NM Rothschild & Sons, the UK-based investment bank, has further expanded its UK mezzanine operations with the appointment of Craig Thomson, a former director at Pricoa Capital Group.
Thomson, who joined Pricoa in 1997, joins the bank as Deputy Head of its Mezzanine Finance team. His departure came as Pricoa announced the scaling back of its European business to focus on its US operations.
Prior to his time at Pricoa, Thomson spent 8 years at Deloitte working in the UK and USA, latterly as a senior manager in the Midlands’ Corporate Finance Department.
Thomson will report to John Sealy, who joined from ABN AMRO Capital to head up Rothschild’s new Mezzanine Finance operation in January 2003. The team also comprises Neil Cox, who joined the team from Rothschild’s Investment Banking operation in March 2003.
Rothschild Mezzanine focuses upon mezzanine investments in the £2 million to £10 million range, including MBO/MBIs, leveraged acquisitions, recapitalisations and sponsorless development finance opportunities.
The team works both alongside Rothschild’s Leveraged Finance teams in Birmingham, Leeds, London and Manchester in order to provide a ‘one-stop’ senior and mezzanine package, and also on a ‘standalone’ basis, in situations where Rothschild has no other debt exposure.
In 2003 the team invested in excess of £20 million in mezzanine transactions including the acquisition in March of ABN AMRO’s mezzanine portfolio. The portfolio investments were originally made by the ABN AMRO Causeway Mezzanine Partnership, an institutionally subscribed fund advised by ABN AMRO Capital which closed in 1998, and include both UK and continental European interests.
Sealey left ABN Amro in 2002 after the bank announced it would close its mezzanine operations in February of that year. The decision came despite the bank raising a third party fund, the Second ABN AMRO Mezzanine Partnership LP fund, which closed on $150m in October 2001.