UK private equity firm Sun Capital has hired former Dresdner Kleinwort Wasserstein (DrKW) executive John Cusins to help it manage its business, according to Dow Jones newswires.
Cusins left his previous role as managing director and co-head of financial institutions derivatives marketing at DrKW at the beginning of May. He has an existing relationship with Sun, having worked as the firm’s financial advisor and joint lead arranger on its purchase of Life Sciences, the UK life insurance business of HHG plc, last December.
Sun Capital, not to be confused with the Florida-based private equity firm of the same name, aims to improve the performance of its portfolio companies by bringing in new management, business strategies or financing.
The business was formed in July 2001, although its executives have worked together since the mid-1990s and have between them worked on private equity deals with a total value of over £6 billion (€8.9 billion; $10.9 billion). Sun does not raise funds, instead raising finance for individual deals on an ad hoc basis.
The firm is chaired by Hugh Osmond, the entrepreneur behind the 8,000-unit Punch Taverns pub chain. It specialises in deals in the life insurance sector, but has also been involved in other deals including the £465 million acquisition of CenterParcs’ property portfolio from Deutsche Bank Capital in 2002.