Richard Harpin is stepping up realisations from his family office, as his investment vehicle Growth Partner targets additional private equity exits following a recent partial sale in Spain, according to a report by Bloomberg.
The investment firm has begun increasing divestment activity after agreeing to sell its stake in Spanish fitness operator Synergym last week. While financial terms were not disclosed, Harpin said the deal exceeded the firm’s internal return threshold of a 2.5x multiple on invested capital.
The exit marks one of the first realisations from a portfolio that has expanded steadily since 2022 and now includes around 15 UK-based consumer-focused businesses, spanning categories such as home goods, personal care and leisure products.
Harpin indicated that further disposals are expected, with proceeds from the Synergym transaction to be recycled into additional founder-led companies within the firm’s core investment focus.
Formerly the founder of home services company HomeServe, which was sold to Brookfield Asset Management in 2023, Harpin built his family office using proceeds from one of the UK’s largest recent take-private transactions.
Growth Partner focuses on direct investments in small and mid-sized consumer businesses, typically targeting founder-led companies with established cash generation and potential for expansion. The firm has approximately doubled its portfolio since 2022, with Synergym representing one of its early successful exits.
The strategy reflects a broader trend among wealthy investors increasing their direct exposure to private markets. A recent UBS survey of family office clients found that nearly 40% expect to increase allocations to direct investments over the coming five years.
Other prominent investors, including Tony James and David Rubenstein, have also expanded their family office activity in mid-market private equity, seeking faster growth opportunities outside traditional large-cap buyouts.
Growth Partner chief executive Jason Mahendran said the firm will continue to prioritise investments in this segment of the market, highlighting strong performance across portfolio companies such as Synergym, which has reportedly delivered annual revenue growth of more than 50% since the firm’s initial investment.
