Quantum closes €55m turnaround fund

Ellie Pullen
08 October 2014

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After nine months on the road, German investor Quantum Capital Partners has held a first and final close for its first private equity fund, Quantum Opportunity Fund (QOF), on €55m.

The fund will focus exclusively on turnaround investments and expects to close further deals before the year is out.

Quantum stated it was able to adjust its fundraising to the needs of investors as it was raising for the first time. Its target was €50m and it closed on its hard-cap of €55m.

Triago acted as adviser to Quantum for the fundraising process. P+P Pöllath + Partners provided legal advice. A team of seven manage the fund.

Quantum is an investment company that specialises in buying non-core assets of large corporates. The firm was established in 2008 and is based in Munich.

Germany's turnaround industry has been the centre of some debate: Unigestion private assets investment director Bruno Mory told unquote" the market is currently far more active than the traditional Mittelstand buyout industry.

Investors
QOF received commitments from US and European institutional investors. The fund includes a GP contribution.

Investments
The fund will invest in between 10-15 underperforming companies across several sectors, particularly the automotive and manufacturing sectors. Quantum typically invests in western-Europe-headquartered businesses that generate between €20-300m in turnover. It particularly looks to buy from larger conglomerates that are cleaning up their portfolios and divesting either non-profitable or non-core assets.

Quantum takes part in buyouts and will not take minority stakes in businesses, preferring to wholly acquire a business where possible. The firm specialises in carve-outs and invests from a few hundred thousand up to €10m in equity per transaction. It does not use acquisition financing.

People
Quantum was founded by CEO Steffen Görig, who has worked as both a private turnaround investor, a managing director at a listed turnaround private equity firm and in the London mergers and acquisitions department of American Investment Bank.