CINVen leads buyout league

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THE MANAGER of British Coal pension funds, CINVen, tops the 1991-93 table for management buyout deals, with a total value more than double Candover's in second place, writes John Willcock.

CINVen had 13 mandates totalling pounds 483m compared with Candover's six buyouts worth pounds 207m, according to Acquisitions Monthly's three-year league tables. NatWest Ventures completed 13 deals but their total was only pounds 131m.

Much of CINVen's success is due to the pounds 422m buyout of Gardner Merchant, but it also led the table at this stage last year when that deal was not included. CINVen is at present working with Baring Capital Investors on a buyout of the remainder of BP's nutrition division.

The sheer weight of 3i's completed deals puts it into third place ranked by value, with its 32 mandates totalling pounds 180m. Legal and General Ventures, with just six buyouts, came next with pounds 156m, largely due to its involvement in the pounds 273m buyout of BP Nutrition's consumer products division.

Philip Healey, editor of Acquisitions Monthly, said: 'There is no one to touch the deal volume of 3i, which tops the table of lead equity arrangers ranked by number of deals. As a house that backs hundreds of smaller deals, its total of 32 buyouts valued at pounds 5m or over is just part of its success.' CINVen and NatWest Ventures tied for second place in this table, with 13 bids each.