CVC hires Evonik executive

The appointment of Wolfgang Colberg comes as CVC gears up to deploy its new €10.5bn European and North American buyout fund.

CVC Capital Partners has expanded its team in the German-speaking region with the appointment of Wolfgang Colberg. 

Colberg, who joined on 1 October, has been hired as an industrial partner and will mainly support the CVC offices in Frankfurt and Zürich as a special advisor, according to a statement.  

In the last four years, Colberg has been chief financial officer specialty chemicals group Evonik Industries, which is based in Essen. During this time, Colberg “played an important role” in transforming the former diversified player into a global leader in the speciality chemicals growth market, according to CVC. 

“We have come to know and value Wolfgang Colberg during his time at Evonik. We will benefit from his experience and sector expertise particularly when it comes to selecting promising investments,” Marc Strobel, a partner at CVC, said. 

CVC acquired a 25.01 percent stake in Evonik Industries from RAG-Stiftung in September 2008. Evonik's core business is in specialty chemicals, with additional activities in residential real estate.

Before joining Evonik in 2009, Colberg spent 15 years at Bosch Group where he held various domestic and international positions including for the last eight years of his tenure that of chief financial officer of BSH Bosch und Siemens Hausgeräte GmbH.

His appointment comes after a relatively busy summer for CVC. It is understood the London-headquartered firm received a $865 million payout from Formula One this month, including a $355 million refinancing with the remainder coming from shareholder dividends. CVC declined to comment.  

In August, CVC acquired Domestic and General, a domestic appliances warranty specialist, from Advent International for between £750 million (€871 million, $1.2 billion) and £800 million. In the same month, CVC entered into exclusive talks with Campbell Soup Company to acquire part of its European activities. 

In July, CVC reached its €10.5 billion hard-cap for its European and North American buyout fund – having turned away some €3.5 billion of additional capital for this vehicle.