Royal Bank Private Equity (RBPE), the private equity arm of The Royal Bank of Scotland, has appointed Andy MacFie as director of its Edinburgh office. He joins from Morgan Grenfell Private Equity (MGPE) where he was a founder director for 11 years and was principally involved in mid market management buyouts.
RBPE has recruited 11 senior executives over the last year and expects to recruit more in London, Edinburgh, Paris and Germany later this year. The private equity firm now has 21 investment executives in in its UK offices and a paris office is due to open in the next few months. The Royal Bank of Scotland recently confirmed that it will make up to £1.5bn available to RBPE.
Mark Nicholls, managing director of RBPE said: “We have undergone a very significant recruitment exercise during this last year bringing in excellent people with considerable experience. The new executives have blended well with the RBPE team and we are already seeing a tremendous increase in high quality deals in our target market (£20m -£300m deal size). RBS is an ambitious bank and is keen to expand its private equity businesses both in the UK and Continental Europe.
MacFie and colleagues Toby Boyle and Mark Weston left MGPE last summer at a time when the private equity firm was negotiating a management buyout from its parent, Deutsche Bank. It was suggested at the time that some partners were unhappy at Morgan Grenfell’s shift in focus from the mid-market deals on to bigger auction-driven work was a source of frustration for them.