Cinven has appointed UK-listed 3i Group's Jorge Quemada as a partner in its business services sector team, according to the firm. Quemada will also lead the firm’s investment activities in Iberia.
Quemada, currently on holiday before beginning work at Cinven in September according to a spokesman, will be based in London until the end of the year. From then on, he will divide his time between London and Madrid.
Although Cinven has offices in London, Paris, Frankfurt, Milan and Hong Kong, it has no immediate plans to open an office in Madrid, a spokesman said, although it may do so later in 2012. One of the firm's most notable Spanish investments was in travel company Amadeus. That investment is now almost fully realised following an initial public offering last year, and subsequent share sales, and has generated a 6.1x return for Cinven on its equity.
Quemada has left 3i after 13 years at the UK-list private equity group. A source close to the situation said he had moved to Cinven because of the opportunity the new role provided to establish an Iberian operation under his leadership.
Responsibility for 3i’s Spanish operation rests with partner and managing director Maite Ballester, and the team's two other Spain-based partners, Mark Heappey and Agustin Pla. The group has no plans to replace Quemada, with Heappey stepping in to replace Quemada on the board of investee companies, a spokesperson said.
At 3i, Quemada had been involved in more than 20 investments in Spain and the UK since he joined the group in 1998. Prior to 3i, he began his career at the investment bank Société Générale in Paris.
In a statement, Quemada said: “Cinven is one of Europe’s leading buyout firms and I’m pleased to be joining at a significant moment in its development. Spain is becoming an important market for private equity investment and I look forward to making a contribution to Cinven’s continued success in Spain and across Europe. Successful deals such as Amadeus have given us an excellent platform for growth.”