HgCapital is the new name for Mercury Private Equity; the private equity house that last year became a new and independent entity following its MBO. Hg, the chemical symbol for mercury, is a reference to the firm’s history before it gained independence from Merrill Lynch Investment Managers, when the business was a division of Mercury Asset Management. The name change is a natural evolution since the company became independent in December last year.
The firm has also announced the appointment of Leonard Licht as chairman of HgCapital. Licht was former vice chairman of Mercury Asset Management Group.
HgCapital is positioned as a European investor, targeting opportunities via its offices in London and Frankfurt. Further expansion is underway with offices in Paris planned for 2002.
“Our business is constantly evolving and our development will continue under the name of HgCapital,” said Ian Armitage, chief executive. “We will build on our newly acquired independent status, expanding our business further into the European arena.”
HgCapital has specialised investment teams focused on the healthcare, business services, media and information and communications technology sectors. Within these sectors, the company invests in growth capital opportunities and leveraged buyouts. The firm has a portfolio of investments valued at some e700 million and committed funds under management in excess of e1 billion.