Rutland Partners hires two

The UK turnaround specialist has hired David Wardrop and Tristan Craddock as investment manager and investment executive respectively. The hires grow Rutland’s investment team to 11 as the firm continues to deploy its £320m second fund.

Rutland Partners, a UK turnaround investor, has added David Wardrop and Tristan Craddock to its investment team.

David Wardrop

Wardrop will join Rutland as an investment manager from Close Brothers Corporate Finance, where he worked on private equity and public transactions in the UK and Europe. His sector focuses were manufacturing and support service.

Former Ernst & Young accountant Craddock has been appointed investment executive at Rutland. At Ernst & Young, he was on the transaction advisory service team specialising in operational analysis and performance improvement both pre- and post-transaction.

Earlier this summer, Rutland brought on CIBC World Markets investment banking analyst Kajen Mohanadas as an investment analyst.

Tristan Craddock

Rutland closed its second fund on £320 million in July 2007 for later-stage investments in underperforming companies. The fund invests between £10 million ($17.6 million; €12.2 million) and £50 million in UK-based or UK-focused companies with an enterprise value of £20 million to £200 million.

The firm has operated as a private equity fund since 2000, prior to which the team ran a public company with a similar investment focus.

Fund II has made two investments to date purchasing domestic appliance supplier Pulse Home Products for £51.5 million in August 2007. A month earlier, Rutland purchased healthcare products manufacturer Attends Healthcare for €94 million.