CVC veteran Brooke departs

The firm’s head of Australian operations has left as CVC winds down its Australia practice

Managing director and head of Australia operations at CVC Capital Partners Graham Brooke has left the firm after 15 years, a source close to the matter has confirmed to Private Equity International.

Brooke joined CVC in 1999 from Arthur Andersen, where he advised on private equity and corporate acquisitions and divestments, according to CVC, and replaced managing partner Adrian MacKenzie when he stepped down from the firm's Australia practice in 2012.

He is said to have left last month, the departure coming as CVC continues to manage out its existing operations in the country.

The firm has decided to make no new investments in Australasia, leaving the region out of its mandate in the $3.5 billion vehicle it raised in May. CVC came to market in June last year aiming to collect $3 billion and held a $2 billion first close in December, PEI reported earlier.

Its drop-out of the Australian market was in large part due to its failed investment in Australian TV network Nine Entertainment that ended in a close to $1.8 billion loss for the firm, having ceded the business to Apollo Global Management and Oaktree Capital Management in a $3.4 billion debt-for-equity swap.

Nevertheless, the firm has remained active across emerging Asia, hiring Jeremy Hobbins as senior advisor in Hong Kong in January, as well as sealing a number of investments across the region – acquiring China’s Da Niang Dumpling in March and Hong Kong-based The Executive Centre from Headland Capital Partners in May.

CVC also invested $100 million KFC Korea-owner SRS Korea in May, having acquired the Malaysia KFC franchise via its purchase of QSR Brands early last year. The deal was said to be worth around $1.7 billion, PEI reported earlier.