Permira

In the 1980s, J. Henry Schroder Wagg, a multinational asset management company, developed a concept for private equity funds to finance management buyouts. It operated as Schroder Ventures, headquartered in the UK. Nicholas Ferguson was appointed chairman.{{cite web|language=en|first1=Simon|last1=Mundy|title=Ferguson Steps Down as Head of SVG Capital|url=https://www.ft.com/content/d0e5e828-6c70-11e1-b00f-00144feab49a|website=Financial Times|date=2012-03-12|access-date=2023-04-14}} In many European countries like Germany and Spain, the Schroders fund was the very first private equity fund to be launched.

In 1996, Schroder Ventures staff from the UK, Germany, France, and Italy formed an independent company called Schroder Ventures Europe. It was renamed Permira in 2001 to reflect its separation from J. Henry Schroder Wagg.{{cite news|language=de|title=Permira setzt auf Kauf von Börsenflüchtigen|newspaper=Handelsblatt|date=2001-11-13|page=14}}{{cite web|language=en|first1=Brad|last1=Meikle|title=Schroder Ventures Europe Becomes Permira|url=https://www.buyoutsinsider.com/schroder-ventures-europe-becomes-permira/|website=Buyouts Insider|date=2001-12-01|access-date=2023-04-14}} The Permira brand had been introduced earlier with the launch of the Permira Europe I and Permira Europe II investment funds.{{cite news|language=de|title=Britischer Aufsteiger|newspaper=Financial Times Deutschland|date=2006-07-13|page=28}}

During the 1990s and 2000s, Permira became the largest private equity firm in the UK and Europe.{{cite news|language=de|first1=Nikos|last1=Späth|title=Permira verwaltet Europas größten Beteiligungsfonds|newspaper=Welt am Sonntag|date=2005-05-22}} The firm invested in companies such as Cognis and Premiere.{{Cite web|date=2001-12-13|title=Permira and Goldman Sachs To Buy Cognis|url=https://www.leathermag.com/features/featurepermira-and-goldman-sachs-to-buy-cognis/|access-date=2023-04-14|website=Leather International|language=en}}{{Cite web|date=2002-12-20|title=Premiere: Der unaufhaltsame Einstieg von Permira|url=https://www.manager-magazin.de/digitales/it/a-228114.html|access-date=2023-04-14|website=Manager Magazin|language=de}} These acquisitions attracted widespread public attention. In 2002, Permira opened its first US office in New York City.{{cite web|language=en|first1=William|last1=Hutchings|title=Permira Opens New York Office|url=https://www.fnlondon.com/articles/permira-opens-new-york-office-20020930|website=Financial News London|date=2002-09-30|access-date=2023-04-14}} The firm also established a presence in Asia with its offices in Tokyo (2005–2022){{Cite web|date=2022-10-24|title=Permira Shuts Down Japan Office|url=https://www.avcj.com/avcj/news/3028041/permira-shuts-down-japan-office|access-date=2023-04-14|website=AVCJ|language=en}} and Hong Kong (2008).{{cite web|language=en|first1=Leigh|last1=Powell|url=https://www.asianinvestor.net/article/permira-adds-china-adviser-eyes-asia-growth/237235|title=Permira Adds China Adviser, Eyes Asia Growth|website=Asian Investor|date=2010-11-01|access-date=2023-04-14}}

In 2004, CVC and Permira bought from Centrica the British motoring association the AA, and in July 2007 merged the AA with Saga under Acromas Holdings.{{cite web|last1=Wachman|first1=Richard|title=A sorry Saga at the AA?|url=https://www.theguardian.com/business/2007/jul/01/privateequity.observerbusiness|website=The Guardian|access-date=15 September 2016|date=1 July 2007}} In 2006, CVC and Permira were accused by Labour MP Gwyn Prosser in the House of Commons of "greed" and "blatant asset stripping" of the AA "to borrow £500m on the basis of the AA's assets in order to pay themselves a dividend." The AA responded that they were "happy to have a reasoned conversation with Mr Prosser."Clement, Barrie.(12 April 2006). [https://www.independent.co.uk/news/business/news/mps-accuse-owners-of-asset-stripping-aa-motoring-group-6103972.html MPs accuse owners of asset stripping AA motoring group]. The Independent.

In 2021, Permira successfully closed its second multi-billion growth opportunities fund at its $4bn hard cap.{{cite web|language=en|first1=Jan-Hendrik|last1=Foerster|title=Permira Closes Second Growth Opportunities Fund at $4B|url=https://www.bloomberg.com/news/articles/2021-12-22/permira-closes-second-growth-opportunities-fund-at-4-billion#xj4y7vzkg|website=Bloomberg|date=2021-12-21|access-date=2023-04-14}} Most recently in 2023, the firm closed its eighth flagship buyout fund, Permira VIII, with total capital commitments of €16.7 billion.{{cite web|first1=Aaron|last1=Kirchfeld|first2=Jan-Henrik|last2=Foerster|website=Bloomberg|title=Permira Completes €16.7 Billion Fundraising on Flagship Fund|url=https://www.bloomberg.com/news/articles/2023-03-08/permira-completes-16-7-billion-fundraising-for-flagship-fund#xj4y7vzkg|date=2023-03-08|access-date=2023-04-14|language=en}}

Permira owns businesses in several countries worldwide. Permira Holdings Limited, which has its registered office in St Peter Port, Guernsey,{{cite web|language=en|title=Permira Holdings Limited|url=https://www.greg.gg/webCompSearch.aspx?crn=40432|website=Guernsey Registry|date=2003-01-17|access-date=2022-08-01}} is the holding company for the group.{{cite web|language=en|publisher=Permira Advisers Holdings Limited|title=Annual Report 2021|url=https://find-and-update.company-information.service.gov.uk/company/05983113/filing-history|website=Companies House|date=2022-05-06|access-date=2022-08-01}} Operations are managed from the headquarters in London; it also has offices in major business and financial centres, including Frankfurt,{{cite web|language=de|first1=Peter|last1=Köhler|title=Beteiligungen: Pionier der Private-Equity-Szene leitet Stabwechsel bei Permira ein.|url=https://www.handelsblatt.com/finanzen/banken-versicherungen/banken/beteiligungen-pionier-der-private-equity-szene-leitet-stabwechsel-bei-permira-ein/28875868.html|website=Handelsblatt|date=2022-12-20|access-date=2023-02-08}} for example.

Permira is organised as a partnership and is owned by most of its senior management.{{cite web|language=en|first1=Ayesha|last1=Javed|url=https://www.penews.com/articles/permira-bjorklund-conference-20110928|title=Bjorklund Rules Out Permira Public Listing|website=Private Equity News|date=2011-09-09|access-date=2023-04-14}} The group operates under the supervision of the executive board, which comprises Kurt Björklund (Managing Partner),{{cite web|language=en|first1=Shasha|last1=Dai|title=Two More Longtime Partners at Permira to Retire|url=https://www.wsj.com/articles/DJFLBO0120150202eb22ju0h3|website=Wall Street Journal|date=2015-02-02|access-date=2023-04-14}} three other partners and four non-executive directors.

Permira advises buyouts, growth funds, equity funds, and credit funds that operate independently of the holding company. The funds are backed by institutional investors,{{cite web|language=en|first1=Dan|last1=Dunkley|url=https://www.wsj.com/articles/DJFLBO0020130729e97tbha15|title=Co-Investors to Support Permira on Mega Buyouts|website=Wall Street Journal|date=2013-07-29|access-date=2023-04-14}} including banks, insurance companies, pension funds, asset managers and high net worth individuals.

Permira targets companies around the world with proven growth prospects, often in partnership with management. Permira seeks to enhance the value of businesses over the medium to long term, for example through spin-offs, mergers and acquisitions, and organic growth. A common exit strategy for Permira is the sale of companies to other companies or public offerings.{{cite news|language=de|first1=Tasso|last1=Enzweiler|title=Report: Wie Investor Permira seine Übernahmen einfädelt.|newspaper=Financial Times Deutschland|date=2002-01-31|page=29}}

Permira focuses on the technology, consumer, services, and healthcare sectors. High-profile investments include Acuity Knowledge Partners,{{cite web|title=Permira-backed funds to buy majority stake in Acuity|url=https://www.privatebankerinternational.com/news/permira-funds-acuity-equistone/|website=Private Banker International|date=2023-01-30|access-date=2023-03-31}} Clearwater Analytics,{{cite web|language=en|title=Permira, Warburg Pincus, Dragoneer and Durable Back Clearwater Analytics|url=https://www.pehub.com/permira-warburg-pincus-dragoneer-and-durable-back-clearwater-analytics/|website=PE Hub|date=2020-10-12|access-date=2023-04-14}} Engel & Völkers,{{cite web|language=de|title=Finanzinvestor kauft Mehrheit an Engel & Völkers|url=https://www.faz.net/aktuell/wirtschaft/unternehmen/finanzinvestor-permira-kauft-mehrheit-an-engel-voelkers-17477260.html|website=Frankfurter Allgemeine|date=2021-08-09|access-date=2023-04-14}} McAfee,{{cite web|language=en|title=McAfee To Sell Itself to a Private-equity-Led Group|url=https://www.wsj.com/articles/mcafee-to-sell-itself-to-a-private-equity-led-group-11636394028|website=Wall Street Journal|date=2021-11-08|access-date=2023-04-14}} Neuraxpharm,{{cite web|language=en|title=Permira Buys German Specialty Pharma Group Neuraxpharm|url=https://www.reuters.com/article/us-neuraxpharm-m-a-permira-idUSKCN26D2JJ|website=Reuters|date=2020-09-22|access-date=2023-04-14}} Reorg,{{cite web|language=en|first1=Mark|last1=Latham|title=Behind the Deal: How Permira Got Its Hands on Data Provider Reorg|url=https://www.penews.com/articles/behind-the-deal-how-permira-got-its-hands-on-data-provider-reorg-20230112|website=Private Equity News|date=2023-01-12|access-date=2023-04-14}} TeamViewer, Zendesk{{cite web|language=de|first1=Klaus|last1=Smolka|title=Hunderte Millionen für ein deutsches Start-Up aus der Provinz|url=https://www.faz.net/aktuell/wirtschaft/netzwirtschaft/teamviewer-geht-an-permira-13027592.html|website=Frankfurter Allgemeine|date=2014-07-04|access-date=2020-02-04}}{{cite news|language=de|first1=Stephan|last1=Scheuer|url=https://www.handelsblatt.com/technik/it-internet/us-softwarehersteller-drama-um-kundenmanager-zendesk-endet-mit-verkauf-an-investor/28453856.html|title=Drama um Kundenmanager Zendesk endet mit Verkauf an Investor|website=Handelsblatt|date=2022-06-24|access-date=2023-03-31}} and Squarespace.{{Cite web |last= |date=2024-05-17 |title=Permira is taking Squarespace private in a $6.9bn deal |url=https://www.privateequitywire.co.uk/ares-leads-1-2bn-centralsquare-debt-refinancing/ |access-date=2024-06-17 |website=Private Equity Insights |language=en-US}}{{Cite web |title=Permira to take website builder Squarespace private in $6.9bn deal |url=https://www.ft.com/content/5f877cb3-dd6c-4daa-a5c6-cc3f3bf95c85 |access-date=2024-06-17 |website=www.ft.com}}

{{Reflist}}

• {{Official website|www.permira.com}}

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Category:British companies established in 1985

Category:Private equity firms of the United Kingdom

Category:Asset management companies