January 16, 2018 / 12:56 PM / 6 months ago

UPDATE 1-Permira partner takes charge of Germany's TeamViewer after execs quit

(Adds Permira partner leaving private equity firm to become CEO)

By Eric Auchard

FRANKFURT, Jan 16 (Reuters) - Private equity firm Permira has installed one of its partners as the new chief executive of German portfolio company TeamViewer, which it acquired in 2014, after the software company failed to find a buyer and its senior executives left last year.

Several buyout funds had weighed rival bids for a potential $2 billion deal after Permira initiated a sales process last year, sources close to the matter said at the time. But the process was postponed after the parties failed to agree a price.

TeamViewer said Oliver Steil, 46, a Permira partner and a long-serving operating executive for technology companies owned by the private equity firm, will join the software firm as its new chief executive this month, replacing Andreas Koenig as CEO.

Steil is leaving Permira to focus on his new role as CEO, a TeamViewer spokesman said.

“We will now rigorously implement the successful existing strategy and write the next chapter of the company’s success story in 2018,” Steil said in a statement issued by TeamViewer.

Koenig resigned in December for personal reasons, TeamViewer said in a statement. He was not immediately available to comment.

Thomas Novak, left TeamViewer in November after 14 months as the company’s chief financial officer, according to his LinkedIn profile.

TeamViewer are the makers of a remote administration software tool widely used by corporate network administrators to perform technical support on company employee computers, among other uses.

Steil, a member of TeamViewer’s advisory board, is chairman of Permira’s portfolio review committee and is responsible for working with deal teams on wringing value out of its investments. He joined Permira as a partner in 2015.

Previously, he was chief executive of German mobile service provider Debitel before it was sold by Permira to Freenet in 2009.

In 2010, Steil was named chief executive of Sunrise Communications AG, a Permira investment holding, and left ahead of the company’s stock market flotation in 2015. (Reporting by Eric Auchard; Editing by Gareth Jones)

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