Pemira moves its French team back t

Permira has told investors it will move its French team to London at the end of the summer, once it has realised its investment in Picis. The medical equipment firm was acquired in 1993 and is the last remaining company in PermiraÂ’s French portfolio. Details of the deal remain confidential, since it is in the course of being negotiated.Permira has denied allegations that the French teamÂ’s decision to relocate to London is linked to suffering staff departures after failing to make any new investments in the past six years. Robert Van Goethem has recently left the Paris office and joined 3i as a director in its Benelux team. His departure came two months after the resignation of Barnaby Noble. At the beginning of the year, Permira lost out to rival buyout firm Clayton Dubilier Rice on the EUR 3bn acquisition of Rexel from Pinault Printemps Redoute.However, a senior investment director at the Paris office has explained that the French teamÂ’s reorganisation has been designed to improve its integration with the rest of the group and aid efficiency in larger deals.The French team was established in 1989 and comprises just three investment staff, led by Philippe Robert, who joined from Credit Suisse First Boston in 2002. PermiraÂ’s Frankfurt office has 25 staff, 10 are based in Milan and four are in the Madrid office, which was set up last year. The Paris office will stay open after the teamÂ’s relocation to the UK and will continue to scour the French market for deals.

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