Henry Jackson (born December 16, 1964) is a British-American businessman, who is Managing Partner and Chief Executive of OpCapita LLP, based in London. He is married to singer Stacey Jackson and has four children with her. OpCapita LLP is a private investment firm that focuses on operational change opportunities in the European retail and consumer sectors.[1] The firm’s partnership combines financial expertise with in-house operating partners who have strong operational track records. OpCapita acquires and invests in companies that are strategically sound but represent performance improvement opportunities where the potential exists to create long-term, sustainable value. [2] Jackson founded OpCapita's predecessor, Merchant Equity Partners, in early 2006 alongside operating partners David Hamid and John von Spreckelsen. [3]
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Jackson has over 25 years of experience working with senior management teams of leading consumer businesses in Europe and the US on strategic change. Before setting up MEP, he was a Managing Director of Deutsche Bank AG and head of its European Consumer and Retail Group. Prior to this he held partner-level positions at Credit Suisse First Boston (CSFB), Peter J. Solomon Company, and Donaldson, Lufkin & Jenrette (DLJ).[4] Henry has extensive transaction experience in M&A, restructuring, and public and private financings of both debt and equity. He has also served on the boards of directors of a number of companies, both private and publicly listed.[5] In 1995, Henry was named as one of Crain's New York's 40 Under 40.[6] Jackson is the grandson of Henry L. Jackson, a co-founder of Esquire Magazine and, later, men's fashion editor of Collier's Weekly.[7][8]
The first acquisition made by Merchant Equity Partners in September 2006 was MFI. MEP paid £1 to acquire the company and then lent it £50 million on a senior secured basis. In turn, MFI's parent paid MEP a dowry in cash of over £130 million.[9] At the time of acquisition, MFI was the market leader in the UK selling kitchens, bedrooms and bathrooms and had 200 stores with turnover of £600 million but negative EBITDA of £40 million. During MEP's ownership, MFI was returned to breakeven profitability within 18 months as MEP improved its products, invested heavily in a new 750,000 sq. ft. distribution centre, successfully implemented SAP computer systems and sold its remaining freeholds and long leaseholds to finance some of the turnaround. But the onset of recession hit MFI hard, and the company returned to losses. MEP sold MFI to the management of the company in September 2008[10] exiting its investment with a small profit.
MEP acquired BUT, a French home-appliances store chain in March 2008.[11] BUT is a leading furniture and electrical retailer in France generating over €1.3 billion in turnover through a national network of over 230 directly owned and franchised stores. Merchant Equity Partners, Colony Capital and Goldman Sachs acquired BUT from Kesa Electricals for €550 million.[12] At the time of acquisition, BUT was a profitable but operationally underperforming non-core subsidiary of a large retailer which had been through a number of ownership changes. MEP developed and then successfully implemented a plan to stimulate sales growth, change the product mix, alter the sourcing strategy, reduce prices, introduce entry price point products, invest in store refurbishments and acquire many of the franchisees, all to improve the company's long-term profitability.[13]
In July 2008, Henry Jackson and Merchant Equity Partners were awarded the ACQ Magazine Large Deal of the Year award for completing the BUT transaction.[14]
In November 2011, OpCapita agreed to buy loss-making electricals retailer Comet Group from Kesa Electricals, the London Stock Exchange-listed group.[15] OpCapita paid a nominal fee of £2- £1 for Comet with another £1 for its warranty company, Triptych Insurance.[16] As part of the proposed deal, Kesa Electricals is investing £50m in Comet while OpCapita and its financial backers are investing £30m to provide Comet with ample liquidity. Kesa Electricals will retain responsibility for Comet's pension scheme and will retain a stake in the business. Comet currently has 249 stores and employees 10,000 people in the UK.[17] The transaction is due to complete in February 2012. [18]