News & Analysis

Landmark acquires Candover 2005 fund stake

Landmark bought the stake using capital from its Landmark Equity Partners XV, which is in market targeting $2.5bn.

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Landmark Partners has acquired a stake in Candover 2005 Fund from CDP Investissements, a wholly-owned subsidiary of the Caisse de dépôt et placement du Québec, according to UK regulatory notices.

Landmark acquired the Candover 2005 stake using capital from its Landmark Equity Partners XV, which is in market targeting $2.5 billion. The fund launched in 2012 and had raised $1.41 billion as of January. Landmark did not return a request for comment by press time.

Candover 2005 raised €3.5 billion in 2006, according to PEI’s Research and Analytics division. Limited partners in the fund include Swedish Pension AP Fonden 3, AlpInvest Partners, the University of Michigan Board of Regents and the California Public Employees’ Retirement System. Benedetto, Gartland & Company acted as a placement agent for the fund, according to CalPERS documents.

It’s unclear how much CDP invested in the fund and the firm did not return a request for comment by press time.

The fund was raised to invest in mid- to large-sized buyout transactions in Europe. Candover targeted portfolio companies with enterprise values between €150 million and €1.5 billion. Each investment was between €90 million and €500 million, according to documents from the University of Michigan. Several portfolio companies exist in the fund, including British oil services company Expro, Dutch industrial conglomerate Stork and bed manufacturer Hilding Anders.

Candover 2001, 2005 and 2008 funds are managed by London-based Arle Capital Partners. Arle was incorporated in 2011 following a management buyout of the now-defunct Candover. Last year, Candover reviewed its contingency plans in an effort to avoid running out of cash, Secondaries Investor’s sister publication Private Equity International reported.

Candover 2001 is nearing full realisation, but has two remaining portfolio companies – Spanish triple-play provider ONO and light product manufacturer Qioptiq. ONO is expected to be fully liquidated in a few weeks, while Qioptiq could take several months, according to a source familiar with the matter.