Harwood Capital, an independently owned group of investment companies, has teamed up with Stuart Widdowson and Ian Armitage to launch a new investment business.

The new venture will be chaired by Ian Armitage, former CEO of private equity firm HgCapital.

The business will have Armitage reunite with Widdowson, who joined HgCapital when it was set up in 2000.

“I was lucky enough to hire Stuart in 2000 when he joined the newly independent PE firm, HgCapital. We worked closely together during this time and I admired his willingness to get stuck in with all aspects of the business as well as his focus on long term rewards. I was also particularly impressed with his innate desire to align the interests of fund managers and investors,” Armitage said.

Armitage, with an experience of over 30 years in private equity, currently chairs The Key and is non-executive director of Tenzing Private Equity. Widdowson most recently served as a fund manager at GVQ Investment Management.

Harwood Capital Group CEO Christopher Mills said: "Stuart brings a highly complementary skill set and a distinctive investment strategy to the Harwood Capital Group.

"I have acquired a deep understanding of his unique investment style and techniques over many years which is why I am hugely confident in our ability to build a long term and successful partnership.”