22 May 2008
Leonardo, which was launched in April 2006 by Braggiotti and a group
of investors including private equity firm
Eurazeo and German insurer
Allianz, said in a statement yesterday it has taken a 20% stake in
BS Private Equity and has an option to buy the remainder of the mid-market
Italian specialist.
The deal fits Leonardo’s strategy of building a European platform
specialising in investment banking, corporate finance, wealth management
and private equity, and marks its first external growth move in private
equity. The company already has a joint venture with Eurazeo that
focuses on large-cap private equity deals.
Leonardo said its three-strong mid-market private equity team, led by
Franco Cesa Bianchi, will join BS’ team, which is run by three
managing partners and comprises seven other partners and 10 investment
managers.
The stake purchase by Leonardo comes ahead of the launch of BS’ fifth
private equity fund, which is aiming to raise €600m ($945m) and will be
the company’s first to be open to Italian investors. Leonardo, which did
not disclose the terms of the stake acquisition, said the private equity
firm will retain its independence with regards to investment decisions.
Leonardo has previously acquired French boutique
Toulouse et Associés, small private bank
VP Finance, asset manager
DNCA Finance, German advisory firm
Drueker & Co, and most recently Allianz’s
Rasfin Sim subsidiary last October. That business focuses on capital
markets, corporate finance and private equity advisory.
Leonardo has pledged to commit €20m to BS’ latest fund and the private
equity firm will contribute the same amount.
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