Garner to replace Swarbrick as head of LDC

TOP dealmaker John Swarbrick is stepping down as head of private equity firm LDC in Yorkshire and is being replaced by John Garner, who is currently head of its East Midlands operation.

Mr Swarbrick has been in the post for the past 12 years and has led on 24 investments over that period, valued at a total of £215m.

He will continue with LDC on a part-time basis until the end of 2013 and also remain as a non-executive director on several of LDC’s portfolio company boards, including Driver Hire and MKM Building Supplies.

Mr Garner is moving to the Yorkshire and North East role from Nottingham where he has been head of LDC’s East Midlands operation.

LDC said the move showed it was looking to continue its investment activity.

Mr Swarbrick 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.”

Mr Garner said: “I am delighted to be taking over the reins from John Swarbrick. Our track record in Leeds has been outstanding and this is in no small measure due to John’s leadership and relationship based management style.

“I have a mandate to build on this platform and continue to increase LDC’s level of investment in the region’s mid-market companies.”

So far this year, the LDC Leeds office has supported the management buyout of TD Travel, the travel management consultancy business, as well as the acquisition of Thomson Aero for portfolio company MB Aerospace.

Last year, the office backed the secondary buyout of Driver Hire, the franchised provider of temporary and permanent personnel to the logistics and distribution industries, and exited its investments in global contract pharmaceutical products manufacturer Aesica and Volvox Group, a leading supplier of auto electrical products and industrial consumables.

Commenting on Mr Swarbrick’s contribution, Darryl Eales, LDC’s chief executive, said: “John is a true LDC stalwart – he balances excellent investment judgement with a management orientated, commercial style. 

“Most of all, he is a top bloke and a great friend who I hope will continue to be a great ambassador for LDC for many years to come.”

LDC is owned by taxpayer-backed Lloyds Banking Group.