Clayton, Dubilier & Rice, the US buy-out firm, has revived European expansion with the hire of Christian Rochat as a London partner. Rochat has worked at Morgan Stanley Capital Partners and Schroder Ventures, now called Permira.

Last year Clayton, Dubilier toned down its European expansion plans as Benedikt von Schröder quit as a partner after Germany's desultory dealflow led the firm to abandon plans to open an office in the country.