European mid-market private equity house Silverfleet Capital has appointed Johannes Huttunen, previously an associate at European Capital investing in buyouts of UK mid-market businesses,
European mid-market private equity house Silverfleet Capital has appointed Johannes Huttunen, previously an associate at European Capital investing in buyouts of UK mid-market businesses, as an executive in its investment team in London. Huttunen, a Finnish national who has lived in the UK since childhood, was earlier an analyst active in mergers and acquisitions at Deutsche Bank.
‘Johannes’ appointment caps a tremendous 12-month period for Silverfleet,’ says managing partner Neil MacDougall. ‘Almost exactly a year ago, we undertook our buyout from our long-term parent, Prudential.
‘Since then we have completed two exceptionally successful exits, Jost and TMF. Despite the ongoing turmoil in financial markets, Silverfleet Capital’s strong realisation track record and independence mean we are ideally placed to make new investments in the coming months.’
The sale to Cinven of Jost World, a manufacturer of components for commercial vehicles, resulted in a 3.1 times multiple and an internal rate of return of 47 per cent on the original equity investment.
TMF, a provider of outsourced management and accounting services, was sold to management and Doughty Hanson for EUR750m, producing a multiple of six times Silverfleet Capital’s original investment and an IRR of 55 per cent.
Silverfleet, which changed its name from PPM Capital following the buyout from Prudential last November, has offices in London, Munich, Paris and Chicago and 25 investment professionals. Although the firm’s investment portfolio is broadly based, the firm has built up specialist expertise in the health care, retail, leisure, business and financial services sectors.
