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Investcorp hires European head

Bahrain-based buyout firm Investcorp has appointed Scott Freidheim as chief executive of its European arm, two months after naming a US head.

Investcorp, which in September appointed co-founder Savio Tung as chief executive of its North American arm, today hired Scott Freidheim to lead its European business as it bids to capitalise on opportunities created by market turbulence on the continent.

Freidheim joins the firm from Sears Holdings, where he was an executive vice president. Prior to joining Sears, he was chief administrative officer and an executive vice president at Lehman Brothers.

He has been a member of the global agenda council of the World Economic Forum and is a member of the board of trustees at the Institute of International Education.

Nemir Kirdar, Investcorp executive chairman chief executive, said in a statement: “Scott's combination of senior management experience in investment banking and top level operations experience in retail and consumer products is very relevant to us at this time.

“Investcorp has a 30 year track record of successfully investing capital from the Gulf to support European and US companies and, more than ever at this challenging financial juncture, we believe there is considerable unrealized potential and overlooked value in companies in countries across Europe,” he added.

Investcorp recorded approximately $140 million in profits for the 12-month period ending 30 June 2011, a 37 percent increase over the previous fiscal year. Notable exits this year include the £450 million (€522 million; $729 million) sale in March of Moody International, a provider of safety consulting and testing to industrial companies, which generated a 3x return multiple.