Palatine Private Equity has opened an office in Birmingham with the hire of a director from Lloyds Banking Group - an unusual move as UK mid-market private equity firms opening in the city remains rare.

Richard Thomas joined the firm on December 1 to head the firm's new Midlands operation, according to a statement. He previously worked at Lloyds Banking Group as a director in the acquisition finance department in Birmingham. Prior to that he worked at private equity firm Key Capital Partners and advisory firm Grant Thornton.