Levine Leichtman continues European expansion by closing €463m sophomore fund targeting region

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Levine Leichtman Capital Partners has underlined its commitment to European expansion by hauling in €463m for its second fund dedicated to the region.

Levine Leichtman Capital Partners Europe II marks a huge jump in size from the firm’s debut European investment vehicle, which it closed on €100m five years ago.

The firm has been investing in European businesses since the launch of its London office in 2011, and opened branches in The Hague in 2015 and Stockholm last year.

AltAssets revealed in June last year that the firm was out eyeing up to €500m for its second Europe fundraise.

Levine Leichtman said the new fund had already completed one investment and has two additional investments under contract.

The firm typically targets businesses across the consumer and branded products, franchises, business services, healthcare and education as well as the engineered products and light manufacturing sectors.

Firm managing partner Michael Weinberg said, “The very positive response to the fund is a testament to the success of our first Europe Fund and the differentiated investment strategy we implement on a global basis.

“It also reflects the strength of our European team, which is supported by the broad resources and expertise of our entire firm.”

John O’Neill, head of European fund investments at LLCP, added, “Our firm is very enthusiastic about the investment environment across Europe.”

This summer LLCP revealed its succession plan, with co-founders Arthur Levine and Lauren Leichtman looking to the next generation of leaders 36 years after launching the firm.

The husband and wife team said they plan to remain actively involved in LLCP’s operations through their continued role as co-chairpersons of the executive committee and the investment committee.

As part of the changes Frankel and Weinberg were promoted to managing partners, responsible for LLCP’s global investment activities, including deal origination, sector strategy and portfolio management.

Deals done by the firm this year include the buyout of Tropical Smoothie Cafe, a franchisor of fast casual cafes with more than 870 units across 44 US states.

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