Candover Partners

As European private equity officials gathered in Paris this week to reflect on the industry’s future, news pertaining to two of its best known fund managers – Apax and Candover – accentuated just how divergent firms’ fortunes can be.

The firm formerly known as Candover Partners has given 3i and its co-investor a roughly £200m exit on oil services group RBG, which fellow firm Montagu had previously been eyeing.

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

Gerry Grimstone will step down as chairman of Candover Investments as the investment team breaks away to form a new entity, Arle Capital Partners.

Doughty Hanson’s €350m purchase of a business services company marks the first sale of Candover assets since the beleaguered firm revealed it would wind down.

The exit would allow Candover – which has reportedly had talks with AIMCo stall for its listed vehicle – to recoup 70% of its investment in the Belgian business.

European private equity firm Candover’s share price rose by 19% after it received a takeover bid from one of Canada’s largest pension funds.

Listed investor Candover Investments has reported encouraging interim results, while its subsidiary private equity firm, Candover Partners, is ‘exploring options to rebuild investment capacity’.

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Quentin Nason, who joins the firm from Deutsche Bank, will further bolster the ranks of the Candover successor firm after significant expansion to its investment team last year.

The move - which includes a PIK facility provided by KKR - follows the firm's unsuccessful attempt to sell the Swedish bedmaker earlier in the year.

Quentin Nason, who joins the firm from Deutsche Bank, will further bolster the ranks of the Candover successor firm after significant expansion to its investment team last year.

With debt increasing to £38m in the first half of the year, Candover may not have enough cash for repayments if realisations do not materialise, the firm said in its half year statement.

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Arle Capital Partners has made another two appointments to its investment team as it continues to move away from forerunner Candover’s pan-European strategy.

The European buyout shop has agreed to another deal through its fourth flagship fund as it tries to raise €6.5bn on Fund V.