Vandevelde: no early wind-up for Change Capital

Luc Vandevelde says Change Capital will not rush to sell portfolio companies, despite his recent falling out with Change Capital’s main sponsor.

Luc Vandevelde, the managing partner of retail-focused private equity investor
Change Capital Partners, said there would not be an early sale of the
company’s portfolio companies, despite the recent fall-out with the Halley
family, the companys €300 million ($407 million) cornerstone investor.

The Halleys own the largest stake in French retailer Carrefour, where Vandevelde
was recently removed as chairman after a dispute over potential private equity
interest in the company. He was also forced to quit as head of the Halley
family’s investment company, which sponsors Change Capital. 

In an interview with The Financial Times, Vandevelde said that as a limited
partner in the Change Capital fund, the Halleys were at the discretion of the
general partner. He was quoted as saying: “They will eventually get their
money back like any investor would in a private equity fund but the exit of the
portfolio companies is at the sole discretion of the general partnership, which
is run by myself and my colleagues.”

According to the FT, Robert Hall, Vandevelde’s replacement as Carrefour
chairman, said last week that Change Capital had no strategic importance to the
family and would be wound up in due course.

Change was set up in 2003 by Vandevelde, Steve Petrow and Frederic Hufkens.