Rutland Partners, a UK-based private equity firm focused on turnaround investing, has appointed Andy Powell as managing partner, according to a statement.
Powell will take up the role in mid-May, stepping into a position currently held by managing partner Paul Cartwright.
Cartwright will remain as a partner at the firm, acting as an advisor to Rutland Funds II and III. He will retain his portfolio board positions and continue to invest in these funds.
Powell will work alongside the firm’s other managing partner Nick Morrill, overseeing all aspects of the manager’s activities. He will also work closely with the rest of Rutland’s leadership team, which includes chairman Michael Langdon, finance and investor relations head Mike Harris, and partners Ben Slatter, Oliver Jones and David Wardrop.
Powell was a founding partner of Caird Capital and more recently was a director of family office investor Caledonia Investments.
The appointment “represents a major step in Rutland’s long-term plan for the evolution of its leadership team”.
Morrill told Private Equity International that there would be no change in Rutland’s strategy. The firm typically targets businesses valued at between £20 million (€23 million; $25 million) and £150 million in robust sectors with reasonable scale which are underperforming and which Rutland can support through strategic change and operational restructuring.
“We have a very interesting niche within the UK private equity market, we certainly intend to stay very much focused on that niche,” he said.
Morrill said Powell’s appointment was about “the boosting of our team at a senior level and a refresh”, pointing to Powell’s long experience within the UK investment community.
“We’ve always got one eye on the future and future planning,” he said.
Morrill said Cartwright would be staying “fully involved in Rutland for the foreseeable future”.
Rutland closed its third fund below its initial £300 million target on £263 million in December 2014, as reported by PEI. The fund is just under 40 percent deployed.
“We are looking for those situations which are interesting but have a degree of complexity and challenge, where we can be genuinely a supportive and added-value investor to management,” Morrill said.
“Whenever market conditions have an element of challenge to them…that tends to create opportunities, and we’re very alive to that fact at the moment.”