China cross-border GP AGIC opens London office

Sam Breuning has joined the firm as a partner and head of UK. Breuning worked at Equistone Partners Europe from 2006-2017, where he led a number of transactions and served on the boards of several portfolio companies including energy provider UK Power Reserve and advertising firm The Mill.

AGIC was founded in 2015 by Henry Cai, former executive chairman of corporate finance for Asia Pacific at Deutsche Bank, who saw an opportunity to invest in mid-market technology and manufacturing businesses in Europe to support their expansion in China. It closed its first fund last year at $1 billion with strong support from Asian LPs, including an anchor commitment from China Investment Corporation (CIC).

In its first deal in 2016, AGIC joined two Chinese companies to acquire KraussMaffei, a German manufacturer of machinery for producing plastics and rubber. It has pursued additional deals both as a member of a consortium, as with last year’s acquisition of US-based pharmaceutical manufacturer Ritedose, and on its own as with Italian robotics component manufacturer Gimatic.

“AGIC has a very focused and differentiated strategy within an increasingly crowded marketplace for private equity,” Breuning said in a statement. “I’m excited to be joining a fast-developing private equity firm as we look to invest our first fund into market-leading companies that have significant potential for growth but need the finance and local expertise to realize that potential.”

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• Topics
• Europe
• Greater China
• People
• GPs
• China
• United Kingdom
• AGIC Capital
• Appointments