Carlyle’s Youngkin moves to Europe
As The Carlyle Group continues its push into Europe’s private equity markets, it has appointed a second senior managing director to its London office. Glenn Youngkin has spent five years with Carlyle as a managing director and partner in the group’s Washington office. In London, he will work alongside international managing director Christopher Finn, who has been based there since Carlyle set up its European operations in 1998. Carlyle has also opened offices in Milan, Munich and Paris.
Youngkin will be responsible for Carlyle Europe Partners 1 Fund’s investment activities out of London and for increasing the group’s overall transaction
flow. Carlyle, which has completed s series of high-profile European investments including Le Figaro in France, Andritz in Austia and Bredbandsbolaget in Sweden, is now eyeing Spain, Portugal and the Benelux. The group’s European team is also seeking European add-on opportunities for investees in Carlyle’s US buyout funds.
Hicks Muse brings Canadian ex-Prime Minister on board
Hicks, Muse, Tate & Furst appears to be taking a leaf out of rival The Carlyle Group’s book by appointing a senior political figure to a key advisory role. Former Canadian Prime Minister Brian Mulroney in March took up the role of senior counsellor at the private equity firm. He will also serve as chairman of Hicks Muse’s Latin America strategy board and its European strategy board, a body that is still being formed.
Brian Mulroney served as Canada’s Prime Minister for nearly nine years, resigning in 1993 from a Conservative government that introduced many initiatives that have underpinned the nation’s strong economic performance.
Hicks Muse announced that Mr Mulroney will take an active role in a wide range of Hicks Muse activities, including the identification of new investment opportunities and assisting portfolio companies with respect to various strategic initiatives.
Thomas Hicks, chairman and CEO of the private equity firm, said: During the time [Hicks Muse] has known Brian, I have valued his wise counsel and respected his tremendous understanding of the global business environment. As Hicks Muse’s globalisation continues, we expect that Brian’s involvement will help us… to better understand trends in world markets and economies that will impact our business”.
Mr Mulroney will primarily be based in Montreal, where he is a senior partner of law firm Ogilvy
Renault, but he will also have an office with Hicks Muse in New York.
DB Capital Partners staffs up
Four new partners have been appointed to Deutsche Bank Capital Partners (DBCP), the private equity business within Deutsche Bank’s investment banking division. The bank’s other pan-European private equity operation, Morgan Grenfell Private Equity, operates under the Deutsche Asset Management umbrella.
DBCP is headed by Graham Clempson, who is also European joint head of global investment banking.
Three of the new partners are external hires, whereas Andreas Zombanakis has transferred from Deutsche’s credit risk management division. Stephen Robertson was formerly a managing director in Merrill Lynch’s leveraged finance team, while Christian Purslow was a managing director at Salomon Smith Barney specialising in media and telecommunications. Paul Murray has joined from 3i, where he focused on larger deals in Scotland and the North of England.
Electra bolsters German team
Brian Veitch and Mark Elborn are the latest Legal & General Ventures staff to reappear at other private equity firms. After five years in LGV’s Frankfurt office, they have joined the German team of Electra Partners Europe. Director Brian Veitch will head Electra’s German office, reporting to Nigel McConnell, the new managing director of Electra’s European private equity business. Elborn has been appointed as an investment director.
Both Veitch and Elborn have long experience of the German market. Before joining LGV Veitch worked for five years in 3i’s Frankfurt office, while Elborn spent five years with KPMG in Dusseldorf.
McConnell says the new appointments “reflect Electra Partners’ commitment to becoming one of the leading players in the mid-cap European private equity market”.
Moves afoot at Partners Group
Philip Gysler from Switzerland’s Zug-based Partners Group expects to up sticks and move to New York to set up the firm’s new office there in the next couple of months. Gysler expects to stay for two years. Partners Group has been something of a hit in the US – particularly in demand on the conference circuit – since the successful launch of the innovative Princess Private Equity Holding which had its final closing last December. Princess Private Euqity recently placed a $700 million convertible bond issue to supplement its investment capacity.
Thomas Kubr who left the firm last autumn has yet to resurface in the venture capital community, although since he kept the details of his departure fairly close to his chest details are not known. Expectations are that he will be striking out on his own.
Duncan Grierson has been made a director of Thompson Clive & Partners. He joined the firm three years ago from Clifford Chance’s private equity group. Grierson, who spends most of his time in the firm’s Paris office, focuses on the Internet and telecoms sectors.
After four years as an investment director at HSBC Private Equity, Michael Henebery has moved to Gresham Trust. He has been appointed a director of Gresham, and will work alongside Ryan Robson, the other Gresham Trust team leader, in London. At HSBC, Henebery focused on the electronics, electrical equipment, IT and telecoms sectors.
PricewaterhouseCoopers has appointed Noel Taylor as global leader of its e-business management consulting services practice. Formerly global leader of the IT, telecoms, entertainment and media consulting practice, Taylor takes over a practice that is growing at 400 percent per annum, with revenues projected to reach $1.6 billion by the end of 2000.
KPMG Corporate Finance has strengthened its private equity services team with the appointment of partner Mark Farlow.
Farlow, who joins from Grant Thornton, was one of 1999’s top dealmakers according to the Mercury Private Equity/unquote Rainmaker rankings. Charles Milner, KPMG’s UK head of private equity, says of Farlow: “He is highly regarded within the industry at a time when the private equity houses are coming under increasing pressure to source and execute successful transactions”.