Greenhill Announces Final Closing of Greenhill Capital Partners Europe, L.P.
17 December 2007
NEW YORK, December 17–Greenhill & Co., Inc. (NYSE: GHL) announced today that it has completed the final closing of its first European mid-market buyout fund, Greenhill Capital Partners Europe, L.P. and related funds (the “Fund” or “GCP Europe”). Total committed capital as of the final closing is £191 million.
Of the total funds committed, Greenhill & Co. has committed £25 million. In addition, Greenhill’s managing directors and other professionals have personally committed a further £42 million. The remaining 65% of committed capital has been raised from a variety of institutional investors, high net worth families and qualified corporate executives. Committed capital is expected to be drawn down from time to time over an investment period of up to five years to fund investments by the Fund.
GCP Europe makes private equity and equity-related investments in mid-market companies located primarily in the United Kingdom and Continental Europe. It generally makes controlling or influential minority investments of £10 million to £30 million in companies with enterprise values of £50 million to £250 million.
Since the Fund’s first closing on May 10, 2007, GCP Europe has completed an investment in Ironshore Inc. and the acquisition of Rileys Ltd. Ironshore is a recently formed primary insurance company based in Bermuda. Rileys Ltd. is the UK’s leading cue sports operator, with over 150 clubs and a total membership of over 500,000 people.
Simon Borrows, Co-Chief Executive Officer of Greenhill & Co., said, “We are delighted with the fund raising for our first European private equity fund. Since 2000, we have built a successful merchant banking business in the United States with Greenhill Capital Partners I and II, and Greenhill SAVP. The establishment of GCP Europe is another exciting step and takes our merchant banking capabilities into new markets.”
Brian Phillips, Chief Investment Officer of GCP Europe, said, “We are pleased to have completed our fund raising and, having already made two investments, look forward to turning our full attention to investing the fund in what we believe are increasingly attractive conditions for mid-market buyout funds.”
Greenhill & Co., Inc. is a leading independent investment bank that provides financial advice on significant mergers, acquisitions and restructurings and manages merchant banking funds. It acts for clients located throughout the world from its offices in New York, London, Frankfurt, Toronto and Dallas.