PPM Capital, the European private equity house, is changing its name to Silverfleet Capital to reflect its independence following a buyout last November from its previous owner, insurance
PPM Capital, the European private equity house, is changing its name to Silverfleet Capital to reflect its independence following a buyout last November from its previous owner, insurance group Prudential.
‘Our independence provides additional motivation for the team to build on our success over the last 20 years,’ says Silverfleet managing partner Neil MacDougall. ‘During that time we have made more than 100 investments and established an excellent track record, particularly in the retail, leisure, healthcare, business and financial services sectors.
‘We have invested in numerous companies that are now household names, such as Barracuda, Gala, Oasis and Tetley Tea. Since 1990 we have exited from 94 of these investments producing exceptional returns for our investors. Cash proceeds returned exceed EUR3.8bn, more than EUR2bn of which represents uplift over cost.’
MacDougall says the firm’s success is down to a focused strategy, noting that 12 investments it has made and realised since 2000 have generated 2.7 times their cost, with EUR1.8bn in cash proceeds and a realised gross internal rate of return of 33 per cent.
‘Silverfleet Capital was one of the first firms in Europe to identify buy and build as a core value creation strategy,’ he says. ‘This is borne out by the fact that our portfolio companies have completed 106 follow-on acquisitions in the past 10 years.
‘We expect to continue to emphasise multi-jurisdiction transactions, especially involving European businesses that want to expand their activities into other parts of the continent or into North America.’
Silverfleet Capital remains responsible for managing some EUR700m of existing private equity investments on behalf of Prudential’s UK Life Fund alongside a newly-raised independent fund.
With offices in London, Munich, Paris and Chicago, Silverfleet currently has 11 companies in its portfolio including department store chain TJ Hughes, medical device steriliser Sterigenics International, management and administrative service provider TMF, dental products distributor European Dental Partners, jewellery retailer Histoire d’Or and Paramount Restaurants, which includes the Chez Gérard restaurant chain.
