- Two Permira dealmakers plan to set up a firm to make smaller mid-market investments. Leading private equity group Permira has confirmed that Derek Elliott and Kevin Street will leave the company to set up their own boutique. The duo want to concentrate on lower mid-market deals, an area Permira has effectively moved away from.
This summer, Permira raised a €11bn (US$14bn) fund and this has forced it to look at larger deals, such as the acquisition of US semiconductor group Freescale for US$17.6bn.
“The decision has been amicable,” said a source at Permira. “They are winding down and leaving next month.” He added that they were free to start work on their as yet unnamed business immediately, as it would not compete with Permira. “They will be looking to raise funds for their small to mid market firm shortly.”
- BC Partners, the private equity group, has appointed Antonio Belloni as managing partner based in Milan. He will become one of BC Partners’ eight managing partners from November 1. He will also be named vice-president and managing director of BC Partners, the Italian advisory company, where Francesco Conte remains managing director.
Belloni previously held several positions as managing director in industrial and financial companies. In the past few years, he was managing director of DeAgostini, the family-owned publishing group. In this role he was responsible for managing several group companies and also led the process of diversification that led to a series of acquisitions, including Italian lottery operator Lottomatica and insurance group Toro Assicurazioni.
- NBGI Private Equity has announced that Nick Gibbons has joined its investment team as investment manager. He previously worked at Centrica in corporate strategy, commercial and business development positions. Prior to that Gibbons worked for LEK Consulting in London and Los Angeles, advising companies across a wide range of industries and projects, including in M&A.
- Apax Partners has strengthened its Paris-based sector teams with four new associates. Matthieu Cocq joins the media team from Time Warner, where he launched broadband products within the AOL division; Franck Legoux joins the tech and telecom team from McKinsey & Company; Olivier Personnaz joins the business and financial services team, also from McKinsey & Company, where he spent five years; and Guillaume Cousseran will be responsible for business development, having previously been an associate in Lehman Brothers’ investment banking team, and he replaces David Kownator, who has joined the business and financial services team.