Close Growth Capital bought by management

Structured equity provider Close Growth Capital has been acquired from Close Brothers by its three executive directors.

The firm, which manages £90 million of existing private equity investments, has been renamed Growth Capital Partners. It is led by managing partner Bill Crossan, who founded Close Growth Capital in 1999, as well as Garrett Curran and James Blake who joined the business in 2001 and 2005 respectively.

Says Crossan, ‘We’ve never been more positive about the future. Businesses and entrepreneurs are finding it difficult to access conventional bank debt and this presents a significant opportunity.’

Growth Capital Partners typically invests between £5 million and £50 million in management buy-outs, using a combined equity and debt product.

The business has made 20 investments over the past ten years and achieved 12 exits. Its current portfolio includes Blackpool-based Tangerine, the manufacturer of Butterkist Popcorn, and cling film specialist Wrap Film Systems.

Nick Britton

Nick Britton

Nick was the Managing Editor for when it was owned by Vitesse Media, before moving on to become Head of Investment Group and Editor at What Investment and thence to Head of Intermediary...

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Private Equity