European mid-market firm Palamon Capital Partners has restructured its management and released plans to double its staff to 60 over the next three years.
Co-founder Michael Hoffman will become the chairman of Palamon,taking on a more external role, while the firm’s other founder, managing partner Louis Elson, will head an operating committee. Under the structure Elson will take more responsibility for the day-to-day running of the firm, which he had previously shared with Hoffman.
Daan Knottenbelt and Erik Fern have also been appointed to the operating committee.
Palamon’s spokeswoman said: “Michael and Louis have had to divide their jobs as the firm has reached the size where it is necessary to allocate responsibilities to key people.”
Palamon has also appointed Jaime Enrique Hugas as principal. Hugas joins Palamon from US bank Morgan Stanley where he was executive director of the European media and communications corporate finance group in London. Before that, Hugas worked in JPMorgan’s advisory and M&A team in London and Madrid.
Hugas is the eleventh member of Palamon’s investment team, which this week lost Andrew Hawkins to Vision Capital, a specialist secondaries buyout firm. Palamon has €1.1 billion of equity under management. It is currently investing its second €670 million ($902 million) Pan-European fund of which it has committed almost 40 percent of the fund.
Recent investments made by Palamon include UK provider of pre-university and English language teaching Cambridge Education Group and Italian debt collector Si Collection.