Maitland/AMO Private Equity Monitor – 27 September 2019

27th September 2019

Worth a read


Private equity fights back

Oh, say can you see by the dawn’s early light?  The political piñata of private equity is getting the stuffing knocked out of it ahead of the American 2020 presidential campaign. But, private equity is, according to Private Equity News, fighting back. Not for the industry, banishment by bellicose rhetoric into the still of night.  The industry is rebutting with some force: American Investment Council and Association for Corporate Growth have brought in reinforcements to proselytise about private equity as a whole, underlining its economic benefits.

To float or not to float?

I used to think that the key to private equity was in its name: it’s private. But now any old Tom, Dick or Harry can access it: increasingly , private equity firms are bucking the trend and are listing on stock exchanges. Why though? The Financial Times’ Lex column opines on Swedish private equity company, EQT’s  recent stock market listing and the market’s reaction. The market seemed to approve so much that it purred: shares jumped 25%. The article also debates the merits of private equity sallying off into the public markets.

The Netherlands: A beneficiary of Brexit Britain

Every cloud has a silver lining and for private equity firms, The Netherlands is that lining. According to Private Equity News, more than 100 companies have moved to The Netherlands since the 2016 referendum. Apparently a whopping €6bn has flowed into the land of tulips and windmills since June 2016. Not to be sneezed at…

Lunch with Stephen Schwarzman

To Brook Street and the rarefied elegance of Claridge’s Foyer where the FT’s editor, Lionel Barber, interviewed Stephen Schwarzman, co-founder of Blackstone as part of the newspaper’s “Lunch with the FT” series.  The wide-ranging article draws a colourful portrayal of a trailblazing financial titan, who enjoys employing military analogies when describing his firm’s hierarchy. We also learn Schwarzman is something of an aesthete, fond of beautiful things – he’s a big fan of sculptor Chihuly and, like Frank Sinatra,  likes doing things his way.


Wall of money


Eiffel Investment Group raises €80m

Eiffel Investment Group has collected €80m from the European Investment Bank for its new impact fund, Eiffel Investment Fund. The fund is expected to hold a first close at €200m and a final close at €400m and will be dedicated to renewable energy, sustainable agriculture and healthcare. The fund is only open to institutional investors.

Oquendo Capital launches its new debt fund

Spain-based Oquendo Capital has launched their new debt fund – Oquendo Mezzanine IV. The fund has a €250m target and a €300m hard-cap. The fund has currently raised approximately €140m to date.

Clessidra holds a first close for its restructuring fund

Italian private equity firm Clessidra has held a first close for Clessidra Restructuring Fund at €320m. The fund was launched with a €600m hard-cap and is Clessidra’s first vehicle dedicated to bank credits.


Deal chart


Acquisition TargetBuyerSellerValueDate AnnouncedRegionSector
AGROB ImmobilienApollo Global Management-c. €65m26/09/2019GermanyReal Estate
SocotecCD&R-Undisclosed, 30% stake26/09/2019FranceConstruction
DFE PharmaCVC Capital PartnersFonterra£322m25/09/2019GermanyPharmaceuticals
SafimDexKo GlobalAmbientaUndisclosed, 3.6x return24/09/2019ItalyManufacturing
Channel VASDPI-$54m24/09/2019UAEFinancial Services
Jane'sMontagu Private EquityIHS MarkitUndisclosed24/09/2019UKPublishing
AxoCorsair Capital-Undisclosed23/09/2019NorwayFinancial Services
Orbital EducationBritish Growth Fund-Undisclosed23/09/2019UKEducation
EnfraGenPartners GroupGlenfarne GroupUndisclosed, 50% stake20/09/2019LatAmEnergy

Movers and Shakers


Europe

Altamar Capital Partners has hired former Blackstone senior managing director Pilar Junco. She joins as a managing partner and chief strategy and client officer.

London-based Horizon Capital has hired Aiden Connelly as a manager and Giuliana Cian and Morgan Johnson as associates to its investment and origination team.

Aztec Group has made three appointments to its Luxembourg private equity team, with Philippe Detournay joining as a director and Waqas Khan and Gianmaria Lombardo as associate directors.

MBO Partenaires has rebranded as MBO & Co and hired two new directors – Alexandre Chaton and Louis Petracco. Chaton joins from 3i’s private equity team and Petracco was with Five Arrows Principal Investments

Eurazeo has hired Pierre Bernadin as their new head of investor relations. Previously Bernadin was at Econocom.

Apollo Global Management has promoted partners Matt Nord and David Sambur to co-heads of their private equity business.

Investindustrial has appointed Antonio Gatti as a managing principal. Previously Gatti was a managing Director at Goldman Sachs.

Asia

French private equity firm Eurazeo has announced the opening of an office in Seoul, to be run by Solomon Moos, who has been in charge of corporate development at subsidiary Idinvest since 2016.


From the horse’s mouth...

“I go from the premise that anybody of talent does not want necessarily to be a private in the army. The lowest they want is to be a lieutenant colonel and preferably they’d all like to be generals” – Stephen Schwarzman, co-founder of private equity giant, Blackstone

The IPO window is closing on growth-at-all-costs, highly valued private companies that are trying to come to market with excessively valued pricing” – Kathleen Smith, principal at Renaissance Capital gives her take on the pitfalls of private companies attempting to float on public exchanges

“If ever a time should come, when vain and aspiring men shall possess the highest seats in Government, our country will stand in need of its experienced patriots to prevent its ruin” – Samuel Adams, founding father of the United States, born on this day in 1722