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in our investments

  • 12 June 2019

    Palamon sells global leather accessories brand, Il Bisonte, for €100 million

    Palamon Capital Partners (“Palamon” or “the Firm”), a European growth buyout private equity firm, has signed an agreement to sell Il Bisonte (the “Company...

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    12 June 2019

    Palamon sells global leather accessories brand, Il Bisonte, for €100 million

    Palamon Capital Partners (“Palamon” or “the Firm”), a European growth buyout private equity firm, has signed an agreement to sell Il Bisonte (the “Company...

    Palamon sells global leather accessories brand, Il Bisonte, for €100 million

    Palamon Capital Partners (“Palamon” or “the Firm”), a European growth buyout private equity firm, has signed an agreement to sell Il Bisonte (the “Company”) to Tokyo Stock exchange-listed fashion distribution specialist, LOOK HOLDINGS INC. (“LOOK”).  The transaction will value Il Bisonte at an Enterprise Value of €100 million, 3 times the entry price paid by Palamon, producing a 26% Gross IRR for Palamon European Equity III (“Palamon III” or the “Fund”).

    Palamon acquired Il Bisonte in the summer of 2015 from its founder, Wanny di Filippo, who established the business in 1970 from an artisanal workshop in Florence, Italy.  Il Bisonte was one of few remaining independent luxury Italian brands focused on leather handbags and accessories, with an authentic locally sourced product range and which had proven international appeal.  Palamon identified the significant global expansion potential for the Company and, agreeing a transition programme with the founder, invested substantially to professionalise the business and build out the sales and distribution infrastructure.

    Sofia Ciucchi, the former deputy GM of Ferragamo, was appointed as CEO and was supported by Chairman Giacomo Santucci.  During ownership, Il Bisonte revamped its iconic brand and pushed international expansion across the US, Europe, the Middle East and Asia including the opening of new directly managed stores in London, New York and Hong Kong.  Global points of sale increased from less than 200 to over 400 driving a more than doubling in revenue from €20 million at entry to more than €40 million in 2019, with sales growth accelerating to 30% for the last two years.

    Fabio Massimo Giuseppetti, Partner of Palamon said, “We are delighted with the sale of Il Bisonte which represents another strong result for Palamon.  We specialise in helping founders and entrepreneurs transition and transform their companies into institutional businesses with accelerated growth.  In Il Bisonte we discovered a true gem in the Italian market, a high-quality authentic brand steeped in artisanal heritage and were pleased to be able to unlock its global potential.”

    Sofia Ciucchi, CEO of Il Bisonte said, “It has been a real pleasure to work with the team at Il Bisonte and Palamon to develop this unique brand into a global, multi-channel business.  We now look forward to a bright future for Il Bisonte through our new partnership with LOOK.”

    The sale of Il Bisonte marks the first exit from Palamon’s third fund targeting growth opportunities across Europe.  Palamon builds diversified portfolios across Financial Services, Business Services, Consumer and Healthcare verticals driven by proprietary investment thematics.  The investment in Il Bisonte was driven by the Firm’s “Made in Europe” thematic which identified founder-owned European brands with proven international appeal and led to investments in The Rug Company and Happy Socks.

  • 26 February 2019

    Palamon-backed Simplify Group acquires My Home Move to create the largest conveyancer in the UK

    Transaction valued at £175 million Palamon Capital Partners (“Palamon”), a pan-European growth investor, today announced that portfolio company Simplify Group (“Simplify”) has signed an agreement to...

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    26 February 2019

    Palamon-backed Simplify Group acquires My Home Move to create the largest conveyancer in the UK

    Transaction valued at £175 million Palamon Capital Partners (“Palamon”), a pan-European growth investor, today announced that portfolio company Simplify Group (“Simplify”) has signed an agreement to...

    Palamon-backed Simplify Group acquires My Home Move to create the largest conveyancer in the UK

    • Transaction valued at £175 million

    Palamon Capital Partners (“Palamon”), a pan-European growth investor, today announced that portfolio company Simplify Group (“Simplify”) has signed an agreement to acquire My Home Move.  The businesses will be combined under the group name Simplify to become the largest conveyancing services business in the UK.  My Home Move owners Smedvig Capital will continue to hold a significant minority stake in the business.

    Palamon invested in Simplify Group in 2014 on the basis that regulatory changes in the UK legal services market had created a significant opportunity for scale players to form and build market share through the creation of new technology-enhanced conveyancing service delivery.  Despite a period of significant market consolidation, the £2 billion conveyancing sector remains highly fragmented with most conveyancing work still carried out by lawyer-owned high street consumer law firms.

    The combination of Simplify Group and My Home Move, two of the leading platforms in the market, has compelling strategic rationale.  Together the two groups will leverage their complementary strengths to build on the services they currently provide to customers and partners:

    • Largest conveyancing delivery business in the UK, bigger than the next five players combined, processing more than 130,000 conveyancing cases per year.  The combined entity is the #1 player both in the traditional market and in the fast-growing online market
    • Best-in-class technology-led service proposition
    • Highly diversified customer and channel mix, coupled with a distributed national footprint
    • Established M&A track record in a highly fragmented and consolidating market

    In addition to giving introducers and customers access to the largest and most technologically advanced platform in the sector, the merger of Simplify Group and My Home Move will create a £175 million EV business.  Following the transaction, David Grossman, CEO of Simplify Group will lead the Company.

    David Grossman, CEO of Simplify said “I am incredibly excited about the future of Simplify Group and My Home Move in a partnership that brings together the best talent in the industry and creates a national leader of scale.  By combining the best in technology, service and relationships from the two existing groups we will create a business that shapes the conveyancing market and makes life easier for customers, introducers and partners.  Together we can simplify conveyancing for hundreds of thousands of people each year.”

    Jean Bonnavion, Partner of Palamon said, “We are delighted to have completed this transformational deal.  The combination of the two leading groups creates a highly synergistic scale player with strong defensive attributes, through a highly accretive transaction for both Palamon and Smedvig.  The enlarged group will combine the best of both firms to set a new service benchmark for customers and partners alike.”

    Phil Arbour, Partner of Palamon said, “The transaction creates the market-leading provider of conveyancing delivery in the UK, and we are delighted to have been able to finance the acquisition with the support of funds advised by Permira Debt Managers who provided the acquisition financing, and HSBC who will be the RCF provider and who have supported Simplify since Palamon’s original investment in 2014.”

    Robert Toms, Managing Director at Smedvig Capital commented, “We are delighted to bring together My Home Move and Simplify, creating the largest conveyancing services business in the UK.  The team at My Home Move have achieved a great deal in recent years, it has been a pleasure working with them.  We’re excited to be part of the new combination, leveraging both businesses’ excellent teams and capabilities to enhance the strength of our offering both to partners and consumers.”

  • 19 February 2019

    Palamon completes roll-over investment in Ober Scharrer Gruppe alongside Nordic Capital

    Palamon Capital Partners (“Palamon” or "the Firm”) has completed a roll-over investment, alongside core Palamon investors Adams Street Partners and PGGM, in Ober Scharrer Gruppe (&ldquo...

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    19 February 2019

    Palamon completes roll-over investment in Ober Scharrer Gruppe alongside Nordic Capital

    Palamon Capital Partners (“Palamon” or "the Firm”) has completed a roll-over investment, alongside core Palamon investors Adams Street Partners and PGGM, in Ober Scharrer Gruppe (&ldquo...

    Palamon completes roll-over investment in Ober Scharrer Gruppe alongside Nordic Capital

    Palamon Capital Partners (“Palamon” or "the Firm”) has completed a roll-over investment, alongside core Palamon investors Adams Street Partners and PGGM, in Ober Scharrer Gruppe (“The Company”) following the sale of the Company by Palamon to majority owner Nordic Capital Fund IX in 2018.

    Palamon originally acquired a majority share in Ober Scharrer Gruppe from its two physician founders in 2011 having identified the opportunity created by deregulation and the subsequent corporatisation of healthcare delivery in Germany.  Palamon executed a substantial transformation programme to institutionalise the business and accelerate its growth through M&A.  Under Palamon’s ownership, the Company unlocked the sizeable consolidation opportunity in the fragmented ophthalmology market generating a 3.6x investment return through its sale to Nordic Capital.

    Today, Ober Scharrer Gruppe is the largest ophthalmology group in Germany with more than 85 locations and delivering over 120,000 treatments per year.  Key group services include cataract operations, innovative treatments such as Intravitreal Operative Drug Application (IVOM) for degenerative eye disorders, as well as non-invasive eye treatments and the diagnosis of eye disorders.  The Company is ideally positioned as the largest player with the strongest clinical proposition and acquisition capabilities.

    Louis Elson, Managing Partner of Palamon Capital Partners, said, “Our confidence in Nordic Capital’s stewardship over the next phase of development is the basis on which Palamon will complete its first roll-over investment.  We know well the path Ober Scharrer Gruppe is on and coupled with an exceptional management team, we are truly excited about its prospects going forward.”

    Alex Peters, Principal of Palamon Capital Partners, commented “Germany is an important market for Palamon and one in which we have a very strong track record and continue to find interesting growth opportunities in which to invest.  We are delighted to be invested alongside Nordic Capital in this market-leading company, which is a testament to the transformational power of the Palamon ownership programme.”

    Palamon consistently develops high-growth, market-leading companies that are at the forefront of long-term secular trends and are prized by financial sponsors for their institutional capabilities and ability to continue delivering outsized returns.  Over its 20-year history, Palamon has sold numerous companies to private equity, nearly all of which have produced significant gains for successor owners.  

    TeamSystem, acquired by Palamon for €67 million as a primary buyout in 2000, is now on its quaternary stage of private equity ownership and was acquired by Hellman & Friedman in a reported €1.2 billion transaction in 2015.  Nordax Bank, which was delisted in 2018 at a market cap of €623 million was originally sourced by Palamon in 2004 investing €23 million in a primary transaction and sold to a private equity buyer in 2010.  Prospitalia was acquired by Palamon in 2007 for €95 million and is on its third stage of private equity ownership.  Both Nordax Bank and Prospitalia are today owned by Nordic Capital. 

  • 24 January 2019

    Palamon elects Philippe Arbour and appoints Aqib Kadar as Director of Tax and Structured Finance

    Antony Barker promoted to Managing Director of Investor Relations Palamon Capital Partners (“Palamon” or “the Firm”), one of Europe’s leading growth private equity firms,...

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    24 January 2019

    Palamon elects Philippe Arbour and appoints Aqib Kadar as Director of Tax and Structured Finance

    Antony Barker promoted to Managing Director of Investor Relations Palamon Capital Partners (“Palamon” or “the Firm”), one of Europe’s leading growth private equity firms,...

    Palamon elects Philippe Arbour and appoints Aqib Kadar as Director of Tax and Structured Finance

    • Antony Barker promoted to Managing Director of Investor Relations

    Palamon Capital Partners (“Palamon” or “the Firm”), one of Europe’s leading growth private equity firms, is pleased to announce that it has elected Philippe Arbour to the Partnership, appointed Aqib Kadar as Director of Tax and Structured Finance and promoted Antony Barker to Managing Director of Investor Relations.

    Mr Arbour joined Palamon in 2013 from Lloyds Banking Group where he spent ten years working across a variety of roles spanning trade finance, specialist credit and leveraged finance.  In 2006 Philippe was a founding member of Lloyds’ large-cap sponsor coverage and LBO execution team.  In 2010 he was seconded to London-listed 3i, 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. 

    Mr Kadar is appointed to the position of Director of Tax and Structured Finance, joining from PwC where he was a Director working in M&A Tax.  During his 13 years at PwC, Mr Kadar supported numerous private equity firms, infrastructure funds, sovereign wealth funds and listed groups with structuring and due diligence on complex transactions, including acquisitions, disposals, refinancings and reorganisations.

    Antony Barker joined Palamon in 2013 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.

    Louis Elson, Managing Partner of Palamon said, “We pride ourselves on the depth and capability of our team and welcome Phil to the partnership recognising the tremendous contribution that he has made to our growth investment system over the past 5 years.  He has played an instrumental role in each of our transactions, primary deals, add-on acquisitions, exits and portfolio re-financings and is a trusted partner to the high-growth companies in our portfolio.  As we continue to extend and develop our in-house expertise, I am delighted to welcome Aqib to the team and to recognise Antony’s tremendous contribution to our Firm with his promotion to Managing Director.”

    Commenting on his appointment, Philippe Arbour, Partner of Palamon said: “I am thrilled to have been elected to the partnership and to become more deeply embedded in the firm.  I’ve spent the last five years helping Palamon to pursue its distinctive strategy of thesis-led investing in high growth companies on a Pan-European basis and I look forward to the next chapter of the firm’s success story.”

  • 17 July 2018

    Palamon acquires leading connected insurance services provider, FairConnect

    Palamon Capital Partners (“Palamon” or the “Firm”), a pan-European growth investor, has acquired a majority stake in FairConnect (“The Company”), a provider of connected...

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    17 July 2018

    Palamon acquires leading connected insurance services provider, FairConnect

    Palamon Capital Partners (“Palamon” or the “Firm”), a pan-European growth investor, has acquired a majority stake in FairConnect (“The Company”), a provider of connected...

    Palamon acquires leading connected insurance services provider, FairConnect

    Palamon Capital Partners (“Palamon” or the “Firm”), a pan-European growth investor, has acquired a majority stake in FairConnect (“The Company”), a provider of connected insurance services.  Palamon and its financing partners have invested and committed more than €100 million of funding to the Company.

    FairConnect is a leading provider of connected services to insurers that are transforming the insurance industry with usage-based premiums and value-added services.  For example, customers with “connected motor insurance” can benefit from reduced premiums and access a range of new services (such as accident and emergency assistance, breakdown diagnostics and theft recovery) which is driving rapid growth in the sector of more than 20% per annum.

    FairConnect is headquartered in Switzerland and has significant operations in Italy, which is the world’s most developed connected car insurance market.  In Italy today 15% of car insurance policies are usage-based, which is expected to quadruple to 60% by 2030.  Connected motor insurance companies can tailor their customers’ premiums more accurately, assist in claims processing, improve margins, increase sources of revenue and enhance safety.  FairConnect is a leader in IoT (“Internet of Things”) technology with best-in-class analytics and serves some of the largest connected insurance programmes in Europe.

    FairConnect will continue to be led by Chairman and CEO, Carmine Carella, who together with his team were pioneers in the application of Machine to Machine communications and Internet of Things technologies to the insurance sector.  In 2001 Mr Carella founded Cobra Telematics, which led to the insurance industry’s successful adoption of telematics.

    Palamon has a long-standing investment thematic in data and analytics and has tracked and provided strategic support to FairConnect over the past four years as the company has established itself as a sizeable player in the telematics market.  Palamon believes that the Company presents an attractive opportunity to rapidly scale by targeting high growth markets and expanding into adjacent insurance verticals, both organically and through M&A.

    Julian Carreras, Partner of Palamon Capital Partners, said, “Connected insurance is a hyper-growth sector that has reached an inflection point in terms of adoption.  With an established blue-chip customer base and proven expertise, FairConnect is one of the few sizeable players positioned to capture the exceptional growth in the sector. Palamon invests in high growth companies and as FairConnect is expecting to double its user base to over 400,000 during 2018 alone, we are delighted to be partnering with Mr Carella and his pioneering team to accelerate expansion across verticals and new markets.”

    Carmine Carella, Chairman and Chief Executive of FairConnect, said, “I am delighted to be partnering with Palamon, who have been close to us throughout our development and now bring international business development reach, strategic thinking, M&A expertise and financial support to continue the rapid growth within our client portfolio and accelerate our global expansion.  I am proud of the progress we have made so far but we are just at the beginning of what promises to be a tremendously exciting growth journey.  We are well positioned to shape the future of the emerging connected insurance sector.”

  • 13 March 2018

    Palamon agrees sale of OberScharrer to Nordic Capital

    Palamon Capital Partners (“Palamon” or the “Firm”), a pan-European growth investor, has agreed the sale of OberScharrer Group (“OberScharrer” or the “the Group...

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    13 March 2018

    Palamon agrees sale of OberScharrer to Nordic Capital

    Palamon Capital Partners (“Palamon” or the “Firm”), a pan-European growth investor, has agreed the sale of OberScharrer Group (“OberScharrer” or the “the Group...

    Palamon agrees sale of OberScharrer to Nordic Capital

    Palamon Capital Partners (“Palamon” or the “Firm”), a pan-European growth investor, has agreed the sale of OberScharrer Group (“OberScharrer” or the “the Group”) to Nordic Capital Fund IX (“Nordic Capital”).  The sale, which is subject to regulatory approvals, will generate investment returns of 3.6x invested capital for Palamon.  The full terms of the transaction were not disclosed.

    OberScharrer is the largest ophthalmology group in Germany, delivering more than 85,000 treatments per year through its c. 80 clinics.  Key group services include cataract operations, innovative treatments such as Intravitreal Operative Drug Application (IVOM) for degenerative eye disorders, as well as non-invasive eye treatments and the diagnosis of eye disorders. 

    Palamon acquired a substantial majority stake in OberScharrer from its two Founders in 2011 having identified the opportunity to build the national leader in the highly fragmented €2.4 billion German ophthalmology market.  The investment was underpinned by stable market growth dynamics of approximately 4% per annum, driven principally by the ageing demographics, the development of new treatments, and a structural shift in the delivery of public healthcare to an outpatient service model.  Palamon worked with the Founders to build out a new management team and create a market-leading M&A capability that propelled the business to triple in size during the hold period.

    Louis Elson, Managing Partner at Palamon Capital Partners commented: “This is a typical Palamon thesis-led investment, in which we identified and invested into a long-term growth trend.  In OberScharrer we found the ideal platform with which to consolidate the fragmented German ophthalmology market and create a pan-regional player, but which today still only has 5% market share.  The opportunity for continued growth is therefore substantial and with a superb management team in place, the Company is poised for the next stage of development under Nordic Capital’s control.”

    Sibylle Stauch-Eckmann, CEO of OberScharrer said: “Palamon has been an exceptional partner to OberScharrer. The Firm’s strategic guidance and financial support has been critical in achieving our ambitious growth strategy, whilst maintaining a firm commitment to the clinical excellence that is at the heart of what we do.  The opportunity for future growth remains extensive and we are excited about the prospects as we continue to build our business under the ownership of Nordic Capital.”

    Dr Scharrer, co-Founder of OberScharrer Group said: “We selected Palamon as a partner that shared our vision for regional growth and a dedication to the excellent patient service we provide.  I am delighted that during the period of ownership Palamon have surpassed expectations as a strategic partner, financial supporter and investment manager.”

    The exit of OberScharrer marks the sixteenth realisation from the Firm’s 2006 vintage second fund, which has to date produced eight realisations at more than 3.0x return on invested capital.  Healthcare has been an important investment theme for Palamon, which has committed more than €440 million to the sector. The Firm has developed a range of market-leading businesses across Europe, including; {my}dentist, the largest dental operator by far in the UK; Prospitalia, the leading Group Purchasing Organisation in Germany which the Firm exited in 2015 for a 3.0x return and SARquavitae, Spain’s largest elderly care provider which it exited in February 2017 for a 3.0x return.

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What's Happening in our Investmentsat Palamon
in our investments

  • 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...

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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...

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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 (...

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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 (...

    < 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 ...

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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 ...

    < 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...

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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...

    < 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...

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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...

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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 ("...

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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 ("...

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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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