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LDC reshuffles senior team with six promotions

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UK mid-market player LDC has made a raft of senior promotions on a national and regional level and restructured its senior teams overseeing investments in the south of England and Midlands regions.

East Midlands head Andy Grove has been promoted to the newly created national role of head of new business; south England head Yann Souillard will take on the additional responsibility of overseeing the GP's London team; and Birmingham head Andy Lyndon will take on an expanded role as head of Midlands.

Meanwhile, chief executive Chris Hurley will take on the newly created role of chief portfolio officer. He will also take on additional finance and legal functions and remain a member of LDC's executive and investment committees.

Grove joined LDC in 2008 following 15 years as a corporate finance adviser with Deloitte and PwC. In the eight years since joining the firm, he has led investments in fashion and homeware retailer Joules, which listed in May 2016 with a market cap of £140m, and beauty products company Original Additions, which was sold to US trade buyer PDC Brands in April 2016 generating a 2.3x return.

Souillard has worked for LDC for 13 years and was promoted to head of south England – based in the Reading office – in 2011. Prior to joining the Reading office he spent seven years in the London office. Souillard's investments while at LDC include equipment services company Microlease, which was sold to US trade buyer Electro Rent in November 2016, and The Property Software Group, which was sold to Zoopla for £75m in April 2016.

Lyndon, who joined the firm 16 years ago, will take responsibility for LDC's Birmingham and Nottingham team following the deal.

The GP has also promoted directors Johnny Bell, who has been with the firm for 11 years, to head of north-west England, and Ged Gould, who joined LDC five years ago, to senior director.

Last year, LDC launched a new office in Cardiff, which is led by former Deloitte adviser Dewi Hughes.

The GP said in a statement it has generated exit proceeds of £2bn over the past three years, representing an average money multiple of 2.5x and an IRR of 37%.