Enewsletter No. 323 | SECA | Swiss Private Equity & Corporate Finance

eNewsletter no. 323 Dear Reader 29 May 2012

The curator of the museum was amazed when one of his exhibits • SECA walked away. OK, it did not go far. It had eight legs but moved very • Testimonial • Venture Capital slowly. Still - it had supposedly been dead for 120 years, and up to • Private Equity – Swiss News that moment the animal was believed to be able to sleep only 10 • Private Equity – Int. News years. The tardigrade animals measure about one millimeter and • Corporate Finance • Mergers & Acquisitions can survive extreme cold and extreme heat, extreme pressure in • Jobs the deep sea and weightlessness in outer space. True survivors. • Agenda • Editor Have a nice week! Maurice Pedergnana Toolbox Print Newsletter Send Newsletter to a Friend Download as PDF

SECA

We have a great programme on July 4, 2012: with a pre-eve event at Tesla Motors and a first Swiss Private Equity Night at Jade Club, and with a lot of excellent speakers and case studies!

Brochure Registration card

Last chance for registration - Studienreise in die grössten Wachstumsmärkte

26. Juli - 8. August 2012, Indien/China

Die meisten IPO, die grössten Kundenstämme, die höchsten Wachstumsraten: Wer von Indien und China spricht, benutzt meistens Superlative. Entwickeln sich Indien und China immer mehr zu einer Supermacht? Wie funktioniert der Finanzsektor vordergründig und hinter den Kulissen?

Wir werden in einem einmaligen und zugleich einzigartigem Programm vieles über Banking und Finance und die damit verbundenen zentralen Themen in den aufstrebenden Volkswirtschaften erfahren und mit zahlreichen Exponenten Gespräche führen.

weitere Informationen und Anmeldung

Testimonial

Customer Care Solution Holding AG (CCS Holding AG) (2011)

Stephan Schindler, Gründer von CCS, meint: “Dieser Schritt ist vor allem eine verantwortungsvolle Nachfolgelösung, welche den Weiterbestand der CCS-Gruppe sicherstellt. Ich bin mir sicher, mit dem Private Equity Unternehmen einen Aktionär gefunden zu haben, der gut zu uns passt. Wir freuen uns auf eine erfolgreiche, partnerschaftliche Zusammenarbeit.“

Venture Capital

Media Monitoring

Für VC-Fonds soll Konzession in einem EU-Staat genügen

The Inside Story Of What Happened On The Facebook IPO

Konzerne schieben neue Ideen an

Facebook-IPO schafft neue 'Angel Investoren' für Internetfirmen

Target Partners investiert in adeven GmbH

Cleantech Software-Spezialist GreenPocket erhält 3,5 Mio. Euro in Series B ...

Neuer Inkubator Bluelion in Zürich eröffnet

BlueLion, der Inkubator für ICT und CleanTech, öffnet seine Tore In Sachen "Swisscanto Asset Management AG", Bern, und "Zürcher ...

Inkubator für ICT und Cleantech "Blue Lion" in Zürich gestartet ...

Next Generation to launch capital increase

On 22/05/12 it was announced that Next Generation Finance Invest AG, a Zug, Switzerland-based investment services provider will launch a capital increase. All potential bidders can subscribe for shares up until 29/05/12. In total 43,062 shares will be issued at a share price between CHF 82 and CHF 85, valuing the transaction at a maximum of EUR 3,660,270. Source: Zephyr

Sartz secures funding from Edipresse, Mr Jose Manuel and Mr Lucas Carné

On 22/05/12 it was announced that Sartz Ltd (Smithfield Case), a London, United Kingdom-based online clothes retailer has secured GBP 650,000 in investment from Edipresse SA and the co-founders of Privalia, Mr Lucas Carné and Mr Jose Manuel. It was also announced that as part of the transaction Mr Pierre Lamuniere, current chairman and executive director of Edipresse has joined the board of Smithfield Case. Source: Zephyr

VC has delivered poor returns for more than a decade

VC returns haven’t significantly outperformed the public market since the late 1990s, and, since 1997, less cash has been returned to investors than has been invested in VC. Speculation among industry insiders is that the VC model is broken, despite occasional high-profile successes like Groupon, Zynga, LinkedIn, and Facebook in recent years.

The Kauffman Foundation investment team analyzed our twenty-year history of venture investing experience in nearly 100 VC funds with some of the most notable and exclusive partnership “brands” and concluded that the Limited Partner (LP) investment model is broken. Limited Partners invest too much capital in underperforming venture capital funds on frequently mis-aligned terms. The research suggests that investors succumb time and again to narrative fallacies, a well-studied behavioral finance bias. They found in their own portfolio that:

Only 20 of 100 venture funds generated returns that beat a public-market equivalent by more than 3 percent annually, and half of those began investing prior to 1995.

The majority of funds—62 out of 100—failed to exceed returns available from the public markets, after fees and carry were paid.

There is not consistent evidence of a J-curve in venture investing since 1997.

Only 4 of 30 venture capital funds with committed capital of more than $400 million delivered returns better than those available from a publicly traded small cap common stock index. Of 88 venture funds in our sample, 66 failed to deliver expected venture rates of return in the first twenty-seven months (prior to serial fundraises).

Report

Private Equity – Swiss News

CapVis Equity Partners may sell Bartec Holding

On 23/05/12 it was reported that CapVis Equity Partners AG is selling Bartec Holding GmbH, a Bad Mergentheim, Germany-based industrial safety technology manufacturer holding company, in an auction. CapVis is looking to sell the company for around EUR 600 million. Companies interested are AMETEK Inc., Honeywell International Inc., and private equity companies Danaher Corporation, Carlyle Group LP, Cinven Group Ltd, Charterhouse Group Inc., Clayton Dubilier & Rice Inc., CVC Capital Partners Ltd, Permira Advisors LLP and Bain & Company Inc. First round bids for Bartec are due in June. Source: Zephyr

swiss smile nimmt mit Verium neue Aktionäre ins Boot

Über den Family Equity-Spezialisten Verium AG, Zürich, beteiligen sich verschiedene Familieninvestoren mit einer wesentlichen Minderheitsposition an swiss smile, dem Schweizerischen Kompetenzzentrum für Zahnmedizin. In den Verwaltungsrat der Gesellschaft werden neu Branchenexpertin Heliane Canepa und Verium-Vertreter Dr. Alexander Krebs (neu auch VR des FC Zürich) Einsitz nehmen. Vor kurzem wurde bereits die operative Leitung von swiss smile verstärkt. Das Pionierunternehmen soll mit Priorität im Schweizer Heimatmarkt nachhaltig ausgebaut werden.

Medienmitteilung

Verium AG baut Family-Office-Angebot aus und beteiligt sich mehrheitlich an der Consularis AG

Die Verium AG beteiligt sich mehrheitlich am Multi-Family-Office Consularis AG, Zürich. Gleichzeitig wird Dr. Alexander Krebs neuer Verwaltungsratspräsident der Verium AG. Die damit erreichte Kompetenzbündelung schafft eine erweiterte Beratungs- und Managementkompetenz für unternehmerisch denkende Familieninvestoren und Unternehmer.

Die Managing Partner von Verium sind künftig Dr. Matthias Huber (bisheriger Mehrheitseigentümer und Managing Partner von Verium), Markus Heeb (bisheriger Mehrheitseigentümer und Managing Partner von Consularis) und Dr. Alexander Krebs, der auch Präsident des Verwaltungsrates wird. Dr. Alexander Krebs verfügt über 25 Jahre Erfahrung im professionellen Beteiligungsgeschäft und war Gründungspartner und langjähriger Verwaltungsratspräsident der Capvis Equity Partners AG.

Medienmitteilung

Private Equity – Int. News

Media Monitoring

Private-Equity schielt wohl nach deutscher Pharmafirma Riemser

Private Equity Fonds als solare Angstbeisser?

USA: Babies teure Kronen verpassen, um Gewinne für Private Equity Fonds zu erzielen...

Impact of new regulations on banks' private equity investments

Banks have long been important backers of private equity funds. However, recent changes to legislation in the US and Europe have seen many banks rethink their private equity strategies and a number have opted to sell stakes in funds on the secondary market.

In order to assess the impact of Basel III and the Volcker Rule on banks' plans for future investments in the asset class, Preqin conducted interviews with more than 50 banks, asking them about the impact of new regulations and their plans for future investments. Download your complimentary copy of the special report here Preqin Special Report: Banks as Investors in Private Equity

EVCA yearbook 2012

The European Private Equity and Venture Capital Association EVCA announced the results of its annual activity survey, which demonstrates robust fundraising and investment by private equity and venture capital at a time of economic turmoil in Europe. The EVCA Yearbook 2012 shows in the eyes of Karsten Langer, Chairman of the EVCA: “With investment activity up significantly during 2011 private equity and venture capital are clearly contributing to recovery in Europe. In 2011, fully 85% of the 4,800 companies backed were SMEs, and nearly half employed less than 20 people. It is these businesses that will drive growth and emergence from recession, and private equity investment is helping them to achieve their ambitions. An 80% leap in fundraising demonstrates that investors from pension funds to charities are increasingly turning to private equity and venture capital to deliver long-term, sustainable returns in a climate of uncertainty in Europe.”

EVCA Yearbook 2012

Corporate Finance

Media Monitoring

IPO/ROUNDUP: Evonik-Eigner kündigen offiziell Börsengang an

Verärgerung über Facebooks IPO-Bank Morgan Stanley

Facebook verlor vor IPO die Nerven

Larsen & Toubro planning JV with Swiss Re: Moneycontrol

India-based construction services provider Larsen & Toubro and Swiss Re are forming a health insurance joint venture, according to Moneycontrol, citing a person familiar with the transaction. The source said that the Switzerland-based reinsurer will hold a 26.0 per cent stake in the new company. Source: Zephyr

No memorandum of understanding concerning the deal has been signed as yet, and a spokesperson for Swiss Re declined to comment on the reports while L&T did not respond to requests for a statement, Moneycontrol said. Swiss Re had previously made an attempt to enter the Indian insurance market, when it agreed to form a JV with Religare Enterprises. However, the deal eventually fell through.

Rabobank could sell Robeco fund management arm ahead of Basel III

Dutch financial services group Rabobank is looking to sell its fund management arm Robeco for up to €2bn, it is understood, to keep the AA+-Rating without a capital increase. Barclays has been appointed to advise on the potential sale, which is being made ahead of stricter rules on available capital being introduced by the European Union. The upcoming Basel III rules have seen several private equity firms look to sell of their asset management arms, including French banking giant BPCE and Deutsche Bank UK financial services group Resolution is believed to be interested in purchasing Robeco according to a UK newspaper. Orphee SA acquires unnamed hepatitis diagnostic reagent developer

On 22/05/12 it was announced that Orphée SA, a Plan-les-Outes, Switzerland-based haematology diagnostic instruments manufacturer and subsidiary of PZ Cormay SA, has agreed to acquire an unnamed Swiss hepatitis diagnostic reagent developer. The transaction is expected to complete by the end of June. No financial details were disclosed. Source: Zephyr

A Swiss IPO where? Orphée SA in IPO in Warsaw

On 22/05/12 it was reported that Orphée SA, a Plan-les-Outes, Switzerland-based haematology diagnostic instruments manufacturer and wholly-owned subsidiary of PZ Cormay SA, is planning an IPO on NewConnect and later on the Warsaw Stock Exchange. PZ Cormay is planning to retain around 70 per cent in the entity. No further details were disclosed. Source: Zephyr

Mergers & Acquisitions

Remaco Merger Bulletin Juni 2012

Das aktuelle Bulletin enthält auch einen Überblick über die jüngsten Entwicklungen von Börsenmultiples und Unternehmenspreisen sowie das Programm zur Veranstaltung am 26. Juni 2012 "Was ist mein Unternehmen wert?".

Airex Composite Structures to sell automotive unit

Swiss company Airex Composite Structures, which makes lightweight passenger transport parts, is planning to sell its automotive unit. It has agreed terms to divest the division to Wethje Carbon Composites Group, a German carbon fibre airbox manufacturer. No exact consideration has been disclosed, but Airex said it will be in the low single-digit million range. Source: Zephyr

Airex Composite Structures is headquartered in Altenrhein and has been operating for more than 60 years. It employs approximately 3,000 people across 21 sites on four continents and is headed by general manager Dr. Armin Raiber and has a customer base including such names as BMW, Porsche and Audi.

Fetim acquires Aqualux from AFG Arbonia-Foster-Holding

On 21/05/12 it was announced that Fetim BV has completed the acquisition of Aqualux Products Holding Ltd, a Wednesbury, United Kingdom-based ceramic sanitary furnishings manufacturer from AFG Arbonia-Forster-Holding AG. Source: Zepyhr

Pelican Fertilizers to acquire Azomures

On 23/05/12 it was announced that Pelican Fertilizers GmbH, Binningen-Switzerland, has launched an offer to acquire remaining 126,895,887 shares, representing a stake of 24.1 per cent stake, of Azomures SA, a Targu Mures, Romania-based fertilizer manufacturer, valuing the deal at RON 281,708,869. The transaction has been approved by Romanian National Securities Commission. Source: Zephyr

Jobs

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 you Job Ad, the company logo and a short description about the Job and/or the Company to Andrea Villiger.

for SECA Members CHF 100.- CHF / 2 Weeks

for Non-Members CHF 200.- / 2 Weeks

Agenda

NZZ Equity Corporate Finance Day

Wednesday, 6 June 2012

Am 6. Juni 2012 veranstaltet die Neue Zürcher Zeitung den "NZZ Equity" Corporate Finance Day an der SIX Swiss Exchange in Zürich. Die Fachkonferenz für Unternehmensfinanzierung findet bereits zum dritten Mal statt und richtet sich an CEOs, CFOs, Verwaltungsräte und Unternehmer.

SECA Mitglieder profitieren von einem exklusiven Eintrittspreis von CHF 250.- statt CHF 500.-.

weitere Informationen und Anmeldung

Les forum de Neode - Les enjeux stratégiques du recrutement

Jeudi 14 juin 2012 à 18h00, Neuchâtel

Le succès de l’entreprise est avant tout lié aux talents des hommes qui la constitue ; le capital humain fait partie de la valeur intrinsèque de l’entreprise et tout chef d’entreprise se doit de valoriser les talents de ses collaborateurs mais aussi de les conserver.

Des politiques de recrutement aux possibilités de fidélisation, Josiane de Reggi partagera ses connaissances en se basant sur les expériences d’INDEOtec, une entreprise connaissant un développement rapide en capital humain.

Flyer

SuperReturn Ermeging Markets 2012

25 to 28 June 2012, Geneva

Meet 350+ global senior private equity delegates, including 120+ LPs made up of US, Canadian and European pension funds, European familiy offices, Middle Eastern sovereign wealth funds, international endowments, foundations, private banks, asset managers and fund of funds who are investing in emerging markets right now.

SECA Members receive an discount of 15%. Just quote VIP: FKR2327SECA

more information and registration

Studienreise in die grössten Wachstumsmärkte

26. Juli - 8. August 2012, Indien/China

weitere Informationen und Anmeldung

Capital Creation 2012: Europe's premier private equity conference

10 to 12 September 2012, Cannes

In September 2012, over 300 of Europe’s top LPs and GPs will make their way to sunny Cannes on the French Cote d'Azur for the 12th annual Capital Creation conference.

Join over 300 LPs and GPs at Europe’s premier private equity conference for senior venture capital professionals. With an exclusive audience, more LPs attending than ever before and our best agenda content yet, you can’t afford to miss the 12th Capital Creation private equity conference.

SECA Member receive a discount of 10%.

more information and registration

Forthcoming SECA Events - save the date

11. Swiss Private Equity & Corporate Finance Conference Wednesday, 4 July 2012, 12.00 – 18.30, Zurich, Convention Point SIX Swiss Exchange

Trend Luncheon: Unternehmenswert von Marken-Unternehmen steigern Mittwoch, 19. September 2012 Zürich, Au Premier

SECA Evening Event (Legal & Tax) Wednesday, 26 September 2012, 17.00 – 19.00, Zurich, Widder Hotel

SECA Evening Event (Corporate Finance) Wednesday, 17 October 2012, 17.00 – 19.00, Zurich, Widder Hotel

Top 100: Die besten Startups der Schweiz 2012 Monday, 29 October 2012, 17.00 – 20.00, Zurich, Maag Halle (Härterei)

SECA Evening Event (Seed Money & Venture Capital) Wednesday, 7 November 2012, 17.00 – 19.00, Zurich Widder Hotel

SECA Evening Event (Outlook 2013) Wednesday, 12 December 2012, 17.00 – 19.00, Zurich Widder Hotel

Forthcoming related Events

31.05.12, Zürich New Energy Partnering Congress 2012

01.06.12, Lausanne Petit déjeuner des PME & start-up

04.06.12, Zürich sechste ICT Investor's Day

05.06.2012, Zürich - Go Beyond Awareness Seminar - Go Beyond Investment Event

06.06.12, Zurich NZZ Equity Corporate Finance Day

14.06.12, Neuchâtel Forum des Neode - Les enjeux stratégiques du recrutement

25./26.09.12, Luzern 6. Intensiv-Seminar Mergers & Acquisitions

25 to 28.06.2012, Geneva SuperReturn Ermeging Markets 2012

23.10.12, Zürich NZZ Equity cleantech day

24.10.12, Bern CTI Invest - 9th CEO Day

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.