Frontline – August 2006

FRONTLINE 2006-08-01 Staff Writer <b>Allied Irish Banks hires for Germany</b><br />Allied Irish Banks has strengthened its Frankfurt-based acquisition finance operation with the appointment of Jens Dienstbach as team leader of portfolio management in Germany. Dienstbach has joined from IKB

Allied Irish Banks hires for Germany
Allied Irish Banks has strengthened its Frankfurt-based acquisition finance operation with the appointment of Jens Dienstbach as team leader of portfolio management in Germany. Dienstbach has joined from IKB Deutsche Industriebank, a German corporate bank, where he worked in portfolio management. At Allied Irish Banks, he will be responsible for expanding the bank’s acquisition finance activities in Germany. Allied Irish Bank’s acquisition finance Germany team is headed by Kai Gebauer. Last October, Allied Irish Banks hired Jens Richter, previously head of German acquisition finance operations at KBC in Frankfurt, as vice president. Following Dienstbach’s appointment, the Allied Irish Banks acquisition finance team numbers 10.

Goldman gears up for a downturn
US bank Goldman Sachs International has hired Lachlan Edwards as a managing director to head its European restructuring business in London. Lachlan’s primary focus will be on rescue financing and restructuring advisory, and he will report to Tim Flynn and Doug Henderson, co-heads of European leveraged finance. An Australian national, Lachlan joins from Rothchild where he was head of restructuring in the UK and co-head for Europe. He helped to establish the restructuring group within the debt advisory business and worked on transactions such as Primacom, Vivendi Universal, Royal Ahold, Jarvis and Karstadt Quelle.

Citigroup hires Acanthus principal
Citigroup’s private placements group has hired Laurent de Rosière from Acanthus Advisers, a London-based private equity advisory firm, where he was a principal from 2003. Laurent, who will be a vice president, will report to Doug Blagdon, global head of the private equity placements group, based in New York, and the European group head, Stephen Murphy, in London. Citigroup’s private equity placements group now numbers 28. In Europe, Citigroup has recently acted as advisor and placement agent to a number of private equity groups such as Charterhouse Capital, Gilde, Lion Capital and Terra Firm and is currently in the market with a number of other assignments.

New UK corporate finance head for PWC
Neil Sutton, a partner at PricewaterhouseCoopers since 1993, has taken over the reins as head of the firm’s UK corporate finance practice as of July 1. He takes over the role from Graeme Pike, who held the position for five years and is now focusing on global corporate finance at PWC. Sutton previously headed the firm’s consumer sector team, which advised on deals worth ?1.7 billion (€2.5 billion; $3.1 billion) in 2005. In March 2004, Sutton was part of the PWC team that advised on the ?135 million sale of Deb Group – owner of the Swarfega skincare brand – to UK private equity firm Barclays Private Equity. According to its own figures, PWC last year advised on over 350 M&A deals globally, valued at over $45 billion. According to Thomson Financial, it was the most prolific advisor on UK deals worth between $50 million and $500 million during the 12 months.

Former Connecticut PE head joins PCG
David Scopelliti, the former head of the State of Connecticut’s high-profile private equity program, has moved to gatekeeper Pacific Corporate Group as a managing director. Scopelliti was hired in 2003 to serve in Connecticut treasurer Denise Nappier’s administration, specifically to help rejuvenate the state’s private equity programme, which had recently been the focus of one of the biggest corruption scandals in the state’s history. Scopelliti has more than 18 years of experience as a principal investor in the private debt and equity markets, and has previously been principal of USBX Advisory Services, managing director with CIBC World Markets, and founder and head of ING’s New York Merchant Banking Group.

IGS splits from Ernst & Young
Boston-based consulting firm Investor Group Services LLC has acquired Investor Group Services, the Boston-based market diligence practice that had previously existed as a part of Ernst & Young’s transaction advisory services practice. The practice is led by Rob Lordi, Mindy Berman and Ashley Shih, who are also owners of IGS LLC. The IGS practice was launched in 1998, after which it was acquired by Ernst & Young. The entire IGS team will join IGS LLC. ?Ernst & Youngand IGShave enjoyed mutual success from our relationship, but the parties believe that the separation is in the best interests of both organizations,? said Tom Vogelsinger, COO of Ernst & Young’s transaction advisory services practice, in a press release. IGS LLC provides its private equity and corporate clients with strategic market evaluations.

Probitas expands secondaries team
Alternative investment advisory firm Probitas Partners has recruited Chris Mayo as a vice president within the firm’s liquidity management business. At Probitas, Mayo will provide sell-side advisory services to investors seeking to divest their holdings in private equity funds. He was most recently a principal at New York-based VC firm Aperture Ventures, where his responsibilities included sourcing, structuring, and executing direct secondary investments. Before his stint at Aperture, Mayo was a director at GFP Advisors, where he was involved with fund raising and M&A. Probitaswas launched in 2001 and provides private placement, portfolio management, and liquidity management services involving private equity funds.

New head of alternative capital finance group for Lazard
International financial advisory and asset management firm Lazardhas added a new managing director to its ranks, to head up the firm’s newly launched Alternative Capital Finance Group. Richard Gormley will lead the new initiative, which will cover private investments in public equity transactions and registered direct offerings. He was previously managing director and co-head of the private equity group at Cowen and Company, where he created and built a PIPE and RD investment banking franchise targeting growth companies. Gormley was also previously a managing director and global head of equity and debt private placements at Rabobank International, as well as a director at Nesbitt Burns Securities where he established and managed the firm’s private equity investment banking activities.

Dahlman Rose forms leveraged finance group
US boutique investment bank Dahlman Rose has launched a new leveraged finance group to support the firm’s expanding equity business. Headed by managing director Neal Thomas, the new group also includes Mario Monello, who joins Dahlman Rose as senior capital markets advisor; Paul Lopez as managing director in the capital markets group; David Kranich as senior vice president; Susan DeRoberts as vice president of sales; and Joseph McGrath as vice president in research. Dahlman Rose specializes in the marine transport, energy, and natural resources industries. Initially, the leveraged finance group will provide research, sales, trading and capital markets services within the energy space and later expand into other industries and sectors. ?Dahlman Rose has established a unique platform in its target markets, and launching leveraged finance services is the logical next step,? said Thomas in a press statement.

Mourant admitted to Caymans Exchange
The Mourant Group, a UK-based provider of offshore and onshore legal and financial services, has been admitted to the Cayman Islands Stock Exchange as a listing agent. The appointment follows Mourant’s opening of its Cayman office in October 2004 and is seen by the firm as its latest move to further extend the reach of its legal and administration services within the Cayman Islands. ?The CSX has an excellent reputation worldwide for its professionalism and efficiency and Mourant is very pleased to have been accepted as a listing agent,? said Roisin Cater, a partner based at Mourant’s Cayman office. ?This development allows us to offer our growing client list the fullest service in relation to Cayman-listed funds and securities issuing vehicles.?