Alliance buy-up Albany Ventures
The move means that now take control of Albany’s three venture capital funds which have an equity value of £25m.
As part of the deal, Albany Ventures’ two senior investment managers and main shareholders, Raymond Abbott and John Morrison, will join Alliance Trust to form the core of the Alliance Trust’s new private equity team.
Alan Harden, chief executive of the Alliance Trust, said: “We fully expect private equity to be an important part of our future investment portfolio and now we are starting to build the skills to enable this to happen.
“Albany Ventures was a natural choice since we have been working with their team since 2002 and have seen at first hand their deep understanding of the market, clear vision and risk management skills.
“Adding Albany Ventures to our group means we have taken a large step to create a private equity team.”
Since Albany Ventures already has an FSA licence to run private equity funds so Alliance they can run such assets for third parties, the company say.
Raymond Abbott, Managing Director of Albany Ventures said, “We are delighted that Albany Ventures is becoming part of Alliance Trust, a long-standing partner in one of our funds.
“Also, working within a £2.7bn company means we can focus all our efforts on what we do best – finding really interesting new ideas and companies with real long-term potential.”
© Crimson Business Ltd. 2006