Moulton set to do it Better
JON Moulton, who sensationally quit former private-equity firm Alchemy just two months ago, has bounced back by launching a new firm, Better Capital.
Moulton yesterday told City PM that he had most of his new team in place, but would nail down the rest “over the next few weeks”.
He added: “We’re talking about human beings – they are unpredictable things, as I discovered over the decades.”
Moulton refused to comment whether he would be hiring staff from Alchemy.
The private-equity tycoon in September announced his departure from Alchemy with a stinging personal attack on one of his colleagues.
Moulton sparked boardroom embarrassement by saying he could not recommend colleague Dominic Slade to become managing partner.
In a letter to Alchemy shareholders Moutlon said: “With profound regret Alchemy is not what it was”, but in a hint of his future plans he signed off : “I would do it again – but better.”
Moulton said that the firm, Better Capital, would have enough cash via his “back pocket” to complete the first couple of deals, but would then be looking at raising a “nine figure sum” – or around £100m.
The private equity heavy-weight added that he believed it was a “fabulous time to launch a business” due to the plethora of cheap distressed assets ready to be turned around.
Moulton quit Alchemy over its strategy of moving away from focusing on turnaround situations.
Moulton is expected to announce the launch of the new firm officially nearer Christmas with a drinks party to trumpet his return to the City.