Bridgepoint to Open U.S. Office for European Portfolio GrowthBy and
Focus will be on due diligence and add-ons for EU companies
Presence won’t be used to make standalone buys in the U.S.
Bridgepoint, the European buyout firm, will open a portfolio office in New York to find add-on acquisitions for its existing European companies.
The office will conduct due diligence on U.S. targets for the European businesses in Bridgepoint’s portfolio, and support the sale of companies to U.S. buyers, a spokesman for the London-based firm said. The office won’t be used to make standalone acquisitions of companies in the country.
Senior employees from Europe will lead the New York office and local hires will be made over time, the spokesman said.
Bridgepoint’s funds have assets worth more than $2 billion in enterprise value in the U.S. The region represents the third-largest source of revenue for its companies, according to the spokesman.
In 2011, Bridgepoint opened an office in Shanghai to support its European companies.
The buyout firm’s holdings include Pret A Manger Ltd., the London-based sandwich and salad shop, which has stores in New York, Washington, Chicago and Boston.