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One of many non-public fairness backers of the AA breakdown restoration service has poached a veteran Metropolis banker to take a management position at its operations in Europe.
Sky Information has learnt that Warburg Pincus is lining up Andrew Sibbald, the chairman of Evercore Companions’ London-based enterprise, to turn into the agency’s co-head of Europe.
Mr Sibbald is anticipated to work alongside Rene Obermann, the Airbus chairman, who relies in Berlin as Warburg Pincus’s different European boss.
Warburg Pincus has additionally invested in Reiss, the style retailer
Adarsh Sarma, Warburg Pincus’s present London-based co-head of Europe, is claimed to be leaving the agency and searching for a brand new alternative elsewhere, based on one Metropolis supply.
Warburg Pincus is without doubt one of the world’s largest non-public fairness traders, with a portfolio within the UK which incorporates stakes within the AA and Reiss, the style retailer.
It manages belongings of roughly $80bn (£62bn) and has simply raised a $16bn (£12.5bn) international buyout fund.
The agency’s different investments embrace Inmarsat, the satellite tv for pc operator, and Ola, the Indian ride-hailing app.
Mr Sibbald’s 35-year profession in banking consists of having suggested on offers which reshaped components of Britain’s company panorama, such because the fund supervisor M&G’s demerger from Prudential and the preliminary public providing of funds platform Hargreaves Lansdown.
He additionally suggested the AA on its sale to Warburg Pincus and Towerbrook Capital Companions.
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Each Warburg Pincus and New York-listed Evercore had been contacted for touch upon Sunday.
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