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BC Partners UK buyout head to make shock departure from firm

14 Dec 2012

BC Partners’ top UK dealmaker Andrew Newington is making a shock departure from the private equity firm just months after its triumphant €6.5bn fundraise.

Newington is understood to have left the London-based firm following a “difference of opinion” over its strategy, based on whether the firm should maintain its focus solely private equity or move into other types of investment such as credit.

He plans to step away from new deal activity next year, according to a letter sent to BC Partners investors, a spokesman for the firm confirmed.

The letter said, “Over the last few months Andrew has advocated that BC Partners should take its business in a new direction.

“Other managing partners in the firm were not convinced that this was the right course of action and so we have reluctantly decided to part company.

“We are pleased that he will continue to play a part with some of our portfolio companies.”

Private Equity News broke the story, citing unnamed sources.

Newington joined BC in 2000 from DB Capital Partners Europe, where he spent two years and completed a number of equity and structured investments.

Prior to that he spent four years as a solicitor specialising in mergers and acquisitions for Ashurst Morris Crisp.

BC, a London-based private equity firm, hit the €6.5bn hard cap for its latest buyout fund in February.

The oversubscribed BC European Capital IX vehicle saw a 60 per cent increase in the firm’s investor base for a fund 14 per cent larger than its predecessor.

BCEC IX completed its first investment in September 2011 last year with the acquisition of Swedish cable giant Com Hem, but has seen dealmaking dry up since.

Earlier today, however, Carlyle and BC Partners finalised their previously announced deal to buy the pump and compressor businesses of United Technologies Corp for $3.46bn.

The businesses, which operate within United Tech’s Hamilton Sundstrand subsidiary, were also reported to have attracted final round bids in June from potential buyers including TPG Capital.

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