond issue

‘The biggest risk to our business is if people stop growing beards,’ says Will King, founder of King of Shaves

Liquidity Drivers on AIM

Illiquidity continues to be one of AIM’s biggest bugbears, but a hundred companies on the market are bucking the trend

Rickman “super angel” brothers launch fund

Brothers Andrew and Robert Rickman, who invest in growing technology companies, are aiming to raise €100 million (£89 million) for a new fund

Foresight backs ICA buy-out

Document management company ICA Group has undergone a management buy-out backed by funds from venture capitalist Foresight

ISIS backs Nexus acquisition

Nexus Vehicle Rental, a UK company owned by private equity firm ISIS Equity Partners, has grown its business through an acquisition

Cancer vaccine specialist in PLUS IPO

A company developing a pipeline of cancer vaccines has raised £1.55 million in an initial public offering (IPO) on PLUS. Scancell raised the money through AIM-listed broker St Helen’s Capital.

Calling the shots: Peter Urie

Some people are suited to early retirement. Peter Urie, CEO of independent film distributor Metrodome, is not one of them

School trip group sold for £100 million

Mid-market private equity firm Bowmark has sold Education and Adventure Travel (EAT), a UK-based school travel agent, for £100 million. The acquirer is DLJ Merchant Banking Partners, part of the Credit Suisse financial services group.

Bigpoint in €70 million buy-out

Multiplayer online games developer Bigpoint is set to be acquired by two private equity funds. GMT Communications Partners and the Peacock Equity Fund are expected to close the €70 million (£56 million) majority buy-out by the end of August.

Imagine acquires Irish Broadband

Irish telecoms group Imagine Communications has acquired internet service provider Irish Broadband for €47 million (£37 million) in a debt-free deal. The merged business will have revenues of over €100 million.

Milestone acquires Coffee Nation

Self-serve coffee business Coffee Nation has been bought by private equity firm Milestone Capital Partners via a secondary management buy-out (MBO). The deal valued the £20 million turnover business at approximately £25 million.

China Eastsea moves to AIM

China Eastsea Business Software, a company providing IT and business process outsourcing services to oil companies within China, has moved its shares from PLUS to AIM and appointed a UK-based non-executive director.

AIM IPO for foam manufacturer

FoaMasters, a Jersey-incorporated company that manufactures foam and related products through eight factories in China and Vietnam, has floated on AIM with a market capitalisation of US$64 million (£32 million).

Strong deal flow to continue

Deals at the higher end of the market are harder to strike as the credit crunch causes banks to tighten up their lending policies, but this is leading to funding opportunities for companies in the lower to mid-market.

IPO Spotlight: CVS Group

According to CEO Simon Innes, CVS Group is the first veterinary business to be listed on the London stock market. Its initial public offering (IPO) on AIM valued the company at £105.7 million – good news for its venture capitalist Sovereign Capital, which netted a return of 11.9 times its investment.

AIM IPO for property fund

New Europe Property Investments (NEPI), which plans to invest in commercial property in Central and Eastern Europe, has floated on AIM. The newly incorporated company, which has funds of €53.6 million (£36.2 million) available as a result of the placing, will begin by focusing on opportunities in Romania.

AIM looks for lucky 13th year

Companies and investors alike are confident AIM will pick up over the next 12 months, according to independent research commissioned by accountancy firm Baker Tilly.

Vanadium group takes a long look at AIM float

Precious Metals Australia (PMA) says an AIM float could feature in preparations for its £70 million Windimurra vanadium project.

Lonrho plans airline float

David Lenigas, entrepreneurial boss of Lonrho Africa, says the emerging conglomerate plans an AIM float in the New Year for Norse Air, the African air charter and leasing company where Lonrho has bought a 43 per cent controlling stake for £3.15 million.

Renewable group seeks £40 million

US 'green' energy play Renewable Power & Light (RPL) plans to raise nearly £40 million
on AIM.

Former Publicis player to bring BrainJuicer to market

Ex-Publicis man John Kearon plans to bring online market researcher BrainJuicer to AIM next month with a modest £1.4 million funding that should give the group a £15 million market price tag.