Pan-European private equity firm 3i has announced the appointment of Stephan Kruemmer as managing director of its German business with effect from February 1, 2005.
Based in the firm’s Frankfurt office, Kruemmer will report to Chris Rowlands, who was recently appointed to a new role as 3i’s head of group markets.
48-year-old Kruemmer succeeds Jane Crawford who will return to the London office having been on secondment in Frankfurt since 2002.
From Frankfurt, Kruemmer will manage 3i’s German business as well as taking responsibility for the firm’s activity in Switzerland and Austria.
Kruemmer previously worked for Rothschilds where he headed up the firm’s investment banking business in Germany. Having begun his career with Bain & Co in Munich, Kruemmer also spent 11 years with German media group Bertelsmann, including the role of CEO of the company’s multimedia division.
Commenting on the appointment, Chris Rowlands said in a statement: “3i’s German business has strong momentum and had an excellent year in 2004. Stephan brings a wide range of experience and a great network across the German Mittelstand and corporate world.”
3i has four offices in Germany, based in Frankfurt, Düsseldorf, Munich and Stuttgart. Last month the firm backed Dresden-based elbion AG in a €25 million ($32 million) series A round of financing. The firm has also recently completed the €300 million buyout of pharmaceutical company Betapharm Arzneimittel.