Sovereign hires 3i professional

The UK lower mid-market firm has added Jon Edington to its team. He will focus on portfolio development and bolt-on acquisitions.

Sovereign Capital has bolstered its portfolio development team with the appointment of Jon Edington as assistant director. He joins from 3i, where he spent seven years on its venture team.
Edington’s background is in consulting to industrial and manufacturing companies, having spent seven years prior to his tenure at 3i with Deloitte in Japan and the USA. His focus at Sovereign will be on both sourcing suitable bolt-on acquisitions for platform companies and leading follow-on financing rounds.
In September Sovereign lost dealmaker Simon Hitchcock to mid-market competitor Lyceum Capital. Hitchcock lead four platform investments and 10 bolt-on acquisitions during his six year career at Sovereign.
However, Sovereign has made five hires in 2008 across its team in addition to promoting three directors to partner level in September.
Sovereign Capital has £450 million (€580 million; $784 million) under management and typically makes investments of between £5 million and £20 million. It is currently investing its £275 million second fund.