Mid Europa expands partnership

Michelle Capiod is being made partner at the firm, which has deployed 80% of its €1.53bn Fund III.

Michelle Capiod
has been made
a partner at
Mid Europa

Mid Europa Partners has promoted Michelle Capiod to partner, bringing the firm's number of partners to six including managing partner Thierry Baudon.

Capiod, who led the firm’s recent investment in vitamin manufacturer Walmark, joined the Central and Eastern European focused-firm in 2003 from Merrill Lynch.

Based in London, Capiod will continue to originate new transactions as well as monitor portfolio companies.

The generalist firm tends to look for buy-and-build deals in fragmented industries and as such has been shifting focus from telecoms to healthcare and consumer deals, Capiod told Private Equity International

“A lot of telecom assets are already in the hands of strategics, most of that market is now consolidated,” Capiod said. “There are still quite a lot of sectors that are highly fragmented with lots of consolidation opportunities [in the region].”

She also praised the region's relative economic strength. “Central and Eastern Europe have outperformed Western Europe in the last couple of years and this continues to be the case through the crisis. We do obviously see an impact in Central and Eastern Europe as it’s a global phenomenal where growth rates are coming down, but we still see the region perform significantly better than Western Europe.” 

While Capiod acknowledged that some investors remain wary about investing anywhere in Europe, she noted: “Investors are more careful in their analyses and selection in terms of allocations. But I think well-performing private equity firms with a strong reputation don’t see the current economic climate as a hurdle when raising a fund.”

Mid Europa is currently investing its €1.53 billion Mid Europa Fund III, a 2007 vintage, which is approximately 80 percent deployed. The fund is expected to be fully invested by the middle of 2013.

Mid Europa declined to comment on future fundraising plans.