UK mid-market firm Inflexion Private Equity has appointed Carl Wormald as a Manchester-based partner to scout investment opportunities in North England. The position takes effect immediately, according to a statement from the firm.
Wormald joins from mid-market competitor LDC, the buyout arm of UK-based Lloyds bank, which he left in September 2013 to reportedly join a more traditional private equity firm that offers carried interest.
Wormald spent 12 years at LDC, where his track record includes the £35 million (€47 million; $54 million) acquisition of Staffordshire-based logistics business ANC, subsequently sold to Fedex for £120 million; and the £95 million buyout of British Salt, later sold in two parts to Tata Chemicals and EDFT.
Wormald has crossed paths with Inflexion before, having worked with the firm on National Accident Helpline. Inflexion acquired a stake in the personal injury helpline from LDC in 2009, and the firms listed the business on AIM in 2014. Together, the firms owned about 60 percent of the business, which was set to drop to 15.01 percent following the listing, PEI reported earlier.
Wormald is the latest in a number of ex-LDC hires Inflexion has made in the last year. Last June, the firm appointed Jon Andrew, a former LDC managing director and chief operational officer, for the newly-created role of value enhancement director. Andrew worked at LDC from April 2005 to December 2012 where he held a number of different positions including chief operating officer and head of LDC’s value enhancement group, PEI reported previously.
In September, John Harper joined Inflexion’s buyout team from LDC. He previously held positions at Duke Street and Montagu Private Equity, according to his LinkedIn page.
Last year Inflexion raised more than £1 billion for two investment vehicles after just five months on the road. Its flagship fund, Inflexion Buyout Fund IV, closed on its hard-cap of £650 million (€880 million; $990 million), while Inflexion Partnership Capital Fund I, dedicated to UK mid-market minority investments, closed on its hard-cap of £400 million (€542 million; $610 million).
In March the firm made the first investment from its partnership capital fund, acquiring a stake of just under 50 percent in media and exhibitions business CloserStill Media. The acquisition marked an exit for UK-based mid-market firm Phoenix Equity Partners, which made a return of more than 3.5x on the transaction.
In February, Inflexion sold its investment in global air conditioning pumps manufacturer Aspen Pumps to 3i Group for £105 million (€143 million; $162 million), netting a return of 14x, PEI reported previously.