Terra Firma names ex-Sainsbury chief King as vice chairman

Former Sainsbury’s boss Justin King has landed his first major role since leaving the supermarket with a top job at a private equity house.

He is understood to be taking over responsibility for a chunk of the group’s portfolio including Odeon UCI Cinemas, Wyevale Garden Centres and Four Seasons Health Care, satellite TV station SkyNews reported last night.

He will also take a stake in Terra Firma.

Terra Firma, since its inception in 1994 by Guy Hands, has invested over 16 billion euros in 33 businesses with an aggregate enterprise value of over 48 billion euros.

Hands, the chairman and chief investment officer of Terra Firma, said it was a “great fit for both sides”.

It now has a diverse portfolio of businesses in various stages of development.

King ran Sainsbury’s for a decade and was widely acknowledged for having turned around the grocer’s fortunes.

Mr King led Sainsbury’s for 10 years before stepping down in July last year.

Under King, Sainsbury’s clocked nine years of quarterly sales growth.

King, who also worked for Marks & Spencer, Asda and Mars, said he was delighted to be joining Terra Firma.

Since leaving his services have been in demand.

He was also hired to lead an independent review of Thomas Cook after its handling of the deaths of two children on holiday in Corfu.

Sky News, which was the first to report the appointment, said King was likely to play a role in any future fundraising efforts and help with the revival of the firm hurt by the seizure of EMI Music in 2011 by Citigroup. He and his wife Julie are estimated to be worth £250m.