06 May 2008
PPM becomes Silverfleet Capital.
There is a new name in European private equity: Silverfleet Capital.
PPM Capital, the European private equity house, has announced today that it has changed its name to Silverfleet Capital to reflect its independence following a buyout in November 2007 from its previous owner, Prudential plc.
Commenting on the name change, Neil MacDougall, the Managing Partner of Silverfleet Capital said:
"Our independence provides additional motivation for the team to build on our success over the last 20 years. During that time we have made over 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 many of which 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 €3.8billion, over €2billion of which represents uplift over cost.
A focused investment strategy has paid dividends. The 12 investments which we have made and realised since 2000 generated 2.7x cost with €1.8 billion of cash proceeds and 33 per cent realised gross IRR."
Silverfleet Capital was one of the first firms in Europe to identify Buy & Build as a core value creation strategy. This is borne out by the fact that our portfolio companies have completed 106 follow-on acquisitions in the last 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 approximately €700 million 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 Inc.; 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.