Leveraged buy-out expertise needed
Amid proposals for a €5bn ($4.9bn) acquisition of the electrical group Legrand by private equity firms Kohlberg Kravis Roberts (KKR) and Wendel Investissement, as well as other deals, French LBO hirers are in expansionary mood.
Firms looking for staff are said to include: KKR, PAI Management - the private equity arm of BNP Paribas - and Societé Générale. Candover is also said to be looking for a new partner for its Paris office.
'Every month there are at least 10 vacancies,' says Denis Marcadet, at financial recruitment specialists Vendômes Associés. 'Demand is strong for people with a senior profile and at least five years' LBO experience.'
Dianne Segalen, a partner at Heidrick and Struggles in Paris agrees: 'There is very high demand for LBO experts in Paris. All the firms that are already based in London are thinking of building up teams in France.'
Segalen says most houses are looking for senior individuals who can bring existing deal flow. Previous hires have included investment bankers such as André Francois Poncet, a Harvard MBA who spent 15 years at Morgan Stanley before joining European private equity firm BC Partners in 2000.
Private equity recruiters in London confirm that the continental market is making waves. James Heath, a recruiter at the Torus Partnership, says that LBO hiring is up in both France and Germany.
Guy Townsend at Walker Hamill says his firm is looking for French nationals with international experience who want to work back home.
Townsend says that pay in Paris is below that in London or New York, partly reflecting the lower cost of living. Headhunters suggest that people with five years' experience can expect a basic salary of between 100,000 and 130,000 euros, plus bonus and carried interest.
More experienced hires should receive a basic salary of between 400,000 and 800,000 euros.
The level of bonus and carried interest is highly variable, with bonuses up to 100% of base salary and carried interest up to 20% of the total capital gains made by the fund during the year.
