Greenhill bulks up European team

Greenhill’s captive firm has expanded its European team led by Brian Philips to full capacity, as it continues to invest its recently raised first fund.

The European private equity arm of investment bank Greenhill has appointed Adam Maidment and Cameron Crockett as principals.

Brian Philips

Maidment and Crockett have both joined Greenhill from European buyout firm PPM Capital where they have worked together since 2002.

Brian Philips, chief investment officer of Greenhill’s European private equity arm, said: “We’ve got ourselves up and running with the team in situ, although it took a little while to arrive.” The team now comprises five people, but the firm had had to wait for Maidment and Crockett to fulfil contractual obligations to PPM and had been functioning during fundraising with three investment professionals. 

“We’re enthusiastic about our prospects. Being a relatively new fund without a large portfolio to be distracting us is a nice place to be.” Dealflow would remain limited in the first quarter but the second and third quarters should be “interesting”, Philips said.

“Buyers and sellers have an expectation gap – that gap will close. Buyers have reassessed their view but it takes a little while for sellers to adjust expectations.”

Figures published yesterday demonstrated the extent dealflow in the UK buyout market has plummeted, with an 80 percent fall in the final quarter of 2007 to £2.9 billion ($5.7 billion; €3.9 billion) compared with £15.4 billion in the third quarter. 

Buyers and sellers have an expectation gap – that gap will close. Brian Philips

Greenhill held the final close of its first European fund on £191 million. The fund had its first close on £106 million in June and approximately 35 percent of the capital was provided by Greenhill and its employees.

The fund has completed two investments to date including the £30.5 million buyout of snooker and pool club operator Rileys and an investment as part of the consortium which set up Bermuda-based insurer Ironshore for around $1 billion.

Greenhill’s European arm generally targets mid-market companies with enterprise values of £25 million to £250 million located primarily in the United Kingdom and Europe.

PPM Capital span out from UK financial services company Prudential in November.