Acp Mezzanine appoints Jeff Bennett as a Non-Executive Director
11 December 2006
ACP Mezzanine Limited, a closed-ended limited liability investment company, which is focused primarily on mezzanine lending in Continental Europe in the small cap sector, is pleased to announce that Mr. Jeff Bennett (age 41) has been appointed to the Board as a Non-Executive Director with effect from 30 November 2006.
No further disclosures are required under Schedule 2 paragraph (g) of the AIM Rules.
Enquiries to:
Redleaf Communications:
Rob Bain
020 7822 0200
Notes to Editors
ACP Mezzanine ('ACP Mezzanine')
ACP Mezzanine pursues a primary strategy as a mezzanine lender, originating, structuring and underwriting the majority of its mezzanine investments. ACP Mezzanine's investment strategy will be implemented and managed by a wholly owned subsidiary of ACP Capital Limited. ACP Mezzanine's strategy is different from that followed by a number of participants in the Mezzanine financing market, which focus on acquiring assets directly from third parties though a syndication process.
ACP Mezzanine intends to invest in assets located primarily across Europe originated through a direct integrated finance approach alongside ACP Capital's Strategic Platforms and Vehicles, and, to a lesser extent, to purchase assets in the secondary market if expected risk adjusted returns are attractive. It is expected that the integrated finance approach will account for at least two thirds of ACP Mezzanine's investments.
ACP Mezzanine intends to pursue an integrated finance approach in partnership with ACP Capital with the objective of delivering a complete financing solution for prospective borrowers. Pursuant to this strategy, ACP Capital Limited would provide senior debt and, in some cases, equity funding, while ACP Mezzanine would provide the mezzanine financing. ACP Mezzanine intends to pursue this strategy with ACP Capital Limited in niche markets where ACP Capital considers there to be an integrated finance opportunity, such as the German 'Mittelstand' (small and middle-sized privately-owned companies).
ACP Mezzanine has a highly experienced international management team and board:
Derek Vago, (Non Executive Director and CEO of the investment manager, ACP Capital) was previously managing director and co-head of the Asset Finance Group ('AFG') 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.
Jeff Bennett, (Non Executive Director and CIO for ACP Mezzanine), has over 18 years of noninvestment 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.
Cristophe Tanghe (Non executive director) has 17 years of real estate investment and advisory work in Europe and the United States, and has originated and/or executed over several billion Euros of real estate transactions, encompassing various property types. Christophe was Managing Director of Hines, a privately owned international real estate firm and prior to this was one of the founding partners of Lehman Brothers Real Estate Partners. He has also held positions at Security Capital European Realty and J.P. Morgan.
George Baird (Non Executive director) is a Jersey resident and a chartered accountant, he retired in 2002 and now holds non executive directorships with several Channel Island based companies including being Chairman of Invesco Leveraged High Yield Fund Limited.
Graeme Ross (Non Executive Director) is a Jersey resident, and a chartered accountant, Graeme is a partner of the Jersey partnership of Rawlinson and Hunter. He is also the Managing Director of R&H Fund Services (Jersey) Ltd. He has worked in the offshore fund management industry for over 20 years.
ACP Capital Ltd ('ACP')
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 recognised 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. It is ACP's stated aim to launch 1 to 2 new managed funds targeting niche product sectors 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 Asset Finance Group ('AFG') 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 assetbacked sectors. Among transactions he led for AFG were the acquisition of seven Center Parcs European assets and the acquisition of Earls Court and Olympia.
Eric Youngblood, CFO, has 18 years experience in Global Structured Finance, primarily in Securitisation. He was most recently at Nomura International plc where he was the Head of Asset-Backed Securitisation for AFG. Eric led the negotiation of the RBS facility for ACP.
Jeff Bennett, CIO for ACP Mezzanine, 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.
Nikolaj Larsen, Managing Director, Head of Strategic Investments has 6 years experience in Investment Banking. Prior positions include Head of Core Underwriting in the AFG team at Nomura International plc where he focused on asset backed deals such as the Earls Court and Olympia acquisition and non-asset backed deals such as the acquisition and financing of Nordsee GmbH for the German food retailer Kamps Food Retail Investment SA ('KFRI').
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.