Krümmer launches media fund

Stephan Krümmer, who resigned last year as co-head of investment banking in Germany for Rothschild, has opened a private equity firm in Munich specialising in the media sector. Krümmer, who spent five years at Bertelsmann, the German media giant, before joining Rothschild in 2001, has launched Ingenium Capital with two other managing directors, Norbert Stelzer and Ekkehard Franzke. Krümmer was regarded as one of Germany's leading media investment bankers until he quit last June following the collapse of a deal he had originated - the €2bn ($2.4bn) purchase by Haim Saban, the US billionaire, of ProsiebenSat1, the TV assets of the bankrupt German media empire of Leo Kirch. Krümmer spent more than a year trying to do the deal for Saban. When it fell through, he left Rothschild and vowed never to return to investment banking or to corporate life. Less than two months after Krümmer left, Saban replaced Rothschild with JP Morgan and secured ProsiebenSat1 for €E525m from Kirch's committee of nine creditor banks.

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