Bowmark senior partner departs

The UK mid-market firm has promoted David Torbet to its senior management committee and made three new appointments.

Mark Salter is leaving Bowmark Capital after more 15 years at the firm, according to a statement.

Salter, a senior partner and a member of the investment committee and senior management committee, joined Bowmark in 2001. He leads the firm’s healthcare and technology practices, according to the firm’s website.

In the statement, Salter said “the time has come to take on a fresh challenge”, but details of his plans following departure are unknown.

Bowmark has promoted partner David Torbet to its senior management committee, which includes Kevin Grassby, Charles Ind, Julian Masters and Tom Shelford.

The firm has also made three new appointments to strengthen its investment team.

Simon Kaufman joins as an investment manager from KPMG, where he was an associate director in the transaction services group. Nick Hewett joins as an investment executive from Nomura, where he was an associate in the M&A team and advised on acquisitions and equity financings, including transactions in the consumer, healthcare and transport sectors.

Alex Paternotte joins as a portfolio manager in Bowmark’s value creation team, having previously worked as an independent strategy and management consultant in a number of private equity-backed companies, including as interim general manager of the French subsidiary of Autodata, a Bowmark portfolio company.

Earlier this month Bowmark, together with Five Arrows Principal Investments, the private equity business of Rothschild Merchant Banking, agreed to sell Autodata to Solera Holdings in a £340 million ($412 million; €387 million) deal, as reported by Private Equity International. The deal will deliver a return of around 2.5x it is understood.

Bowmark is currently investing its fifth fund, which closed on £375 million in 2013 after just 10 weeks in market, as reported by PEI.