CVC gears up for new fundraising

The European buyout firm has promoted seven managing directors to partner, increasing the total number of partners at the firm to fourteen.

CVC Capital Partners, the European buyout firm, has appointed seven new partners at the firm, as planning for a new fundraising campaign is getting underway.

The seven new partners, who will take up their new positions at the beginning of 2004, have been recruited internally from CVC’s team of senior directors. The firm now has a total of fourteen partners.

 

The list of new partners comprises Nick Archer, managing director (fund administration); Marc Boughton, managing director; Jonathan Feuer, managing director UK; Philippe Gleize, managing director France; Mark Grizzelle, group finance director; Luigi Lanari, managing director Italy; and Rob Lucas, managing director UK.

 

“They have all made a significant contribution to building our business to date as senior managing directors,” said Michael Smith, chairman of CVC Capital Partners in a statement. “Their promotion is a natural progression for the firm and should ensure our business continues to deliver top quartile returns for investors.”

 

The appointments follow the recent completion of the buyout alongside Texas Pacific and Merrill Lynch Private Equity of UK department store Debenhams, which at E2.45bn was one of the largest transactions of the year.

 

In June, a consortium of CVC, BC Partners, Investitori Associati and Permira announced Europe’s largest private equity transaction to date – the acquisition from Telecom Italia of approximately 61.5 per cent of the share capital of New SEAT, the company that will inherit the directories, directories assistance and business information operations, following completion of the demerger of Seat Pagine Gialle.

 

The completion of both deals took the level of investment from the firm’s E4.65bn CVC European Equity Partners III fund to over 50 per cent, suggesting that a new fundraising effort may not be too far away.

 

“CVC has invested just over 50 per cent of the fund to date,” said a source close to the firm. “PE firms start to think seriously about fundraising when 60 per cent of a fund is invested, so although a new fundraising effort is not expected immediately, it is definitely likely in the not-too-distant future.”