Close Growth Capital spun off in management buyout

MERCHANT bank Close Brothers said yesterday it has spun off its last remaining private equity division, Close Growth Capital, under a management buyout by the arm&rsquo;s bosses. <br /><br />The firm has already been rebranded as Growth Capital Partners, and is now controlled by managing partner Bill Crossan and partners Garrett Curran and James Blake. <br /><br />The spin off, on undisclosed terms, of Growth Capital, which typically invests &pound;5m to &pound;50m in management buyouts, comes as the buyout markets continue to decline.<br /><br />Crossan, who is taking the helm at the new entity, said independence would allow the team additional motivation to build the business and make it more attractive to investors.<br /><br />This is the third private equity spin-off by Close Brothers this year. Preben Prebensen, appointed as chief executive of in April, has also already sold the bank&rsquo;s corporate finance arm to Daiwa Securities since taking over.