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MBO for Royal London private equity firm

Royal London Private Equity Partners is changing its name to RJD Partners as its four principals buy the firm.

The four principals of RJD Partners, chief executive David MacLellan and directors John Dillon, Richard Caston and Duncan Johnson are increasing their shareholdings to 85 per cent with former parent mutual insurer Royal London maintaining a 15 per cent stake in the firm.

The company was set up in 2001 by MacLellan and launched its first fund in April 2003. It will continue its strategy of investing in lower middle-market companies in the UK through management buyouts and expansion capital investments in the service and leisure sectors.

Recent deals have included a 50m fund-raising transaction for debt recovery agency Equidebt, a buyout of merchant services reseller Cardsave and 35m for Academy music group which owns the Brixton Academy and the Shepherds Bush Empire.

MacLellan says: “The increased shareholding by the principals provides us with greater alignment with the fund’s investors and reflects the success we have enjoyed since the company’s inception. We are delighted to be retaining Royal London as a shareholder and thank them for the support that they have given us.”

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