Guy Hands, the founder of private-equity firm Terra Firm Capital Partners, said while the current global environment is “very difficult,” he plans to expand the company with the help of Justin King.
It’s “the most difficult landscape that existed during my lifetime -- that means there are opportunities, but they’re quite short-term,” Hands, 56, told Bloomberg Television’s Guy Johnson in an interview on Tuesday after hiring King to help oversee investment. “Hopefully having Justin there won’t be just a question of Justin and me, but will attract other people as well. The firm will get bigger and develop.”
Terra Firma said in a statement on Tuesday that it hired King, 54, as vice chairman and head of portfolio businesses, which include the Odeon & UCI Cinemas Group and Wyevale Garden Centres. He was chief executive officer of Britain’s third-largest grocer, J Sainsbury Plc, in the 10 years through 2014.
Hands said that hiring King isn’t part of his “exit strategy” and that there’s still “plenty of time” to decide on succession. At the same time, it will make fundraising easier, he added.
“As long as you have the right people, you can make money,” he said. “But you have to be reasonably quick.”