ING Parcom PE becomes Parquest with new €300m fund

Ellie Pullen
01 May 2014

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ING Parcom Private Equity has spun out from its parent firm Parcom Capital to become Parquest Capital, which will manage a new fund with €300m in capital.

ING Parcom is the French arm of Dutch private equity firm Parcom Capital, whose entire share capital is owned by ING Group. Parcom was established in 1982, while the French subsidiary was created in 2002.

The newly independent firm will manage a new €300m fund. ING's insurance arm NN Group is the cornerstone investor of the fund, having been the cornerstone for ING Parcom's previous funds. Ten other investors including Idinvest, LGT Capital Partners and Five Arrows have committed capital to the vehicle.

Parquest will continue with its existing strategy, namely carrying out management buyouts and buy-ins of French companies with enterprise values in the range of €30-150m. The firm can supply equity tickets of up to €50m in transactions.

Prior to its spinout, Parquest made 12 investments and 36 growth acquisition deals for its portfolio companies, which have included Unither, Courtepaille and Materne-Mont Blanc. Its current portfolio comprises Vivalto Santé, Safic-Alcan, 5àSec, the Grégoire group and FDI.

The firm is expected to announce its first investment as an independent GP in the coming weeks. Its three partners are Denis Le Chevallier, Pierre Decré and Thomas Babinet.

Clifford Chance provided legal advice to Parquest, while Lazard acted as financial adviser for NN Group and Stibbe and Herbert Smith provided legal advice to the cornerstone investor. Reed Smith provided legal advice to LGT.