TPG strengthens London buyout team

US buyout firm Texas Pacific Group has appointed Philippe Costeletos, a former member of the management committee at Bahrain-based private equity group Investcorp.

Texas Pacific Group, the US buyout group with offices in San Francisco, Fort Worth and London, has named Philippe Costeletos the fourth partner to be based in the London office, Bloomberg reports.

 

Costeletos joins TPG from Investcorp, the Bahrain-headquartered private equity group. He will be working alongside London-based partners Andrew Dechet, Stephen Peel and Cornel Riklin.

 

TPG, led by David Bonderman and famous for a string of successful investments in the aviation sector, is the owner of Ducati Motor Holding, the Italian motorcycle manufacturer.

 

The group is currently involved in the bidding for Seat Pagine Gialle, the E5bn directories business put up for sale by Telecom Italia. TPG is bidding alongside fellow US LBO specialists Kohlberg Kravis Roberts and The Blackstone Group. It is facing competition from at least two consortia, one comprising Hicks Muse Tate & Furst and Apax Partners, and another involving BC Partners, Permira, CVC Capital Partners and Investitori Associati.