London-based RJD Partners has promoted three of its investment team following the completion of five deals and several bolt-on acquisitions in 2008.
Alex Hay and Frank Bulman have been promoted to investment directors from investment managers and Jill Williams has been promoted to investment manager from investment executive. All three made “important contributions” to last year’s deals, RJD chairman David MacLellan, said in a statement.
The 2008 transactions include; an investment in licensed bedding company Character World; the acquisition of special health services provider Raphael Healthcare; the management buyout of software supplier Comtec; a £24 million ($39 million; €30 million) secondary buyout of a specialist teacher recruitment business called Teaching Personnel; the £28 million management buyout of information technology provider Stone Group; and the £10 million debt refinancing of portfolio administration outsourcing company IPES.
Hay, Bulman and Williams only joined the firm in 2007.
Hay originally qualified as an accountant at PricewaterhouseCoopers but joined RJD from Close Brothers’ corporate finance department. Bulman joined from Livingstone Guarantee in, but prior to that spent three years at Close Brothers. Williams was recruited from PricewaterhouseCoopers’ corporate finance arm.
RJD targets mid-market UK companies in the service and leisure sectors, with enterprise values of up to £75 million. It has raised funds totalling more than £250 million since it was established in 2001.