In a statement designed to cement its independent nature in the eyes of the market, Kleinwort Capital Ltd has dropped its iconic moniker in favour of a more summery identity. August Equity, as the mid-market buyout firm will now be known, will continue to invest in UK growth companies valued between £10m and £100m. The group will also remain true its previous strategy of focusing on four sectors, namely: media, technology, healthcare and specialist manufacturing.
The route to August has been somewhat convoluted, a fact that has always been cause for confusion in the market. The original Kleinwort Capital name was part of a joint venture started in November 2001 with Dresdner Kleinwort Capital, the private equity division of Dresdner Kleinwort Wasserstein, and Kleinwort Capital Trust, a quoted investment trust managed by KCL. Dresdner Kleinwort Wasserstein has now exited this joint venture.
In additional recent news, on March 6, the company announced that it had taken two new investors on board – Switzerland-based Partners Group and F&C Private Equity Trust. Both bought out Dresdner Kleinwort Wasserstein’s £60m commitment in the firm’s latest fund, Kleinwort Capital Partners IV. Partners Group acquired 75% of the commitment and F&C Private Equity Trust purchased the remainder.