Guy Hands' private equity fund Terra Firma planning a new £2.6bn buyout fund

Jasper Jolly
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Terra Firma is owned by Guy Hands

Private equity veteran Guy Hands is planning a new €3bn (£2.6bn) takeover fund after the addition of new executives, according to reports.

Terra Firma Capital Partners, which Hands founded, will begin talks next week with investors to raise the funds, Sky News reported.

In the last two years the private equity firm has added Justin King, the former chief executive of J Sainsbury, and Andrew Geczy, who served as a high-level executive at Lloyds Banking Group and is now chief executive of Terra Firma.

Read more: Ex-Sainsbury's boss takes on first big role since leaving

Before the hires Hands said he had seen deals Terra Firma “could have done” with King on board to run the firms.

Hands is best known for the acquisition of music label EMI in 2007. That deal turned sour, leading to a massive lawsuit with US bank Citi, which was eventually dropped a year ago. Hands was reportedly left out of pocket by £200m by the saga.

However, he has since made a slew of different takeovers in names both little-known and more familiar, including Odeon and UCI Cinemas and the Nordic branches of US fast-food giant McDonald’s.

The firm yesterday announced it had managed a successful pricing for the refinancing of the Annington Group, a property company.

Terra Firma Capital Partners declined to comment.

Read more: Guy Hands on lingerie, dyslexia and moving on from multi-million EMI loss

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