RJD partner joins Sovereign Capital

Alex Hay joined the lower mid-market buy-and-build specialist after a decade at RJD.

Alex Hay, who spent 10 years at UK mid-market firm RJD Partners, has moved to rival firm Sovereign Capital. Hay started his new role as partner this week, a spokeswoman for Sovereign confirmed.

Hay will be the ninth partner at Sovereign Capital, a firm which positions itself as a buy-and-build specialist. It has completed more than 240 buy-and-build transactions since it was established in 2001, according to its website.

Hay was with RJD Partners for 10 years and was a partner there for the last six. His investments included the £23 million ($30 million; €28 million) secondary buyout of training provider Babington Group, the £15 million buyout of marine engineering services business Burgess Marine, and the £40 million secondary buyout of Harrington Brooks, a provider of debt management advice for private individuals, according to a statement from Sovereign. Hay cut his deal-making teeth at Close Brothers Corporate Finance.

Sovereign closed its last fund in 2014 on its hard-cap of £395 million with commitments from the Maine Public Employees Retirement System, Shell Asset Management, the South Yorkshire Pensions Authority and fund of funds Pantheon among other investors, according to PEI data.

A spokesman for RJD Partners was unavailable at the time of going to press.