HIG Capital opens Paris, Hamburg offices(3)

The US lower mid-market private equity firm has extended its reach in Europe with new bases in France and Germany highlighting renewed interest in the lower mid-market.

HIG Capital, a US-based provider of capital to small- and medium-sized companies, has opened its second and third European offices in Paris and Hamburg.

The firm is the latest in a spate of entrants to the segment, including Fidelity Equity Partners, under former HgCapital director Nick Martin, and Darwin Private Equity, a start-up staffed by former partners from Permira and CVC Capital Partners.

HIG’s offices are part of a strategic plan following the final close of its €600 million ($817 million) dedicated European fund, HIG European Partners, in July this year. At the same time, HIG opened its first European office in London and said that it wanted to recruit more than 30 investment professionals in Europe by the end of the year.

Paul 
Canning

The Paris and Hamburg offices have a total of seven professionals: two in the former location and five in the latter. Patrick Caron, previously with Bank of America Capital Europe, heads the Paris office, while Wolfgang Biedermann, previously with Pricap Venture Partners, Schroders and Boston Capital Group, heads German operations.      

HIG’s European push is spearheaded by Sami Mnaymneh, co-founder and managing director, who has relocated to London. Paul Canning, a recruit from UK mid-market private equity firm Gresham, joined the London team earlier this year as managing director.

HIG, which has US offices in Miami, Atlanta, Boston and San Francisco, targets companies with an enterprise value of €150 million or less. Its most recent European deal completed in March this year when it acquired Diam Europe, a French manufacturer of high-end display fixtures, as part of the restructuring of Diam’s parent company.