How capital should be made to work harder

Article Abstract:

Risk capital is not being worked sufficiently hard in the mainland European buyout market, with investors reluctant to make quick exits. Fund raising becomes difficult because of the cut in returns. Exits generally take longer than in the UK and stock market listings are infrequent. Shareholders can gain value comparatively easily via a refinancing, although this may require the creation of a new holding company and will usually require the drafting of new documentation. Equity investors gain many advantages from a refinancing, such as the enhancement of the fund's return.

Debt & Capital Management, Column, Capital investments, Western Europe, Financial management

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Time to switch gear

Article Abstract:

Holec Holland of the Netherlands was recently the subject of a BIMBO led by Cees van den Ent and a group of Holec directors and managers. The company makes low and medium voltage switchgear equipment, and it employs 1,550 at a main facility in the Netherlands and a smaller unit in Denmark. Senior debt to the tune of 123 million Dutch Florins was underwritten by UBS. Background and details of the BIMBO are discussed further.

Switchgear and Switchboard Apparatus Manufacturing, Switchgear and switchboard apparatus, Switchgear, Electrical equipment and supplies industry, Electric equipment industry, Holec N.V.

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