French investment group Eurazeo and Italian bank Banca Leonardo have made several senior appointments for Euraleo, their Milan-based private equity venture.
Allessandro Foti joins Euraleo as chief executive. Foti was previously managing director and vice-chairman of UBS Corporate Finance Italia, having previously worked for Mediobanca in Milan and Lehman Brothers in London.
Matteo di Nunzio and Frans Tieleman have also been appointed. Tieleman, who was previously investment director for Eurazeo in Paris, has worked for Euraleo since September 2006, while Di Nunzio has come from Citigroup.
The 50/50 joint venture attempts to combine Eurazeo’s knowledge of the private equity world with Banca Leonardo’s investment banking skills and experience of the Italian market. Euraleo will mostly target majority investments, although it will also consider minority stakes. It has committed funding from Eurazeo and Banca Leonardo, without the time constraints of a limited life closed-end fund.
Compagnie Nationale à Portefeuille, IFIL Investments and Eurazeo are all shareholders in Banca Leonardo.
Eurazeo has €6 billion ($8.2 billion) in diversified assets and a market capitalization of €6 billion. It is a majority shareholder in companies such as Europcar, Rexel, B&B Hotels and ANF.