Investment director leaves ECI – exclusive

Joe Garrood joined car benefit company Tusker as a commercial director in late July after five years in ECI’s commercial team.

Joe Garrood, a former investment director at London-based mid-market firm ECI Partners, has left to join a portfolio company full-time, Private Equity International has learned.

Garrood joined car benefit company Tusker as a commercial director in late July after five years in ECI’s commercial team, Jeremy Lytle, investor relations partner at ECI, told PEI.

Garrood, who was “highly rated” within the firm according to Lytle, sought an executive role after working across a number of the firm’s portfolio companies.

ECI has recruited investment manager Duncan Ramsay as Garrood’s replacement. Ramsay joins from PwC, where he served as assistant director for strategy on the company’s telecommunications, media and technology team.

“We’re very happy that we have managed to recruit someone of Garrood’s quality into a commercial role within our portfolio,” Lytle said. “[We’re] in regular contact given his position at that company.”

The firm’s commercial team now comprises five staff, including two partners. It aims to support growth initiatives in areas such as international expansion, M&A, pricing, marketing and sales effectiveness.

ECI acquired a controlling stake in Tusker in February 2015. The company marked ECI’s first investment from its 10th fund, a £512 million ($677.3 million; €581.4 million) 2015-vintage, according to PEI data.

The firm has made 256 investments since launching in 1976, its website noted. The firm targets buyout and control positions through deals of around £20 million to £150 million.