Aberdeen spins out to form Spirit Capital

Aberdeen Asset Management’s senior executives, Andy Glennon, Francesco Santinon and Colin Stirling, have led a management buyout from its London-listed parent. Former Bridgepoint investor relations head, Graham Dewhirst, will join the lower mid-market team as chairman.

Aberdeen Asset Management, a UK lower mid-market private equity firm, has become independent of its publicly listed parent.

Andy Glennon, Francesco
Santinon and Colin Stirling

Senior executives Francesco Santinon, Andy Glennon and Colin Stirling have led a management buyout and formed Spirit Capital, assuming roughly £100 million (€126 million; $180 million) of capital the team managed at Aberdeen. Spirit will also manage current Aberdeen portfolio companies.

Seven of their former Aberdeen colleagues have also joined Spirit, which will operate from London and Leeds locations.

Graham Dewhirst, former head of investor relations at Bridgepoint Capital, will join the firm as its chairman. He’s currently listed on Bridgepoint’s website as working part-time for the firm, particularly focused on US investor relations. He joined Bridgepoint in 1988, having previously been at 3i for seven years.

Spirit typically backs established management teams at companies valued between £10 million and £50 million, with particular focus on the environmental, healthcare and specialist industrial services sectors.

Aberdeen’s recent deals include the acquisition of land regeneration specialist EDSR, oil and environmental services provider Adler & Allan and fleet performance improvement business FMG Support.