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.

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.”