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Aberdeen Asset Management executives form Spirit Capital15/09/2008. Source: AltAssets. 
 Francesco Santinon, supported by Andy Glennon and Colin Stirling, has completed an MBO of the former private equity business from Aberdeen Asset Management to create a new independent private equity business. Spirit Capital Partners has assumed the management of about £100m of private capital from Aberdeen and will continue to work with the current portfolio of investments. The business will continue to operate nationally from offices in London and Leeds.
Industry veteran Graham Dewhirst, former partner and head of investor relations at Bridgepoint, will join the new business as chairman.
A further seven executives from the former Aberdeen private equity team have transferred to the new entity.
Spirit Capital managing partner Santinon said, 'Completion of the buy-out provides us with the opportunity to assume an independent status which will be beneficial for all parties particularly our investors and is generally now preferred by those who actively invest in private equity. We are very proud of the track record we created over recent years as part of Aberdeen and now look forward to continuing to enhance our position in the UK lower mid-market.'
Dewhirst added, 'The lower mid-market segment of the UK private equity market has perhaps suffered from a reducing number of focused managers in recent years and therefore I believe investors and management teams alike will be attracted to Spirit Capital's offering.'
Spirit Capital backs established management teams to acquire businesses valued at between £10m and £50m in sectors including environmental, specialist industrial services and healthcare.
Recent investments include land regeneration specialist EDSR, oil and environmental services provider Adler & Allan and fleet performance improvement business FMG Support.
Recent exits include coachbuilder Plaxton and aerospace composite manufacturer Brookhouse, both were sold to strategic trade buyers.
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