Zurich-based fund of funds manager Adveq is one of three co-investors in the acquisition of French truck and semi-trailer manufacturing company Chereau led by Spanish growth equity firm Miura Private Equity.
The transaction, which also includes asset management company Edmond de Rothschild Investment Partners and Massena Partners, is expected to close in the next few weeks.
The investment from Adveq is being made from various funds, said a spokesperson for the firm who declined to comment further.
Playing a key role in leading the co-investment on Adveq’s behalf was Richard Damming, one of six employees promoted to executive director by the firm. He is based in Zurich and focuses on Adveq’s primary, secondary and co-investments in Benelux and Southern Europe.
Alongside Damming, Adveq announced the promotions of Farah Buckley in its London office, Matt Ma Chang in China, Daniel Rhoads and Ethan Vogelhut in the firm’s New York office and Nico Taverna in Zurich.
The promotions follow an increase in Adveq staff numbers last year by 10 percent, with key hires made in the firm’s growing offices in Asia, US and the UK.
Following the completion of the Chereau acquisition it will be integrated with Spanish semi-trailer manufacturer SOR, a Miura portfolio company, to create The Reefer Group. The new group will specialise in the design, manufacture and marketing of refrigerated trucks and semi-trailers in the EU.
As part of the deal, the management team will maintain a significant stake in The Reefer Group and it will be run by professionals from both Chereau and SOR. Both companies will maintain their brands in their respective markets.
The integrated company will have more than 1,000 employees. The size of the transaction was not disclosed.
As of 31 December 2015, Adveq has more than $6 billion of assets under management.