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LDC beefs up origination team

The UK mid-market firm has hired three and expects to make further appointments as it invests £1.2bn over the next three years.

LDC, the buyout arm of UK-based Lloyds Banking Group, has made three hires to its UK direct origination team as it prepares to invest £1.2 billion ($1.6 billion; €1.7 billion) over the next three years, the firm said in a statement.

Jimmy Morris joins LDC’s London team from Grant Thornton. Morris was previously a senior business development executive at 3i and before that at executive search company Directorbank Group.

At its Manchester office, the firm has hired Gillian Sharman, who was previously at advisory firms BDO, Altium and Zeus. Zara Lane joins the firm’s Leeds team from Grant Thornton.

LDC’s regional deal origination team now totals six and the firm expects to announce further hires this year, the statement said.

LDC has lost three executives to UK mid-market firm Inflexion, as previously reported by Private Equity International.

In May, Inflexion announced it had appointed former LDC executive Carl Wormald to its Manchester team, which followed the appointment of former LDC managing director and chief operational officer Jon Andrew to Inflexion’s newly created role of value enhancement director. In September last year, John Harper joined Inflexion’s buyout team from LDC.

LDC has invested £200 million of equity so far this year in eight transactions, the statement said.

These include its £60 million investment in online travel agent Iglu and a £25 million investment into infrastructure company Aspin Group, as reported by Private Equity International.

This year, it also invested in exhibitions company NEC, insurance technology provider SSP and snack manufacturer Seabrooks, the statement said.

In 2014, LDC, which invests off its balance sheet, invested £250 million of equity in 16 companies and an additional £28 million in acquisitions.