Global private equity firm Vestar Capital Partners has become a little less global, Fortune has learned.
The New York-based group quietly closed its Milan office back in February, and laid off all four staffers. This included managing director Marco Mantica, who had joined Vestar in Milan more than a decade earlier. According to his LinkedIn profile, Mantica has since become CEO of Mittel Corporate Finance.
“It was a small team, and the firm felt that it could manage its European investments from its remaining European offices,” a firm spokeswoman said.
This is the second overseas office closure for Vestar, which shuttered its Tokyo office in January 2010 after proving unable to find suitable deal-flow in Japan. It continues maintain offices in Munich and Paris, plus U.S. outposts in Boston and Denver. The firm’s website continues to display the Milan location.
Vestar currently is investing out of a $3.7 billion fifth fund raised in 2005. It has been in the market since early last year with a successor vehicle that is targeting a similar amount.