Phoenix’s Muirhead steps down

David Burns and Richard Daw will become managing partners, alongside James Thomas

UK-based Phoenix Equity Partners has lost one of its managing partners, Sandy Muirhead, who is stepping down today.

Muirhead, who had been managing partner since 2001 alongside James Thomas, will be replaced by David Burns and Richard Daw, according to a statement.

Burns and Daw have both been with Phoenix for 13 years. In their new roles, Burns and Daw will take shared responsibility with Thomas for the day-to-day management of the firm and its investor relations activity.

Muirhead will continue to chair Phoenix’s investment committee and will remain a member of its management committee, before reducing his time commitment to the firm in mid-2015, the firm said.

This transition follows that of Hugh Lenon, who stepped down as a managing partner in 2013 and became chairman of Phoenix Equity Partners.

Phoenix, which was founded in 2001, typically invests in UK companies valued between £20 million and £200 million. The firm, which has offices in London, Manchester and Yorkshire, focuses on a few sectors including business services, transport and logistics, consumer, leisure, retail, financial services, healthcare, education, industrials, and media.

The firm is currently investing its Phoenix Equity Partners 2010 LP, a £450 million fund, which was raised in June 2010. That fund has made nine investments so far, according to a Phoenix spokesperson.

Phoenix has raised three funds and invested in 33 companies since its inception in 2001. Its current portfolio consists of 18 businesses, which employ more than 8,000 staff and generate more than £1 billion in revenues, according to Phoenix’ website.

Last month, Phoenix exited Precise Media Holdings, a provider of media monitoring and analysis services to WPP, a London-listed global marketing services group. In April, the firm also sold NFT Distribution Operations Limited, a UK-based chilled food distribution business, to private investment boutique EmergeVest.