Lehman hires Deutsche merchant banker

Lehman Brothers has announced the appointment of Javier Banon, a former DB Capital Partners executive, to co-head its European Merchant Banking Group.

Lehman Brothers, the global investment, bank has announced the appointment of Javier Banon as a managing director and co-head of the European Merchant Banking Group.

Banon will be based in the London office, working alongside fellow co-head Joe Cohen, principal of the merchant banking group and a member since 1996.

Banon joins from DB Capital Partners where he had been a managing director for six years, responsible for private equity investments in Latin America for Deutsche Bank.

In addition, Murat Erkurt joins the group as an executive director, having previously headed up the firm’s European venture capital operation. Lehmans launched its venture capital investment programme in 1995 and has approximately $1.1 billion (€0.9 billion) in total committed capital, with $717 million invested to date in 84 portfolio companies to date.

Commenting on the appointments in a statement, Charles Ayres, global head of merchant banking, said: “Javier and Murat are joining a global team with a strong track record and in time to play a significant part in the development of the European business.”

The merchant banking group focuses on mid-market buyouts in Western Europe and the US. In the last six months, the group has made investments in home care company Phoenix Brands and Hunter Fan, a designer and manufacturer of ceiling fans.

The group is investing Lehman Brothers Merchant Banking Partners II LP, a $2 billion institutional private equity fund closed in 1997.

Earlier this week, Lehman Brothers announced the final closing of its debut mezzanine fund dedicated to Europe, Lehman Brothers European Mezzanine Fund 2003 on €750 million.