RCP sells its stake in Loewy
One of Loewy’s principal backers, Risk Capital Partners, has withdrawn from the group, selling its 25 per cent stake back to Loewy’s existing shareholders.
The stakeholding is thought to be worth £5m, although a spokesman for RCP –the investment vehicle run by outgoing Loewy chairman Luke Johnson – declines to reveal the specific figures of the investment. Loewy is thought to have been valued at around £20m at the time of the disposal and RCP generated two and half times its initial investment in the group.
RCP made the investment in Loewy in March 2004, helping to facilitate the merger of Raymond Loewy International and Wilson Harvey to form Loewy.
Johnson is being replaced as chairman of Loewy by Pembridge Partners founder Mark Adams.
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Loewy is going through a period of rapid growth, with mergers including Williams Murray Hamm and Bite.
We have brought in experts to hold our hands. The financial aspects are much less important than building our reputation for creative quality.
Watch this space for other additional excitements for 2007…