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’s bosses.
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.
The spin off, on undisclosed terms, of Growth Capital, which typically invests £5m to £50m in management buyouts, comes as the buyout markets continue to decline.
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.
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’s corporate finance arm to Daiwa Securities since taking over.