Caledonia Investments has expanded its unquoted investments team, appointing Andy Powell as a director, according to a statement from the London-listed investment trust.
Powell joins the trust from Caird Capital, where he was a founding partner. Prior to this he was head of HBOS Integrated Finance, and has previously led unquoted investments in the leisure and industrial sectors. Powell will continue in an investment role at Caledonia, the firm said.
There are now seven in Caledonia’s unquoted investments team, the trust confirmed.
“Caledonia’s longer term partnership capital is an attractive alternative to traditional private equity and I’m looking forward to Andy helping to build the portfolio,” Duncan Johnson, head of unquoted investments at Caledonia, said in the statement.
Last week Caledonia released its results for the year ended 31 March 2015. Over the course of the year the unquoted pool returned 19.2 percent, including income, with “strong cash flow generation” from across the portfolio delivering £23.1 million (€32 million; $35 million) of income, the firm said. The core portfolio delivered 12.2 percent EBITDA growth during the year.
Caledonia maintains a concentrated portfolio of international quoted, unquoted and fund investments, with net assets under management of around £1.6 billion (€2.2 billion; $2.4 billion). On the unquoted side, Caledonia looks to invest between £25 million and £100 million on either a majority or minority basis, and looks to make around three investments every two years.
Among the trust’s unquoted investments are Park Holidays, which it acquired from Graphite Capital for £172 million in November 2013, and Choice Care Group, which it acquired through a management buyout in August 2013.