UK private equity fund Elaghmore has appointed Jon Rawlings and Michael Rice as investment directors, expanding its team to nine.
Rawlings spent more than 15 years at KPMG, working across a number of divisions in both commercial director and COO roles, before joining Elaghmore. His background also includes identifying underlying performance drivers in businesses and implementing changes to drive productivity.
Rice previously spent close to ten years at private equity investor Leeds-based Endless LLP. He has worked on multiple mid-market UK private equity projects and helped to realise the strategic value in a range of investee companies. Most recently, he provided interim management services, including transaction support and turnaround expertise, to a range of investors, SMEs and mid-market businesses across the UK.
The two join Elaghmore at an exciting time as its investment companies continue to implement their growth strategies.
In February, Alucraft acquired the assets, including a 3,000 sq m manufacturing facility, of Rotherham-based Façade and Glazing Solutions (FGS) Alucraft is the fifth and largest acquisition made by Elaghmore so far from its initial private equity fund, Elaghmore I (Fund 1) which closed at the end of 2016. Alucraft has plans for further expansion as it looks to grow its operational capacity.
“These two appointments fit perfectly with our value creation strategy here at Elaghmore, said Andy Ducker, founding partner at Elaghmore.
“Both Jon and Michael bring a wealth of real-world experience and skills that will be invaluable as we continue to grow our businesses both organically and through future acquisitions. All our companies continue to perform well, and we think the future is bright,” he added.
Based in Leamington Spa, Elaghmore was founded in 2012 by David Manning and Andy Ducker. The team invests in UK businesses, largely through operational transformation including Chaucer Foods and St Neots Packaging. In December 2016, Elaghmore launched an initial private equity Elaghmore I (Fund 1) raising GBP60 million. The investment strategy of Fund 1 is focused on UK-headquartered businesses that present an opportunity for growth and value creation.
