US investment firm Sapphire 700 and Extell Development Company president Gary Barnett have acquired the assets and business of former BGF portfolio company Canburg, a UK-based manufacturer of kitchens and fitted furniture.
New firm will target lower-mid-market enterprise and financial technology businesses in Europe
Previous round for France-based fintech startup PayFit was a €14m series-B in 2017
ECM will use equity from its German Equity Partners V fund, which closed on €325m in June 2018
GP invests from its €2bn fund Investindustrial VI, which targets European mid-market companies