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“We are delighted to have completed this deal and proud to be backing this business,” said Greybull Partner Marc Meyohas, upon the closing of the buyout on June 1. British family investment office Greybull Capital said it agreed to acquire Tata Steel’s (NSE: TATASTEEL) Long Products Europe division, based in Scunthorpe, northern England, for £1, in a deal which includes a £400 million ($570 million) investment and financing package. The deal is expected to be completed within two months. The British government has been under pressure to help a sale process go through after Tata, one of the world’s biggest steelmakers, said on March 30 it would sell its British business, putting 15,000 jobs at risk. Tata has been in exclusive talks with Greybull, a London-based private equity firm, since December 2015, when Tata Steel signed a Letter of Intent to enter exclusive negotiations with Greybull for the potential sale of its Long Products Europe business. Greybull Capital London-based Greybull is run by the secretive Marc and Nathaniel J. Meyohas brothers and longstanding Swedish family friend Richard Perlhagen, who are best known in the UK for coming in 2014 to the rescue of Monarch Airlines, which has now been put up for sale. Greybull is a family investment office with significant investments in various sectors including aviation, pharmaceuticals, semiconductors, energy, industrials, retail and leisure across UK, mainland Europe and the US. Within its UK portfolio Greybull’s family trusts own and control several companies including the Monarch Group, My Local, Plessey Semiconductors Limited and Arc Specialist Engineering Limited. “We are a family-owned, family-run business with interests everywhere,” Marc Meyohas told the Sunday Times. Greybull was reportedly set up to invest “the wealth of the two families, whose ties go back 40 years.” The brothers’ father was a French corporate lawyer who reportedly made his fortune in the private equity industry in the U.S. Prior to founding Greybull in 2008, Marc Meyohas was founder and CEO of Cityspace Ltd, a kiosk-based tourism services company. He holds a BA degree in Economics from the University of Manchester, A 2002 Harvard Business School publication features a product demonstration by Marc Meyohas, reflecting on the business model and prospects of his fledgling startup, including a video “taped in January 1999 during a critical time of strategic reorientation for Cityspace.” Cityspace is a UK-based technology company, which provides urban digital networks in partnership with local authorities. It became the market leader in outdoor communication and information networks through its pioneering product and service portfolio of iPlus Points, StreetNet wireless broadband “hot zones” and intelligent transport systems. Cityspace has developed urban digital networks across a number of London boroughs, UK city councils and international implementations in Moscow, Sweden and Brussels, among others. In 2005 Marc Meyohas’ Citispace created London’s “Technology Mile’ outdoor broadband hot zone Wi-Fi network by way of a “transatlantic partnership” deployed in partnership with Canada’s BelAir Networks. “We chose to work with BelAir on this project as it offers the most flexible design in wireless switch routers, which allows us to easily and painlessly expand our wireless network,” said Meyohas at the time. Prior to joining Greybull in 2010, his brother Nathaniel Meyohas was a principal at privately-held private equity firm Sun Capital Partners from 2003 to 2010. Sun Capital has over $9 billion of capital under management, with offices in Boca Raton, Los Angeles, New York, and affiliates in London, Paris, Frankfurt, and Shenzhen. He was previously an investment banker at Lehman Brothers from 1996 to 1999. He holds an MBA degree from NYU Leonard N. Stern School of Business. Nathaniel Meyohas has served as Executive Board Member and November 2011 dinner chairman at Israel’s Laniado Hospital in the UK, together with his Italian-born wife Michaela Nahmad Meyohas, a scion of the world renowned Nahmad family of billionaire fine art collectors and art dealers residing in Monaco, London and New York. Her father and uncle Ezra and David Nahmad are among the world’s most influential dealers of modern and impressionist art by “more than 30 blue-chip artists, from Monet and Matisse to Renoir and Rothko,” including “300 Picassos worth at least $1 billion,” according to Forbes. They are said to own a vast inventory of more than 4,000 works of art worth an estimated $3 billion, stored in a freeport warehouse next to the airport in Geneva, Switzerland, which they typically trade at auctions. Richard Perlhagen, a founding partner at Greybull Capital, worked in venture capital at SEB Merchant Banking in London from 2007 to 2009, prior to joining Greybull. He previously worked for two years as an investment analyst at his family’s Swedish industrial conglomerate and private equity firm Volati AB, an offshoot of Volaty BV, founded by his father Gert Lennart Perlhagen, also founder and owner of his Swedish family empire Odin Trust, and pharmaceutical company Meda AB since 1999. Volati AB is now majority-owned (57.8%) by its chairman Karl Perlhagen (Richard’s brother), who in 2013 left his job as Meda’s CFO. Lennart Perlhagen made a fortune in the 1990s by buying cheap heartburn Losec/Prilosec tablets in Italy and selling them at a premium in Sweden, through his Cross Pharma pharmaceutical company, which he reportedly sold for tens of millions. He’s a director of London and New York-based family business Chelsea Textiles, founded in 1990 by his wife Mona Perlhagen, with their daughter Jenny Perlhagen Simpson serving as design director. He’s also a director of Israeli medical device oncology company Standen Ltd, operating as NovoCure. He previously served as Pfizer’s CEO for Scandinavia and UK, and as AstraZeneca AB regional director for South Europe. Since 1999, the Perlhagen family have been the owners of French vineyard Domaine Grande Bastide located on the countryside of Tourettes, in the Provence-Alpes-Côte d’Azur region in southeastern France. Scunthorpe Karl Koehler, Chief Executive of Tata Steel’s European operations, said: “This is an extremely critical time for the whole industry, and we have been working hard to explore all options that could provide a future for the Long Products Europe business. About 5,000 people are employed at Long Products Europe and its distribution facilities. Tata Steel employs about 30,000 people across Europe, including about 17,000 in the UK. Scunthorpe, one of the UK’s largest facilities and one of 12 Tata steel sites across the country, makes specialist steel products including wire rods, steel beams and track for the building and rail industries. Bimlendra Jha, Executive Chairman of the Long Products Europe business, said: “Today’s announcement is the result of the huge effort put in by employees, trade unions and management to seek a future for the Long Products Europe business by creating a turnaround plan.” “Tata’s U.K. assets were once controlled by state-owned British Steel and bought for $12 billion a decade ago. The country’s steel industry has been in decline for more than a century — hit by high energy costs, inefficient production and a flood of Chinese exports,” said Bloomberg reporter Thomas Biesheuvel. “For the rest of its U.K. steel business, the company started a formal process to sell the unit and hired advisers KPMG LLP and Slaughter and May.” Tata Steel Established in 1907, Tata Steel (formerly Tata Iron and Steel Company Limited (TISCO)) is among the top ten global steel companies with major production facilities in India, UK, Netherlands, Thailand and Singapore. It is now one of the world’s most geographically-diversified steel producers, with operations in 26 countries and a commercial presence in over 50 countries. Tata Iron and Steel Company was established by Dorabji Tata in 1907, as part of his father Jamsetji’s Tata Group. By 1939 it operated the largest steel plant in the British Empire.]]>