Capital Dynamics acquires Westport Private Equity

21 February 2005

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Capital Dynamics, the international private equity asset manager, has agreed to purchase Westport Private Equity Ltd from Man Group Plc. The transaction will close by April 2005, subject to regulatory approval. At closing, Capital Dynamics will own a controlling interest in Westport and will merge its operations with Capital Dynamics' existing asset management business. Man's remaining stake will be purchased by Capital Dynamics over the next two years, based on certain performance hurdles. Following completion of the acquisition, Capital Dynamics will become one of the world's largest independent private equity asset managers with more than $5bn invested with over 250 buyout, venture, and mezzanine managers worldwide. An experienced team of 35 professionals located in the UK, the US and Switzerland will manage capital on behalf of more than 40 institutional investors. Established in 1988, Westport is one of the oldest private equity fund-of-funds managers in Europe and an advisor in the UK and European pension markets. John McCrory, who guided Westport through several key strategic phases, will step down as CEO to pursue personal interests. The UK investment and client teams will be led by senior investment professionals John Gripton, Angela Willetts and Mark Drugan, founding members of Westport.