London, UK -- March 15, 2006 -- Merchant Equity Partners LLP, a recently formed private equity group focusing on the pan-European retail sector, announces that top retailers John von Spreckelsen and David Hamid have joined the group as operating partners.
John von Spreckelsen is one of the most successful and experienced executives in European retail. He is a former Executive Chairman of leading food retailer Somerfield plc and was previously Chief Executive of Budgens plc, another well-known UK food retailer. He is credited with reviving both and a host of other companies during a 35-year career in corporate turnarounds, including retailers in Continental Europe.
He began his working life in banking with Commerzbank, Germany, and Bank of America International before switching industries and was European Finance Director of Bowater Corporation, the leading speciality paper and newsprint producer. In the mid 1980s he started his own turnaround company focusing on retail. Currently he is Chairman of a top automobile parts retailer in Austria.
David Hamid is also a senior retail figure who was until the middle of last year Chief Executive of Halfords Group plc, the leading car parts and cycle retailer.
At Halfords he is credited with an 80% increase in operating profits in the two years prior to the floatation of the company on the London Stock Exchange in June 2004.
Prior to joining Halfords, David Hamid was on the board of Dixons Group plc for five years, latterly as Chief Operating Officer. He spent some 17 years at the company and was Managing Director of a number of the group`s divisions, including computer retailer PC World. He spent his early career with Imperial Foods, Sony and Alfred Dunhill. Recently he has been appointed Chairman of Novus Leisure, the operator of premium bars and restaurants in London`s West End.
Merchant Equity Partners (formerly Mercapita Partners) was formed last month to focus on turning around troubled retail businesses in the UK and Continental Europe. The group was established by Henry Jackson, a former senior Managing Director at Deutsche Bank AG and head of its European Consumer and Retail Group. He will be making a speech on Thursday 16th March at the Retail Week Conference in London describing the major reasons why retailers fail.
The European retail sector represents total revenues of around Euro 2,000 billion and accounts for close to 15% of EU GDP. The top 250 retail companies in Europe each has over Euro 750 million in revenues, giving Merchant Equity Partners a large number of target companies.
Henry Jackson, Founder of Merchant Equity Partners, commented: "The addition of two such accomplished figures in retail greatly strengthens our management team. Their unrivalled wealth of UK and Continental European retail experience and expertise will be of great benefit to us in making successful investments in the sector."
John von Spreckelsen commented: "Merchant Equity Partners is an excellent concept and I think there are a lot of great opportunities to add value in European retail. I am very much looking forward to working with the team here to do just that."
David Hamid commented: "Retail will continue to be an exciting arena over the next few years in Europe with many potential retail turnaround situations crystallised by recent tough trading conditions. The expertise that Henry is assembling will be a formidable force."
Contact:
Henry D Jackson
+44 20 7547 5044 Telephone
+44 20 7545 3419 Fax
+44 7879 415 485 Mobile
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