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Ex-Candover director resurfaces at PEP

Piers Dennison is the latest member of former Candover Partners to find a new start with a rival buyout shop.

Providence Equity Partners has hired Piers Dennison a former managing director at the now defunct Candover Partners, according to the firm’s website. At PEP, he will focus on investor relations activities.

At Candover Dennison was managing director with responsibility for non-investment activities such as recruitment, training, finance and compliance. He had held the position since 2006, having previously been investor relations director.

Before joining Candover, Dennison worked as a manager with the Boston Consulting Group, specialising in the retail and telecommunications sectors.

Candover Partners is currently in the process of spinning out from its listed parent company. The firm, which was formerly one of the most prominent names in European private equity, has become the region’s highest profile casualty of the global financial crisis as it was brought down by a defaulting cornerstone investor and falling net asset values.

The spun-out entity, Arle Capital Partners, will be led by John Arney and will comprise more than a score of former Candover professionals.

Neither Providence Equity Partners nor Candover could be reached by press time.

The hire comes just one month after former Candover partner Jim Graham was recruited by Phoenix Equity Partners as an operating partner.