Newington leaves BC Partners after strategy row

The departure of the UK-based firm’s managing partner follows a disagreement with his fellow partners – but it won’t trigger a key-man clause.

Andrew Newington, a managing partner at European buyout firm BC Partners, is leaving the firm after 12 years.

His departure follows a dispute between Newington and his fellow partners over BC Partners’ future direction. In a letter to LPs seen by Private Equity International, BC Partners said that Newington had been pressing for a change in strategy – including a greater focus on private debt investment, according to reports –  but that “other managing partners in the firm were not convinced that this was the right course of action”. As a result, Newington and BC “have reluctantly decided to part company”, the firm said.

During his time at BC Partners, Newington has been involved in multiple deals, including the investments in Foxtons, Hirslanden, BDR Thermea and Unitymedia. According to the investor letter, he also played a “significant role” in the firm’s recent fundraising for BC European Capital IX, which closed earlier this year on €6.5bn. 

However, it is understood Newington’s departure will not trigger a key-man clause, and he will continue to play a part in some of the firm’s portfolio companies.

Prior to BC Partners, Newington spent two years at DB Capital Partners Europe. Before that, he worked for four years as a solicitor specialising in mergers and acquisitions for Ashurst Morris Crisp.