Former Schroder Salomon Smith Barney M&A specialist Ervin Schellenberg is to lead the German team at Duke Street Capital as part of a series of new appointments at the UK private equity firm that will see it attempt to strengthen its position in the German market.
The news comes as private equity firms continue to assemble resources to operate in Germany. Figures from the European Venture Capital Association’s annual report, released this week, showed that 2001 saw German companies receive the highest number of investments from private equity firms, ahead of France and the UK.
Germany has also surpassed France in terms of country investment. 2001 saw German investment comprise 18 per cent (E4.4bn) of the European total, compared to French investment of E3.3bn.
The firm, which is yet to open an office in Germany, has also announced the appointment of Marco Herbst and John Harper to their German team. Harper joins from HSBC Private Equity’s Dusseldorf operation, whilst Herbst is a former M&A specialist from Merrill Lynch.
Duke Street Capital now has teams dedicated to all the markets in the UK, France, Germany and Spain. The firm currently has E1.7bn under management and it raising a fifth fund with a target of E1bn.
Last week, Duke Street’s Debt Management team appointed former Dresdner Kleinwort Wasserstein vice president Martin Horne to its European LBO team.