Caledonia Investments plc today announces that Tom Leader has decided to retire from his role as Head of Caledonia Private Capital with effect from December 2026 and we are pleased to announce that Theo Tizard has been appointed as his successor.
Tom joined Caledonia in 2017 and was appointed Head of Caledonia Private Capital in 2021. Under Tom’s leadership, Caledonia Private Capital has invested over £400 million and realised nearly £1.1 billion. The net asset value of the Private Capital portfolio was £760 million as at 30 September 2026.
Since becoming Head of Caledonia Private Capital, Tom has overseen the continued growth and development of the business, working alongside management teams across the portfolio to support value creation and long-term investment performance. The portfolio has expanded to include high-quality private companies AIR-serv Europe, Direct Tyre Management, Blue Diamond Garden Centres and Conquip Engineering Group. Several significant investments have also been successfully realised including Deep Sea Electronics, BioAgilytix, Bloom Engineering, 7iM and Stonehage Fleming.
Theo joined Caledonia in 2017 and has been instrumental in the origination, due-diligence, value creation and realisation process for a number of investments including Deep Sea Electronics, AIR-serv Europe, Direct Tyre Management, Bloom Engineering and Conquip Engineering Group. Theo currently serves on the boards of Butcombe Group, Blue Diamond and Conquip. Prior to joining Caledonia, Theo spent six years in corporate finance roles at Houlihan Lokey and PwC. Under Theo’s leadership, Private Capital will continue to focus on investing in established businesses and partnering with management teams to support long-term growth.
Tom and Theo will continue to work closely over the coming months on the handover and Tom will remain available to Caledonia in an advisory capacity.
Mat Masters, Chief Executive Officer of Caledonia Investments, commented:
“On behalf of everyone at Caledonia, I would like to thank Tom for his outstanding contribution to Caledonia and the Private Capital pool. During his leadership, he has developed a great team, strengthened our portfolio, supported exceptional management teams and upheld the long-term investment philosophy that defines Caledonia.
We are delighted to appoint Theo as Tom’s successor. He brings significant investment experience, strong leadership qualities and a deep understanding of Caledonia, making him well placed to lead Private Capital and provide continuity in our investment approach. We look forward to working with him to support our portfolio companies and create enduring value for shareholders.”
Tom Leader, Head of Caledonia Private Capital, commented:
“It has been a privilege to lead Private Capital and to work with such a talented Caledonia team and the exceptional management teams across our portfolio. I am proud of what we have achieved together and believe we are well positioned for the future.
I am pleased to be handing over leadership to Theo and I wish him and the wider team every success in the years ahead.”
Theo Tizard commented:
“I am delighted to be appointed Head of Caledonia Private Capital and to succeed Tom, who has made a significant contribution. Caledonia’s long-term perspective, permanent capital base and partnership approach provide a distinctive platform from which to support high-quality companies and their management teams. I look forward to leading the Private Capital team into its next phase, working closely with my colleagues across Caledonia as we build on the team’s strong track record.”