Ben Hewetson, head of the leisure team at UK mid-market group HgCapital, is set to leave the buyout firm within the next few weeks.
Hewetson is understood to have made his decision following Hg’s restructuring six months ago, which saw his leisure team merged with the consumer team, led by Richard Matthews. The two were made co-heads of the combined group, but Hewetson is thought to have become dissatisfied and decided to seek a new challenge, according to one investor.
In a note to contacts, Hewetson said: “This decision is the outcome of a number of open and amicable discussions with my fellow partners about my current role and with consideration to both my and the firm’s long term aims.”
Sources close to the firm insisted that the departure is amicable, with Hewetson remaining at the firm for another few weeks to hand over his client responsibilities. He is expected to take some time off over the summer, before returning to the job market later this year.
Hewetson graduated from Durham and qualified as a chartered accountant before switching to leveraged finance at Bankers Trust. He joined Mercury Private Equity, Hg’s original incarnation, in 1999 and was one of the firm’s original partners when it span out of Merrill Lynch a year later.
In recent years he led Hg’s deals for spread betting firm Sporting Index and travel agency Hoseasons, taking a seat on the board in both cases. He was also involved in the firm’s investments in holiday firm Travelsphere, and marine electronics group Raymarine.
Hewetson’s departure mirrors that of Nick Martin, the former head of Hg’s media team, who left soon after his division was merged into the technology team. Martin went off to INSEAD before reappearing this year at Fidelity Equity Partners, the asset manager’s new buyout arm.
Hg declined to comment.