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LDC announces a number of senior promotions

LDC, the private equity arm of Lloyds Banking Group, has made a number of senior promotions as part of its intention to invest GBP1.2billion in UK mid-market firms in the next three years.

Head of new business Andy Grove is promoted to a newly formed role of chief investment officer and will be responsible for the firm’s overall investment activity, including supporting LDC’s portfolio through the focused provision of follow-on funding, according to the firm. Grove led LDC’s investments into Forest Holidays and Joules.
 
John Garner currently head of Yorkshire, North East & Scotland, is promoted to head of new business to focus on LDC’s new business efforts nationally. Garner joins LDC’s executive committee and investment committee. He has held senior positions in the Nottingham and Manchester offices in addition to leading Yorkshire, North East & Scotland. Garner has led more than 30 investments, including the minority investment and subsequent IPO of video games developer Team17.

Jonathan Bell is promoted from head of the North West to head of the North. Bell has supported LDC partnerships including medical communications business Fishawack and SRL Traffic Systems. Bell will remain on LDC’s investment committee and his role will be extended to oversee LDC’s offices in Manchester, Leeds, Newcastle and Aberdeen, as well as its presence in Glasgow and Edinburgh.
 
Steve Aston is promoted to Senior Director and joins LDC’s Executive Committee alongside his existing roles on Investment and Valuation Committees. Recognising his strong investment performance over 13 years, Steve will focus on delivering incremental value from both new and portfolio investments across LDC’s offices. Steve has played a leading role in many of the firm’s most successful partnerships including The NEC Group, AIM Aviation and MB Aerospace.

LDC has completed two investments and two exits this year. In 2019 LDC invested £365million to back 18 management teams.
 

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