Montagu Private Equity has lost five executives in recent months, including investment director James Codling, while adding 18 new employees over the last year.
Codling, who had been with the firm since 2006, is now a director at Carmelita Limited, a family owned vineyard in the Uco Valley in Mendoza, Argentina, according to his LinkedIn page.
Christian Rasmussen, who had been a director at Montagu since 2007, left the firm in February and joined Onex, according to his LinkedIn page, though a source close to Montagu said Rasmussen actually left last summer. Rasmussen did not return a request for comment.
Also, Dominika Kozlowska, an investment manager in the Polish office, left Montagu recently. According to her LinkedIn page she worked at the firm until January 2013. Last September, Mikael Sjögren, another investment director at Montagu, left after being with the firm since 2008.
Being a part of Montagu's efforts in Germany and across Europe for a decade and a half has been a fascinating experience and full of valuable lessons — I’m sure the firm’s success in the region will continue in future years as the business develops.
Alex Shinder, another director with a key role in the firm’s origination team, retired recently from the firm. He joined the firm in 1993 from 3i Group. “After a 30 year career in private equity — with the majority at Montagu — I have decided to retire from the firm. It has been a great experience over the years and I will miss working with such a high-calibre of individuals across the organisation. I am very proud to have worked at Montagu during such a successful period and wish everybody at the firm the very best for the future,” Shinder said in an email.
Peter Kroha, director and head of investment activity in Germany, also left in recent months. Montagu plans to relocate its German office from Dusseldorf to Frankfurt this summer and it is understood that Kroha, who joined Montagu in 1998, didn’t want to relocate with the firm.
“After 15 rewarding years with Montagu I have decided to leave the firm to pursue new challenges. Being a part of Montagu's efforts in Germany and across Europe for a decade and a half has been a fascinating experience and full of valuable lessons — I’m sure the firm’s success in the region will continue in future years as the business develops,” Kroha said in an email.
Montagu confirmed the departure of the five individuals and explained they left for different reasons in recent months, but declined to comment on the exact timing. It is understood their departures didn’t trigger a key-man clause. Dow Jones reported on the departures earlier.
Montagu, which has 80 employees, has hired 18 new individuals in the last 12 months. A source close to the situation said: “This is just the natural turnover of individuals that you would expect from a firm of this size. Montagu are continuing to do great deals and have hired some outstanding new investment professionals.”
The firm is investing its €2.5 billion Montagu Private Equity IV, a 2010 vintage. Earlier this month, the firm landed a 3.5x return on ADB Solutions, an airfield lighting business, which it sold to Paris-based PAI Partners. In February, Montagu sold ghd, a company that makes flat irons and hair dryers, to Lion Capital for €300 million. The divestment generated a 3x return. In June last year, Montagu sold German bandage manufacturer BSN Medical to EQT Partners for €1.8 billion, booking another 3x return.