New men at the top of private equity firm Cinven
LYTHAM St Annes-based European private equity firm Cinven has announced that Hugh Langmuir is to become its executive chairman and Stuart McAlpine a managing partner.
The planned succession comes at a time of strong performance for Cinven’s €5.3bn Fifth Fund which is now 76% drawn.
As executive chairman, Langmuir will lead Cinven’s next fundraise and will remain fully involved in the strategic direction and policy of the firm.
As the new managing partner McAlpine will assume operational management responsibilities and lead the medium and long term strategic development of the business overseeing future funds and investment strategy.
McAlpine joined Cinven in 1996 and was made a partner in 2003 before joining the executive committee in 2007 and the investment committee in 2009.
He has led several of Cinven’s most successful investments including Amadeus (airline IT services) which generated seven times its original investment and realised gross proceeds of more than €1.6 bn; Phadia and Sebia (both medical diagnostics equipment) which generated 3.4 times and 2.4 times original investment respectively and a combined capital gain of €1.5 bn.
NcAlpine has also been involved in more recent transactions including AMCo (pharmaceuticals) – the sale of which was recently announced to Concordia Healthcare Corp. – CPA Global (intellectual property management services), Medpace (clinical research), all of which are performing strongly; and has led the acquisitions of Labco and synlab (medical diagnostics laboratories). Historically, the core of his investment focus has been in healthcare, although the breadth of his investment experience spans all of Cinven’s sectors.
Prior to joining Cinven, McAlpine worked in the Leveraged Finance Group within the Royal Bank of Scotland and previously at Ernst & Young in Boston and London. He has a BAcc in Finance from Glasgow University.
Commenting on Stuart McAlpine’s appointment Langmuir said: “During almost 20 years at Cinven, Stuart’s track record has been outstanding.
“He has led several of Cinven’s most successful transactions, which have generated substantial capital gains for its investors.
“He has also been a key member of the leadership team for the last decade and integral to the development of Cinven’s investment strategy.”
McAlpine added:“Cinven has a unique culture of partnership and excellence, one that has been developed over several decades – initially in Europe and today with capabilities to grow European companies globally.
“We have an exceptional team, and I am privileged to have been chosen by my partners to lead the firm as it moves into its next stage of development.”
