Private equity (PE) exit numbers dropped in Europe last year to 61 from 2011’s total of 85, according to Myths and challenges – How do private equity investors create value?, Ernst & Young’s annual study of European PE exits.   The report cites a volatile economic climate and low transactions activity as the primary challenges for PE.   However, despite the criticism sometimes levelled at the industry, in aggregate terms PE-owned businesses grew employment by two per cent in 2012. Forty-four per cent of the businesses studied made add-on acquisitions, while only 10 per cent made disposals. Eighty per cent

Eaton Towers, a pan-African tower company, has signed a deal with Telkom Kenya covering its existing portfolio of over 1,000 towers.   The 15-year management and leasing deal is focused on both the maintenance of existing sites and building new sites and extends Eaton Towers’ partnership with the Orange Group following the 2012 deal with Orange Uganda.   Eaton Towers has also completed its third round of equity financing, provided by majority shareholder Capital International Private Equity Fund (CIPEF) and its co-investment limited partners.   Integrated telecommunications services provider Telkom Kenya operates Orange’s mobile and fixed-line telecommunications services in Kenya.

Sycamore Partners has completed its acquisition of Hot Topic in a transaction is valued at approximately USD600m.   Hot Topic operates more than 800 stores selling clothing, accessories and music to teens.   "Hot Topic and Torrid are both leaders in their categories, and we are excited to have both brands as part of our portfolio," says Stefan Kaluzny, managing director of Sycamore Partners.  "Sycamore Partners is very pleased to have the opportunity to partner with Lisa Harper and her team to invest in the continued development of both the Hot Topic and Torrid retail brands."   Lisa Harper, chief

Salvepar has committed to invest USD7m in Latin America Power (LAP), a developer and operator of renewable energy projects in Chile and Peru with a staff of approximately 65 employees.   This investment by the company comes as part of a capital increase in LAP led by LAP existing shareholders, of which P2 – a joint venture between Blackstone-backed Patria Investimentos and Promon, a major player in infrastructure EPC in Brazil – is one.    LAP seeks to benefit from the significant growth and industrialisation of both Chile and Peru, which has created the need for a substantial increase in

RTI Biologics is to acquire privately held Pioneer Surgical Technology, headquartered in Marquette, Michigan.   Pioneer is a medical technology company that manufactures and distributes metal and synthetic products in the orthopedics, biologics, spine, trauma and cardiothoracic markets. The acquisition of Pioneer supports RTI’s initiatives to expand its current implant portfolio into metals and synthetics and to grow direct distribution.   “The combination of RTI and Pioneer is an exciting opportunity for both companies and their employees," says Brian K Hutchison, RTI president and chief executive officer. "This acquisition is strongly aligned with RTI’s long term strategic plan, accelerating new

OMERS Private Equity (OPE), the private equity investment arm of the OMERS pension plan, in equal partnership with Alberta Investment Management Corporation (AIMCo) on behalf of certain of its clients, have signed a definitive agreement to acquire Vue Entertainment from Doughty Hanson and management for an enterprise value of GBP935m (CAD1.48bn).   Vue is an operator of multiplex cinemas in the UK, Ireland, Germany, Denmark, Portugal, Poland, Latvia, Lithuania and Taiwan. The transaction is expected to close by late July 2013.   Over the last three years, Vue has doubled the number of cinemas under its ownership from 70 to

Ogier has advised European private equity firm Cinven and annuity provider Partnership Assurance on Partnership’s recent premium listing on the main market of the London Stock Exchange.   The GBP1.54bn market capitalisation implied by the offer price would be enough to include it in the FTSE 250 index, which comprises the 250 most highly valued companies outside the FTSE 100.  The IPO comprises the sale of a portion of Partnership’s existing ordinary shares held by funds managed and advised by Cinven and management, and an issue of new ordinary shares by Partnership.   The Jersey aspects of the IPO transaction

Northzone has sold portfolio company Energy Micro to Nasdaq-listed Silicon Labs for USD170m.   The entity’s combined portfolio of products will continue to power the Internet of Things, smart energy and portable electronics.   Northzone, together with Investinor, has been an investor in Energy Micro since March 2010, and has achieved a 50 per cent IRR multiple on its investment in the late stage semiconductor provider.   Torleif Ahlsand, general partner in Northzone, has been chairman of Energy Micro since the initial investment. Northzone invested in the company with Investinor while Energy Micro was in the process of developing the