Morgan Grenfell Looks To German Private Equity

Morgan Grenfell Development Capital is pressing ahead with its European expansion strategy despite press speculation that Deutsche Morgan Grenfell is liable to lose much of its autonomy, along with the Morgan Grenfell name, as part for Deutsche Bank’s overhaul of its global investment banking business.

A glance at the back of MGDC’s 1997 review reveals that the group has added a Frankfurt office to a network that already includes London, Edinburgh, Paris and Milan.

A move into Germany has long been on the cards for the private equity house, which is in an enviable position to leverage off Deutsche Bank’s domestic resources and network in that market.

Director John Mackie confirmed that MGDC plans to establish a German operation during the early part of this year, but said that final details were not yet completely settled. MGDC is currently debating the best approach to staffing the Frankfurt operation – whether to hire an existing team or just one big hitter, or to build a team with a combination of industrial and venture capital experience.

Since MGDC falls under the Deutsche Bank asset management umbrella, it is unlikely to be substantially affected by any possible changes in the parent bank’s policy regarding Deutsche Morgan Grenfell.

Indeed, it is enviably placed for continued international expansion as part of an asset management business with in excess of GBP160 billion under management worldwide.

Meanwhile, a more detailed announcement regarding MGDC’s German operation is expected within the next couple of months.

Apax Partners & Cie has promoted Bertrand Pivin and Jean-Louis Rambaud to its board.

Bertrand Pivin began his career at Alcatel 12 years ago, later moving to the US to head a R&D team and then to establish the new management system for the group’s US business. He joined Apax Partners upon his return to France in 1993 and became an investment director in 1996.

Jean-Louis Rambaud also became an investment director at Apax in 1996. He joined the group in 1991 from Citibank’s M&A department, where he focused on LBOs.

The London office of BankAmerica Global Private Equity (Europe) (story, page 15) is at BA Robertson Stephens, 105 Piccadilly, London W1V 9FN, tel +44 171 518 7000, fax +44 171 518 7026.

BZW Private Equity has changed its name to Barclays Private Equity (story, page 4). Its address details have not changed: 8th Floor, 5 The North Colonnade, Canary Wharf, London E14 4BB, tel +44 171 512 9900, fax +44 171 773 4805.

The financial services focused venture group formed by Rodney Schwartz and Jussi Laurimaa, Catalyst Fund Management & Research (story, page 8), can be contacted at 4th Floor, Linen Hall, 162-168 Regent Street, London W1R 5TB, tel +44 171 306 3144, fax +44 171 306 3166.

Geert Duyck, managing director of CVC Capital Partners’ new Belgian operation (story, page 3), can be contacted at CVC Capital Partners, c/o Citibank NA, 263 G Boulevard General Jacques, 1050 Brussels, tel +32 2 626 6177, fax +32 2 626 5566.

Utrecht-based Gilde Investment Management has appointed Albert Bokma, managing director of Oracle Netherlands, as an investment director for the Gilde IT Fund. Before joining Oracle in 1996, Albert Bokma held executive posts at ABN Bank, Citicorp, Wang and Tandem. The Gilde IT Fund has seen a considerable increase in activity levels in recent months (story, page 33);

Gilde Investment Management’s phone and fax numbers changed at the beginning of the year. The main switchboard number and fax number are, respectively, +31 30 219 2525 and +31 30 254 0004. Gilde’s address, Newtonlaan 91, PO Box 85067, 3508 AB Utrecht, is unchanged.

Boudwijn Molenaar and the rest of the Gilde Buyout Fund team can be contacted directly via tel +31 30 219 2535 and fax +31 30 251 56 64.

The Gilde IT Fund team, headed by Diederik Heyning and Toon den Heijer, can be reached on tel +31 30 219 2545 and fax +31 30 258 1778.

For Albert Steketee and the rest of the Gilde Participaties team, the numbers are: tel +31 30 219 2555 and fax +31 30 251 56 64.

For both Gilde Strategic Situations and general corporate affairs, contact Leendert van Driel and his team on tel +31 30 219 2565 and fax +31 30 219 2590.

Jonathan Diggines has taken over as managing director of Murray Johnstone Private Equity from David MacLellan, who has been appointed deputy group managing director of Murray Johnstone itself. David MacLellan will also have a continuing close strategic involvement in the private equity business in the post of MJPE deputy chairman.

In his new role, Jonathan Diggines has responsibility for the overall operations of MJPE’s five UK offices

Paribas, which is expanding its European acquisition finance activities, has made a number of appointments to its acquisition finance team. Patrick Fox, formerly a main board director of Graystone, who previously worked with JP Morgan and Charterhouse, has been appointed to originate and lead senior debt and mezzanine transactions in the UK and Continental Europe.

Meanwhile, John Kelting has been appointed as head of acquisition finance in London, with responsibility for the UK and Scandinavian markets.

As the newly appointed deputy head of acquisition finance for Europe, John Leach will have specific responsibility for Anglo-Saxon sponsors and cross-border activity, and will report to Jean Bergeret, overall head of Paribas’ European acquisition finance division.

Olivier Baillet has moved to Frankfurt to head the group’s acquisition finance activities in Germany.

PPM Ventures has expanded its UK and Asian teams.

Allan Homeming, previously responsible for Asian private investments at Rockefeller & Co (Far East), is joining director Andrew Smith in the Hong Kong office. The Hong Kong office was established when PPM Ventures was appointed to manage the Prudential Corporation’s PIDA fund in March 1997. Andrew Smith and Allan Homeming will review investment opportunities throughout Australia and Asia.

The European PPM Ventures team, based in London, has been expanded through the appointments of Michael Mowlem, formerly with Hambros Bank’s corporate finance team, and Geraldine Kennell, who joins from 3i London. Further appointments are expected during the course of this year. Managing director Jonathan Morgan commented: “The international opportunities for private equity are developing fast and we intend to add further key people to the European team”.

Private Equity Partners, the merchant bank formed by Fabio Sattin and Giovanni Campolo, can be contacted at Via Catena 4, 20121 Milan, tel +39 2 805 2171, fax +39 2 805 2321.

The Royal Bank of Scotland’s development capital subsidiary Royal Bank Development Capital (RBDC) has added a Midlands office to its UK network. Former NatWest Equity Partners director Paul Isaacs, who spent the past eight years in NWEP’s Midlands office, has joined RBDC to head the new Birmingham operation.

The new Midlands office, which will cover the Birmingham, Manchester and Leeds areas, fills the gap between RBDC’s two Scottish offices in Edinburgh and Glasgow and its London operation.

Ultimately, the group aims to build a team of six in the Midlands office. So far, Rob Begby has moved from RBDC Edinburgh to Birmingham, and Sharon Jacks has joined the new office from Coopers & Lybrand’s M&A team.

RBDC’s Midlands office is at 79-83 Colmore Row, Birmingham B2 2AP, tel +44 121 233 0033, fax +44 121 233 0011.

Societe Generale has further expanded its London acquisition finance team. Director Grant Gardner joins from Royal Bank of Scotland, and will concentrate on UK transactions, as will manager Nazar Sharif, who joins from Coopers & Lybrand Corporate Finance.

Dougal Bennet, who was previously with Bank of Scotland in Edinburgh, has joined as a director of the European Acquisition Finance Team, and will be responsible for Continental European deals outside France.

Guillaume Dovillers, from SocGen’s Paris office, and Susan Coll, from Bank of Nova Scotia, are joining his team.

Triago, the alternative asset placement specialist, has moved to 1 Boulevard de la Madeleine, 75001 Paris, tel +33 1 47 03 01 10, fax +33 1 47 03 06 99. The e-mail address is