ABN Amro Capital, the private equity arm of the Dutch bank, has completed its first Austrian deal, backing the €20m ($18m) management buy-out of Steco, the Austrian logistics group.

Pieter Davidzon, senior investment manager in ABN Amro Capital's Frankfurt office, said that although the firm had looked at opportunities in Austria before, this is the first ABN Amro Capital transaction. &quotEvery country has its own specific culture, and Austria is sometimes seen as a closed community we believe it is best to structure transactions with local and experienced partners and management teams. So far this deal has been a positive experience for us, and we are open to more business in Austria,&quot he said.