Swiss private equity house Leman Capital has held a first closing of its second buyout at E150m, raising the funds entirely from previous investors in the US and Canada.
Commitments to date have come solely from previous investors in the firm’s E155m BVP Europe I fund, which targeted buyout opportunities in countries neighbouring Switzerland. The new fund is targeting a E400m to E500m final close, with an extended remit that includes possible investments in Italy, Spain and Benelux.
Leman Capital director Rod Egli said that the firm would now be targeting investors in Europe and that it was currently in the process of electing a placement agent. “The plan is to raise the bulk of the capital for the fund in Europe. We have already had a number of unsolicited approaches from European investors.”
BVP Europe II will be concentrating on taking majority stakes in family-owned businesses in Germany, France, Austria and Switzerland with revenues ranging from E30m to E300m. “We have a full pipeline of things ready to happen, and the first investment will probably be made in the next two months. Although we’re targeting new countries, at least 60 per cent of our investments will be made in BVP Europe I countries.”
BVP Europe's portfolio currently includes seven platforms with combined revenues in excess of E700m in industries such as automotive, aerospace and technology components, specialty chemicals, home & office supplies, fashion and watch components. Egli added that BVP Europe I, which was raised four years ago, is fully invested and has a non-realised IRR in excess of 30 per cent.