Candover’s recruitment of a new investment director, Jens Tonn, underlines the firm’s intention to increase its activity levels in Continental Europe. Jens Tonn, who before joining Candover was Citicorp’s vice president and head of M&A in Germany and Austria, has a brief to originate and transact deals in Germany.
A former project manager with Deutsche Bank’s private equity group in Frankfurt, Jens Tonn also spend three years as a member of Deutsche Handelsbank’s merchant banking team and has been involved in a number of buyout and M&A transactions including Brambles’ acquisition of Gardemann, Enso’s purchase of Holtzmann Papier and BF Goodrich’s acquisition of Freedom Chemical.
Chief executive Stephen Curran said Candover expects the German buyout market to continue to develop strongly thanks to the twin drivers of corporate restructuring and change of ownership among Mittelstand companies.
The appointment of Jens Tonn, which expands Candover’s executive team to 13, follows closely on that of Christopher Spencer, who joined Candover this autumn to originate deal flow in Germany and the Benelux and to liaise with Chevrillon Phillipe Candover, the group’s French joint venture vehicle. Both new executives will initially be based in Candover’s London office.
Candover aims to invest one third of the GBP850 million 1997 Fund in Continental Europe, targeting deals valued at more than GBP50 million, although the three deals completed by the vehicle to date – Regional Media Group, Claverham and an investment in a leveraged build-up vehicle in the event servicing sector – are all based in the UK.