The acquisition will result in Equistone taking control of the previously BPE managed funds BPE Funds I, II and III. Barclays Capital, the investment banking division of Barclays Bank, formally owned the private equity arm and will continue to invest in the newly rebranded business.
No financial details have been disclosed about the deal, but according to a statement, Equistone will continue BPE’s strategy of raising further funds for investment in businesses of between €50 million and €300 million (£42 million and £257 million).
BPE’s primary investments are management buy-outs and since 1996 the firm has invested €5.3 billion in 214 transactions, the statement says.
Guillaume Jacqueau, managing partner of Equistone, comments, ‘This strong track record means Equistone is well positioned from the outset to capitalise on continuing investment opportunities in Western Europe as an independent investment firm.’
The Equistone management team will own the management company. The firm will continue to operate from its six offices in France, Germany, Switzerland and the UK, with a team of 35 professionals.
Completed transactions so far this year include investments in Coventya Group, a company in the development and supply of electroplating and surface treatment, and The Mill, the content business for global brands and advertising agencies, from global alternative asset manager The Carlyle Group.
Exits include Martek Power Group, the switching and linear power supplies designer and manufacturer, to Cooper Industries, Webhelp, a market leader in out-sourced call centres, to Charterhouse, and Femcare Group, a female contraception manufacturer, to Utah Medical Products.