Directorbank completes secondary buyout

17 July 2006

Directorbank, the UK’s leading provider of directors to private equity backed buyouts, has completed a £4.3 million secondary buyout of its own, backed by Nova Capital Management.

Directorbank, which has offices in London and Leeds, is retained by over 50 private equity houses, including leading international firms such as KKR, Warburg Pincus, Candover and Permira and provides online access to the CVs of around 2,500 Chairmen, CEO’s and Finance Directors, all of whom are immediately available. Directorbank has developed a unique position as an instant source of top managers who are able to advise on target companies and sectors and join them once a deal is concluded.

Elizabeth Jackson, who has led the deal, moves into the role of Chief Executive and John Pearce, head of the company’s Finance Director division, joins the Board. Jonathan Hick, who founded the business in 1998, wishes to pursue his other business interests on a part-time basis, but remains as a director and shareholder of the company committed to the next stage of growth. Sarah Grünewald, who has built up Directorbank’s fast-growing public company non-executive director division over the last few years, steps down from the Board but remains a consultant to the company.

Simon Smith, a director of Nova Capital Management, which acquired a significant stake in Directorbank in April this year through its takeover of Springboard Plc who invested in the company in 1999, said: “When we bought Springboard, Directorbank was clearly one of the jewels in their portfolio. The company has strong market awareness and an excellent reputation, but it is still a relatively unexploited brand. We see potential for growth across all areas of operation, particularly in the quoted company market, greater exposure with venture capitalists and the further development of the London office.�

Elizabeth Jackson said: “It’s been another fantastic year of growth in sales and profitability at Directorbank and this restructuring provides a strong platform for growth over the next three years. We have developed a much respected brand, moving in the highest echelons of British boardrooms. Our challenge is to build further on this and Nova’s backing will give us the momentum to do so.�

Contact Details:

Carol Arthur, Northern Lights PR 01423 562400
Jonathan Hick, Directorbank 0113 297 8000

Notes to Editors:

Nova Capital Management was founded in 2002 and is a leading manager of direct secondary private equity portfolio. It has over £400m of funds invested in over 120 companies.

Additional debt funding was provided by Yorkshire Bank, led by Mike Selina. Advisers to management were Dave Irwin and Andy Miller of McInnes Corporate Finance and John Sewell of Eversheds.