H.I.G. Capital has opened a new office in Milan and appointed Raffaele Legnani as a Managing Director to lead its efforts in Italy. H.I.G., through its H.I.G. Europe affiliate, currently has a team of over 50 investment professionals based in Europe, operating out of offices in London, Hamburg, Madrid and Paris.
H.I.G. Europe is one of the most active private equity investors in Europe, having completed 28 investments since it began investing in 2008. In July 2013, H.I.G. Capital closed H.I.G. European Capital Partners II above target at €825 million or $1.1 billion. As with its predecessor funds, the new fund makes buyout and growth capital investments in middle-market companies primarily in Western Europe.
Mr. Legnani was previously founding partner of Atlantis Partners in Milan, an institutional investment firm focused on Italian mid-size companies in Special Situations. Prior to Atlantis Partners, Mr. Legnani has successfully invested in a number of buyout transactions, both directly and through specialized private equity funds (the London based Stellican and the US based Wexford Management) serving as operating board member for several portfolio companies. Previously, he worked in investment banking for Goldman Sachs in London.
“I am very excited to join the H.I.G. team. H.I.G. is ideally positioned to successfully invest in Italy, given the significant amount of capital at its disposal and its experience in working with both growth companies and businesses facing operational and/or financial challenges,” said Mr. Legnani. “Focusing on midsize companies with a turnover above €50 million, H.I.G. targets the backbone of the Italian economy.”
Mr. Legnani also added that he expects H.I.G. to be flexible in its approach in Italy, providing both debt and equity capital and investing in either majority or minority stakes in Italian businesses with a strong and sustainable competitive position. He also expects H.I.G. to assist Italian companies to capitalize on international growth and expansion opportunities, given its global presence and its wide team of international experienced professionals.
“I am delighted to welcome Raffaele to the firm. Few in the Italian market can match his deep knowledge, investment experience and professionalism. I believe the market opportunity in Italy is a perfect fit with H.I.G.’s capabilities and, under Raffaele’s leadership, we hope to be a very active investor in Italy,” said Sami Mnaymneh, co-founder and Managing Partner of H.I.G. “There are many attractive businesses and talented managers in Italy and, despite short term challenges, we have every confidence that, in the long run, the Italian economy will recover and get back on a growth path.”
H.I.G. Capital specializes in providing capital to small and medium-sized companies and invests in management-led buyouts and recapitalizations of manufacturing or service businesses. H.I.G. Capital has more than $13 billion of capital under management. The firm was founded in 1993 and is based in Miami with additional offices in Atlanta, Boston, Chicago, Dallas, New York, San Francisco, London, Hamburg, Madrid, Paris, and Rio de Janeiro (www.higcapital.com).
© 2014 PEPD • Private Equity’s Leading News Magazine • 2-4-14