Lloyds TSB Development Capital, the private equity arm of the UK-based bank, has promoted Jonathan Simm and Simon Dempsey to directors of the firm's Southampton and Birmingham offices.

Simm has been with the company for over three years, during which time he established the firm's Southampton office. The office has led deals including the acquisition of aerospace components manufacturer TRIM Engineering Group by Mayflower Technical Services worth £55m (€88m), and the £22m management buy-in of Industrial Cooling Systems. Dempsey has led several deals for the Birmingham office, including the £25m management buy-out of MBP, the UK minibus insurer. Lloyds TSB Development Capital specialises in UK mid-market transactions, and in the first half of 2001 it invested £112m in 26 companies.