Keeping up his word of private equity being “wealth creators constantly pumping money into the economy”, Jon Moulton is set to raise more funds for his private equity firm, Better Capital.
Analysts speculate the scale of new funding could be as much as £100m.
Moulton said that even though “the current economic climate looks bleak”, Better Capital is being offered deals that are larger and “more compelling from a turnaround perspective than earlier periods”.
Better Capital has already re-invested £208m it raised in the past. It now owns Reader’s Digest, luxury yachts maker Fairline and stationery group Spicers.
In a recent conversation with LondonlovesBusiness.com, Moulton condemned Ed Miliband’s reference to private equity firms as asset strippers.
“He[Ed Miliband] is taking a potshot at private equity firms in order to divert attention from the embarrassment that the Labour party has caused itself by mis-handling the economy,” he said.
“With the government immersed in debt upto its armpits, it is the so-called big financial bets made by the private equity firms that are constantly generating revenue for the UK.
“It’s ridiculous to call them asset-strippers because we are wealth creators constantly pumping money into the economy,” he added.
In the past six months Better’s net asset value has risen from 101.8p per share to 110.96p for a total return of nine per cent.
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