Private equity giant Warburg Pincus has signed up new Morrisons chairman Andrew Higginson as a senior advisor for the firm, it came to light yesterday.
It is thought the experienced retailer will help Warburg identify possible acquisitions – not limited to the retail sector – in a part-time role.
Higginson’s relationship with Warburg dates back to 2012, when he was appointed chairman of discount retailer Poundland, which has been backed by the investment specialist since 2010.
He left Poundland in July after succeeding former chairman Sir Ian Gibson, and has now taken over at Morrisons in a bid to change the fortunes of the beleaguered supermarket chain. The firm is looking for a new chief executive.
Warburg has approximately $35bn (£23bn) of assets under management and counts former US Treasury Secretary Timothy Geithner as its president.
Warburg declined to comment yesterday.