Cairngorm hires Goldman Sachs exec

Stuart Whiteford’s appointment is the first of several planned in the coming months as the firm gears up to close its second fund.

Cairngorm Capital has appointed Stuart Whiteford as investment manager in the first of several hires over the next few months.

Whiteford joins the UK mid-market firm from Goldman Sachs’ EuroAsia special assets group where he was an executive director involved in strategy and investment, according to the firm. He was previously part of Citigroup’s UK investment banking team, where he advised companies and private equity investors on mergers, acquisitions and equity capital market transactions.

In his role at Cairngorm, Whiteford will source new opportunities, execute transactions and work with portfolio company management teams.

The hire comes as Cairngorm gears up to close its second fund which will be “somewhat larger” than the firm's debut investment vehicle, Cairngorm Capital Fund I, a spokeswoman told Private Equity International. Every limited partner in Cairngorm I has confirmed an increased commitment to Fund II, which is over-subscribed, she said.

Cairngorm I, which closed on around £52 million ($65 million; €61 million), has increased its size by 40 percent to £73.5 million, according to the spokeswoman. The firm has completed five investments since July, including windows and doors distributor Stevenswood.

Whiteford’s hire is part of a “carefully controlled” expansion of the business, according to the Cairngorm spokeswoman.

Founded by former HIG Capital partner Andrew Steel, Cairngorm invests in UK-headquartered businesses with operating profits of between £2 million and £20 million in manufacturing, distribution and services industries.

Whiteford joins Steel and investment directors Alex Bayliss and John Naylor-Leyland, as well as operating partners Jon Gatfield, John Declerck and Oliver Robinson.