eNewsletter no. 423

14 November 2014
   

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Dear Reader

2 days to go, and then we celebrate the 30th anniversary of SECA in the Papiersaal in Zurich. Various current and former members of the board will look back and talk about the prosperous and emotional history of the Swiss Private Equity and Corporate Finance Association. Following that, SECA invites all attendees to an apéro riche and an exciting get-together to adequately celebrate the 30 years anniversary far into the evening, in English, French and German.

For members, who are especially interested in the corporate finance industries, this evening might be of doubled interest. In fact, the anniversary celebration will be preceded by an event of the corporate finance chapter of SECA, which covers the topic «Unternehmenstransformation mittels Carve-outs». This event takes place in the same location and starts at 17.15. Please note that this occasion will be held in German.

See you on Wednesday!
Maurice Pedergnana

 
 
 

SECA

 
   

Innovative digitale Anlageprodukte

In Zusammenhang mit einer Forschungsarbeit des Masterstudiengangs Banking & Finance der Hochschule Luzern und der Zürcher Hochschule für angewandte Wissenschaften sollen innovative digitale Anlageprodukte, wie beispielsweise dasjenige von True Wealth, untersucht werden. Ein Bestandteil dieser Untersuchung stellt auch die Ermittlung der allgemeinen Konsumentenmeinung gegenüber solchen Produkten und den damit verbundenen Dienstleistungen dar. Aus diesem Grund bitten wir Sie die (deutschsprachige) Umfrage auszufüllen: Diese Umfrage dauert ca. 10 Minuten. Selbstverständlich werden sämtliche Daten anonymisiert und lassen sich nicht Ihrer Person zuordnen.

Ihre Meinung ist uns wichtig und wir danken Ihnen bereits im Voraus für die Teilnahme an unserer Umfrage. Bei Fragen oder Unklarheiten kontaktieren Sie uns doch bitte per Mail an patrick.bucher.02@hslu.ch.

Vielen Dank! Andreas Baumann und Patrick Bucher

 
 

Stellungnahme der SECA zu FIDLEG

Am 27. Juni 2014 hat der Bundesrat die Vernehmlassungsvorlagen zu zwei neuen, miteinander verbundenen Finanzmarktgesetzen, dem Finanzdienstleistungsgesetz („FIDLEG“) und dem Finanzinstitutsgesetz („FINIG“), veröffentlicht und interessierte Kreise zur Stellungnahme eingeladen.

 
 

3. SECA Private Equity Workshop

7.-8. November & 21.-22. November 2014, IFZ Zug

SECA Private Equity Workshop: Die Assetklasse Private Equity & Private Markets vermittelt in kompakter Form für Praktiker

Auf spannende Fragen gibt es Antworten...

  • Weshalb gehören die Endowments von Harvard und Yale zu den erfolgreichsten Investoren weltweit?
  • Auf was beruhen die Erfolgsgeschichten von Yahoo, Amazon, ebay, Adobe, Intel, Cisco Systems und Genentech?
  • Was haben Google, Facebook, Doodle, Odlo, Schild, Ticketcorner, Hirslanden, Phonak/Sonova, Gategourmet, SR Technics, Stadler und Geberit gemeinsam?
  • Welche Assetklasse erzielt langfristig eine weit überdurchschnittliche Wertsteigerung?
  • Welche Investmentopportunitäten und Herausforderungen für den Investor ergeben sich aus dem zunehmend bedeutender werdenden Bereich von Private Markets?
 
 

SECA Evening Event: 30 Years SECA / Unternehmenstransformation mittels Carve-outs

Wednesday, 19 November 2014, Papiersaal, Zurich

In order to celebrate the anniversary of SECA, the association organizes for the SECA Members a celebration in the Papiersaal in Zurich.

For members, who are especially interested in the corporate finance industries, this evening might be of doubled interest. In fact, the anniversary celebration will be preceded by an event of the corporate finance chapter of SECA, which covers the topic «Unternehmenstransformation mittels Carve-outs». This event takes place in the same location and starts at 17.15. For a detailed description please click the link below. Please note that this occasion will be held in German.

Fully booked!

 
 

Foundation and advanced courses of the EVCA Academy

The EVCA Academy offers a number of foundation and advanced courses. SECA members are eligible for a special 15% association discount. Please register online and quote “NVCA14”. For more information and registration, please use the following link.

 
 
 
 

Venture Capital

 
   

Media Monitoring

 
 
 

Blueprint Medicines secures Series C funding from several investors

On 12/11/14 Blueprint Medicines Corporation, a Cambridge, Massachusetts-based cancer therapeutics developer announced that it has raised USD 50 million in a Series C round of funding. The funding was led by Partner Fund Management LP and included new investors and involved existing shareholders such as Nextech Invest AG. Source: Zepyhr

 
 
 

Mail.ru Group acquires maps.me

On 13/11/14 it was announced that Mail.ru Group Ltd acquired maps.me, a Zurich, Switzerland-based maps and navigation application developer, from MapsWithMe GmbH. Source: Zepyhr

 
 

Constellation beteiligt sich an Rehms

We are pleased to announce that Constellation has acquired a majority stake in Rehms GmbH in the course of a succession process. Rehms was founded 75 years ago and grew to a regional champion located in North Rhine-Westphalia (Germany). The company has an outstanding reputation as a reliable business partner and is since its foundation a family owned business employing over 250 employees. The company is predominantly active in the field of heating, ventilation, cooling and sanitation installation as well as measurement & control systems. The acquisition took place in close collaboration with the owner and management team of Rehms who will remain actively involved in the daily operations of the company. The strong organic growth of the company will be accompanied with a pre-determined buy-&-build strategy to increase the regional reach within the German market.

 
 

Electrochaea receives first round funding

On 04/11/14 it was announced that Electrochaea GmbH, the Munich, Germany-based power-to-gas technology developer, has received an undisclosed amount of series A (first round) funding from a consortium of investors including b-to-v Partners AG, Sirius Venture Partners GmbH, Caliza Holding AG, MVP Management GmbH, KfW Bankengruppe and Focus First, a fund managed by Nidus Investment Partners LP. The exact amount of funding received has not been disclosed however it is said to have been several millions of euros. Source: Zepyhr

 
 
 

Intersec secures funding from HCP (Geneva) and existing investors

On 05/11/14 it was announced that Intersec SA, the Puteaux, France-based software for mobile and integrated operators provider has secured USD 20 million in a Series B round of funding from HCP (Geneva) Sarl and existing investors. Source: Zepyhr

 
 
 

Tamedia acquires majority stake in Doodle

On 13/11/14 it was announced that Tamedia AG has increased its stake in Doodle AG, a Zurich, Switzerland-based online social events scheduling services platform provider. Tamedia previously held a 49 per cent stake in Doodle, which has now been increased to 100 per cent. The former shareholders include tha founders of Doodle Mr Michael Naf and Mr Paul Sevinc, and the Schwyzer Kantonalbank. Source: Zepyhr

 
 
 

Vicarious raises funding from ABB Technolgoy Ventures and undisclosed investors

On 04/11/14 Vicarious FPC Inc., a Menlo Park, California-based artificial intelligence software developer has raised USD 12 million between 21/10/14 and 04/11/14 in a round of funding from ABB Technology Ventures Ltd and undisclosed investors. Source: Zephyr

 
 
 

Histide secures Series A funding from PARTER Capital Group and private investors

On 10/11/14 it was announced that Histide AG, a Schindellegi, Switzerland-based bio-cell type commitment dictation non-mutagenic extracellular technology developer secured CHF 4.5 million in a first (Series A) round of development capital funding. The participants in the round were PARTER Capital Group AG who led the round and a group of private investors. Histide is classified as a start up company. Source: Zepyhr

 
 
 
 
 

Private Equity – Swiss News

 
   

Onex vor Kauf von SIG Combibloc Group AG

In der letzten Bieterrunde für den Schweizer Hersteller von Lebensmittelverpackungen SIG Combibloc Group AG hat offenbar die kanadische Onex Corp. die besten Chancen, zum Zuge zu kommen. Nicht Partners Group. Für Onex, Kanadas grösste Buyout-Gesellschaft, wäre es eine der grössten Akquisitionen in Europa. Der Kaufpreis dürfte bei rund 3,8 Mrd. Franken liegen. SIG war 2007 von der neuseeländischen Rank Group Ltd., an der der Milliardär Graeme Hart beteiligt ist, für 2,8 Mrd. Franken gekauft worden. «Die Herausforderung heute besteht darin, grossartige Unternehmen zu vernünftigen Preisen zu finden», sagte Bobby Le Blanc, Senior Managing Director bei Onex, in der Telefonkonferenz.

 
 
 

aasa with a bi-monthly newsletter

affentranger associates issued their first edition of our “aasa bi-monthly” and discussed the valuations and transaction activities in the tech industry, raising concerns that we have arrived in another tech bubble. The fundamentals are different to 1999/2000 but the cheap money incentivizes investors to take riskier bets. Interesting to read!

 
 
 

Montana Capital Partners schliesst zweiten Private Equity Sekundärfonds am Hard Cap

Montana Capital Partners (“mcp”) teilt mit, dass das Final Closing des zweiten Annual Secondary Programmes am Hard Cap vollzogen wurde. Der Fonds führt mcp‘s erfolgreiche Strategie fort, sich auf attraktive Nischen des Sekundärmarktes, wie direkt gesourcte, kleinere und komplexere Transaktionen, zu fokussieren. Aufgrund der hohen Nachfrage bei Investoren war der Fonds nach einer kurzen Fundraising Periode von 12 Wochen überzeichnet. Das zweite Annual Secondary Programm hat am Hard Cap von EUR 100 Mio. geschlossen. Zusätzlich lag das GP Commitment bei mehr als 3 % und damit über dem Marktdurchschnitt. Die homogene Investorenbasis besteht aus einigen der angesehensten und grössten Family Offices in Europa, sowie andere erfahrene institutionelle Investoren wie Pensionskassen aus Grossbritannien und der Schweiz.

 
 
 

Partners Group to buy Swiss Real Estate

On 13/11/14 it was announced that Partners Group Holding AG is to acquire Swiss Real Estate AS, the Oslo, Norway-based real estate investment firm. The shares will be purchased at NOK 110 each, plus NOK 18.70 per share in dividend. The underlying property value is reportedly NOK 2.1 billion. Swiss Real Estate was established by Helvetica Property Investors AS and Castelar Corporate Finance AS. Source: Zephyr

 
 
 

Zurmont Madison Private Equity: Sale of CLS Communication to Lionbridge Technologies

Zurmont Madison Private Equity L.P. advised by Zurmont Madison Management AG, has signed a contract for the sale of CLS Communication Group to publicly-listed, US-based Lionbridge Technologies, Inc. (Nasdaq: LIOX). Following around five years of partnership with Zurmont Madison Private Equity, three international buy & build acquisitions and strong growth in revenues and profitability, CLS Communication Group becomes part of the market leader in global translation and content solutions worldwide. Source: Zepyhr

 
 
 
 

Private Equity – Int. News

 
   

Media Monitoring

 
 
 

Goldman Sachs without Fees

Goldman Partners profit from private funds that charge no fees, reports Bloomberg recently. Of all the perks bestowed on those selected as Goldman Sachs Group Inc. partners this week, the most uncommon may be access to a private fund named for a street that stretches two blocks at the southern tip of Manhattan. Goldman Sachs has brought back Bridge Street funds, which allow senior employees to invest alongside the bank in closely held companies without having to pay fees. Success isn’t guaranteed, but the probabilty is certainly higher.

 
 
 

Extendicare offloading US operations

Toronto-listed nursing care facilities operator Extendicare has reached an agreement to sell its US unit. The company said the assets will be picked up by a group of investors (including Swiss) led by healthcare-focused private equity firm Formation Capital and an affiliate of Safanad. Under the terms of the deal, the buyer will pay USD 870 million for the business. Extendicare was founded in 1968 by Harold Livergant and now claims to be one of the largest long-term care providers in North America, with 251 senior care centres and space for some 27,600 residents. Of these locations, 156 care facilities are in the US, totalling 15,000 beds. The company’s US business posted revenue of USD 1.16 billion for the trailing 12 months ended 30th September 2014. Source: Zepyhr

 
 
 

Sector Focused PE Funds Outperform

While it seems clear that a sector specialist should outperform a generalist within their sector of focus, in this paper Cambridge Associates introduces data to show that on average sector-focused managers do in fact outperform. For the purpose of this analysis, they defined sector specialists as managers that have historically invested more than 70% of their capital in one of four sectors—consumer, financial services, health care, and technology—over a ten-year time period (2001–10).

 
 
 
 

Corporate Finance

 
   

KKB beteiligt sich am grössten solaren Kraftwerks-Park von Europa

Die an der BX kotierte KKB AG beteiligt sich an einer der grössten Solar-Transaktionen in Europa. Dabei hatte sie eine Schlüsselrolle inne.

 
 

Schwyzer Kantonalbank takes stake in Swiss Quality Broker

On 06/11/14 it was announced that Schwyzer Kantonalbank has acquired an undisclosed minority stake in Swiss Quality Broker AG, the Pfaffikon, Switzerland based insurance broker for an undisclosed consideration. Source: Zepyhr

 
 
 

Vifor Pharma looking for acquisitions

On 05/11/14 it was reported that Galencia AG is looking to make an acquisition via its subsidiary Vifor Pharma AG, the Glattbrugg, Germany-based iron deficiency pharmaceuticals manufacturer before listing the company on the stock exchange. Source: Zephyr

 
 
 
 
 

Mergers & Acquisitions

 
   

Frilufts Retail acquires Globetrotter from Fenix Outdoor

On 11/11/14 it was announced that Frilufts Retail Europe AB will acquire Globetrotter Ausrustung GmbH, a Hamburg, Germany-based outdoor clothing and equipment retailer from Sweden-dominated Fenix Outdoor International AG in Baar, Switzerland. In exchange for selling 100 per cent stake in in Globetrotter, Fenix will take on a 60 % stake in Frilufts while Globetrotter will own 40 % in Frilufts and Fenix will contribute EUR 7 million to Globetrotter. As a part of the transaction which was described as a merger Frilufts will also acquire 100 per cent stake in Partioaitta Oy and Naturkompaniet AB. Source: Zepyhr

 
 

M&A Bulletin - Oktober 2014

Das M&A-Team von BDO International ist stolz, Ihnen die Oktober 2014 Ausgabe des BDO M&A-Bulletin zu präsentieren.

 
 

Alu Menziken acquires the Euromotive Business Unit of Alutech

On 10/11/14 it was announced that Alu Menziken Holding AG (Alu Menziken Extrusion) has acquired the Euromotive Business Unit of Alutech GmbH, a Lend, Austria-based fuel tanks and pressurised containers for motor vehicles manufacturer. Source: Zepyhr

 
 

BASF India to sell textile chemicals business to Archroma

On 16/10/14 it was announced that BASF India Ltd, a Mumbai, India-based chemicals manufacturer, has decided to sell its textile chemicals business to Archroma Management GmbH. The transaction is expected to be completed in the first quarter of 2015. Source: Zepyhr

 
 

CMS: M&A Outlook

Europe’s executives are more bullish about the European M&A outlook than they were a year ago according to research of 225 Europe-based corporate executives by global law firm CMS and Mergermarket. Two thirds of respondents expect M&A activity will increase, with 11% anticipating a significant increase. This compares with 47% of 2013 interviewees expecting deal-making to increase, and just 1% expecting M&A to increase greatly. Attitudes about Europe’s economic recovery have improved significantly and the majority believe that the worst is behind us. "Based on the activities we have seen so far in 2014, we can fully confirm this assessment also for the Swiss market", says Oliver Blum, Head of the Transactions Team of CMS Switzerland.

 
 

Scherer acquires wez Kunststoffwerk from Plaston

On 07/11/14 it was announced that Meinrad Scherer Vermogensverwaltung GmbH (Scherer) acquired wez Kunststoffwerk AG, the Oberentfelden, Switzerland based plastic products manufacturer from OTC-listed Plaston AG effective from 01/11/14. Source: Zepyhr

 
 

Valora to acquire Naville from Lagadere and Edipresse

On 10/11/2014 it was announced that Valora Holding AG signed an agreement on 09/11/14 to acquire 100 per cent of Naville SA, the Carouge, Switzerland based household goods wholesaler holding company, for a consideration of CHF 90 million. Lagardere Services SAS is selling its 65 per cent stake and Edipresses Publication SA (also known as Tamedia Publications romandes SA) its 35 per cent stake. The transaction is subject to Swiss competition authorities approval. The price has been judged as high, and the troubles and huge challenges for Valora remain – or even become larger with this transaction. Source: Zepyhr

 
 
 
 

Management Buyout

 
   

Constellation Capital acquires majority stake in Josef Rehms

On 14/11/14 it was announced that Constellation Capital AG has acquired a majority stake in Josef Rehms GmbH (Rehms), a Borken, Germany-based heating, cooling, ventilation and sanitation installation services provider from Mr Hans Rehms. At the same time it was announced that Rehms would be adopting a strategy that might entail making acquisitions in the future. Source: Zepyhr

 
 
 

Controlling stake in Retif acquired in IBO

On 17/10/14 it was announced that Verdoso Industries Sarl, Pragma Capital SA, LGT Capital Partners AG and IDInvest Partners alongside existing management team have acquired majority stake in Retif SAS, a Villeneuve-Loubet, France-based retail equipment and supplies wholesaler, from Lloyds Development Capital (Holdings) Ltd. Financial terms were not disclosed. The deal constitutes a quaternary buy-out and provides an exit for Lloyds Development Capital. Source: Zephyr

 
 
 

Lionbridge buying CLS – exit for Zurmont Madison

US language translation software developer Lionbridge Technologies has signed on the dotted line to buy CLS Communication, a Swiss provider of translation services. The buyer will pay CHF 74 million (EUR 61.6m) in cash for the business, subject to closing adjustments.

CLS is currently owned by private equity investor Zurmont Madison Management, which picked up the business for an undisclosed sum back in 2009 and will exit as part of this buy and build MBO deal. The target has been fairly quiet of late; its last acquisition came in January 2013 when it bought German translation firm 4-Text Software-Lokalisierung und technische Übersetzungen. The firm operates from a knowledge pool including 600 in-house translators, copywriters, terminologists and technology experts and more than 5,000 external language specialists.

According to Zephyr, the M&A database published by Bureau van Dijk, this is the ninth acquisition of a European translation company to be announced in 2014 to date and also the year’s largest such deal so far.

 
 
 

Dell-Buyout scheint sich zu lohnen

Ein Jahr, nachdem sie Dell Inc. in einem 24,9 Mrd. Dollar schweren Buyout von der Börse genommen haben, konnten der Vorstandschef Michael Dell und die Private- Equity-Firma Silver Lake Management LLC bis zur vergangenen Woche auf dem Papier einen Ertrag von mindestens + 90 % auf ihre Investments verzeichnen. Silver Lake hatte im vergangenen Jahr 1,4 Mrd. Dollar investiert, während Dell 4,2 Mrd. Dollar aufbrachte - mit dem Ziel, das Unternehmen von der Börse zu nehmen. Inzwischen liegt der Wert von Dell bei mindestens 10,8 Mrd. Dollar, basierend auf dem Marktwert von Hewlett- Packard Co. und anderen an der Börse notierten Konkurrenten, also nahezu doppelt so hoch wie jene 5,6 Mrd. Dollar, die Silver Lake und der Unternehmensgründer in die Transaktionen investiert haben. Vor dem Vollzug am 29. Oktober 2013 hat Carl Icahn für Widerstand gesorgt: Er behauptete damals, Dell und Silver Lake würden einen zu geringen Preis für das Unternehmen zahlen.

 
 
 
 
 

Jobs

 
   

Investment Associate / Investment Manager

Wineus AG ist eine Finanzboutique mit Sitz in Zürich. Wir begleiten Unternehmer und Unternehmen insbesondere in den Bereichen Investment Advisory, M&A und Finanzierungen. Zudem nehmen wir im Auftrag unserer Kunden Beteiligungen an erfolgversprechenden Unternehmen vor, die wir langfristig und aktiv begleiten, um ihren Wert zu steigern.

Zur Verstärkung unseres Teams suchen wir:

  • eine(n) erfahrene(n) Investment Associate
  • eine(n) erfahrene(n) Investment Manager

 

 
 

How to publish a job ad

On this place your Job ad could be published.

If you are interested please send an e-mail with your job ad, the company logo and a short description about the Job and/or the Company to info@seca.ch.

  • for SECA Members CHF 100.- / 2 Weeks
  • for Non-Members CHF 200.- / 2 Weeks
 
 
 
 
 

Agenda

 
   

SuperInvestor 2014

18 - 21 November 2014, Paris

  • 850+ Attendees
  • 260+ Senior Level LPs
  • 380+ GPs
  • 40 Countries

As Europe’s foremost private equity institutional investor conference, SuperInvestor is the best way to network with numerous senior industry practitioners, including hundreds of LPs.

For SECA Members 15% discount offer - please quote VIP Code: FKR2358SECAW

 
 

M&A-Seminar für Verwaltungsratsmitglieder

Donnerstag, 27. November 2014, Radisson Blu Hotel, Zurich Airport

M&A-Transaktionen gehören zu den anspruchsvollsten Herausforderungen der unternehmerischen Tätigkeit und sind somit für Verwaltungsratsmitglieder von zentraler Bedeutung. Das Seminar beleuchtet die Rolle des Verwaltungsrates bei Unternehmenstransaktionen und vermittelt die notwendigen Grundlagen, damit Verwaltungsratsmitglieder ihre Verantwortung in Transaktionssituationen gezielter wahrnehmen können. Die einzelnen Themen werden jeweils über konzentrierte Theorieteile eingeleitet und im moderierten Erfahrungsaustausch vertieft. Das Seminar richtet sich an Verwaltungsratsmitglieder (zwingende Voraussetzung für die Teilnahme), welche sich für ein erfahrungsbasiertes und praxisorientiertes M&A-Seminar interessieren.

 
 

Private Equity Exchange & Awards 2014

Thursday, 4 December 2014, Le Méridien Étoile Hotel, Paris

The Private Equity Exchange & Awards is a major Paneuropean summit on Private Equity and Restructuring. Meet over 1,200 LPs, GPs, Corporate Executives and 80 high-profile international speakers on December 4, 2014 in Paris. The Private Equity Exchange & Awards is proud to partner with the Swiss Private Equity and Corporate Finance Association (SECA). As SECA member, get a free pass* by contacting cdavril@leadersleague.com and get 20% off on additional passes using the special code PEX2014PARTNERPASS on: Link

*Limited to 10 free summit invitations for Private Equity Funds, Limited Partners and Top Corporate Executives (registrations are subject to approval by the organization)

 
 

German Private Equity Conference 2014 Winter Edition

Friday, 5 December 2014, The Westin Grand, Frankfurt am Main

The German Private Equity Conference is a one-day event with inspirational keynote speakers, enriching panel discussions, and valuable networking opportunities for top-tier professionals. We gather 50+ speakers, 2 distinguished Keynotes and 250+ attendees from Private Equity Funds, Limited Partners, Venture Capitals, Law Firms, Investment Banking, Auditing, Consultancy and top MBA students from prestigious European universities. This makes the conference a unique networking opportunity in the DACH Private Equity market and beyond. To view our up to date agenda please click here. For more information please visit the official homepage.

SECA members profit from a 15% discount on early-bird tickets and a 30% discount on regular tickets. To register for the conference please visit (click here) and type GPEC_SECA_EARLY or GPEC_SECA_REGULAR in the coupon field, or contact pierre.charvet@pe-conference.org.

 
 
 

Foundation and advanced courses of the EVCA Academy

The EVCA Academy offers a number of foundation and advanced courses. SECA members are eligible for a special 15% association discount. Please register online and quote “NVCA14”. For more information and registration, please use the following link.

 
 

Training

Learn early-stage and angel investing processes and best practices in a small group from expert investors. Enhance your investor learning and help build your portfolio by choosing from the training modules. They are held monthly via *virtual webinars or in-person classes during our city events. Training Modules are included in a number of our investing memberships or may be purchased individually or as a one year package.

Click here to purchase.

 
 
 

Forthcoming SECA Events - save the date

 
 
 

Forthcoming related Events

 
 
 
 
 

Editor

 
   

Editor

SECA eNewsletter is a free online newsletter published by Maurice Pedergnana, Managing Director of the SECA Swiss Private Equity & Corporate Finance Association, received by more than 3'000 email addresses. More information: www.seca.ch or +41 41 757 67 77 (Andrea Villiger). The eNewsletter archive service is available only for SECA members.

 
 
 
 
 

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