London-based buyout firm, Cinven, has hired Michael Colato to replace interim finance director Manoj Khosla.
Khosla had been serving as interim director for roughly three to four months following former Cinven finance director David Cowling’s departure, according to a source familiar with the situation.
Colato, who is qualified as a chartered accountant with PricewaterhouseCoopers, had previously served as Bain Capital’s finance director for Europe.
The hiring is a continuation of Cinven’s senior management shakeup. Last year the buyout firm witnessed the departure of two partners and the elevation of Hugh Langmuir to replace Robin Hall, who had been at the firm’s helm since 1988 as managing partner, as reported on PEO.
Likewise, in 2008, Cinven parted with one of its founding partner, Dick Munton, who had been involved in the London buyout scene for almost 30 years.
Cinven is currently investing from its €6.6 billion fourth fund, which is roughly 65 percent deployed according to a source with knowledge of the fund.
In related news, Cinven has offered 70p a share in a takeover bid for UK-based water metering company Spice plc. The offer had been increased from an earlier 62-65p a share after Spice announced it was considering alternative proposals. The deal values Spice at roughly £250 million (€300 million; $386 million), a near 11 percent premium to the company’s most recent share price closing.