Sarah Godfrey
24 May 2017 · 2 min read

HBM Healthcare Investments benefits from takeover of True North Therapeutics

Blood disorder specialist Bioverativ to pay up to $825m including milestones

HBM Healthcare Investments (HBMN), a Swiss-listed public/private equity healthcare investment company, is set to benefit from the acquisition of privately held True North Therapeutics by NASDAQ-listed Bioverativ for up to US$825m (including contingent payments).

Gavin Wood
24 May 2017 · 3 min read

Altamir – Merger of top 10 portfolio holding Melita and Vodafone Malta

Combination will create a new fully integrated provider of mobile, fixed line, broadband and TV services

Altamir (LTA) has announced the merger of Maltese telecoms operator Melita, in which it holds a 28.9% stake through the Apax France VIII fund, with Vodafone Malta to create a fully integrated communications company, which will operate under the Vodafone brand, distributing a wide range of services including Vodafone’s global portfolio of products. Announced in December 2015, the acquisition of Melita by Apax France VIII fund and Fortino Capital was completed in early 2016. At end-2016, Melita had been held in Altamir’s portfolio for less than one year and so was valued at its residual investment cost of €33.9m, representing 3.9% of portfolio fair value. At completion, Apax France VIII fund and Fortino Capital will own 51% of the combined company and Vodafone will own the remaining 49%.

Gavin Wood
16 May 2017 · 5 min read

Oakley Capital Investments – acquisition of Schülerhilfe from Deutsche Beteiligungs

Third new investment for Oakley Capital Private Equity Fund III within three weeks

Oakley Capital Investments (OCL) has announced a new investment in private tutoring services provider Schülerhilfe via Oakley Capital Private Equity Fund III, which has agreed to acquire the business from DBAG Fund VI, managed by Deutsche Beteiligungs (DBAG). The transaction fits Oakley Capital’s model of partnering with entrepreneurs, with Schülerhilfe CEO Dieter Werkhausen investing in the deal alongside Fund III. OCL’s share of the equity investment is expected to be around €42m, dependent on the final capital structure at completion, with the transaction being partly funded by a debt facility from Alcentra. The investment in Schülerhilfe follows Oakley Capital’s acquisitions of intellectual property and technology services provider TechInsights, announced earlier this week, and web-server management software platform Plesk, announced two weeks ago.

Gavin Wood
16 May 2017 · 3 min read

Deutsche Beteiligungs – sale of Schülerhilfe to Oakley Capital

Strategically important first divestment by DBAG Fund VI

Deutsche Beteiligungs (DBAG) has announced the sale of private tutoring services provider Schülerhilfe to Oakley Capital Private Equity. The investment in Schülerhilfe was DBAG Fund VI’s first transaction in October 2013 and its sale marks the fund’s first divestment after less than four years. This is a strategically important transaction for DBAG as it represents the first realisation of an investment outside of the team’s traditional core sectors of expertise, confirming DBAG’s ability to complete deals successfully across a broader range of industries. The transaction price has not been disclosed but DBAG management has confirmed that the sale was at a premium to Schülerhilfe’s portfolio valuation and will contribute around €9m to DBAG’s net income in the third quarter of FY17.

Gavin Wood
2 May 2017 · 3 min read

Deutsche Beteiligungs – significant uplift to FY17 earnings guidance

FY17 net income projected to exceed comparable FY16 net income by more than 20%

Deutsche Beteiligungs (DBAG) has announced that it expects to report net income for the year to 30 September 2017 that significantly exceeds the €46.3m comparable income for the prior year, equating to net income of more than €56m for FY17. Previous guidance, first given at the time of the FY16 results and confirmed with Q117 results, was for a moderate 10% to 20% decline in net income. The revised forecast is based on c €44m preliminary net income for H117, which follows DBAG’s announcement today of the divestment of its stake in Romaco Group.

Mel Jenner
16 February 2017 · 1 min read

Witan Investment Trust announces the appointment of a new emerging markets manager

GQG to manage a segregated emerging markets portfolio for Witan

Witan Investment Trust (WTAN) has announced the appointment of GQG Partners to manage £70m (c 4% of WTAN’s net assets). GQG is an investment boutique formed in June 2016 by Rajiv Jain. As at 31 December 2016, it had £615m of assets under management across three products: global, international and emerging market equities, with a focus on long-term, quality growth investment. GQG runs concentrated, low-risk portfolios that are benchmark agnostic. The appointment of GQG follows WTAN’s change of benchmark at the beginning of 2017, where emerging markets now represents 5%, having had a zero weighting in the old benchmark.