Fresh from agreeing his first deal for his new firm, former Apax Partners star dealmaker Michael Phillips talks to Financial News about the challenges of launching his own firm and why cheap debt is brightening the deal climate in Europe.

Castik Capital Partners, the European buyout firm co-founded by Phillips, said Wednesday that it has made a recommended cash offer to buy Waterlogic, a manufacturer of drinking water purification and dispensing systems, in a deal valuing the business at £122.6 million.