Richard Morley is to leave the UK lower mid-market firm NBGI Private Equity after nine years. Morley joined as a director in 2001 having previously been a corporate finance partner with PricewaterhouseCoopers.
“It has been a highly rewarding period and I'm delighted to have contributed to the enormous success of the business,” said Morley in an email to contacts. “It has not been easy, therefore, to take the decision to leave, but I am keen to refocus my own priorities and take on new challenges.”
London-headquartered NGBI Private Equity was founded in 2000 by Pavlos Stellakis, currently chairman and chief executive officer, and Mark Owen. The duo were joined by Morley the following year, who has since been involved in some of the firm’s most lucrative investments, such as the exits of Hamworthy Heating, Mountain Warehouse, Superglass and Brambles Foods.
Earlier this month NBGI promoted two of its UK team – Richard Babington and Lawrence Dean – to investment director.
In November the firm backed the £13 million (€16 million; $21 million) buy-in of Pasta King, a provider of pasta meals to schools, from Matrix Private Equity Partners. It is currently investing from its £100 million second fund.
Morley will leave before the end of the year, according to his note, and has not finalised plans for the future.
NBGI and Richard Morley did not respond to requests for comment by press time.