EUROPE - Candover reports further NAV decline; Buffin steps down

Despite the poor figures, disregarding one off-redundancy costs and effects of the falling pound against the euro and dollar, NAV actually increased by 8% - or £18.1m.

Continuing the stabilisation, net debt has been reduced to £19.2m from £54.5m on 31 December 2008, principally due to the realisation £36.4m from the sale of Wood Mackenzie to Charterhouse. The buyout house has therefore met its covenant obligations: loan-to-value ratio was 24.8%, down from 33.6% year-end, well within the required threshold of 40%.

Candover has also annouced a major shake-up of its management team. John Arney, who has been with Candover Partners since 2002, will become managing partner, while Colin Buffin, the driving force behind the private equity firm, will leave the business after talks on the Candover 2008 fund have concluded. Finance director Tian Tan will also retire, leaving Matthew Harrison to assume the role. Marek Gumienny will also become chairman of Candover Partners.

The future of the Candover 2008 fund was addressed. Earlier this year, Candover Investments withdrew its commitments from the 2008 vehicle, leading to the fund's suspension from April of this year. Talks are now ongoing about the emergence of a smaller fund.

The ownership structure of Candover Partners, the investment manager 100% owned by Candover Investments, was also mentioned, with hints that the GP may spin-out in the future.

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