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May 13th 2020: British Business Investments Ltd, a commercial subsidiary of the British Business Bank, announces today a commitment of £35m to Harwood Private Capital UK LP at its first close of £70m.
The fund will focus on deploying £3m to £15m into UK founder, family and management owned businesses, with flexible capital investing across the capital structure. Investment can be used to facilitate organic growth, acquisition, shareholder restructuring, refinancing or act as a bridge to an IPO.
Harwood Private Capital is a joint venture between Managing Partner, Haseeb Aziz (ex-European head of HIG Whitehorse, the private debt arm of HIG Capital) and Harwood Capital Management Group, a specialist small cap fund manager with £1.7bn(1) of assets under management.
The fund will look to provide bespoke financing solutions, offering senior and subordinated debt as well as preferred equity type capital.
Haseeb Aziz, Managing Partner, Harwood Private Capital said: “We are finding that strong management teams with good businesses are increasingly looking for a financial partner without ceding majority control. Our flexible mandate enables us to provide tailored capital solutions to help independently owned SMEs achieve their strategic objectives. By leveraging Harwood group’s extensive network of operational, management and industry experts, we are well placed to support investee companies and deliver compelling returns to investors.
While the impact of Covid-19 is clearly being felt in many parts of the economy, we are sector agnostic and are seeing a greater need for our capital across a range of industries.”
Catherine Lewis La Torre, CEO, British Business Investments, said: “As the commercial arm of the British Business Bank, we support increased diversity and choice in debt and equity markets. The team at Harwood Private Capital have an impressive track record and we are confident the UK SME Fund will provide a much needed alternative source of capital, and business support, particularly at a time when traditional lenders may overlook the type of opportunities that Harwood are well placed to identify and serve.”
ENDS
For more information:
James Burnham
Senior Communications Manager
020 377 21312 / 07880 063 474
james.burnham@british-business-bank.co.uk
Harwood Private Capital
Haseeb Aziz
The British Business Investments team at MHP Communications
Phone: 020 3128 8589
Email: bbb@mhpc.com
British Business Investments is the trading name of British Business Investments Ltd, a wholly-owned commercial subsidiary of British Business Bank plc, the UK government’s economic development bank. It forms part of the British Business Bank’s commercial arm.
British Business Investments aims to earn a commercial return by investing – through finance providers – in smaller businesses and small mid-caps, pursuing investments on a fully commercial basis without receiving any economic advantage from the government. Find out more at bbinv.co.uk.
British Business Bank plc and its subsidiary entities are not banking institutions and do not operate as such. Neither British Business Bank nor its principal operating subsidiaries are authorised or regulated by the Prudential Regulation Authority (PRA) or the Financial Conduct Authority (FCA). A complete legal structure chart for British Business Bank plc and its subsidiaries can be found on the British Business Bank plc website.
The funding from British Business Investments into Harwood Private Capital UK LP does not amount to any endorsement or warranty from British Business Investments, the British Business Bank plc, or the government of the UK.
About Harwood Private Capital
Harwood Private Capital LLP (“HPC”) is an investment manager focused on providing flexible capital to growing UK and Irish SMEs generating profits of over £1m. HPC’s aim is to partner with UK and Irish founder, family or management owned businesses looking for an alternative to control private equity or traditional bank lending.
The team has an extensive experience in the SME space, with a combined track record spanning over 40 years and investing over £1bn of capital.
Harwood Private Capital LLP is authorised and regulated by the Financial Conduct Authority.
About Harwood Capital Management Group
Harwood Capital Management Group (“HCMG”) has £1.7 billion(1) of assets under management invested in public and private equities.
Its funds take an active interest in the running of the companies in which they are invested. The aim is to add substantial value by enhancing the businesses.
HCMG was established in 2011 by Christopher Mills after the sale of JO Hambro Capital Management which he co-founded in 1993.
(1) As at 31st December 2019.
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