Montagu Private Equity has a Good Hair Day

Montagu Private Equity portfolio company Good Hair Day (GHD) is said to be in rude health since the departure of its co-founder Martin Penny at the end of last year.

The backer is reported to be in a legal battle with Penny, who was forced out by the GHD board owing to performance issues just 18 months after Montagu acquired a 40% stake in the business in a £160m secondary buyout from LDC. Montagu has a minority position on GHD's board.

According to The Sunday Times, Penny claims he was ousted after bringing "irregularities to the board's attention" and has filed a court action to force Montagu to buy out his 40% stake in the company. The allegations have been denied both by Montagu and GHD.

GHD furnished unquote" with the following statement: "The performance and trading of GHD has improved dramatically since his departure. It is in all stakeholders' interest that Penny is no longer involved in the company."

Yorkshire-based GHD operates from offices in Australia, South Africa, North America and Europe and was founded in 2001.

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