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  • 20 October 2014

    Palamon strengthens team with two senior appointments

    Palamon Capital Partners (“Palamon” or the “Firm”), has strengthened its team with the appointments of Ali (Alexandre) Rahmatollahi as Associate Partner and Christian Beck as a member of the Firm’s...

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    20 October 2014

    Palamon strengthens team with two senior appointments

    Palamon strengthens team with two senior appointments

    Palamon Capital Partners (“Palamon” or the “Firm”), has strengthened its team with the appointments of Ali (Alexandre) Rahmatollahi as Associate Partner and Christian Beck as a member of the Firm’s...

    Palamon strengthens team with two senior appointments

    Palamon Capital Partners (“Palamon” or the “Firm”), has strengthened its team with the appointments of Ali (Alexandre) Rahmatollahi as Associate Partner and Christian Beck as a member of the Firm’s Board of Advisors.

    Ali Rahmatollahi joins Palamon from Morgan Stanley where he spent nearly eight years in its Investment Banking division, most recently as an Executive Director with responsibility in the Financial Sponsor Group.  Prior to this he was an Engagement Manager at McKinsey & Company in its General Strategy Consulting and Private Equity Practices. Ali also co-founded OP Capital Partners, a Middle Eastern opportunity fund, in 2004.  A Swiss national, he graduated NCAA First Division All-American Athlete in Business Administration and holds an MBA from Columbia Business School.

    Christian A. Beck is a highly experienced entrepreneur who has been Chief Executive of several growth businesses including Banqsoft ASA, Sakhalin Petroleum and Small Shops Gruppen, a Warburg Pincus portfolio company.  Over the past 10 years, Mr Beck has played a deep and active role in Palamon’s Scandinavian portfolio development serving as Founder Chairman of Nordax Finans, a 2004 start-up in the consumer loans industry which generated a 3.8x return, Chairman of Espresso House, built from 22 branded coffee outlets to 120 with a 3.4x investment return.  He is currently Chairman of Norwegian-based Eneas Energy A/S.

    Mr Beck joins 14 other accomplished business leaders on Palamon’s Board of Advisers originating from seven countries and whose expertise covers the range of sectors in which the Firm invests.

    Louis Elson, Managing Partner of Palamon Capital Partners, said: “We are thrilled to welcome Ali and Christian to our Firm.  Christian has already contributed a tremendous amount to Palamon’s past successes and we are certain that his new role will enable him to extend his expertise and influence across more of our investment activities.  Ali brings a wealth of knowledge, experience, relationships and the international investing capability which will enhance our ability to execute deals across the European continent.”

    Ali Rahmatollahi commented: “Over the past decade I have worked with the vast majority of top tier sponsors originating and executing transactions in Europe. What has always impressed me with Palamon is the quality and calibre of its people. I am truly delighted to be joining this exceptional team and look forward to the opportunities ahead.”

    Christian Beck commented: “I am very pleased to have this opportunity to deepen my relationship with Palamon.  Having worked closely with the Firm for over a decade I have been impressed with how its growth investing model has been so successfully applied in the European mid-market.  I am very much looking forward to being part of the Firm’s future growth.”

  • 21 July 2014

    Palamon agrees to sell Retail Decisions for $205 million

    Palamon Capital Partners (“Palamon”), one of Europe’s leading mid-market private equity firms, has agreed the sale of Retail Decisions (“ReD”) to ACI Worldwide for $205 million, subject to regulatory approvals....

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    21 July 2014

    Palamon agrees to sell Retail Decisions for $205 million

    Palamon Capital Partners (“Palamon”), one of Europe’s leading mid-market private equity firms, has agreed the sale of Retail Decisions (“ReD”) to ACI Worldwide for $205 million, subject to regulatory approvals....

    Palamon agrees to sell Retail Decisions for $205 million

    Palamon Capital Partners (“Palamon”), one of Europe’s leading mid-market private equity firms, has agreed the sale of Retail Decisions (“ReD”) to ACI Worldwide for $205 million, subject to regulatory approvals. The sale will result in total Sterling investment returns for Palamon of 2.5 times invested capital.

    ReD is a leading global provider of payment fraud prevention technology and services to merchants, card issuers, acquirers and processors. The Company’s flagship product ReD Shield®, a real-time, on-line fraud prevention solution, is used by large e-commerce and multi-channel merchants in North America, Europe, Asia-Pacific and Latin America, to boost on-line revenues while reducing fraud losses. Headquartered in the UK, ReD is a leader in several key country markets, including the US where it screens over 25% of e-commerce transactions.

    Palamon acquired ReD in a take-private in December 2006 alongside co-investors, Morgan Stanley Alternative Investment Partners and AlpInvest. At the time of its acquisition, in addition to its payments fraud prevention business, ReD operated fuel and gift card businesses in Europe and Australia. Following the global financial crisis, Palamon fully de- levered the company and returned 80% of invested equity through three separate division sales: the UK Fuel Cards business in August 2009, the Australian businesses in September 2010 and the European fuel card business in March 2011. As a final phase of the investment, Palamon devised a strategy to accelerate growth in the remaining payments fraud prevention business focused on strengthening management and committing to significant investment in product innovation and partner channel expansion.

    Under the leadership of Paul Stanley, recruited as CEO in mid-2011, ReD launched several innovative solutions such as ReD Fraud Xchange, an on-line platform that enables real-time collaboration between merchants and issuers in the fight against payment fraud, and ReDi, an interactive, self-service business intelligence tool for e-commerce transactions. In parallel, the Company significantly broadened its partner channel across the globe and today has partnership agreements with leading payments companies such as Global Collect, First Data, FIS, EVO Payments, Worldline, Sage Pay, Yapital, PayU and UOLDIVEO.

    Fabio Massimo Giuseppetti, Partner at Palamon, commented, “As the largest investment in the Palamon II portfolio, ReD has been a highly successful result for Palamon. Having de- levered the business and returned most of our invested capital through the early divisional divestments, we were able to focus on the “jewel in the crown”; the global fraud prevention business. We successfully delivered on our investment thesis by backing a highly scalable SaaS business model with transaction-based revenue and we are delighted with the results achieved.”

    Paul Stanley, CEO at ReD, commented, “We have thoroughly enjoyed working with Palamon and are proud of the results we have achieved together. Their understanding of the e- commerce space combined with their experience in payments and enterprise software was invaluable in establishing ReD as a global leader in fraud prevention. Significant investments in new products and sales channels have further strengthened our global platform and we are well placed to continue delivering strong growth. We look forward to working with ACI Worldwide in the next phase of our development.”

    Palamon has successfully invested in the e-commerce and software services space through portfolio companies such as: dress-for-less, one of Europe’s leading on-line fashion retailers; feelunique.com, Europe’s largest premium beauty e-tailer and TeamSystem, a leading Italian SME software provider.

    Advisers to Palamon:

    M&A and Financial Adviser: Legal Adviser:

    Enquiries:

    About ReD

    ReD is a world leader in fraud prevention, with solutions that are present at every stage of the payments value chain, supporting merchants and PSPs, issuers and acquirers, processors and switch networks in the fight against fraud. ReD protects billions of transactions across multiple channels and payment types with proprietary technology that is underpinned by world class fraud and risk analysts and pooled data from more than 190 countries. ReD serves customers from multiple sectors and across six continents from offices in Australia, China, Dubai, South Africa, the United Kingdom and the United States, and through partners around the globe.

    For more information on ReD refer to www.redworldwide.com

  • 16 July 2014

    Palamon exits from Prospitalia for a 3.0x return

    PS S.à r.l. which is majority-owned by the funds managed by Palamon Capital Partners (“Palamon”), has successfully disposed of its investment in PS TopCo GmbH to an undisclosed investor. PS...

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    16 July 2014

    Palamon exits from Prospitalia for a 3.0x return

    PS S.à r.l. which is majority-owned by the funds managed by Palamon Capital Partners (“Palamon”), has successfully disposed of its investment in PS TopCo GmbH to an undisclosed investor. PS...

    Palamon exits from Prospitalia for a 3.0x return

    PS S.à r.l. which is majority-owned by the funds managed by Palamon Capital Partners (“Palamon”), has successfully disposed of its investment in PS TopCo GmbH to an undisclosed investor. PS TopCo GmbH is a parent of Prospitalia GmbH (“Prospitalia” or the “Company”). Palamon is one of Europe’s leading mid-market private equity firms and, over the term of its investment in PS S.à r.l., has generated a return of 3.0x on capital invested.

    Prospitalia is the leading Group Purchasing Organisation (“GPO”) in Germany, providing procurement services to more than 900 hospitals and healthcare facilities across the country to help lower the cost of goods purchased. The Company currently reports a pooled purchasing volume of €1.2 billion. Palamon originally invested in PS S.à r.l. when the majority of acute hospitals did not use GPO services, with the thesis that significant additional market penetration was inevitable as pressures on healthcare budgets would necessitate cost saving measures. Purchasing volumes for German GPOs are reported to have grown between 5% and 10% per year and today, surveys show that more than 60% of German acute hospital beds are served by GPOs.

    Healthcare is an important investment theme for Palamon, which has committed more than €200 million to the sector over the past seven years. The Firm has invested across Europe in a range of market-leading businesses such as; SARquavitae, Spain’s largest elderly care provider with 12,000 staff; IDH, the largest dental corporate in the UK with more than
    550 practices; POLIKUM, a leading provider of outpatient healthcare in Germany; and OberScharrer Group, the leading ophthalmology group in Germany.

    Pascal Noth, Partner at Palamon, commented, “We are delighted with the success of our investment in Prospitalia, which has returned 3.0x on invested capital. Prospitalia is the number one GPO in Germany and has built out its position with a strong reputation for the quality of services it provides. We thank the management team for driving the business to where it is today and wish them well for the future.”

    Louis Elson, Managing Partner at Palamon, said, “Our success in this investment once again demonstrates the effectiveness of our thesis-led investment approach to identify, invest into, and grow market-leading companies across Europe. Prospitalia was Palamon’s first investment in the healthcare industry; an investment area in which we have now established a strong track record.”

    Palamon has completed eight realisations from its €670 million 2006 fund, Palamon European Equity II, which has to date produced proceeds of €708 million at a return of 2.8x multiple of invested capital on fully exited companies. Palamon invests in high growth businesses and has a strong track record with its portfolio companies achieving an average revenue growth of 19% per annum for the past 10 years.

  • 09 January 2014

    Palamon elects three new Partners

    Palamon Capital Partners (“Palamon” or the “Firm”), is pleased to announce the election of Julian Carreras, Pascal Jean-Noël Noth and Gary Pritchard to the Partnership. Julian Carreras, previously a Principal,...

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    09 January 2014

    Palamon elects three new Partners

    Palamon elects three new Partners

    Palamon Capital Partners (“Palamon” or the “Firm”), is pleased to announce the election of Julian Carreras, Pascal Jean-Noël Noth and Gary Pritchard to the Partnership. Julian Carreras, previously a Principal,...

    Palamon elects three new Partners

    Palamon Capital Partners (“Palamon” or the “Firm”), is pleased to announce the election of Julian Carreras, Pascal Jean-Noël Noth and Gary Pritchard to the Partnership.

    Julian Carreras, previously a Principal, originally joined Palamon in 2003 from Goldman Sachs. A Spanish National, he has consistently played an important role in executing the Firm’s investment strategy across continental Europe with a particular focus on Spain and Italy. He sits on the board of SARquavitae, Spain’s largest provider of elderly care, where he also serves on the Executive Committee. He is also active in a board capacity in Palamon portfolio companies EnGrande in Spain, Sigla in Italy and Quality Solicitors in the UK.

    Pascal Jean-Noel Noth, also previously a Principal, joined the Palamon Investment Team in 2009 also from Goldman Sachs. A Swiss National, he has been a principal deal manager across a range of sectors and country markets with a concentration on German-speaking continental Europe. He has been singularly responsible for the significant financial and strategic achievements of Prospitalia and POLIKUM, both Palamon healthcare companies operating in Germany. He has also been actively engaged at board level in OberScharrer Group and Cambridge Education Group, where he played an instrumental part in its development and recent exit.

    Gary Pritchard joined Palamon in 2008 as the Firm’s CFO and was promoted to Managing Director in 2011. Since that time, he has had management responsibility for financial controls, structuring, tax and regulatory compliance for both the Firm and its Funds.

    Louis Elson, Managing Partner of Palamon Capital Partners, said: “It is always a great delight for a private partnership to elect new partners, especially ones who have contributed as significantly as Julian, Pascal and Gary. We look forward to the tremendous value we know these individuals will add in the coming period as we continue delivering successfully on our growth investment strategy.”

    Palamon recently announced the sixth exit from its €670 million 2006 fund, Palamon European Equity II, with the agreed sale of Cambridge Education Group for a 14.6x return on invested capital, £141 million capital gain and 58% IRR. Palamon II to date has generated cash proceeds of €660 million and a 3.6x return and 28% IRR on fully realised investments. Palamon II still has €60 million of capital available for investment and 11 high growth companies remaining in its portfolio, including; Retail Decisions, a global fraud prevention provider for card-based and on-line transactions; IDH, the largest NHS dental practice group in the UK and OberScharrer Group, a leading ophthalmic healthcare business in Germany.

    About the new Partners

    Julian Carreras re-joined Palamon in 2011, having first served the Firm between 2003 and 2006. He became a Partner in January 2014. Mr Carreras is a Spanish national, and is fluent in English, French and Italian, with a working knowledge of Portuguese. He initially joined Palamon from Goldman Sachs and before that he was with McKinsey & Co. Between 2006 and 2011 he held positions with Cinven in London and Thesan Capital in Madrid. Mr Carreras obtained MSc degrees from Polytechnic University of Milan, Ecole Centrale Paris and Polytechnic University of Madrid. He holds an MBA from Harvard Business School, where he attended as a Fulbright Scholar.

    Pascal J. Noth joined Palamon Capital Partners in March 2009, becoming a Partner in January 2014. He is a Swiss national, fluent in English and German. Mr Noth joined from the Investment Banking Division of Goldman Sachs & Co where he was an Associate in its London office. Prior to this, he was Project Manager for The Monitor Group, where he was involved with both its global management consultancy and global mid-market private equity fund. Mr Noth graduated from the Swiss Federal Institute of Technology (ETH) with a BSc in Biochemistry and an MSc in Neuroscience and Economics. He also holds an MBA with distinction from INSEAD where he was the Roche MBA Fellow of the Year.

    Gary Pritchard joined Palamon Capital Partners as Chief Financial Officer in March 2008 and became a Partner in January 2014. He joined Palamon from Catlin Group, the international specialty insurance and reinsurance group. There he worked for 12 years in a number of positions, including as CFO of the UK division and Head of Finance Operations. He graduated from the University of Hull with a BSc in Economics & Accounting and qualified as a Chartered Accountant in 1995 having started his career with PricewaterhouseCoopers.

    About Palamon Capital Partners

    Palamon Capital Partners, LP is an independent private equity partnership founded in 1999, which is focused on providing equity for European growth services companies. Palamon, as a pan-European investor, originates, executes and manages investments in the UK, Germany, Benelux, Italy, Spain, Norway, Denmark and Sweden. The Firm targets investments in companies where it can be the lead private equity provider and where it can provide strategic direction and partner with management to help build equity value. The Firm manages funds with €1.3 billion of equity capital for investment.

    For more information on Palamon refer to www.palamon.com

  • 11 December 2013

    Palamon appoints Philippe Arbour as Managing Director of Structured Finance

    Palamon Capital Partners (“Palamon” or the “Firm”) today announces the appointment of Philippe Arbour as Managing Director of Structured Finance and Antony Barker as Director of Investor Relations and Marketing....

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    11 December 2013

    Palamon appoints Philippe Arbour as Managing Director of Structured Finance

    Palamon Capital Partners (“Palamon” or the “Firm”) today announces the appointment of Philippe Arbour as Managing Director of Structured Finance and Antony Barker as Director of Investor Relations and Marketing....

    Palamon appoints Philippe Arbour as Managing Director of Structured Finance

    Palamon Capital Partners (“Palamon” or the “Firm”) today announces the appointment of Philippe Arbour as Managing Director of Structured Finance and Antony Barker as Director of Investor Relations and Marketing.

    Philippe Arbour joins Palamon having spent ten years with Lloyds Banking Group, where he worked in a variety of roles spanning trade finance, specialist credit and leveraged finance. Most recently, he was a Director in the Leveraged Finance & High Yield team. In 2006, he was a founding member of the large-cap sponsor coverage and LBO execution team, which would go on to become a market leader in European leveraged finance. Between 2010 and 2011 he was seconded to 3i Plc. as a Director in its Banking Team. Mr Arbour holds the Chartered Financial Analyst (CFA) designation in addition to having earned an MSc Finance & Investment from Durham University and a BBA (Hon.economics) from Bishop’s University, Canada.

    Antony Barker re-joins Palamon from global placement agent Campbell Lutyens and DMC Partners, where he was an Investor Relations Associate based in London. Prior to that, he spent five years at Palamon, working across the breadth of Investor Relations and Marketing activities. Mr Barker gained a BEng from the University of Bath following which he served at the Ministry of Defence, Defence Science and Technology Laboratories.

    Louis Elson, Managing Partner of Palamon Capital Partners, said: “We could not be more delighted to welcome Philippe and welcome back Antony. Each is a consummate professional who brings talent and expertise to our team. Both share the high standards for excellence for which Palamon has become known. Importantly, Philippe has worked with a wide range of private equity deal sizes and structures during his career at Lloyds as well as inside 3i which makes him perfectly suited to Palamon’s signature range of mid-market transactions. Antony returns to us having gained invaluable experience which will widen our perspective and enhance our ability to support our investors.

    Philippe Arbour commented: “I am very pleased to be joining Palamon following the raise of its innovative €210 million, two-year auxiliary fund. The Firm is entering a very exciting period as it makes some substantial realisations, executes key re-financings within the portfolio and transacts on its strong pipeline of primary deals and add-on acquisitions. I am thrilled to be joining such a high-calibre pan-European team.”

    Antony Barker commented: “I am delighted to be back at Palamon. The portfolio is in great condition and the Firm’s track record is getting even stronger. Palamon has maintained robust support from a dedicated core of sophisticated investors during a period of uncertainty in the European markets. But there are now clear signs of a resurging appetite for European private equity managers as the perception of the region improves and investors look to re- balance their allocations. We will be well positioned for our future return to the market.”

    Palamon recently announced the sixth exit from its €670 million 2006 fund, Palamon European Equity II, with the agreed sale of Cambridge Education Group for a 14.6x return on invested capital, £141 million capital gain and 58% IRR. Palamon II to date has generated cash proceeds of €660 million and a 3.6x return and 28% IRR on fully realised investments. Palamon II still has €60 million of capital available for investment and 11 high growth companies remaining in its portfolio, including; Retail Decisions, a global fraud prevention provider for card-based and on-line transactions; IDH, the largest NHS dental practice group in the UK and OberScharrer Group, a leading ophthalmic healthcare business in Germany.

  • 30 September 2013

    Palamon announces close of Palamon Auxiliary Partnership 2013

    Palamon Capital Partners, L.P., one of Europe’s leading lower mid-market private equity firms, today announces the close of the Palamon Auxiliary Partnership 2013, L.P. and its coinvestment programme ("The Auxiliary...

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    30 September 2013

    Palamon announces close of Palamon Auxiliary Partnership 2013

    Palamon Capital Partners, L.P., one of Europe’s leading lower mid-market private equity firms, today announces the close of the Palamon Auxiliary Partnership 2013, L.P. and its coinvestment programme ("The Auxiliary...

    Palamon announces close of Palamon Auxiliary Partnership 2013

    Palamon Capital Partners, L.P., one of Europe’s leading lower mid-market private equity firms, today announces the close of the Palamon Auxiliary Partnership 2013, L.P. and its coinvestment programme ("The Auxiliary Fund") with commitments of €210 million.

    The Auxiliary Fund is structured with an innovative two year investment term. Palamon will use The Auxiliary Fund exclusively for new investments, enabling it to maintain its historic annual investment rate for new deals of €100 million.

    The Auxiliary Fund will pursue control equity investments of €15 million to €80 million in mid-market growth services businesses across Europe in the same manner and style as the Firm has done successfully since 1999.

    The Auxiliary Fund received commitments from a diversified group of over 20 investors including fund-of-funds leader Adams Street Partners, the corporate pension plan of Honeywell, global private equity investors AlpInvest Partners and Quilvest and the endowment of Spelman College. This pool of immediate use capital represents a significant share of the only €1.6 billion raised for European growth capital investment in the last year 1.

    Louis Elson, Managing Partner of Palamon Capital Partners, said, "We could not be more pleased that our core investors supported us in this innovative funding structure. We applaud them for their creative thinking and thank them for their confidence in us and our proven investment strategy. Taken together with the remaining capital in our predecessor fund, we have €270 million to invest over the next two years. We expect to have a significant impact on the growth equity market in Europe which continues to suffer from restricted capital. We are seeing many compelling opportunities in our space."

    Annette Wilson, Managing Director of Investor Relations at Palamon, added, "Palamon’s strong fourteen year track record of growth investing across Europe has allowed us to secure solid funding in a severely capital constrained fundraising environment. We are delighted that the majority of the commitments were made by existing investors and are also very pleased to welcome a number of new investors."

    Since inception, Palamon has completed 33 investments in ten countries. Palamon’s portfolio of investments has consistently achieved a revenue growth rate of approximately 20 per cent per annum, a key indicator of the Firm’s successful value creation approach. Its portfolio of growth companies currently includes Cambridge Education Group, a leading pre-university education group based in the UK; Retail Decisions, a global fraud prevention provider for card-based transactions; SARquavitae, the largest residential elderly care corporate in Spain and OberScharrer Group, a leading ophthalmic healthcare business in Germany.

    Note 1: Source - Extract from Prequin fundraising database as at September 2013

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in our investments

  • 16 April 2014

    Palamon wins multiple awards for 14.6x Cambridge Education exit

    Palamon Capital Partners (“Palamon” or the “Firm”) has received recognition in the private equity industry’s leading awards for its investment in Cambridge Education Group (“CEG”). CEG is today one of...

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    16 April 2014

    Palamon wins multiple awards for 14.6x Cambridge Education exit

    Palamon wins multiple awards for 14.6x Cambridge Education exit

    Palamon Capital Partners (“Palamon” or the “Firm”) has received recognition in the private equity industry’s leading awards for its investment in Cambridge Education Group (“CEG”). CEG is today one of...

    < back to news

    Palamon wins multiple awards for 14.6x Cambridge Education exit

    Palamon Capital Partners (“Palamon” or the “Firm”) has received recognition in the private equity industry’s leading awards for its investment in Cambridge Education Group (“CEG”).

    CEG is today one of the leading providers of pre-University education, originally identified in 2007 by Palamon and acquired off-market from its husband-and-wife founder team. Palamon institutionalised the management team, developed strategy, built infrastructure and provided the financial and strategic support to rapidly grow over the six-year hold period. Cambridge Education Group was realised by Palamon in December 2013 generating a 14.6x return on invested capital and an IRR of 58%. The investment has won two of the leading industry awards:

    Private Equity International Awards 2013: Exit of the Year in Europe Private Equity Awards 2014: UK Small Deal of the Year

    UK SMALL DEAL OF THE YEAR

    Pascal Noth, Partner at Palamon and
    Fergus Brownlee, CEO of CEG, collecting the award

    In addition, Private Equity News shortlisted the investment as one of the top 25 deals of the last decade (link) and CEG received Education Investor Award, 2013 for Private Schools Operator.

    Pascal Noth, Partner at Palamon, said: “We are extremely proud of our achievements with Cambridge Education Group and grateful to the exceptional management team that so successfully delivered our business plan. We continue to be excited about the opportunities that the education sector holds for investment out of our new fund.”

    Louis Elson, Managing Partner at Palamon, added: “We are delighted to have garnered such strong recognition for this investment. Most importantly, this follows similar awards and recognitions achieved now in multiple European countries, including Scandinavia and the DACH region. Our investment success is truly pan-European.”

    Palamon won Private Equity Awards 2013: Nordic Deal of the Year for its exit of Espresso House and unquote” DACH Private Equity Awards 2011: German Buyout Deal of the Year for its sale of Dress-for-less. The Firm was also shortlisted for Private Equity Awards 2010, DACH Deal of the Year for Loyalty Partner and Nordic Deal of the Year for Nordax.

    Selected Awards Won

    UK SMALL DEAL OF THE YEAR

    BUYOUT HOUSE OF THE YEAR

    DEAL OF THE YEAR: DACH

    NORDIC DEAL OF THE YEAR

    SELECTED SHORTLISTINGS

    EXIT OF THE YEAR: DACH

    DEAL OF THE YEAR: NORDICS

    DACH BUYOUT DEAL OF THE YEAR

    HOUSE OF THE YEAR: UK

    BUYOUT HOUSE OF THE YEAR

    BVCA BUYOUT HOUSE OF THE YEAR

  • 04 December 2013

    Palamon Capital Partners agrees sale of Cambridge Education Group to Bridgepoint for a 14.6x

    Palamon Capital Partners ("Palamon"), a leading lower mid-market European private equity firm, has agreed the sale of its majority stake in Cambridge Education Group ("CEG" or "the Group") to Bridgepoint....

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    04 December 2013

    Palamon Capital Partners agrees sale of Cambridge Education Group to Bridgepoint for a 14.6x

    Palamon Capital Partners ("Palamon"), a leading lower mid-market European private equity firm, has agreed the sale of its majority stake in Cambridge Education Group ("CEG" or "the Group") to Bridgepoint....

    < back to news

    Palamon Capital Partners agrees sale of Cambridge Education Group to Bridgepoint for a 14.6x

    Palamon Capital Partners ("Palamon"), a leading lower mid-market European private equity firm, has agreed the sale of its majority stake in Cambridge Education Group ("CEG" or "the Group") to Bridgepoint. The sale will generate a return on investment for Palamon of 14.6 times, with a capital gain of £141 million and an IRR of 58%.

    Cambridge Education Group is a leading player in the international schools market, providing pre-university education to students from over 95 countries via its global recruiting network. It forms part of the rapidly growing UK education export industry, which is estimated to be worth £17.5 billion and one of the ten largest export segments in the country.

    Palamon originally sourced its investment in CEG directly from the founding team of Nick Golding and Elizabeth and Ann Armstrong in 2007. At that time CEG taught 460 academic students per year across two campuses in Cambridge and Canterbury. Today, CEG teaches over 3,000 academic students and thousands of short-term English language students each year across its four divisions in three countries. In excess of 75% of CATS students gain entry into top ranked universities each year.

    During Palamon's ownership, CEG has grown revenues five-fold to an estimated £90 million for the academic year 2013-14. This growth has been exclusively organic as the management team expanded its teaching capacity, signed on new sites and focused on providing the highest standards of education to its primarily international customer base.

    Louis Elson, Managing Partner at Palamon, commented: "We are very proud of having played an important part in building CEG into a leading brand with a dominant position in the education sector. This is a classic 'breakaway' Palamon investment. We identified an unusual opportunity in a small business context with strong potential and combined it with exceptional management talent to deliver explosive long-term growth. I speak for the various Palamon team members who conceived and transacted on the CEG investment, including Dan Mytnik who gave invaluable guidance to the company throughout its development, in recognising the great achievement of CEO Fergus Brownlee and his Chairman Stephen Warshaw. We wish Fergus and his team continued success with their new partners."

    Fergus Brownlee, Chief Executive of CEG, added: "We are delighted with what we have been able to achieve during the past seven years with the close and supportive collaboration of our partner, Palamon. We have taken CEG from being a small UK platform to a market leading brand with an international presence and are now looking forward to working with Bridgepoint to capture the next stage of growth."

    Stephen Warshaw, Chairman of CEG, added: "This is a tremendous result for the management team here at CEG, who have worked so hard to build the business by expanding teaching capability and entering new sectors and markets, whilst delivering high standards of educational and pastoral care. We have benefited from a highly successful partnership with Palamon, whose strategic vision and financial expertise have been invaluable in the evolution and growth of CEG."

    This is Palamon's sixth exit from its €670 million 2006 fund, Palamon European Equity II, which to date has generated cash proceeds of €660 million and a 3.6x return and 28% IRR on fully realised investments. Palamon II still has 11 high growth companies remaining in its portfolio, including; Retail Decisions, a global fraud prevention provider for card-based and on-line transactions; IDH, the largest NHS dental practice group in the UK and OberScharrer Group, a leading ophthalmic healthcare business in Germany.

    Source:

    1 Official UK government statistics: www.gov.uk/government/news/new-push-to-grow-uks-175-billion-education-exports-industry

  • 16 April 2013

    The Carlyle Group, in partnership with Palamon Capital Partners, has acquired DBG (UK) Limited

    Global alternative asset manager The Carlyle Group (NASDAQ: CG) and Palamon Capital Partners today announced the acquisition of DBG (UK) Limited (“dbg”) from Synova Capital. The terms of the transaction...

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    16 April 2013

    The Carlyle Group, in partnership with Palamon Capital Partners, has acquired DBG (UK) Limited

    Global alternative asset manager The Carlyle Group (NASDAQ: CG) and Palamon Capital Partners today announced the acquisition of DBG (UK) Limited (“dbg”) from Synova Capital. The terms of the transaction...

    < back to news

    The Carlyle Group, in partnership with Palamon Capital Partners, has acquired DBG (UK) Limited

    Global alternative asset manager The Carlyle Group (NASDAQ: CG) and Palamon Capital Partners today announced the acquisition of DBG (UK) Limited (“dbg”) from Synova Capital. The terms of the transaction were not disclosed.

    Operating for over 20 years, dbg is a specialist healthcare support services provider of training, compliance support, engineering services, materials and equipment. Using a membership- based model, dbg works alongside over 8,000 dental, GP and veterinary practices throughout the UK, and is headquartered in Winsford, Cheshire.

    Eric Kump, Managing Director at Carlyle said “dbg is a well-established business delivering clear benefits to its members, customers and suppliers. Carlyle and Palamon have a strong track record in this sector, having acquired Integrated Dental Holdings (“IDH”) in 2011. While the two businesses will be part of the same investment vehicle, dbg will remain independent and will benefit from the expertise of the investors.”

    Jonathan Heathcote, Partner at Palamon, added “The existing management team has done a great job of delivering strong business performance and we look forward to building on this in the future as we explore the further growth opportunities in this sector.”

    Speaking on the transaction, Managing Director of dbg, Kanesh Khilosia, commented “We are delighted to be partnering with Carlyle and Palamon. They strongly support our strategy to continue to grow and diversify dbg’s services and support our members whose interests remain first and foremost. Carlyle and Palamon bring a wealth of sector experience, which will build upon that of the existing management. The prospect of greater co-operation with IDH, which operates the largest healthcare practise network in the UK, will significantly add to our ability to provide a superior, cost effective service to our members.”

    Philip Shapiro, Managing Partner at Synova commented “We are very pleased with the completion of our successful investment in dbg. Since we acquired dbg in 2010, the membership base has more than doubled and profits have trebled. We thank the dbg management team and staff for their valuable contribution and hard work. Carlyle and Palamon have a clear vision and ability to continue this growth.”

    About The Carlyle Group

    The Carlyle Group (NASDAQ: CG) is a global alternative asset manager with $170 billion of assets under management across 113 funds and 67 fund of fund vehicles as of December 31, 2012. Carlyle's purpose is to invest wisely and create value on behalf of its investors, many of whom are public pension funds. Carlyle invests across four segments – Corporate Private Equity, Real Assets, Global Market Strategies and Fund of Funds Solutions – in Africa, Asia, Australia, Europe, the Middle East, North America and South America. Carlyle has expertise in various industries, including: aerospace, defense & government services, consumer & retail, energy, financial services, healthcare, industrial, technology & business services, telecommunications & media and transportation. The Carlyle Group employs 1,400 people in 33 offices across six continents.

    Web: www.carlyle.com
    Videos: www.youtube.com/onecarlyle
    Tweets: www.twitter.com/onecarlyle
    Podcasts: www.carlyle.com/about-carlyle/market-commentary

    About Palamon Capital Partners

    Palamon Capital Partners, LP is an independent private equity Partnership founded in 1999, which is focused on providing equity for European growth services companies. Palamon, as a pan-European investor, originates, executes and manages investments in the UK, Italy, Spain, Denmark, Belgium, Sweden, France, and Germany. The Firm targets investments in companies where it can achieve double digit growth and where the Partnership’s experienced principals can provide strategic direction and support to help build equity value. The Firm manages Palamon European Equity, L.P. and Palamon European Equity II, L.P., capitalised at €1.1 billion dedicated to growth investment opportunities in Europe’s lower mid-market.

    For more information on Palamon refer to www.palamon.com

    About Synova Capital

    Synova invests in smaller UK growth opportunities with a particular focus on companies valued at between £5 million and £30 million. Key verticals include Business Services, Software & IT Services, Consumer & Leisure and Healthcare & Education.

    For more information on Synova Capital refer to www.synova-capital.com

  • 19 December 2012

    Towry raises £35 million of new equity

    Palamon Capital Partners ("Palamon" or the "Firm") is pleased to announce that portfolio company Towry Group Limited ("Towry" or the "Company") has raised £35 million of new equity to provide...

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    19 December 2012

    Towry raises £35 million of new equity

    Palamon Capital Partners ("Palamon" or the "Firm") is pleased to announce that portfolio company Towry Group Limited ("Towry" or the "Company") has raised £35 million of new equity to provide...

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    Towry raises £35 million of new equity

    Palamon Capital Partners ("Palamon" or the "Firm") is pleased to announce that portfolio company Towry Group Limited ("Towry" or the "Company") has raised £35 million of new equity to provide additional funding for the Company's expansion plans. The investment was made by two Palamon co-investors, AlpInvest Partners B.V. and Honeywell Capital Management LLC.

    The new Retail Distribution Review (RDR) regulation, effective from 1 January 2013, is driving changes in the UK wealth advice sector and providing significant opportunities for Towry to accelerate acquisitions and adviser recruitment. Towry has made 10 acquisitions since Palamon's initial investment in 2003 and grown its adviser base from 13 to 144 and its assets under management from £250 million to £4.6 billion. Today, the Company has annual revenue of over £80 million and provides fee-based wealth advice and discretionary asset fund management services to over 25,000 clients.

    The successful new fundraising complements the recent £47.5 million of financing lines secured earlier in the year from Macquarie Bank and Royal Bank of Scotland.

    Andrew Fisher, Chief Executive of Towry said, "We have exciting expansion plans as we see enormous opportunities arising from the RDR. The new capital raised gives us a solid base from which to execute our plans for further growth.".

    Gerald Corbett, Chairman of Towry added, "With the strength of Towry's offering to its clients and its experienced management team, I am certain that it will successfully implement its expansion plans and generate excellent returns. We welcome AlpInvest and Honeywell Capital as shareholders and appreciate their confidence in our Company.".

    Daan Knottenbelt, Partner at Palamon, commented, "The support from such high calibre institutional investors is a testament to the strength of Towry's business model, its track record and its tremendous growth potential. We are delighted to continue our work with Towry's management as they continue to expand their presence in the UK wealth management sector."

  • 10 December 2012

    Palamon teams up with Sirius to acquire beauty retail specialist, feelunique.com

    Palamon Capital Partners ("Palamon" or the "Firm"), a pan-European growth investor, led the transaction to acquire a majority interest in beauty e-commerce specialist feelunique.com ("feelunique" or the "Company"), one of...

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    10 December 2012

    Palamon teams up with Sirius to acquire beauty retail specialist, feelunique.com

    Palamon Capital Partners ("Palamon" or the "Firm"), a pan-European growth investor, led the transaction to acquire a majority interest in beauty e-commerce specialist feelunique.com ("feelunique" or the "Company"), one of...

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    Palamon teams up with Sirius to acquire beauty retail specialist, feelunique.com

    Palamon Capital Partners ("Palamon" or the "Firm"), a pan-European growth investor, led the transaction to acquire a majority interest in beauty e-commerce specialist feelunique.com ("feelunique" or the "Company"), one of Europe's fastest growing on-line beauty retailers. The transaction was agreed at a head-line enterprise value for feelunique of £26 million.

    feelunique is a leading on-line retailer of premium products in haircare, skincare, cosmetics and fragrances, selling full-permissioned stock from almost all of the major brands including Dior, Lancôme, Clarins, Guerlain, Yves Saint Laurent, Benefit and Kerastase. The Company has built a strong reputation for its customer service and website editorial content, which is directed by Newby Hands, a beauty journalist and Harper's Bazaar Beauty Director-at-Large. It was founded in 2005 and employs more than 125 staff at its headquarters and logistics centre in the Channel Islands.

    Palamon will purchase a majority shareholding from the founders and earlier-stage investors and will provide further capital to support the Company's growth plan. Sirius Equity will invest alongside Palamon in the transaction. Following Palamon's investment, Sirius co-founders Robert Bensoussan will join the Board of the Company as Chairman and Jim Sharp will join the Board as a Non-Executive Director. Mr Bensoussan also is Chairman of L K Bennett, a board member of Interparfums and former investor in and CEO of Jimmy Choo.

    Palamon's and Sirius' investment stems from the strong underlying growth in the on-line beauty retail segment driven by the increasing shift in consumer spend to on-line, as occurred in the fashion retail sector. feelunique is also taking significant market share by progressively expanding its product range and increasing loyalty through its customer-centric model. This has driven growth in Company sales by more than 40% per year to more than £30 million of annual revenue.

    Dan Mytnik, Partner at Palamon commented: "We are delighted to be investing in feelunique, a high growth business that is ideally placed to benefit from the fast expanding on-line retail beauty sector with its established platform, a strong business model and entrepreneurial management team. We are pleased to have the opportunity to partner with founders, Aaron Chatterley and Richard Schiessl, and to welcome Robert Bensoussan and Jim Sharp to the Board. The expertise of Robert and Jim in the luxury branded sector will be invaluable in taking the business to the next level."

    Aaron Chatterley, CEO of feelunique, said: "We are excited to have gained the backing of Palamon whose expertise in the on-line retail space convinced us that they would be ideal partners. Given our ambitious growth plans and the size of the opportunity, it was important to partner with a firm that had both the financial resources and a clear vision of how the market will evolve. We now look forward to working closely with our new partners as we turn our vision of expansion into reality."

    Robert Bensoussan, newly appointed Chairman of feelunique commented "feelunique has developed an incredibly strong platform through the hard work of Aaron and Richard and their team. We believe there is a very exciting opportunity to develop the business and I am excited to be partnering with Palamon and the management team to help the business fulfil its potential".

    Palamon identifies and invests in high growth services businesses across Europe, the majority of which are founder-led and sourced directly by the Firm's strong proprietary deal flow network. Since the Firm's inception in 1999 Palamon's portfolio companies have achieved revenue growth on average of 20% per annum.

  • 12 November 2012

    John David joins Palamon Capital Partners as Managing Director, Investment Strategy

    Palamon Capital Partners (“Palamon” or the “Firm”) has appointed John David as Managing Director, Investment Strategy. Mr David joins Palamon’s pan-European team, all based in London, to advance the firm's...

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    12 November 2012

    John David joins Palamon Capital Partners as Managing Director, Investment Strategy

    Palamon Capital Partners (“Palamon” or the “Firm”) has appointed John David as Managing Director, Investment Strategy. Mr David joins Palamon’s pan-European team, all based in London, to advance the firm's...

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    John David joins Palamon Capital Partners as Managing Director, Investment Strategy

    Palamon Capital Partners (“Palamon” or the “Firm”) has appointed John David as Managing Director, Investment Strategy. Mr David joins Palamon’s pan-European team, all based in London, to advance the firm's thematic investment model which proactively identifies and partners high growth service businesses across Europe.

    Mr David joins Palamon from Allstate Investments where he spent seven years, latterly as Global Strategist and Head of the London Office. Previously, he was a Senior Portfolio Manager for seven years at Northwestern Investment Management Company. This followed a ten year career in derivatives research and trading roles with top-tier global financial institutions. Mr David graduated from Harvard University with a degree in American History and he holds an MBA from the University of Chicago Graduate School of Business.

    Louis Elson, Managing Partner of Palamon, commented: “We are delighted to welcome John to Palamon. His ability to read broad macro trends and translate them into specific and targeted investment strategies is ideally suited for our investment model. His skills will further augment our strong capability to develop investment themes and identify niche sub sectors in Europe where growth can drive returns.”

    Commenting on his appointment, Mr David said: “I am excited to be joining the Palamon team. I have been impressed by the Firm’s ability to generate high quality deal flow through its proprietary, thesis-based investment model. I was drawn to the Firm’s impressive track record of developing macro investment themes and successfully using them to create market leading companies. I look forward to working with the team on these investment themes to generate robust returns in the current market environment.”

    Palamon recently realised its investment in Espresso House, a chain of branded coffee bars that it had built over a six year period from 22 to 128 outlets. The investment was made following an in-depth search across Europe to find the most suitable market to initiate the theme of branded coffee bars. Sweden was selected as it had one of the highest coffee consumptions per capita in Europe and a relatively low penetration of branded coffee bars. The investment generated a 3.4x return on invested capital. Palamon’s second fund has generated 2.6x return through its five realisations, all of which were thesis driven investments

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