HgCapital, the European sector-focused mid-market private equity investor, has implemented a series of senior management changes to continue the firm’s evolution by promoting the next gene
HgCapital, the European sector-focused mid-market private equity investor, has implemented a series of senior management changes to continue the firm’s evolution by promoting the next generation of its partners, who have been responsible for its growth over the past five years.
After seven years, Leonard Licht is retiring as chairman of HgCapital (from 30 September), but will remain as a senior adviser and partner to the firm. Ian Armitage, currently Chief Executive, will assume the role of Chairman, while
Frances Jacob becomes Deputy Chairman and will continue to chair the Investment Committee. Nic Humphries becomes Chief Executive and will remain as head of the TMT sector team.
HgCapital has evolved from a small mid market UK firm to a business with a strong North European presence and leading sector franchises in particular in the TMT, Healthcare and Industrials sectors. It has also been successful in attracting talent in the private equity industry. Today the firm employs more than 60 with 12 different nationalities. These management changes are intended to capitalise on the wealth of investment and management talent within the firm and assist in the evolution of the firm’s management.
Nic Humphries joined HgCapital in 2001 from Geocapital Partners where, as general partner, he founded its European business. Previously he was head of Barclays Private Equity’s IT and telecoms team. Nic has led some of HgCapital’s largest and most successful buyouts, including the recent sale of IRIS Software and CS Group to Hellman & Friedman for GBP 500m, the GBP 382 million public-to-private acquisition of Visma AS and the GBP 450 million flotation of Xyratex.
Other promotions include Richard Donner and Karsten Hartmann who become Partners whilst Alex King, Philipp Schwalber, Emma Tinker and Justin von Simson are promoted to Director.
Ian Armitage says: ‘Since HgCapital became an independent partnership in December 2000 it has produced excellent returns for investors by investing in its people and allowing them to operate in an environment that encourages and rewards success. I am confident that the firm, under Nic’s leadership with the strong support of all of his colleagues, will continue to deliver outstanding returns to investors. I would also like to thank Leonard for his wisdom, humour, unconventional thinking and natural genius over the past seven years. I am pleased he has agreed to continue as an advisor.’
Nic Humphries adds: ‘HgCapital’s success is due primarily to the excellence and drive of our people. The changes announced today are intended to capitalise on that. The energy and focus of our younger team members and the experience of our 12 partners is a powerful combination and these changes will support the continued development of the business over the next 10 years. I am honoured and highly motivated by the prospect of me and my fellow partners leading the firm through its next phase of growth and continuing to provide excellent returns for our clients.’
