ELECTRA Partners Europe (EPE), the mid-market buyout firm behind Travelsphere, the tour operator, is changing its name after splitting from its former parent.
The private equity firm, which was separated from Electra Partners Limited and Electra Investment Trust last year, said yesterday that it would change its name to Cognetas ahead of moves to expand its European presence.
Nigel McConnell, managing partner, said that he felt that the time was now right to drop the Electra name. “This will remove confusion with Electra Private Equity and it is also an opportunity to emphasise the firm’s independent and distinctive approach to private equity,” he said.
Mr McConnell said that the name was derived from a combination of two Latin words, cognitio, meaning knowledge, and nere, meaning to weave or join together.
The company said that it would push into Italy, with the launch of its fourth European office in Milan. The company, which already operates out of London, Frankfurt and Paris, said that it wants to tap into a burgeoning pool of private equity opportunities in Italy as a new wave of family-run businesses seek professional management and backers.
Advertisement
EPE specialises in medium-sized deals worth up to €500 million (£337 million).
Mr McConnell said that he believed that the Italian midmarket, covering deals worth between €100 million and €500 million, is set to grow strongly for “generational” reasons, as family firms seek out professional leadership in order to compete against international rivals.
The company believes that the Italian midmarket is under-served, with many local private equity firms focused on doing deals below €100 million in value. By contrast, large pan-European private equity groups specialise in far bigger deals.