Private Equity News & Analysis

Phoenix expands north with Rastrick hire

Phoenix Equity Partners, a UK mid-market private equity firm, hopes to build its presence in the north of England after recruiting John Rastrick from 3i to launch a Leeds office.

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Phoenix has brought in Rastrick as it looks to expand its geographical reach and challenge 3i, YFM Group and Lloyds Development Capital, who already have offices in the region.

Rastrick, a qualified lawyer, worked for 3i in Leeds and Manchester for the last four years.

His deals included a £21m (€31 million; $41 million) investment in Hull-based MKM Building Supplies, the £200m merger of Coach Holiday Group and Shearings, and the £140m sale of insulation specialist Encon to Wolseley, which generated a five times return for 3i.

Hugh Lenon, Phoenix managing partner, said: “The appointment brings significant extra senior muscle to our UK-wide deal generation and execution activities.”