Sienna Capital invests €150m in PrimeStone
Sienna Capital, an affiliate of Groupe Bruxelles Lambert, announces an investment of €150 million into PrimeStone, a constructive, value added and long-term shareholder in European mid-cap public equities.
LUXEMBOURG and LONDON, February 9, 2015
Launched in December 2014 by Jean-Pierre Millet, Benoît Colas and Franck Falézan, PrimeStone is a London-based constructive active investment manager that applies a private equity approach to investing in the public markets.
PrimeStone typically targets medium-sized, listed European companies that have significant value creation potential through strategic, operational or financial improvement. PrimeStone creates value by taking a long term perspective, adopting an active approach and having a significant influence over its underlying investments through a constructive dialogue with boards and management teams.
As part of a long-term agreement, Sienna Capital, an affiliate of Groupe Bruxelles Lambert (“GBL”), has invested €150 million in a vehicle managed by PrimeStone.
“PrimeStone welcomes the opportunity to enter into a strategic alliance with Sienna Capital, an affiliate of GBL, one of the largest, most respected and influential shareholders in Europe. The alliance is expected to bring synergies to both parties: PrimeStone further strengthens its long term capital base and will benefit from a partner with long-standing and deep expertise in investments in European public equities while Sienna Capital will leverage PrimeStone's deep knowledge of European medium-sized companies.” explained Jean-Pierre Millet, one of the three founding partners at PrimeStone.
Ian Gallienne, Chairman of Sienna Capital, said: “Sienna Capital is pleased to invest with the PrimeStone team. Jean-Pierre, Franck and Benoît have a strong reputation as value-added partners to management teams following their long and successful tenure leading investments at The Carlyle Group. Our investment is consistent with GBL’s strategy to reinforce the diversification of its portfolio including by partnering with talented managers via Sienna Capital.”
Colin Hall, CEO of Sienna Capital, stated: “PrimeStone is well-positioned to take advantage of an increased acceptance of constructive active investing and “change capital” in Europe. The team has the very highest level of energy, intelligence and integrity and we are looking forward to being their long-term partner.”