European private equity houses who wanted to create value in their portfolio through add-on acquisitions in 2009 saw their efforts mostly thwarted, according to an annual study by European private equity house Silverfleet Capital. Silverfleet Capital’s European Buy & Build Monitor, published in conjunction with mergermarket, found that the number of European add-on acquisitions fell dramatically in 2009 by almost 50 per cent to 203, the fewest since 2004.  Total value dropped too to a shade over GBP3bn, well down on the GBP23.4bn recorded in 2007 and the lowest since 2003.  While these numbers reflect the fall in M&A activity

Carewatch, the Lyceum Capital-backed provider of domiciliary care services, has strengthened its regional network with the acquisition of three businesses. It has purchased the Midlands-based homecare organisation All and Small as well as two current franchise businesses, Carewatch North Tyneside and Carewatch Swansea, with the mid-market growth investor’s support. These latest deals bring the total number of add-on acquisitions made by Carewatch to 11 since Lyceum Capital and management acquired the company from Nestor Healthcare Group for GBP37m in October 2008. The move is the latest stage in a growth plan which is focused on consolidating the highly fragmented domiciliary

Studio Moderna, an electronics and consumer products retailer in Central and Eastern Europe, has received a minority investment from a group of investors co-led by Insight Venture Partners and Templeton Strategic Emerging Markets Fund III. Among others, JH Partners joined the co-leads in the transaction. The funds were primarily used to purchase secondary shares.  Larry Handen from Insight Venture Partners and Matjaz Schroll from Templeton Strategic Emerging Markets Fund III will be joining the board of directors.   “We are beginning to realise the potential in our chosen markets and see great opportunities for Studio Moderna,” says Sandi Češko, chairman

Fund managers and others involved in the real estate private equity sector around the world expect further deterioration in commercial real estate prices throughout 2010 as unemployment leads to lower commercial occupancies and declining rents, a report from Ernst & Young’s real estate fund services practice in the US has found. With the sector still in recession, many fund managers are preparing for the beginning of a “generational buying opportunity” that could manifest as early as the first quarter of 2011. The report – Market Outlook: Trends in the real estate private equity industry 2010 – includes a survey of

Law firm Dechert has advised private equity firm Capital Z Partners as the lead investor in the placing by Jelf Group of up to 27,713,939 new ordinary shares and 25,063,838 new non-voting convertible shares to raise approximately GBP19m before expenses. Cenkos Securities acted as broker to Jelf. The placing consists of the issue of 27,713,939 placing shares to institutional and other investors, including Cap Z Partners III and by the issue of 25,063,838 new Non-voting convertible shares to Cap Z. In addition to subscribing for the placing shares and the 25,063,838 new non-voting convertible shares Cap Z has acquired the

A consortium led by Morgan Stanley Infrastructure has acquired a 44 per cent stake in power generation and engineering services firm Asian Genco for USD425m. Appleby acted as the Mauritius legal counsel to what is the biggest private equity transaction in India in almost two years. The deal, which also included Norwest Venture Partners, General Atlantic, Goldman Sachs Investment Management and Everstone Capital, is also the biggest private equity transaction in the country’s power sector and the first one of over USD300m since 2008. The investment will be effected through convertible instruments that will give the investors around 44 per

Smart Kids Group, a provider of children’s digital education and entertainment, has entered into a drawdown equity finance agreement with Auctus Private Equity Fund of Boston. The USD10m equity line of credit will be used to protect and ensure the future development of Smart Kids’ TV productions and services to the market. Smart Kids is actively pursuing financing options in order to launch TV production and acquire existing opportunities. Andy Ruppanner (pictured), president and chief executive of Smart Kids Group, says: “Smart Kids will only use the equity line of credit judiciously, in conjunction with other sources of financing, as

During the first quarter of 2010, US private equity fundraising dipped to USD17.6bn raised by 97 funds, an eight per cent drop from the USD19.1bn raised by 75 funds during the same period last year, according to Dow Jones LP Source. When the most recent quarter’s totals are compared to the USD65.9bn raised by 108 funds during same period in 2008 the numbers show how hard the industry has been hit by the economic downturn and credit crunch. "The fundraising total is negligible, but the story behind the numbers is telling," says Jennifer Rossa, managing editor of Dow Jones Private