One of Yorkshire’s best-known dealmakers, John Swarbrick, is standing down after a dozen years at the helm of Lloyds Development Capital.
The 53-year-old has led on 24 investments worth a total of £215m during his tenure at LDC in Leeds. The office reported total gains of £220m since 2000.
John Garner, previously the head of LDC in the East Midlands, will take over as head of office, while Mr Swarbrick will move into a part-time role until his departure at the end of next year.
He said: “This is a mature, amicable and planned transition. I have had a fantastic career at LDC and built lifelong relationships both within LDC and in the market place.
“I am delighted for John Garner. He is an experienced operator with a strong track record and a relationship-based style.
“LDC has been a major part of the private equity community in the region for over a decade and I’m confident John will continue to develop its role into the future.”
He will continue to sit on the board of companies LDC has invested in including Hull-based MKM Building Supplies, Chesterfield-based Eve Trakway and Bradford-based Driver Hire.
Notable deals include Aesica Pharmaceuticals, which increased turnover from £25m in 2004 to £90m in 2010, and The Card Factory, which Charterhouse bought for a reputed £350m in 2010.
LDC invested £380m in 20 companies last year, as well as providing £53m of extra funding to existing portfolio businesses.
This year, it has invested £200m of equity in 13 businesses and provided extra funding to support nine portfolio acquisitions.
The private equity house, which is owned by taxpayer-backed Lloyds Banking Group, made a profit of £74m in 2010.
LDC has carried on investing in Yorkshire SMEs in a moribund deals market, said a spokesman.
Darryl Eales, chief executive of LDC, said: “John is a true LDC stalwart – he balances excellent investment judgement with a management-orientated, commercial style.”
Mr Garner, a corporate financier who trained at KPMG, joined LDC in 2006. He said: “I’m looking forward to developing our relationships with the market and wider business community and supporting the growth aspirations of management teams.”
He added that he has a mandate to continue to increase investments.