Succession continues at BS Private Equity

Milan-based mid-market investor BS Private Equity has made Antonio Perricone its new chairman. Perricone, who joined the firm in 1996, replaces Luigi Sala, who helped establish BS in 1988.

Perricone is one of three managing partners and, alongside Sala and fellow managing partners Francesco Sironi and Paolo Baretta, one of the firm’s four largest shareholders.

In an interview, Francesco Sironi emphasised that whilst Sala would not be involved in the firm’s next fundraising, he was not retiring. In addition to remaining a member of the BS board, he will continue to serve on the boards of a number of the firm’s portfolio companies, Sironi explained.

Sironi also said that as part of the handover Sala, who is aged 47, was free to pursue other professional interests including new roles in private equity provided these would not conflict with BS’s activities. 

It is the second time that BS has announced a personnel change involving one of its founders. In 2001, co-founder Luciano Balbo left the firm but continues to work with portfolio companies. Unlike Sala, however, Balbo no longer owns any equity in BS.

BS is currently investing IPEF IV, which closed on €550 million in August 2003 and is currently 40 percent invested. According to Sironi, the next fund is expected to launch in either 2006 or 2007. 

Since inception, BS has raised in excess of €1 billion of equity capital and invested in more than 60 Italian mid-market businesses. The firm boasts a team of 18 investment professionals.