American Capital launches European mezz fund

The fund is to be managed by sister firm European Capital, which has opened its first office in Paris. The six-strong team will be headed by Jean Eichenlaub as general manager and a member of the Committee of Investment, and Jacques Pancrazi, a director. European Capital will focus on providing finance to mid-cap LBOs, and will make direct investments as well as providing mezzanine, with an investment range of E5m to E125m for companies of an enterprise value of between E20m and E250m.

A product offered by the firm is the “one stop buyout”, which will provide equity, mezzanine and senior debt. American Capital carried out such a deal in France last year, the €55m investment in synOdis group.

Jean Eichenlaub was previously an assistant general manager for five years at Fonds Partenaires, and prior to this was a director in the structured and credit finance department Commerzbank in Paris.

Jacques Pancrazi was also at Fonds Partenaires, where he was a financial comptroller, and before that he was in a similar position for the Primagaz group.