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Permira

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Permira Holdings Limited
Company typePrivate
IndustryPrivate equity
PredecessorSchroder Ventures (Europe)
Founded1985; 39 years ago (1985)
FoundersNicholas Ferguson and partners
Headquarters
London
,
United Kingdom
Key people
Kurt Björklund (Managing Partner)
ProductsBuyout, growth equity, credit funds
AUM€80 billion (2024)
Number of employees
470+
Websitepermira.com

Permira is a British global investment firm specialised in buyouts, growth funds, equity funds, and credit funds. Founded in 1985 as part of Schroders, it became independent in 1996. Operating as Permira since 2001, the company became one of the largest buyout specialists.[1] As of 2024, Permira advises funds with total committed capital of €80 billion,[2] which have invested in more than 300 companies worldwide. The company employs over 470 people in 15 offices across Europe, North America and Asia.

History

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In the 1980s, J. Henry Schroder Wagg, a multinational asset management company, developed a concept for private equity funds to finance management buyouts. It operated as Schroder Ventures, headquartered in the UK. Nicholas Ferguson was appointed Chairman.[3] In many European countries like Germany and Spain, the Schroders fund was the very first private equity fund to be launched.

In 1996, Schroder Ventures staff from the UK, Germany, France, and Italy formed an independent company called Schroder Ventures Europe. It was renamed Permira in 2001 to reflect its separation from J. Henry Schroder Wagg.[4][5] The Permira brand had been introduced earlier with the launch of the Permira Europe I and Permira Europe II investment funds.[6]

During the 1990s and 2000s, Permira became the largest private equity firm in the UK and Europe.[7] The firm invested in companies such as Cognis and Premiere.[8][9] These acquisitions attracted widespread public attention. In 2002, Permira opened its first US office in New York City.[10] The firm also established a presence in Asia with its offices in Tokyo (2005–2022)[11] and Hong Kong (2008).[12]

In 2004, CVC and Permira bought from Centrica the British motoring association the AA, and in July 2007 merged the AA with Saga under Acromas Holdings.[13] In 2006, CVC and Permira were accused by Labour MP Gwyn Prosser in the House of Commons of "greed" and "blatant asset stripping" of the AA "to borrow £500m on the basis of the AA's assets in order to pay themselves a dividend." The AA responded that they were "happy to have a reasoned conversation with Mr Prosser."[14]

In 2021, Permira successfully closed its second multi-billion growth opportunities fund at its $4bn hard cap.[15] Most recently in 2023, the firm closed its eighth flagship buyout fund, Permira VIII, with total capital commitments of €16.7 billion.[16]

Operations

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Permira owns businesses in several countries worldwide. Permira Holdings Limited, which has its registered office in St Peter Port, Guernsey,[17] is the holding company for the group.[18] Operations are managed from the headquarters in London; it also has offices in major business and financial centres, including Frankfurt,[19] for example.

Permira is organised as a partnership and is owned by most of its senior management.[20] The group operates under the supervision of the executive board, which comprises Kurt Björklund (Managing Partner),[21] three other partners and four non-executive directors.

Investments

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Permira advises buyouts, growth funds, equity funds, and credit funds that operate independently of the holding company. The funds are backed by institutional investors,[22] including banks, insurance companies, pension funds, asset managers and high net worth individuals.

Permira targets companies around the world with proven growth prospects, often in partnership with management. Permira seeks to enhance the value of businesses over the medium to long term, for example through spin-offs, mergers and acquisitions, and organic growth. A common exit strategy for Permira is the sale of companies to other companies or public offerings.[23]

Permira focuses on the technology, consumer, services, and healthcare sectors. High profile investments include Acuity Knowledge Partners,[24] Clearwater Analytics,[25] Engel & Völkers,[26] McAfee,[27] Neuraxpharm,[28] Reorg,[29] TeamViewer, Zendesk[30][31] and Squarespace.[32][33]

Notes and references

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  1. ^ Scott, Mark (20 February 2012). "Permira Sifts for Bargains, Even in Europe's Periphery". The New York Times. Retrieved 14 April 2023.
  2. ^ Gopinath, Swetha (25 April 2024). "Permira Chief Sees Private Equity Shakeout With Rates High". Bloomberg News.
  3. ^ Mundy, Simon (12 March 2012). "Ferguson Steps Down as Head of SVG Capital". Financial Times. Retrieved 14 April 2023.
  4. ^ "Permira setzt auf Kauf von Börsenflüchtigen". Handelsblatt (in German). 13 November 2001. p. 14.
  5. ^ Meikle, Brad (1 December 2001). "Schroder Ventures Europe Becomes Permira". Buyouts Insider. Retrieved 14 April 2023.
  6. ^ "Britischer Aufsteiger". Financial Times Deutschland (in German). 13 July 2006. p. 28.
  7. ^ Späth, Nikos (22 May 2005). "Permira verwaltet Europas größten Beteiligungsfonds". Welt am Sonntag (in German).
  8. ^ "Permira and Goldman Sachs To Buy Cognis". Leather International. 13 December 2001. Retrieved 14 April 2023.
  9. ^ "Premiere: Der unaufhaltsame Einstieg von Permira". Manager Magazin (in German). 20 December 2002. Retrieved 14 April 2023.
  10. ^ Hutchings, William (30 September 2002). "Permira Opens New York Office". Financial News London. Retrieved 14 April 2023.
  11. ^ "Permira Shuts Down Japan Office". AVCJ. 24 October 2022. Retrieved 14 April 2023.
  12. ^ Powell, Leigh (1 November 2010). "Permira Adds China Adviser, Eyes Asia Growth". Asian Investor. Retrieved 14 April 2023.
  13. ^ Wachman, Richard (1 July 2007). "A sorry Saga at the AA?". The Guardian. Retrieved 15 September 2016.
  14. ^ Clement, Barrie.(12 April 2006). MPs accuse owners of asset stripping AA motoring group. The Independent.
  15. ^ Foerster, Jan-Hendrik (21 December 2021). "Permira Closes Second Growth Opportunities Fund at $4B". Bloomberg. Retrieved 14 April 2023.
  16. ^ Kirchfeld, Aaron; Foerster, Jan-Henrik (8 March 2023). "Permira Completes €16.7 Billion Fundraising on Flagship Fund". Bloomberg. Retrieved 14 April 2023.
  17. ^ "Permira Holdings Limited". Guernsey Registry. 17 January 2003. Retrieved 1 August 2022.
  18. ^ "Annual Report 2021". Companies House. Permira Advisers Holdings Limited. 6 May 2022. Retrieved 1 August 2022.
  19. ^ Köhler, Peter (20 December 2022). "Beteiligungen: Pionier der Private-Equity-Szene leitet Stabwechsel bei Permira ein". Handelsblatt (in German). Retrieved 8 February 2023.
  20. ^ Javed, Ayesha (9 September 2011). "Bjorklund Rules Out Permira Public Listing". Private Equity News. Retrieved 14 April 2023.
  21. ^ Dai, Shasha (2 February 2015). "Two More Longtime Partners at Permira to Retire". Wall Street Journal. Retrieved 14 April 2023.
  22. ^ Dunkley, Dan (29 July 2013). "Co-Investors to Support Permira on Mega Buyouts". Wall Street Journal. Retrieved 14 April 2023.
  23. ^ Enzweiler, Tasso (31 January 2002). "Report: Wie Investor Permira seine Übernahmen einfädelt". Financial Times Deutschland (in German). p. 29.
  24. ^ "Permira-backed funds to buy majority stake in Acuity". Private Banker International. 30 January 2023. Retrieved 31 March 2023.
  25. ^ "Permira, Warburg Pincus, Dragoneer and Durable Back Clearwater Analytics". PE Hub. 12 October 2020. Retrieved 14 April 2023.
  26. ^ "Finanzinvestor kauft Mehrheit an Engel & Völkers". Frankfurter Allgemeine (in German). 9 August 2021. Retrieved 14 April 2023.
  27. ^ "McAfee To Sell Itself to a Private-equity-Led Group". Wall Street Journal. 8 November 2021. Retrieved 14 April 2023.
  28. ^ "Permira Buys German Specialty Pharma Group Neuraxpharm". Reuters. 22 September 2020. Retrieved 14 April 2023.
  29. ^ Latham, Mark (12 January 2023). "Behind the Deal: How Permira Got Its Hands on Data Provider Reorg". Private Equity News. Retrieved 14 April 2023.
  30. ^ Smolka, Klaus (4 July 2014). "Hunderte Millionen für ein deutsches Start-Up aus der Provinz". Frankfurter Allgemeine (in German). Retrieved 4 February 2020.
  31. ^ Scheuer, Stephan (24 June 2022). "Drama um Kundenmanager Zendesk endet mit Verkauf an Investor". Handelsblatt (in German). Retrieved 31 March 2023.
  32. ^ "Permira is taking Squarespace private in a $6.9bn deal". Private Equity Insights. 17 May 2024. Retrieved 17 June 2024.
  33. ^ "Permira to take website builder Squarespace private in $6.9bn deal". www.ft.com. Retrieved 17 June 2024.
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