European buyout house Silverfleet Capital has called off its third flagship fundraise “due to market circumstances”, a spokesperson has confirmed with AltAssets.
Unquote was first to report the news. The firm said it will instead focus all its future efforts on follow-on investments, value creation and realisation within the existing portfolio of assets. Its existing portfolio will not be affected by the decision, it added.
The private equity house closed its sophomore fund on €850m final close in 2015.
A spokesperson for Silverfleet said, “The firm’s portfolio is performing strongly, and its ability to demonstrate value creation through international expansion has once again been shown by the recently announced exit of Coventya, where Silverfleet supported four add-on acquisitions and built a new Chinese manufacturing facility during its ownership. Completion of this transaction is expected after the summer and will achieve a 2.6x return on the initial investment.”
Silverfleet promoted Robert Knight and Ricardo Sommer in April to enhance the partnership in the firm.
Recent deals from Silverfleet include scoring a 3.1x return selling its majority stake in 7days, a German supplier of workwear for the healthcare industry, to fellow private equity firms Chequers Capital and Paragon Partners.
Copyright © 2021 AltAssets