Lloyds TSB promotes director to chair buyout arm

Lloyds Development Capital has found a replacement for Michael Joseph, who stood down as chairman of the private equity company earlier this year.

Lloyds TSB, the UK bank has promoted Truett Tate, group executive director of Lloyds TSB’s wholesale and international banking division, to chairman of its buyout arm Lloyds Development Capital, a statement said.

Truett Tate: replaces Michael Joseph

Tate replaces Michael Joseph, who left the bank earlier this year to pursue other interests.

Tate joined Lloyds TSB in 2003 as managing director of its corporate banking division, before being appointed to the board in 2004.

Before arriving at the company he worked at Citigroup from 1972 to 1999, where he held senior and general management appointments in the US, South America, Asia and Europe.

Established in 1981, Lloyds Development Capital provides equity mainly for management buyouts and development capital transactions.  Its UK network includes 11 regional offices.

The company invests in the electrical, financial services, healthcare, information technology and software, leisure and media, retail, specialist engineering and support sectors.

Last year Lloyds Development Capital provided a record £255.9 million of equity for 18 deals, including the £55 million management buyout of GHD, a UK hair styling tools manufacturer, in July.  In October Lloyds Development Capital invested £8.8 million in the management buyout of Personal Touch Financial Services, a UK financial services business.