Investors in UK private equity investor Botts Capital Partners have instigated a change of management at the firm following a few years of poor performance. The fund assets have been acquired by US secondaries specialist Paul Capital Partners and will be managed by Nova Capital, a London-based specialist management company for private equity and venture capital portfolios.
US law firm Weil, Gotshal & Manges acted for Paul Capital Partners in its capacity as the majority investor in the new private equity fund managed by Nova Capital Partners and Botts Capital Partners. The new fund completed its first acquisition on June 10 acquiring various portfolio assets from funds managed by Botts Capital Partners.
With £250m under management in various funds, Botts invested in UK-based mid-market buyout and development capital deals with valuations between £15m and £150m. The firm focused on deals in the entertainment and leisure, branded goods, industrial products and media sectors. Among the investments in the portfolio are confetti.co.uk, Noblehouse Leisure, Norcros, Osprey and The Scotsman. The firm was majority owned by its partners and Bank of Scotland also had a minority stake in the business.
Nova has been busy the last couple of months with the opening of its US office and the acquisition, backed by HarbourVest, of the assets of the WestLB Growth Fund from WestLB.
Paul Capital Partners currently manages more than $4bn in capital in private equity secondaries, healthcare royalty acquisition funds and venture capital fund-of-funds. The firm is a limited partner in over 300 partnerships and 400 funds.