LDC, the private equity arm of Lloyds Banking Group, has made a number of senior promotions across the firm as part of its commitment to invest GBP1.2billion in UK mid-market firms in the next three years.The promotions follow a period of significant success for the leading mid-market private equity investor, having already completed two investments and two exits in 2020. This builds on a strong performance in 2019 where LDC invested GBP365million to back 18 ambitious management teams, and generated a total of GBP330million total proceeds, despite challenging market conditions.
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. In his 12 years with the business, Andy has led some of LDC’s most successful investments including 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. John joins LDC’s Executive Committee and Investment Committee. During his 14 years with LDC, John has held senior positions in the Nottingham and Manchester offices in addition to leading Yorkshire, North East & Scotland. He’s been responsible for 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. Over the last 14 years, Jonathan has supported LDC’s partnerships with some of the North’s most exciting businesses including medical communications business Fishawack and SRL Traffic Systems. Jonathan 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.
Each of LDC’s regional offices will continue to partner with advisors and ambitious management teams in their local market as the firm extends its successful regional strategy, evidenced by the recent launch of LDC’s 12th UK location in Newcastle.
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.
Martin Draper, Chief Executive of LDC, says: “These promotions recognise the valuable contribution of four of our most successful investors, each with their own proven track record. Their experience, combined with the significant talent we have right across our business, our regional model and the support of our parent company, Lloyds Banking Group, means we are well-placed to continue our growth.”
LDC has backed more than 600 ambitious management since it was established in 1981.
