37 PRIVATE EQUITY FIRM


OF THE YEAR AWARD


SPONSORED BY SPECTRUM CORPORATE FINANCE WINNER NVM Private Equity


Above: David Rolfe of NVM


Right: Presenter Mark Durden-Smith (far left), Simon Davies of sponsor Spectrum (centre) and the NVM team


The first award of the evening was that of Private Equity Firm of the Year and the calibre of the entries set the tone for the event’s success.


Sponsored by Spectrum Corporate Finance, four firms were shortlisted for the title – Business Growth Fund (BGF), Mobeus Equity Partners, NVM Private Equity and Primary Capital.


Completing 13 deals in 13 months, NVM Private Equity received a tranche of nominations for its regional team, based in Reading, where it has expanded to serve the needs of the area’s business community.


It was applauded for investing in growing businesses, including a £3.5 millon investment in Haystack Dryers, a designer and manufacturer of purpose-built people dryers for the leisure industry; the £12m MBO of travel software specialist Intuitive; and a £6m investment in Silverwing, a developer and manufacturer of solutions for the petrochemical industry. In addition, it backed Kerridge Commercial Systems (KCS) in its acquisition of Datawright, the second such deal after Kerridge partnered with NVM in 2010.


Over the nomination period, NVM sold two portfolio companies to trade buyers, after helping each of them successfully build their businesses. One of these was the sale of CloserStill, an organiser of B2B exhibitions and events, a deal which would go on to attract more attention throughout the evening.


Two important additions to the NVM Private THE BUSINESS MAGAZINE – THAMES VALLEY – MAY 2013


Equity South of England stable were PwC’s David Rolfe and Charlie Pidgeon, whose corporate finance experience has proved “extremely valuable”.


Among the highlights for BGF, which provides long-term equity investments of between £2m and £10m in ambitious SMEs, were its investments in Primrose, an Internet retailer for garden products and water features; Bullitt Group, the Reading-based manufacturer of “rugged” mobile phones for construction brands such as CAT and JCB; and Cennox, a specialist ATM parts provider, from Camberley.


Regional directors run teams across the UK, with James Austin – also in the limelight later in the evening – a regular presence in the Thames Valley.


Mobeus Equity Partners, a leading equity investor in the lower mid-market, was commended for its role in supporting the £18m MBO of Tessella, an Abingdon-based provider of science-powered technology and consulting services. Mobeus invested £5.6m in a combined debt and equity package and judges heard the transaction required a “very collegiate and innovative approach” between all the parties involved. It clearly struck the right chord with the audience too, as the deal featured as one of the top runners for Deal of the Year (under £25m).


Other investments included Basingstoke- based Vectair, and realised exits for Camwood and Iglu.com.


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Primary Capital was acknowledged for its role as a lead equity provider for mid-market management buyouts and buyins. An independent investment firm, it usually invests in businesses valued between £20m and £100m.


In 2012, Primary Capital backed the £35m buyout of Leisure Pass Group, the leading provider of smart card multi-attraction tourist passes covering London, Paris and Berlin. Among other highlights for the firm was the MBI of Guralp Systems two years ago.


With everyone keen to find out who would take the inaugural trophy of the night, Simon Davies, partner of Spectrum Corporate Finance, was called to the stage to announce the result – with the title going to NVM Private Equity.


Speaking later, NVM’s David Rolfe said: “It’s great to be recognised by the Thames Valley business community as we have invested in the team locally and have had a great 12 months building our portfolio. It is equally pleasing to see successful management teams like CloserStill who we have supported for many years being recognised for what they have achieved.”


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