A new joint venture between Lloyds Banking Group (30%) and Coller Capital (70%) will take possession of Lloyds’ Bank of Scotland Integrated Finance (BOSIF) division, including more than three dozen private equity investments valued at £480 million. The deal, worth £332 million, will establish the joint venture under the name of Cavendish Square Partners LP.
The sale comes as Lloyds is disposing assets in the wake of a government bailout last year. EU officials required Lloyds to sell some of its divisions as a prerequisite for receiving an aid package in the neighbourhood of £20 billion. So far, the banking group has sold off six divisions for a total of £750 million.
Coller Capital (www.collercapital.com)
Coller Capital is a global private investment firm established twenty years ago by well-known British businessman Jeremy Coller. The firm specializes in the acquisition of existing VC portfolios, mezzanine investments, and buyouts, with a focus on acquiring assets from troubled owners. Specific sectors are of no concern for Coller, neither is geographic location.
However, the firm does tend to give more attention to Europe.
Coller investment amounts can be anywhere from USD $1 million to USD $1 billion; minority stakes in exchange are generally preferred.
The firm’s 140 employees work from offices in London and New York.
August 18, 2010
Rumors & Speculation