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Palatine Private Equity backs management buyout of Lucion Services

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Palatine Private Equity backs management buyout of Lucion Services

U.K.-based Palatine Private Equity LLP backed the management buyout of Lucion Services Ltd., which offers risk-management consulting and inspection services.

Palatine made the investment through Palatine Private Equity Fund III LP, while HSBC provided a debt funding package to support the buyout by Lucion's existing executive management team, which consists of CEO Phil Rozier, Chief Risk Officer Ross Boulton and COO Adam Mead.

Jamie McGivern, who previously worked with Palatine at insurance broker Chase Templeton Ltd., will be Lucion's CFO, while Lucion co-founder Patrick Morton will continue with the Gateshead, U.K.-based company in an advisory capacity.

Gary Tipper, Ed Fazakerley, Kieran Lawton and James Winterbottom led the transaction for Palatine. Lawton and Winterbottom will join Lucion's board as nonexecutive directors.