Quadrangle Group, a US media and communications investment specialist, has opened a London office to expand its private equity activities in Europe, reversing the recent trend of European firms opening in New York.
Quadrangle is investing its second private equity fund, Quadrangle Capital Partners II, which has more than $2.0 billion in committed capital.
The London opening is the firm’s first international office since it was founded in New York in 2000 as a media and communications private equity firm. It has since expanded to more than forty investment professionals, managing more than $6 billion in assets across private equity, public equity and distressed debt strategies.
Quadrangle’s private equity arm has invested approximately $1.5 billion in more than 20 companies including investments in ProSiebenSat.1, a German commercial television broadcaster, and Grupo Corporativo Ono, the Spanish cable operator.
It can invest the fund flexibly across a broad range of sectors within media and communications, including traditional and new media, telecommunications and related industries. It can make both control and minority investments, in public and private companies, acting as lead investor as well as in partnership with other firms.
Gordon Holmes, a managing principal of the private equity business in Quadrangle’s New York office, has relocated to London to lead the European team.
European media deals are a hot spot for private equity money now. A private equity consortium led by Providence Equity Partners is reportedly preparing a $15 billion bid for UK TV cable business Virgin Media. Guy Hands’ Terra Firma has also tabled a bid for EMI, the global music business.
CVC Capital Partners, 3i and BC Partners all have recently opened up major new offices in New York City, indicating the growing global influence of UK-based private equity franchises.