CVC execs launch DACH mid-market firm – Exclusive

Two dealmakers from CVC will apply their large buyout experience to the lower mid-market in German-speaking Europe.

Two executives from CVC Capital Partners have spun out to pursue lower mid-market deals in German-speaking Europe, Private Equity International has learned.

Gregor Hilverkus and Dirk Mühl, who worked together at CVC for 10 years, have established Legian Investment Partner. From its base in Zug, Switzerland, Legian will invest in businesses with enterprise values of up to €50 million in Germany, Switzerland and Austria, co-founder Hilverkus told PEI.

The duo will operate “for the medium term” on a deal-by-deal basis, raising capital from family and friends, and family offices, said Hilverkus. The deal-by-deal model will allow the firm to be “more flexible in terms of structure and time horizons” than typical private equity funds.

Hilverkus is a former internet entrepreneur who subsequently spent 14 years at CVC based in Switzerland. His co-founder, Mühl, spent four years at Warburg Pincus before moving to CVC in 2004.

Legian will apply the skills that the two have built up with CVC – one of the world’s largest private equity firms – to investing in and professionalising smaller businesses, said Hilverkus. The two partners invested in one business over the summer, a healthcare sector company in Germany. The pair will target businesses across sectors.