Jeff Bennett Joins ACP Capital
19 June 2006
ACP Capital Ltd (AIM: APL), a Jersey based niche investment and fund manager, announces the appointment of Jeff Bennett.
Jeff will become the company's Chief Investment Officer for ACP Mezzanine upon its admission to AIM later this year. ACP Mezzanine, will be a specialist mezzanine lending vehicle managed by the Company.
Jeff (aged 40) has over 18 years of non-investment grade financing experience, most recently at Morgan Stanley where he was a Managing Director in the Leveraged Finance Group. During his time at Morgan Stanley, Jeff structured some of the largest European financings including: the Euro10bn financing package for Ineos Group Holdings' acquisition of Innovene, the #1.4bn financing to support the public to private leveraged buyout of Debenhams, and a Euro 30bn senior bank facility for France Telecom.
Jeff's broad financing experience includes the origination and execution of leveraged loans, second lien loans, bridge loans, mezzanine loans and high yield bonds utilized in leveraged buyouts and acquisitions, as well as recapitalizations and refinancings. Additionally, Jeff has advised corporates on raising financing and worked on several high profile debt restructurings.
Prior to his position at Morgan Stanley, Jeff spent 12 years with Bankers Trust Company in London and in New York.
Jeff's appointment follows the recent appointments of Eric Youngblood as CFO who joined from Nomura International plc where he was the Head of Asset-Backed Securitisation for the Asset Finance Group and of Nikolaj Larsen as Managing Director, Head of Strategic Investments, who was also a senior member of Nomura's Asset Finance Group.
Commenting on the appointment, Derek Vago, CEO of ACP Capital, said: "Jeff and I have worked together before at Bankers Trust, and I am delighted to welcome him on board at such an exciting time of ACP Capital's growth. The combination of his skills in the leveraged finance arena and our team's complementary skill sets primarily in the asset backed and direct investment sectors will propel ACP Mezzanine in becoming a successful niche mezzanine lender throughout Europe and in all assets classes. Jeff's expertise will be invaluable in this capacity but in also developing and having responsibility for ACP Capital's intent to provide senior debt funding to clients alongside its mezzanine capabilities in order to deliver an integrated finance approach going forward to clients and partners throughout Europe."
| Enquiries: | |
| Redleaf Communications: | |
| Rob Bain | 020 7955 1410 |
| Janakie Mallawa-Arachi | 020 7955 1493 |
| John Eskdale | 020 7955 1417 |
ACP Capital Ltd
ACP Capital is a Jersey based company, which listed on AIM in January 2006 and has a current market capitalization of approximately £70m. ACP is focused on providing an integrated finance approach (through the use of equity, mezzanine and/or senior debt) to businesses with strong asset backing and with recognized leadership positions in the sectors in which they operate. ACP is primarily seeking opportunities in Continental Europe, where opportunities for consolidation and growth are considerable.
ACP also intends to launch a series of alternative investment vehicles in primarily niche sectors focused on both asset-backed and non asset-backed investments by being a provider of funding across the entire capital structure.
It will also act as fund manager for these vehicles, effectively establishing itself as an alternative investment and fund manager. The first such fund is ACP Mezzanine Limited, proposed to be listed on AIM later this year. ACP Capital intends subscribing for not less than 10 per cent. of the equity in ACP Mezzanine at its launch. It is ACP's stated aim to launch one new managed fund targeting a niche product sector each year.
Such vehicles will enable ACP to be a strategic investor and/or partner with companies who operate in sectors where ACP can provide both strategic advice and the funding described above.
ACP Capital has a highly experienced international management team. Derek Vago, CEO, was previously managing director and co-head of the AFG team at Nomura International plc where he was responsible for all balance sheet activities including equity, mezzanine, and senior debt financing across both asset backed and non asset-backed sectors. Among transactions he led for AFG were the acquisition of seven Center Parcs European assets and the acquisition of Earls Court and Olympia. Non executive directors include Heiner Kamps, founder of Kamps AG and a leading retail operator in Germany, and Francois Georges, former CEO of Pierres & Vacances. Mr. Kamps and Mr. Georges provide direct access to opportunities arising in Germany and France. In addition, Alan Braxton is a non-executive director. Mr. Braxton is currently managing director of Presidio Partners, a leading international private placement advisor whose experience and expertise will help with establishment of the various listed investment funds.