Duke Street grows operating partner team(3)

L’Oréal veteran Thierry Paternot is joining Duke Street Capital as its eleventh operating partner as the firm deploys its latest fund.

Duke Street Capital, a European mid-market private equity firm, has appointed Thierry Paternot as its eleventh operating partner.  Paternot will specialise in consumer facing businesses.

Paternot is currently president of Stanley Tools, Europe, a specialist tools company with over 4,000 employees and 13 factories.  He was previously the chief executive of Facom in Paris, before its acquisition by Stanley Europe in January 2006. 

Before Facom, Paternot was chairman of the Board of Reemtsma in Germany, the world’s fourth largest cigarette manufacturer.  He previously spent 22 years at L’Oréal, during which time he was managing director of Germany, France and Southern Europe.

Duke Street works closely with its management teams and operating partners to support its model of value creation through operational change.

Buchan Scott, partner at Duke Street, said: “He’ll bring a lot of value across a range of areas. Our operating partners get to see all our deals. They play a strong part in origination, meeting all the management teams.”

He said Paternot did not have anything specific to work on, but it was likely he would be on the board of a portfolio company in about six months. It would probably be a consumer-facing business, although his experience could be also be brought to bear on a business outside his usual sector, Scott said.