IAN Martin yesterday resigned as deputy chairman of Grand Metropolitan
to start up the Glenisla Group. The group, with resources of $2000m,
will exploit undervalued business opportunities in the UK and western
Europe.
He is backed by the privately-owned Kohlberg Kravis Roberts & Company
investment house.
Mr Martin, 58, was educated at Harris Academy in Dundee and is a
graduate of St Andrews. His first job was with Timex in Dundee in 1962.
He lost a power battle last year against George Bull to become chief
executive of the spirits-to-burgers group. From the beginning of October
he served as a non-executive director.
In 1988, he masterminded the acquisition of the US-based Pillsbury
Company. That brought Green Giant vegetables, baking dough and, perhaps
most important, the Burger King chain into GrandMet.
He lived for five years in America and is well versed in US business
practices which will be valuable in dealing with KKR.
Mr Martin said yesterday that he ''had more gas in the tank'' than
doing the non-executive director round.
He is already a director of House of Fraser, which is coming to the
market shortly, of Granada, and of the US insurance giant, the St Paul
Companies.
With the KKR financial muscle behind him, he will lead a small group
of specialists to investigate potential situations. Managers in the
acquired companies will have a substantial slice of the equity.
Unlike many conventional venture capitalists, he may establish a major
presence in an industry or perhaps acquisitions.
The Glenisla name reflects his love of salmon fishing in the River
Isla.
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