Conboy joins Sovereign Capital

Former Kleinwort Capital investment manager Philip Conboy has joined lower UK mid-market investor Sovereign Capital.

Philip Conboy has been appointed director at London-based Sovereign Capital, an independent private equity firm investing in small to medium-sized UK buyouts.

Prior to joining Sovereign, Conboy was a founding shareholder and investment professional at Kleinwort Capital, a Sovereign competitor, which spun out of Dresdner Bank in 2001.  Conboy had worked with the Kleinwort team since 1992.

According to a press release, Conboy sat on eight of Kleinwort’s portfolio company boards and has particular experience in supply services and healthcare, sectors which Sovereign counts among its stated areas of expertise. 

Sovereign, which looks to invest up to £15 million (€22 million; $27 million) per deal, currently manages £175 million of institutional capital. The company was founded in 1988 and is led by Peter Brooks, managing director.

Recent investments include the £26 million buyout of TRACS, a healthcare services company; the £14 million buyout of outsourced leisure services group DC Leisure Management; and the £21 million institutional buyout of Laurel Management Services, support services group.