Stephan Kruemmer, group partner and managing director of 3i’s German-speaking business, has decided to leave the firm for “personal reasons”.
Kruemmer joined 3i in 2005 and successfully restructured and repositioned 3i’s business in the German market, the firm said.
Under his leadership, the German business made investments such as Scandlines and Norma Group and advised 3i Infrastructure on its investment in Oiltanking, the largest of 3i Infrastructure’s transactions outside the UK.
The team’s track record of profitable realisations in the past four years includes SR Technics, Betapharm and Wendt.
Prior to 3i, Kruemmer was managing director of Rothschild Germany and head of German Investment Banking.
Before this, he was CEO of the Bertelsmann Multimedia Group – an international company encompassing television (RTL Group), book publishing (Random House), magazine publishing (Gruner + Jahr), media services (Arvato) and media clubs (Direct Group) in more than 50 countries.
“Germany is a key market for 3i and Stephan has made an outstanding contribution to the development of our German business,” says Michael Queen, chief executive of 3i. “I would like to thank him for this. We are sorry to see him go and wish him every success in his future career.”
Ulf von Haacke and Peter Wirtz, both partners in 3i’s global buy-out business, will jointly succeed Kruemmer as managing directors of 3i Germany.
Earlier this week, 3i confirmed speculation that it is considering a range of financing options including the potential issue of new equity. The confirmation came in response to reports by the UK press that the firm was considering raising up to 700 million.
D.C.