Lord Myners backs Berggruen buyout fund to snap up firms

Michael Bow
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FORMER City minister Lord Myners is overseeing plans for a multi-million pound swoop on businesses after launching a second buyout venture with investor Nicolas Berggruen.

Myners, who served as City minister under former Prime Minister Gordon Brown, has been appointed chair of newly launched cash shell vehicle, Platform Acquisition Holdings, led by Berggruen, often dubbed the “homeless billionaire” for his nomadic lifestyle.

The shell vehicle, which on Friday raised $905m (£596.6m) in an initial public offering in London, said it will target businesses worth between $750m and $2.5bn.

It is the second such venture between Myners and Berggruen after the two men formed Justice Holdings to take a stake in fast food restaurant Burger King. Cash shell vehicles are a useful way of raising money via public markets in order to undertake private equity style buyouts and investments.

Berggruen, who is said not to own a house despite his fortune, runs investment outfit Berggruen Holdings, which holds stakes in real estate and energy companies.

Platform said its investments would be unrestricted by sector or geography.