KKR & Co.’s UK and Ireland private equity division leader has resigned from his role a few months after the division’s latest European buyout fund was closed.
Tim Franks was previously with Advent International and had also led KKR’s Europe, Middle East, and Africa consumer private equity team.
The company’s Benelux business head, Daan Knottenbelt, will become its chairman in the region. Franks was responsible for the sustainability consultancy ERM Group’s $2.7-billion acquisition, as well as the previous year’s purchase of Citation Group.
He also helped KKR draw in money from new sources, as the co-CEO of the high-net-worth individual-targeting K-PRIME fund.
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According to a KKR spokesperson, both Franks and Knottenbelt have made significant contributions to the company’s business in EMEA over the last 5-6 years.
Despite a difficult private equity market, KKR has announced more than $29 billion in takeovers in Europe, making it one of the most active private equity firms in the region.
It is now facing increased challenges to their traditional model of leveraged buyouts.
KKR overhauled its Asia-Pacific private equity team’s leadership last month as it started allocating funds from its new $15 billion regional fund, following the closure of its European buyout fund in April for $8 billion.
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KKR also recently refinanced Upfield, a former Unilever spreads company’s debt after making significant concessions to lure investors.
Hilding Anders International AB, which was invested in through a credit fund, will relinquish KKR’s control as part of the Swedish mattress manufacturer’s second debt restructuring in fewer than twelve months.
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