Vandevelde to head new £300m private equity business
The Sunday Telegraph – 15 December 2002
Richard Fletcher
LUC VANDEVELDE, the chairman of Marks & Spencer, is to launch a pounds 300m European private equity fund when he steps back to a non-executive role at M&S in January.
The Halley family, the founders of the Promodes retail group, are backing him in the venture, which will be based in the UK but will look to buy businesses across Europe.
Vandevelde, who will be executive chairman of the fund, knows the Halley family well, having worked closely with them at Promodes in the 1990s. The fund is understood to have secured the necessary authorisation from the Financial Services Authority.
The fund, which will be formally launched in the New Year, will invest in a variety of sectors, including retail, and could raise further capital from other investors outside the Halley family. According to friends, Vandevelde has wanted to move into private equity for some time.
The move could see Vandevelde investing in undervalued UK retailers, bringing him into competition with rival high-street operator Philip Green, the owner of Bhs and Arcadia.
The successful revival of Marks & Spencer under Vandevelde has further enhanced his reputation among European retailers. He was recently voted business leader of the year by Sunday Telegraph readers.
After 24 years with Kraft, Vandevelde joined Promodes as chief operating officer in 1995. At the time Promodes operated more than 6,000 hypermarkets, supermarkets, convenience and discount stores in Europe.
Vandevelde was expected to take the top job following the retirement of Paul-Louis Halley, but his plan was thwarted when Promodes merged with Carrefour in 1999.
The Halley family is one of the richest dynasties in France and is the largest shareholder in Carrefour with an 11.5 per cent stake.
Vandevelde announced plans to move to a non-executive role earlier this year following the appointment of Roger Holmes as chief executive. He plans to spend just one or two days a week at M&S from January.
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