Matrix Private Equity Partners Trebles Money In Fourth Exit This Year
Matrix Private Equity Partners (“MPEP”), the small buyout specialist, has sold its stake in Apollo Lifts holdings Ltd (Apollo), one of the UK's leading independent lift contractors, for £4 million as part of a secondary buy out to Iceni Capital, realising 3 times its original investment and an IRR of 34 per cent. The investment in 2004 and subsequent exit were made on behalf of MPEP’s client, the Baring English Growth Fund. This is the fourth successful exit for MPEP in 2008 following its recent realisations in BBI Holdings, Ministry of Cake and Gyro. Altium Capital acted as financial adviser on the transaction.
MPEP originally invested £1.6 million in Apollo in 2004. MPEP has supported the management’s strategy of growing the business organically rather than through acquisition and since the buyout in 2004 employee numbers have increased by over 40 per cent. Apollo was founded over twenty five years ago, and the current management team led by Managing Director Martin Bettridge, has been running the business successfully for the last ten years.
John Brandon, who was MPEP’s Non Executive Director throughout and led the exit, said: “This has been a very successful investment. The
management team’s dedication has enabled the business to grow its turnover from £7 million in 2004 to £13.1 million in 2007. Lift repair and maintenance is a growing area within the Service sector and one that is less exposed to the current economic climate.”
Other successful exits for the Baring English Growth Fund include:
• Secure Mail Services: realised 3.8 times original investment in September 2006 and an IRR of 40%
• BBI – realised 3.7x original investment in January 2008 and an IRR of 27%
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