LONDON (Reuters) -Guy Hands, one of Britain’s highest profile financiers, has stepped down as chairman of Terra Firma Capital Partners, the private equity firm he founded, after more than two decades in the role.
Hands built up a reputation as a well-known and outspoken dealmaker in the private equity world, who was behind deals including takeovers of record label EMI and the Four Seasons care homes business.
“When I founded Terra Firma over 20 years ago, I vowed that I would retire from the firm ‘when I’m 64’, as per the eponymous Beatles song. That time has now come as I approach my 64th birthday this August,” Hands wrote in a memo to staff seen by Reuters.
His decision was first reported by Sky News.
Terra Firma will be led by Guy’s son and managing director Richard Hands and its chief operating officer Paul Hatter, the company said in a statement.
Guy Hands will also step down as chief investment officer of Terra Firma, but will continue to be involved in some of his family office’s portfolio businesses and legacy fund investment Annington, the company said.
Hands said the move would allow him to spend more time on his philanthropic interests with his wife Julia.
Guy Hands founded Terra Firma in 2002 through the spin-out of Japanese bank Nomura’s Principal Finance Group (PFG), which he used to lead.
Terra Firma is now invested in 39 companies with an aggregate enterprise value of 51 billion euros ($56.7 billion), according to the company’s website.
His career in private equity has not been without setbacks, including a spat with Citigroup after the collapse of EMI and a legal challenge he lost against the UK government over the repurchase of military homes.
Other business backed by Terra Firma include Australian cattle company CPC.
($1 = 0.8990 euros)
(Reporting by Pablo Mayo Cerqueiro and Iain Withers; Editing by Louise Heavens and David Holmes)
