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What's Happening at Palamonat Palamon
in our investments

  • 26 August 2015

    Palamon and Credit Suisse complete innovative liquidity transaction

    Palamon Capital Partners (“Palamon” or the “Firm”), a pan-European growth investor, today announces the completion of an innovative funding transaction resulting in five top-tier investors purchasing stakes in prior Palamon...

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    26 August 2015

    Palamon and Credit Suisse complete innovative liquidity transaction

    Palamon Capital Partners (“Palamon” or the “Firm”), a pan-European growth investor, today announces the completion of an innovative funding transaction resulting in five top-tier investors purchasing stakes in prior Palamon...

    Palamon and Credit Suisse complete innovative liquidity transaction

    Palamon Capital Partners (“Palamon” or the “Firm”), a pan-European growth investor, today announces the completion of an innovative funding transaction resulting in five top-tier investors purchasing stakes in prior Palamon funds from a number of existing limited partners and committing capital to a new vehicle investing alongside Palamon Auxiliary Partnership 2013, L.P.  The investor group includes Adams Street Partners, Goldman Sachs AIMS Private Equity Group, Morgan Stanley Alternative Investment Partners, Dutch pension fund service provider PGGM and the Rothschild Merchant Banking Group.

    In the first quarter of 2015, Palamon mandated Credit Suisse Asset Management Limited acting through Credit Suisse Private Funds Group (“Credit Suisse”) to organise a whole-fund liquidity option for limited partners interested in selling their interests in Palamon European Equity LP (“Palamon I”) and Palamon European Equity II LP (“Palamon II”).  It was Palamon’s view that organising the sale of limited partnership interests through a GP-led and transparent process, concentrated solely on the Palamon funds themselves, would secure more accretive options at attractive pricing for those investors seeking liquidity as they re-balance their private equity portfolios.

    Following a competitive auction process managed by Credit Suisse, an offer book was built for the entirety of the interests in both funds, which resulted in investors who elected to access liquidity being able to do so through an easy, efficient and smooth process at highly attractive pricing – reflecting the structure of the process and the quality of the assets in each of the portfolios.  Over one quarter of the aggregate NAV was exchanged, with the structure and terms of Palamon I and II remaining unchanged following the sales.

    The investor group has also committed capital to a new vehicle investing alongside Palamon Auxiliary Partnership 2013, L.P., which has made investments recently in the UK legal services provider, Simplify Group, and the Italian artisanal leather accessories brand, Il Bisonte.  The two vehicles have already committed to the purchase of Currencies Direct in partnership with Corsair Capital.

    Louis Elson, Managing Partner of Palamon Capital Partners said, “We could not be happier with the outcome of this process which has delivered an easy-to-access liquidity option for our existing Limited Partners at highly attractive pricing while serving to introduce a group of top-tier investors to Palamon’s on-going investment programme.  Recognition should be given to Credit Suisse, who ran a process that will no doubt serve as an industry benchmark for building further alignment and fluidity into the secondary market.”

    “We thank those LPs who are exiting our Funds for their support and valuable contributions over the years and extend a warm welcome to our new investors and look forward to working closely with them going forward.”

    Jonathan Abecassis, from the Secondary Advisory team at Credit Suisse in London, said “Credit Suisse is delighted to have worked together with our long-standing client Palamon on a highly successful transaction.  They deserve credit for their forward thinking approach to providing liquidity to their investors while securing capital from a blue-chip list of new investment partners.  We believe this transaction is proof that the rapidly evolving secondary market can be utilised by successful GPs to offer transparent liquidity to their investors through an efficient, fair market process, while also attracting high quality, long-term investors to their platform”.

    Since inception, Palamon has invested €1.1 billion directly and a further €800 million through co-investments in 35 high-growth companies in ten countries.  The Firm targets lower mid-market businesses with a focus on growth as the principal driver of value creation.  Palamon’s portfolio of investments has consistently achieved a revenue growth rate of approximately 20% per annum, a key indicator of the Firm’s successful value creation approach.  Its portfolio of currently includes Towry, a leading UK wealth manager; SARquavitae, the largest residential elderly care corporate in Spain; OSG, the leading national ophthalmic surgery provider in Germany; Il Bisonte, an Italian artisanal leather accessories brand sold around the world; and Feelunique, a fast growing on-line retailer of premium beauty products based in the UK. 

  • 11 August 2015

    Palamon and Corsair Capital to acquire Currencies Direct

    Palamon Capital Partners, a pan-European growth investor, and Corsair Capital, a leading private equity investor in global financial services, today announced an agreement to jointly acquire control of Currencies Direct...

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    11 August 2015

    Palamon and Corsair Capital to acquire Currencies Direct

    Palamon Capital Partners, a pan-European growth investor, and Corsair Capital, a leading private equity investor in global financial services, today announced an agreement to jointly acquire control of Currencies Direct...

    Palamon and Corsair Capital to acquire Currencies Direct

    Palamon Capital Partners, a pan-European growth investor, and Corsair Capital, a leading private equity investor in global financial services, today announced an agreement to jointly acquire control of Currencies Direct (“The Company”), a leading specialist provider of foreign exchange (“FX”) and international payment solutions to private and corporate clients. The transaction value exceeds £200 million.

    The acquisition is structured so that Currencies Direct management will increase its ownership position in the company and will also include continuing equity participation by the firm’s principal founder, Mayank B Patel OBE, who will become Honorary President.

    Currencies Direct’s Private FX segment provides foreign exchange services to more than 150,000 registered retail clients. Its Corporate FX segment offers foreign exchange services to small medium enterprise (“SME”) clients for import / export-related activities across a variety of industries, including the e-commerce segment. The Company distributes its products and services through a multi-channel distribution network, which includes a strong network of affiliate partnerships. Currencies Direct has established market presences in the UK, Continental Europe, Australia, South Africa and the US, and is well positioned to continue to expand internationally. The retail and SME FX market is worth over £3 billion in the UK alone.

    The specialist segment of the foreign exchange services industry is expected to grow around twice as fast as the average for the overall industry, as retail and SME customers continue to shift away from banks for their foreign exchange needs.  With its superior high touch customer service and competitive pricing, Currencies Direct is well positioned to continue to benefit from this long-term industry trend.

    Keith Hatton, Chief Executive of Currencies Direct, stated, “We are excited at the prospects of working with Palamon and Corsair Capital which have demonstrated their expertise in the financial services sector. They are shareholders who underscore a strong vote of confidence in the future of our company and the strategy of the management team. Their acquisition of Currencies Direct provides our company with capital, experience and global relationships to accelerate our strategy to be a leader internationally in foreign exchange and payment processing.”

    Daan Knottenbelt, Partner of Palamon Capital Partners, stated, “With its established market position, attractive margins, and exciting growth potential, Currencies Direct is a signature Palamon investment and in line with our core thematics.  As experienced growth investors in the consumer-facing financial services sector we look forward to partnering with the management team to provide strategic and financial support to take Currencies Direct to the next level.  Currencies Direct’s proven business model, powered by its proprietary affiliate network, positions the company ideally to capitalise further on its strong momentum in this fast growing, dynamic sector.”

    Lord Davies of Abersoch, Chairman of Corsair Capital, stated, “We are extremely excited about Currencies Direct. The Company has a very knowledgeable and strong management team. As part of our ongoing review of the financial services industry’s trends and themes, we identified the specialist foreign exchange and international payments industry as a growth sector: banks tend to focus less on retail and SME customers in this area, and specialist players are therefore well-positioned to gain market share and grow significantly above the average industry growth rate.  Currencies Direct’s multi-channel distribution model, including its strong network of affiliates, is a key differentiator relative to other specialist international payment providers and banking competitors. Given Corsair Capital’s extensive network of relationships with financial services groups and other institutional partners, we are confident that we can provide value-add to Currencies Direct as it grows its business.”

    Mayank B Patel OBE, comments, "I am proud of what Currencies Direct has achieved over the last 20 years and am confident that, given the strength of the management team and the value added expertise of Corsair Capital and Palamon Capital, the business will continue to take advantage of the growth prospects in the sector. I am delighted I will be part of Currencies Direct future as a shareholder and Honorary President."

    The transaction is expected to close by the end of calendar year 2015 and is subject to applicable regulatory approvals and other conditions.

  • 17 June 2015

    Palamon invests in Il Bisonte

    Palamon Capital Partners (“Palamon” or the “Firm”), a pan-European growth investor, announces that it has invested in Il Bisonte (“the Company”), a high quality Italian luxury leather accessories brand.  The...

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    17 June 2015

    Palamon invests in Il Bisonte

    Palamon Capital Partners (“Palamon” or the “Firm”), a pan-European growth investor, announces that it has invested in Il Bisonte (“the Company”), a high quality Italian luxury leather accessories brand.  The...

    Palamon invests in Il Bisonte

    Palamon Capital Partners (“Palamon” or the “Firm”), a pan-European growth investor, announces that it has invested in Il Bisonte (“the Company”), a high quality Italian luxury leather accessories brand.  The terms of the transaction were not disclosed.

    Founded in 1970 in Florence by Wanny di Filippo, Il Bisonte is one of the few remaining independent Italian brands for hand-crafted luxury leather handbags and accessories.  It is globally recognised for its artisanal products made from naturally treated, vegetable-tanned leather sourced from Sante Croce sull'Arno in Tuscany.

    Il Bisonte’s footprint covers Europe, the US and Asia and the Company sells its products through a retail portfolio of over 50 sites including mono-brand boutiques and department stores.  The Company has established a particularly strong presence in Asia, led by Japan where its products are sold through a rapidly growing network of more than 30 stores in partnership with listed distributor Look Inc.

    Palamon’s investment in Il Bisonte stems from its ongoing thesis work in specialty retail that identified well-positioned European brands that could rapidly accelerate growth in a global market.  Palamon believes Il Bisonte, an established brand in the fast-growing affordable luxury segment, offers a particularly exciting opportunity for growth through continuing geographic expansion across both developed and emerging markets and improving its distribution capabilities through retail, wholesale and online channels.  Palamon’s previous investments in the specialty retail sector include: dress-for-less, a German online retailer for designer apparel, and feelunique.com, the leading pure-play online retailer of premium beauty products in the UK.

    Following the transaction, Wanny di Filippo will remain President of Il Bisonte and on its board and continue to lead the design of future collections.  The Company has appointed Giuseppe Bonfiglio as CEO.  Mr Bonfiglio has built an extensive career in leading a number of international luxury and fashion brands and was most recently CEO of Harry’s of London, the luxury footwear brand.  Previously, he was President and CEO of US luxury handbag and accessories brand Lambertson Truex and Commercial Director of Bottega Veneta.

    Commenting on the investment, Fabio Massimo Giuseppetti, partner of Palamon Capital Partners, said:  “We are delighted to be able to partner with Wanny di Filippo and Il Bisonte, a Company which has genuine heritage, deep artisanal expertise and a strong brand with proven global appeal.  We look forward to building on the current success and fulfil its growth potential.”

    Wanny di Fillipo, founder and President of Il Bisonte added: "I could not be happier to have found in Palamon strategic partners who share my vision for the future of Il Bisonte.  Their understanding and appreciation of the unique strengths of the business, coupled with their knowledge of how to introduce the company to a broader range of customers while ensuring it remains true to its roots in Tuscan leather craftsmanship, convinced me that they can help to deliver continued success.”

    Il Bisonte is Palamon’s 35th investment since the Firm’s founding in 1999.  To date, the Firm has invested almost €1.1 billion in lower mid-market companies across 10 European countries, with a focus on growth as the principal driver of value creation.

  • 30 March 2015

    Mina Mutafchieva appointed as Associate Principal at Palamon

    Palamon Capital Partners (“Palamon” or the “Firm”), a pan-European growth investor, has appointed Mina Mutafchieva as an Associate Principal. Ms Mutafchieva joins Palamon from McKinsey & Company where she was...

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    30 March 2015

    Mina Mutafchieva appointed as Associate Principal at Palamon

    Mina Mutafchieva appointed as Associate Principal at Palamon

    Palamon Capital Partners (“Palamon” or the “Firm”), a pan-European growth investor, has appointed Mina Mutafchieva as an Associate Principal. Ms Mutafchieva joins Palamon from McKinsey & Company where she was...

    Mina Mutafchieva appointed as Associate Principal at Palamon

    Palamon Capital Partners (“Palamon” or the “Firm”), a pan-European growth investor, has appointed Mina Mutafchieva as an Associate Principal.

    Ms Mutafchieva joins Palamon from McKinsey & Company where she was an Engagement Manager in the firm’s Belgium office.  She was with McKinsey for five years and latterly she specialised in leading strategy development and commercial transformation projects on behalf of companies in the financial services sector.  Ms Mutafchieva graduated from the London School of Economics with a First Class Honours in International Relations and holds an MBA from Harvard Business School.

    Louis Elson, Managing Partner of Palamon Capital Partners, said: “We are delighted to welcome Mina to Palamon.  We have a strong track record in attracting talented industry professionals and developing their full potential within the Firm as skilled growth investors.  With her strong sector specialism in financial services and pan-European experience, Mina will play an important role in building our investment capability across Europe and supporting the growth of our existing portfolio companies.”

    Commenting on her appointment, Mina Mutafchieva said: “I am thrilled to be joining such a well-regarded firm as Palamon, which has been a pioneer in growth investing in Europe.  I look forward to the exciting opportunities this new role will bring.”

  • 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

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  • 18 December 2014

    Palamon Capital Partners sells POLIKUM to SANA

    Palamon Capital Partners (“Palamon”), one of Europe’s leading mid-market private equity firms, has agreed the sale of POLIKUM GmbH (“POLIKUM” or “the Company”), a German operator of outpatient health clinics...

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    18 December 2014

    Palamon Capital Partners sells POLIKUM to SANA

    Palamon Capital Partners (“Palamon”), one of Europe’s leading mid-market private equity firms, has agreed the sale of POLIKUM GmbH (“POLIKUM” or “the Company”), a German operator of outpatient health clinics...

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    Palamon Capital Partners sells POLIKUM to SANA

    Palamon Capital Partners (“Palamon”), one of Europe’s leading mid-market private equity firms, has agreed the sale of POLIKUM GmbH (“POLIKUM” or “the Company”), a German operator of outpatient health clinics (OHCs) to SANA, a leading private-sector hospitals operator in Germany.

    Founded in 2004, POLIKUM manages a network of four OHCs in Berlin and Leipzig, which provide ambulatory general medicine and specialities including paediatrics, physiotherapy and cardiology to statutory and private patients.  Following a series of reforms to the German healthcare market to improve efficiency and reduce costs by promoting outpatient care, POLIKUM has played a pioneering role in the rapidly growing multi-site OHC sector.

    Since Palamon’s acquisition of POLIKUM in 2009, the Company has tripled revenues from €11 million to €33 million for 2014 and significantly improved its site-by-site performance.  Key to this success was Palamon’s decision to strengthen the Company’s management team, reduce its cost base and fund the acquisition of an additional clinic in Berlin and a second regional cluster in Leipzig.  As a result, POLIKUM today employs over 500 staff, including 130 physicians and treats over 500,000 patients per annum.

    Pascal Noth, Partner at Palamon, commented, “Under our ownership, POLIKUM has been transformed from an early-stage investment into one of the leaders in the German outpatient market.  With its fast-growing patient base, robust operating model and proven track record in delivering high-quality care, POLIKUM generated strong interest from the largest healthcare and hospital providers. We wish the team continued success with their new strategic partners.”

    Stephan Kewenig, CEO of POLIKUM, commented, “Palamon’s support and strategic insight has been invaluable in establishing POLIKUM as a leading operator in the outpatient sector in Germany.  We are now in a position to offer a broader range of support to patients throughout Berlin and Leipzig, and we look forward to working with SANA to capture the next stage of growth.”

    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 600 practices; Prospitalia, the leading Group Purchasing Organisation in Germany; and OberScharrer Group, the leading ophthalmology group in Germany.

  • 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...

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    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.

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