Alchemy Partners’ founding partner Jon Moulton has left the company, the private equity firm said on Thursday, as the buyout industry struggles with the aftermath of the credit crisis.
Dominic Slade, who led the firm’s buyout business, will take over at Alchemy. Moulton said in a letter to investors there had been differences of opinion between himself and the other partners.
“Alchemy today confirmed that Jon Moulton gave notice of his retirement from Alchemy Partners,” a spokesman said. “This was somewhat earlier than his previously announced retirement date of October 2010.”
The spokesman gave no further detail and did not say what was behind the departure.
Moulton, who founded Alchemy in 1997, said in a letter to investors that he did not support Slade’s plans to convert Alchemy into a specialist financial services firm.
“I do not support this strategy,” the letter read. “It’s contrary to the positioning we have created with investors and deal sources and wastes a spectacular opportunity in our area of perceived greatest strength.”
Please follow this link to read the letter in full provided by our blog site PEHub.
http://www.scribd.com/doc/19405561/Letter
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