Lloyds veteran Ian Sale joins HSBC

Sale will report to Chris Norman and will be primarily responsible for originating and executing deals with UK mid-market financial sponsors.

He was previously managing director of Lloyds Bank’s acquisition finance team, a role from which he stepped down in September last year. It was understood at the time that the move was part of a wider reshuffle taking place at the bank, with Sale leaving on friendly terms. He was replaced by Neil Price, who joined the acquisition finance team in 2001.

Sale had been with Lloyds for 30 years, 18 of which he spent in the acquisition finance team. He started as a graduate trainee at the bank in 1986, later moving onto corporate banking and financial institutions.

Sale is a veteran player in the UK leveraged finance arena and has completed more than 70 deals over the course of his career, with recent highlights including Yo! Sushi, Elian and EDM Group. In addition, he currently serves on the Membership Engagement Committee of the British Private Equity and Venture Capital Association. Sale has also been an integral member of the unquote" British Private Equity Awards judging panel for several years.

HSBC has been near the top of the league table for UK mid-market buyout lending over the past 12 months, according to unquote" data, providing financing in 11 recorded transactions in the £25-500m EV space. The last such transaction saw HSBC take part in a consortium providing senior debt for EQT's acquisition of UK-based veterinary business Independent Vetcare from Summit Partners in December. In July, HSBC and Societe Generale fully underwrote a debt package as Bregal Capital and Motion Equity Partners sold their stake in UK utility service provider Morrison Utility Services to US-based GP First Reserve. The bank was also involved in the Frank Recruitment Group deal by TPG Growth earlier in the year.

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