Well known telecom entrepreneur and Dragons' Den panelist Peter Jones has stated that he is currently looking for a private equity partner to join him in making an investment of up to £500 million in a reputed, but struggling UK business.
Mr. Jones reportedly sold his Wireless Logic business yesterday for £38 million to ECI Partners - a private equity group. Apparently, as told by the entrepreneur himself, he had paid £250,000 for Wireless Logic way back in 2002.
"I'm building a bit of a war chest because I think the market will be quite tough over the next six months." Mr. Jones said, The Independent reports.
“Banks will continue to lend but it gives me a real advantage to be able to put equity on the table for businesses that are going to struggle over the next six months. I'm interested in mainstream brands that are currently struggling where I can move in operationally with my team,” he added.
He also stated that he is looking for a “sizeable” private equity firm which would back him up, and at the same time let him do his job properly. Even though Mr Jones has made his fortune through a telecoms company, he is looking for a well-known but struggling brand that could even be a retailer or some kind of a leisure operation.