Bregal Investments has appointed Steven Black and Quentin Van Doosselaere as co-chief executive officers, effective 1 January, 2013.
They will replace co-chairmen Louis Brenninkmeijer and Yves de Balmann, who have led the firm since its founding in 2002. de Balmann will retire at the end of 2012 while Brenninkmeijer will transition into the newly created role of non-executive chairman.
Black joined Bregal earlier this month, having most recently worked as vice chairman of JP Morgan Chase & Company from March 2010 through February 2011. He was previously the executive chairman and co-CEO of JP Morgan investment bank. He will be based in Bregal’s London office.
Van Doosselaere joined Bregal in 2009, prior to which he earned a doctorate in sociology at Columbia University and was affiliated with Oxford University. During the 1980s and 1990s he worked as a managing director at Bankers Trust Company and in mortgage-back securities at Drexel Burnham Lambert. Van Doosselaere will continue to work out of Bregal’s New York office.
The succession plan follows a number of new hires for Bregal this year. In June, former Goldman Sachs executive Gene Yoon joined the firm to lead its latest private equity vehicle, Bregal Sagemount, a $500 million fund for growth-oriented investments. Whereas most Bregal-backed vehicles tend to invest in leveraged buyout and control situations, Sagemount will focus on growth sectors like business services, software and technology-enabled businesses, information and media services and healthcare.
In February, Bregal hired two executives from mid-market specialist Centre Partners Management, one of Bregal’s managers. Bregal previously committed $650 million to Centre’s $783 million mid-market leveraged buyout fund.
Bregal was founded in 2002 has invested over $9 billion since its inception. The firm was unavailable for comment at press time.
Readers can click here for an in-depth story on Bregal co-founder Yves de Balmann.