Veteran dealmaker John Lovering has been appointed non-executive chairman of Maplin, the electricals specialist owned by Montagu Private Equity.
He succeeds Keith Pacey, who is standing down after 13 years and will hand over his executive responsibilities to Maplin managing director Dave Whittle.
Lovering has been associated with many of the highest-profile private equity deals and exits of the last decade, including at department store group Debenhams and DIY retailer Homebase, but his appointment at Maplin is not thought to signal an imminent transaction.
There was speculation last year that Montagu might sell Maplin. However no deal was done and it is understood that the private equity house intends to hold on the retailer for some time.
Pacey said: “I have very much enjoyed my 13 years at Maplin watching the business grow and develop.
“It now feels like the right moment to step down and I am very pleased to be handing over the reins to John whose experience makes him ideally suited to the job. John is joining a company in good health and with excellent prospects.”
Lovering said: “Maplin has a great history and strong culture with an exciting future ahead.”
Profits at Maplin flatlined last year in the wake of punishing trading conditions. Pre-tax profits were £35.7m for the 53 weeks to January 1 – a period one week longer than the previous year, when it recorded a profit of £35.5m. Sales rose from £203.7m to £213.1m.