Private equity firm NorthEdge Capital has opened an office in Birmingham.
Located at 20 Colmore Circus, Queensway, the new office will provide a base from which NorthEdge can target growing companies and quality management teams across the East and West Midlands.
With over 40 years of experience, Rob Freer and Andrew Skinner will lead the new venture and be responsible for originating and executing new deals across the region.
Freer joins with over 25 years’ corporate finance experience across roles in private equity, acquisition finance, corporate finance and restructuring. He joins as a director having held senior positions at Ernst & Young, Royal Bank of Scotland, Deloitte and Lloyds Bank.
Skinner has joined as investment manager. He has over 15 years' experience working with mid-market businesses and has been involved in a number of private equity transactions at PwC and Better Capital.
NorthEdge has invested in 18 companies since it reached the final close on Fund I in 2013 and has committed almost GBP100 million of equity across seven deals in the last 12 months. The firm has also achieved two exits: the sale of video game developer Sumo Digital, providing a 4.4x return on investment, and the GBP116 million AIM IPO of tissue paper manufacturer Accrol.
NorthEdge is currently invested in a number of businesses that have a base in the Midlands such as Belfield Furnishings (Derby), DW3 Group (Stoke-on-Trent) and Jigsaw 24 (Nottingham).
Grant Berry, managing partner at NorthEdge Capital, says: “Opening an office in the Midlands has always been a strategic objective for the firm. We pride ourselves on being local investors within easy reach of the companies we work with and we are delighted to be welcoming both Rob and Andrew to the team. Their extensive networks and years of deal making experience will allow us to expand our reach and bring the NorthEdge investment approach closer to more high quality management teams across the Midlands. ”
Freer says: “It is a great time to be launching in the Midlands. I have spent most of my career in the region and whilst the market has always been active, you can feel a sense of renewed vibrancy about the area, partly attributable to the significant infrastructure spending which has been taking place and the relocation of large corporates such as HSBC to the Midlands. This, together with the establishment of the newly formed West Midlands Combined Authority is adding fuel to economic growth and the creation of jobs in the region. We want to play our part in capitalising on this and re-establishing Midlands’ identity as a strong private equity community.
“What NorthEdge has achieved to date has been impressive. We are very excited to be joining a highly successful team who values the importance of partnering with the local business and advisory community in sourcing and executing transactions. I am looking forward to working with local businesses to help them grow and realise their aspirations. Management teams want to work with investors who are committed to the region and have a detailed understanding of the local market – and that is what we are all about.”
NorthEdge typically invests between GBP5 million and GBP45 million in lower-mid market buy-out and development capital transactions. With other offices in Manchester and Leeds, NorthEdge has GBP525 million of private equity funds under management.
