Exponent Private Equity has announced a number of changes to its team as part of the company’s succession planning strategy.
Richard Lenane has been appointed as Managing Partner with effect from 1 January 2016 in succession to Hugh Richards who will retire from the firm after its AGM at the end of June. Elsewhere in the team, Carl Lavin and James Gunton have been made Directors, while Partner and Finance Director Craig Vickery’s role will be broadened to encompass responsibility for the firm’s operations.
The changes follow a successful year for Exponent, which in April saw the firm raise GBP1 billion for its third fund on the back of significant investor demand. Exponent has already started investing from this fund, acquiring Big Bus Tours, BBI Group and Wowcher in the course of 2015. It was also a very successful year for exits, with Exponent returning GBP794 million to investors at an average money multiple of four times cost from the sales of thetrainline.com, Quorn Foods, and Fintrax Group.
Richards says: “I started my career in private equity in 1982 and the industry has changed beyond recognition since then. It’s been a huge privilege to be one of the founders of Exponent and to have played a part in making it the success that it has become. Richard joined us shortly after we founded the business in 2004 and I am very confident that the firm will continue to prosper under his leadership”.