Private equity investor Sovereign Capital has appointed Andrew Hayden director of the firm. He was previously a director at Mercury Private Equity where he worked for five years on transactions covering all major deal types. He has also worked at The Royal Bank of Scotland, Security Pacific and 3i.
Sovereign has also announced that it has committed £37.4m of its Sovereign Capital Limited Partnership Fund II, which represents 72 per cent of the fund's capital.
One of Sovereign’s most recent deals was a £2.9m investment in First! Venues to finance the acquisition of a second site. Lloyd’s TSB Acquisition Finance invested a further £3.6m bringing total investment to date in First! Venues to £10.6m.
First! provides specialist conference centre facilities to the corporate market. It was set up in October 2000 with the acquisition of The Mount in Tettenhall Wood, West Midlands. The businesses is following a buy and build strategy to develop a national network of centres in the corporate conference centre venue market.
Sovereign has also increased its investment in CVS, a buy and build of veterinary practices bringing its total investment in the company to £2.25m.