A turnaround investor set up by Apollo Global Management and retail specialist Gavin George has hired a former Apax dealmaker, as it seeks out distressed retailers in Europe.

Magnus Mattsson has joined Apollo-backed Alteri Investors as chief investment officer after 11 years at Apax, where he was a principal in the retail and consumer group. Deals he was involved in include the firm's profitable investment in fashion brand Tommy Hilfiger, which made Apax five times its money.