Candover’s Paris office is up and running. The new French base is headed by directors Chris Spencer and Jean Michel Coulot who will spend between three and five days a week at the Paris office. French venture capitalist Cyril Zivre has also joined the team.
Candover has been an active player in the French market for several years and has a joint venture partner, Chevrillon & Associes, with whom Candover worked on the Picard mega deal earlier this year. Valued at E920 million, the transaction marked one of the largest buyouts in France.
Spencer, who is also responsible for investments in Benelux and Germany, stressed the importance of a French presence, which the firm concluded as a result of its relationship with Chevrillon & Associes. Candover will work with Chevrillon & Associes on future deals.
Candover is currently fund raising for its E2.5 billion, 2001 Fund, which had a first close of E1.1 billion earlier this year – see evcj July/August, page 29. The final close is expected before year-end.