New BVCA head
The British Venture Capital Association has appointed Peter Linthwaite as its new chief executive, succeeding John Mackie’s five-year tenure.
Linthwaite, 48, has been involved in the private equity industry for over 15 years, and was most recently a founding director of Royal London Private Equity Limited, the UK mid-market private equity house.
Previously he served as executive director of Murray Johnstone Ltd, during which time he was managing director of Murray Johnstone Asia Ltd in Singapore (1995-2001) and director of Murray Johnstone Private Equity Ltd in London (1990-1995.)
Beer & Partners appts
Zena Meyer has succeeded Angus Milne as the London regional director of Beer & Partners, a UK business angel network. Meyer heads a team of 10 in the London office where she has been working as an associate since 2002.
Prior to joining Beer & Partners she was UK head of DareStep, the digital agency spin-off from Cap Gemini Ernst & Young. A seasoned entrepreneur herself, she also has many years of board level experience extending to company start-up, restructure and sale, including new media companies such as Hyperinteractive and MultiMediaBus.
Angus Milne stays on with Beer & Partners in its London office as investment director.
DN Capital adds
DN Capital, the London-based venture capital firm, has appointed two new members to its investment team.
Cedric Sellin joins from Aruba Wireless Networks, a wi-fi switching and security company, backed by Sequoia Capital and Matrix. Prior to that, Sellin spent two years at Desana Systems, a company providing infrastructure solutions to support application delivery over the Internet, backed by Sequoia Capital and Mayfield.
Andy Choi joins from Ensim Corp, a software start-up, backed by NEA in Silicon Valley. There he designed the online software update architecture which forms the basis of Ensim’s expansion strategy. Working closely with ISPs, he has also gained in-depth understanding of Internet infrastructure and service hosting spaces.
3i gets old Terra Firma hand
3i has hired Jennifer Dunstan as a senior director to its European buyout business. She joins after nine years at Terra Firma Capital Partners, formerly Nomura’s Principal Finance Group (PFG), where she was a managing director on a variety of major private equity transactions, including acquisitions, disposals, equity co-investments, securitisations, financings and fund raising and had specific responsibilities for portfolio businesses. She also led the team responsible for negotiating and executing the spin-out of PFG from Nomura in 2001 to create the new private equity company Terra Firma.
GE Comm appts
GE Commercial Finance, the business-to-business finance unit of GE, has expanded its corporate lending team in Europe with the appointment of Adrian Spurling, who joins the company as executive director of originations.
Spurling joins from Bank On, where he helped build the securitisation team. He also worked as a director at Tokyo-Mitsubishi International, where he rebuilt its securitisation business. He won mandates and arranged finance for companies in the UK, France, Spain and South Africa. Spurling also worked for ING Barings’ securitisation team.
He started his career at Freshfields, and worked in its London and Hong Kong offices, advising on corporate finance, debt capital markets, derivatives and banking law.
GE Commercial has also announced a raft of new appointments to its capital markets team. Zak Abideen and Ajit Madan have both been appointed executive directors, Ian Devine becomes a director, and Paul Burgess an associate director.
Abideen joins the team from ING Syndicated Finance, where he was a vice-president focusing on the distribution of leveraged transactions, including both senior and mezzanine debt. He previously worked for ING’s acquisition finance team. He will be responsible for investor relations and sales within the capital markets group.
Madan was a vice-president in the loan capital markets team at Deutsche Bank’s London office where he focused on the structuring, credit analysis and sell-down/syndication of pan-European LBOs, levered corporate and fallen angel transactions across a wide variety of industry sectors. He will be a senior structurer, focusing on large-cap leveraged transactions.
Devine has joined GE Commercial Finance from the Bank of Scotland. While at the bank, he was associate director in the loans distribution team, with a specific focus on UK mid-market leveraged transactions. As a structurer, he will specialise in mid-cap leveraged transactions.
Paul Burgess has joined from McKinsey & Co in London, where he was a senior research associate in the wholesale banking practice. He will have responsibility for market intelligence for the European lending business of GE Commercial Finance.
New member for Rutland
David Wingfield has joined the investment team at Rutland. He is an economics and accounting graduate from Bristol University, who qualified as a chartered accountant with PricewaterhouseCoopers in 1999 and subsequently worked in valuation practice in
Sydney for two years. He then joined Close Brothers Corporate Finance in London where he acted for a number
of corporate and private
equity clients before joining Rutland in 2005.
TTP Ventures promotes
TTP Ventures has promoted Dr David Gee to its board as an executive director. Gee joined the firm as an investment manager in 2000 focusing on electronic device and semi-conductor businesses.
He founded a broadband telecommunications business in the early 1990s following a career at an automotive design and engineering consultancy where he was responsible for the commercialisation of new technology.
Permira adviser
Sir Mervyn Pedelty, the ex-CEO of the Cooperative Bank, has joined Permira as a senior industry adviser. He will work with Permira on identifying and evaluating opportunities for the firm’s funds in the financial services sector, and other sectors, across Europe.
Sir Mervyn, who has worked with Permira in the past, retired as CEO of the Cooperative Bank, the Cooperative Insurance Society and Co-operative Financial Services in December 2004.
Prior to this he was a partner of strategy consulting firm LEK Consulting. From 1987 to 1994 he was a senior executive of TSB Group, including being finance director of TSB Retail Banking and Insurance and then chief executive of TSB Group’s commercial operations. His earlier career included extensive experience in the electronics, electro-mechanical and motor industries.
3i builds in Asia
In yet another sign of the growing importance of the Asian private equity market, 3i has appointed Daizong Wang, Jae Kim, Bonnie Lo and Jason Yin in Hong Kong and transferred Dominic Orchard from London.
Daizong Wang joins as a vice-president and will focus on the Chinese market. Prior to joining 3i, he spent four years at Goldman Sachs in Hong Kong, where he was a vice-president in the investment banking division. He has also worked at the Morningside Group on investments in China and was a management consultant with Coopers Lybrand Consulting in Shanghai.
Jae Kim also joins as a vice-president, covering the North Asian region and will be primarily responsible for the Korean market. Prior to joining the firm he spent four years with Intel Capital in the US, Korea and Japan, where he was responsible for all financial aspects of Intel Capital’s investment operations. He also spent six years in investment banking and private equity at Wasserstein Perella, TD Securities and First Dominion Capital in New York.
Dominic Orchard moves from 3i in London to take up his new role as a director for business development in Asia. He joined in 2002, focusing on deal origination within the buyout team in London. Before this he worked in the technology industry for a VC-backed systems integration consultancy in sports and leisure.
Bonnie Lo joins as an associate for the North Asian region. Before joining 3i, Lo was with the global principal investments group of Merrill Lynch, where she was primarily responsible for underwriting distressed corporate assets across the Asia Pacific region. She also spent three years in Merrill Lynch’s investment banking division.
Like Lo, Jason Yin joins as an associate for the North Asian region. He was previously at Riverlake Partners, a US-based private equity group, for two years focusing on the firm’s investment initiatives in Asia. He also spent three years with Fidelity Investments’ institutional brokerage group in Boston and previously worked as an electrical engineer in the telecom industry.
AIM Lawyer of the Year
Law firm Halliwells has picked up the AIM Lawyer of the Year award in recognition of the positive contribution it has made to AIM-listed companies.
The management teams of all AIM companies were asked to rate all of their advisers on the level of service and expertise. The shortlist was then assessed by a panel of independent judges including Simon Hayes and Adam Hart, KBC Peel Hunt; David Wilkinson, Ernst and Young; Luke Ahern, Corporate Synergy; and Lesley Gregory, Memery Crystal.
Other lawyers shortlisted for the award were DLA, Memery Crystal, Osborne Clarke and Pinsent Masons.
Growth Co awards
Close Venture Management (CVM) and Baker Tilly both won awards at this year’s Growth Company Awards, run by Growth Company Investor.
CVM was named VCT Fund of the Year. The award was based on the total returns of all VCTs launched at least two years ago. CVM was awarded the title following the performance of two of its VCTs: the Close Brothers Venture Capital Trust and the Close Technology & General Fund.
Baker Tilly was voted AIM Accountant of the Year for the third year running. The firm beat Grant Thornton, KPMG, Kingston Smith, PKF and Robson Rhodes. Baker Tilly has acted for over 140 companies that have sought AIM listings and currently has over 90 AIM audit clients.
Siparex IR head
Nicolas Eschermann has been appointed head of the investor relations of the Siparex Group, the French private equity group.
He started his career in Argentina, as head of a blue chip department of EDF, which specialised in power distribution. Returning to France in 1997, he took part in developing the company clientele of PARIBAS in Brussels and then Lyon, before joining the investor teams of Siparex Group in 2000.
2 to MP at CVC
CVC has promoted partners Jonathan Feuer and Rob Lucas to managing partners with immediate effect.
Feuer joined CVC in 1998 and he has been involved in deals such as the acquisition of Debenhams, and the acquisition of Halfords, which recently floated.
Rob Lucas has been with the firm since 1996 and he has been involved in deals such as the acquisition of the AA and IG Group, which recently floated.
Norton Rose team boost
Norton Rose has named Nico Abel as a corporate finance partner in its Frankfurt office.
He joins from Freshfields Bruckhaus Deringer where he was a senior associate in the firm’s corporate practice group. He will work alongside corporate finance partners Campbell Steedman and Dirk Otto in the Frankfurt office and a further five corporate finance partners in the Munich office.
Advent’s new 5
Advent International has recruited five new investment executives to its London team.
Ronald Ayles joins Advent’s industrials team as a principal. He spent four years with 3i, working in both London and Frankfurt, focusing on the chemicals and materials sectors. Prior to 3i, he was employed by Degussa AG, the German speciality chemicals company, in a variety of roles including M&A director. He will focus on European industrial opportunities in particular in the chemicals and materials area.
James Brooks joins Advent’s communications and late stage technology team as an associate. He comes from the TMT sector team at UBS investment bank.
Nick Rose joins the business & financial services teams, also an associate, from Bain & Company’s private equity practice where he worked on both pre and post-acquisition work, with a particular focus on business services.
Tom Allen has been appointed as an associate in Advent’s healthcare & life sciences and industrials teams, moving from KPMG’s private equity team where he advised on public-to-private and cross-border buyouts.
Another associate, Andy Dawson, joins the firm’s retail & media team from OC&C Strategy Consultants, where he focused on retail, consumer goods, media, leisure and technology sector assignments.
E&Y award
Dr Kevin Matthews, CEO of a leading UK nanotechnology company Oxonica, has been awarded Science & Technology Entrepreneur of the Year 2005 in this year’s Ernst & Young South Region final. He was handed the accolade based on his achievement of transforming Oxonica from an early stage technology house into one of Europe’s leading nanotechnology businesses.
Dr Matthews will now go on to compete in the national final at the Grosvenor House Hotel in October, where he will be judged alongside other regional winners from across the UK. The overall winner will then go forward to compete for the title of World Entrepreneur of the Year in 2006.
Archangel CEO
Archangel Informal Investment, the early stage investor, has a new chief executive in the form of John Waddell, currently a director with merchant bank, Noble Grossart. He takes over from Peter Shakeshaft, who has been in the role for five years.
Shakeshaft will not be walking away from the company completely, but a statement said he believed it was time to play a less prominent role and reduce his day-to-day commitment. He will remain on the syndicate’s board and continue to serve on the boards of several Archangel companies.
John Waddell joined Noble Grossart Limited in 2001, after serving for over 11 years with Christian Salvesen as in-house lawyer and on the management board, followed by three years’ involvement in strategic planning with the Bank of Scotland. Prior to that, he spent five years in commercial practice.
Last year, Archangel Informal Investment, which was formed in 1992, invested some £8.6m in early stage companies. Its portfolio now comprises some 30 companies with an estimated investment value of £50m.
EI appts
Enterprise Investors (EI) has promoted two members of its investment team, Dawid Walendowski and Jacek Wo?niak, to partner.
Walendowski has eight years of private equity and investment banking experience. Since joining EI in 1999, he has co-managed numerous investments and exits in the retail sector. He now chairs the supervisory boards of Nomi (Polish DIY retailer) and Artima (Romanian supermarket operator). He is also responsible for EI’s M&A activities in the Baltic States. Previously, Walendowski was an associate with the M&A division of Rabobank Polska.
Jacek Wo?niak has 13 years of private equity, consulting and restructuring experience. Prior to joining EI in 2000, he was investment director in Trinity Management, a fund management company in the Polish Mass Privatisation Program, and worked for Arthur Andersen in Warsaw. At EI, Wo?niak specialises in transactions in the food processing and services sectors. He sits on the supervisory boards of Agros Nova (jams and juice producer), Sfinks Polska (restaurant chain operator), and Kruk (financial services.)
AIFI launches 2005 award
AIFI, the Italian venture capital association, and Ernst & Young have launched the second edition of the Claudio Demattè, the Private Equity of the Year 2005 award.
The candidates will be judged on the exits they made during 2004 in one of three categories: early stage, expansion and buyout. The award will also acknowledge the numerous advantages of these deals, in terms of both development and results, highlighting their high performance for investors. Therefore, this award does not only go to private equity players, but also to the results reached by the partnership represented by the private equity player and the company.
The award ceremony will be held on October 20, 2005. The deadline to apply for the award is September 15, 2005. Application is free of charge. Regulations and application form can be downloaded at www.aifi.it – Event Section.
Palamon appts
Palamon Capital Partners has strengthened its German investment team with two senior appointments.
Dr Tom Sommerlate has been appointed to the firm’s board of advisors. He is chairman of Arthur D Little’s management consulting activities in Germany and Austria. He also serves on the advisory board of Lehman Brothers as well as on the boards of a number of medium-sized companies in the communications and media industries.
Dr Holger Kleingarn has been appointed as a principal. He joined Palamon from Roland Berger Strategy Consultants where he was a partner and member of the German management team in the financial services practice. Previously he was CEO of ELAXY AG, managing a buyout in the German software industry, and a senior project manager at the international consulting firm Bain & Company.
In a separate announcement, Palamon has appointed Ron Bell as the firm’s chief financial officer. Bell will be responsible for developing the appropriate financial strategies and structures for Palamon and its portfolio of investments.
He joined Palamon from Compass Partners, where he was financial director for over seven years. Prior to Compass, he spent 11 years working in senior positions within the UK financial services sector, including finance director of Legal and General Ventures, and chief financial officer of J Rothschild Holdings, where he was involved in the formation of two quoted investment trusts.
Phoenix appts
Phoenix Equity Partners has appointed Helen Alexander to the firm’s industrial advisory board. Alexander is chief executive of the Economist Group and a non-executive director of Centrica, and was previously a non-executive director of BT and Northern Foods. She is a trustee of the Tate Gallery and on the board of INSEAD.
New German head for EQT
Marcus Brennecke has been named head of EQT’s Munich office. Brennecke joined the firm’s Stockholm office in January 2005. Björn Höi Jensen, who has headed the German operation for the last two years, will remain in the Munich office and continue to make investments and sit on the boards of German portfolio companies.
Before EQT, Brennecke was a managing partner of the Munich-based Schoeller Metternich Brennecke Group (SMB). Before that he spent seven years in various management positions at Axel Springer Verlag AG.
Hans Moock, former partner at EQT in Munich, left the firm in June.
Promotion at Debevoise
Debevoise & Plimpton LLP has promoted senior corporate solicitor, Arthur Stewart, to international counsel at its London office.
Stewart joined the London office of Debevoise in May 2000, following six years working for Ashurst. He has extensive experience in a wide variety of transactions for UK and international corporations, financial institutions and major investment banks including domestic and cross-border M&A, joint ventures, commercial agreements, securities offerings and corporate restructurings.
Prelude appts to board
Prelude, the early stage technology investment trust, has appointed two new non-executive directors, Marion Sears and Anthony Martin.
Sears was in investment banking before taking non-executive directorships with blue chip companies such as Boehringer Ingelheim Ltd, the UK subsidiary of German pharmaceuticals company Boehringer Ingelheim GmbH; Dunelm Group Ltd, where she is chairman of the nomination and remuneration committees; and PricewaterhouseCoopers (PwC), where she is a member of the corporate finance advisory board. At PwC she acts as adviser to the healthcare and private equity teams, particularly in M&A. Having started her career with Glaxo Group plc, Sears worked as a research analyst with Phillips & Drew, and then in corporate finance at Baring Brothers. She was a managing director at JP Morgan in healthcare investment banking until she left the company in 2001.
Anthony Martin has advised a number of companies on a range of strategic, management and funding issues, and is currently managing partner of TMA Consultants, which specialises in providing business planning and interim management. He has been chairman of recently listed NeuTec Pharma plc since its formation in 1997. He started his career with Amersham International plc and has held senior positions in a number of life science businesses both in the UK and US including British Biotech Products Ltd, Invitrogen Corporation, AZUR Environmental and Celsis International plc.
SCM analyst
Strategic Capital Management (SCM) has recruited Suen Yan Leung as a senior analyst in the due diligence department. He started his career in 1990 as an analyst with a global investment bank. Since 1992, he has focused on M&A and private equity activities. At first he worked for Interfinanz GmbH where he advised and arranged small to mid-market buyout transactions involving private equity investors and strategic buyers. Afterwards, as an investment banker, he was responsible for due diligence and contract negotiation projects for M&A with NatWest Markets. In 1998, he began to specialise on advising fund-of-funds and direct private equity investments. Prior to joining SCM, Leung was senior investment manager with AXA Private Equity.
Mezz Mngmt promotes
Mezzanine Management has promoted Valerie Lebreton to managing director and appointed Christian Heidl as a director.
Lebreton joined the firm in 1998 and prior to this she spent seven years in asset management and cash flow-based structured finance and acquisition finance, latterly at Credit Agricole Indosuez, based in Paris. She has also worked previously with major equity funds in France, advising them on their investments and syndicated debt transactions. She is based in Mezzanine Management’s Paris office and will also join the firm’s investment committee.
Heidl formerly spent 10 years working with international private equity firms in London, New York and Frankfurt. Most recently with BancBoston Capital, he was responsible for leveraged finance transactions in German-speaking countries and focused on the restructuring of their existing German portfolio companies. He was previously with Deutsche Beteiligungs for six years where he completed a number of successful buyout transactions. He will divide his time between London and Mezzanine Management’s Frankfurt office.
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