Julian Carreras joined Palamon’s London-based investment team last month as a principal, according to the firm. This is the second time Carreras has worked for Palamon and represents a promotion from his previous position of vice president which he held from 2003 to 2006.
Carreras left Palamon in 2006 due to a personal preference to return to Spain. He moved to European buyout firm Cinven, in London, with the intention of setting up a Spanish office. However, a source close to the matter said that when this did not materialise he moved to investment company Thesan Capital in Madrid.
Annette Wilson, managing director of investor relations & marketing at Palamon, said the firm was delighted to welcome Carreras back as it took pride in having a “home grown” team. She said his reason for returning was the attractiveness of the firm’s focus on growth investing across the broader European region.
Wilson said Carreras' appointment would help to deepen the firm’s Spanish investment capability as well as supporting its broad sector-focused investment strategy. She highlighted the importance of team members being able to transact across its six sectors of interest and across the European landscape.
Palamon will not be opening a Spanish office but it is and will continue to be heavily invested in Spain, Wilson said. In July 2011, the firm acquired a majority stake in EnGrande, a Barcelona-based online budget accommodation business. Financial details of the deal were not disclosed.
Palamon also plans to continue with its pan-European investment strategy, having completed six deals so far this year. Last week, the firm announced its sale of credit card provider SAV Credit for £472 million (€548 million; $735 million). A source close to the deal said that overall, about €50 million to €60 million was invested in the portfolio company, which Palamon held for nine years. The firm would not disclose the return on the deal or its initial investment.
Palamon has had an active year, making three investments and three exits so far. These have been spread over the UK, Germany and Spain. The firm focuses on growth capital opportunities in the mid-market covering early-, mid- and late-stage businesses with enterprise values ranging between €15 million to €500 million in, according to the firm.