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Investec realises 27% return on Coffee Nation investment
Oxford’s new Innovation Centre set for £30 million Science Centre site
James Stirling
Investec Growth & Acquisition Finance (’Investec’) has successfully exited its preferred equity investment in Coffee Nation, the UK market leader in self-serve gourmet coffee. This follows the £59.5 million sale of the company to Costa Limited, a wholly owned subsidiary of Whitbread PLC, the UK’s largest hotel and restaurant group, generating an IRR of 27% (2.0x multiple) on its money. Coffee Nation provides premium quality
gourmet coffee via self-service outlets in 900 locations throughout the country, including Tesco, Welcome Break, and Moto, and has an annual turnover in excess of £20 million. In March 2008, Milestone Capital Partners (‘Milestone’) led the £24 million secondary management buyout of Coffee Nation, backing the existing management team. Investec provided a preferred equity investment of £5.25 million in support of their bid. James Stirling from Investec commented:
“Since we supported the MBO in 2008, against the backdrop of an uncertain economic environment, Coffee Nation has experienced significant growth in earnings and consolidated its position as the leader in its market segment, confirming the resilience of its business model. “We are delighted to have supported
Milestone and a strong management team in this transaction. The use of a preferred equity strip in the structure enabled Milestone to significantly improve its cash multiple. We are committed to continue working with mid-market private equity firms to enable them to maximise their returns.”
fi MONTHLY MARCH 2011
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www.finance-monthly.com
Handover of keys for Oxford Innovation Centre
Science Oxford is creating a new innovation centre to support entrepreneurs and start-up companies in the heart of Oxford city centre. The 25,000 sq ft innovation centre, due to open its doors in March, is part of a prestigious site that will incorporate a £30 million science and innovation centre. Science Oxford is housing the new centre
in former county council building, Macclesfield House. The building occupies an enviable site in central Oxford adjacent to the Oxford Castle development, the planned site for a ‘world-class’ cultural centre for science and enterprise, an attraction that is hoped will draw over 100,000 visitors per year. The aim is to open the state of the art facility by 2015 and a pledge of £10 million has already been made to the fundraising campaign. Until completion of the science centre,
the Macclesfield House building will be re-branded as ‘Oxford Centre for Innovation’ and offer business support and premises for up to 30 small and developing companies. Oxford Innovation, a leading operator of
business and innovation centres, has been appointed to manage the new innovation centre. This is the latest addition to an already impressive portfolio of technology companies for Oxford Innovation. The firm already manages 14 other centres from Portsmouth to Yorkshire used by over 400
companies, and its business support services include access to its business angel investment networks as well as mentoring and business planning advice. Dr. Ian Griffin, chief executive of Science
Oxford, said: “Our plan is to give Oxford a public face for science and enterprise and to create a major tourist destination. The science centre will showcase inspiring discoveries and inventions that will bring the excitement of science to young and old alike. “Innovative, early stage companies are
more crucial than ever to our economy and at Oxford Centre for Innovation, they will benefit from a supportive environment with access to the funding and advice they need to help them to grow.” Chris Allington, managing director of Oxford Innovation’s business and innovation centres division, said: “We are delighted to have been appointed to manage Oxford Centre for Innovation as part of this exciting initiative in the heart of Oxford’s liveliest quarter. Our aim is for this prestigious innovation centre to become a focal point for innovation and enterprise in the city and a generator of local employment. There has been strong interest in the range of offices and workspace we can offer and several companies are scheduled to move in during March and April.”
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