Spin-out of UK & European private equity investor NBGI Private Equity
New firm backed by funds managed by Deutsche Bank and Goldman Sachs, with initial AUM of over €300m
Stage Capital today announces that it has completed its separation from NBGI, backed by funds managed by Deutsche Bank Private Equity (“DBPE”) and Goldman Sachs Asset Management (“GSAM”, together the “Investors”).
DBPE and GSAM will be Limited Partners in the funds managed by the firm, alongside significant investment by members of the Stage Capital team. The Investors have acquired 100% of National Bank of Greece’s interests in the funds under management by NBGI Private Equity for a consideration of €288m, in addition to committed funding to support and build the existing portfolio.
The core senior investment team members from NBGI Private Equity have become partners in Stage Capital, led by incoming Managing Partner & CEO Graham Thomas, whose previous experience includes roles at Goldman Sachs, MidOcean Partners and RIT Capital Partners.
Stage Capital manages a portfolio comprising private equity, venture capital and real estate investments across UK and Europe. A number of portfolio companies remain in growth and build-up mode and the firm will continue to be active in making acquisitions and supporting organic growth.
Stage typically invests between €5m-€25m into each portfolio company, and has been committed to investing in the midmarket since 2000. The team will continue to back experienced, dynamic management teams to build strong platform investments and drive change to create valuable, sustainable businesses.
Graham Thomas commented:
“The Stage Capital name reflects the platform that we provide as an investor, both in terms of the financial support and the expertise that we bring as a seasoned investment team. We are delighted to have been backed by DBPE and GSAM, and are focused on realising strong returns for our Investors. There are exciting opportunities to further develop and build Stage Capital.”
In the run up to completion of its spin out, Stage Capital has remained active on the investment and exit front:
Stage Capital recently secured a successful exit from its Real Estate portfolio. Stage Capital’s Polish logistics assets, comprising five warehouses with a combined area of over 126,000 sqm, were profitably sold to real estate investor Hines in July 2016. The Real Estate portfolio has also invested further in its Czech logistics portfolio, commencing the construction of a new 30,000 sqm building which is due to complete by the year end.
On the Buyout front, UK-based ATR Group (which Stage Capital acquired in 2012) announced its merger with Centurion in late July 2016. The combination creates a global player in the oil and gas rental equipment and services market with a group turnover of over £100 million, operating from bases in the UK, Netherlands, Caspian, Singapore, Australia and the US. ATR’s chief executive Keith Moorhouse has become CEO of the combined group in which Stage remains a significant investor.