Changing of the guard at PPM

The private equity arm of UK insurance company Prudential has appointed 39-year-old Neil MacDougall to succeed Jonathan Morgan as managing director of the firm.

European mid-market investor PPM Ventures has announced the appointment of Neil MacDougall as managing director. MacDougall will replace Jonathan Morgan who will continue his association with the company until the end of 2004.

MacDougall joined PPM Ventures in 1989 and became a director in 1995. Most recently he was responsible for co-ordinating the firm’s investment strategy in the chemical and healthcare sectors.

Before joining PPM, MacDougall was a strategic management consultant at Bain & Co.

Jonathan Morgan will take up a number of non-executive directorships of PPM portfolio companies, including TMF Group and Suspa Holding. He will also remain chairman of the Australian investment committee until the firm’s fourth Australian fund, a AUD$180 million (€103 million; $125 million) partnership, is fully invested.

Morgan joined Prudential in 1985, became a director of PPM in 1989 and took the helm in 1995. Under his tenure as managing director, the firm opened offices in Paris and Munich in 1999 and 2001 respectively

Commenting on his decision to stand down, Morgan said in a statement: “It has been a privilege during an exciting, challenging and fulfilling decade to work alongside such professional colleagues and I wish them every success under Neil’s leadership.”

MacDougall praised Morgan for his contribution over the last twenty years and said: “The development of each of our three business units [buyout funds in Europe and Australia and a fund of funds investing in Europe/Asia] will continue apace. The strategy is to build on our operations in London, Munich, Paris and Sydney.”

Together with PPM America Capital Partners, PPM Ventures jointly controls approximately $4 billion (€3.3 billion) in committed capital across the globe.

In June, the firms jointly acquired Sterigenics, the ionisation business of Belgium’s Ion Beam Applications for $331.5 million. In January, PPM Ventures acquired the diagnostics business of US-headquartered pharmaceutical corporation Pfizer for $575 million.