PRIVATE EQUITY FIRM OF THE YEAR
Sponsored by:
Winner: Connection Capital
Following amusing and intriguing revelations from his motor-racing career, now published in his autobiography Flat Out Flat Broke, Perry, the original ‘Stig', McCarthy called audience attention to the evening's first potential winners to pass the chequered flag.
There were the five shortlisted finalists for the ‘PE Firm of the Year' award title; Altitude Partners, Connection Capital, LDC, Livingbridge and Meridian Growth Capital.
Altitude Partners is a south-focused equity fund. During 2015-16 Simon White and Jonathan Simm delivered their first exit through the sale of The Care Division for 2.9x its original investment; provided follow-on support for Chameleon Travel; and they are now preparing to raise their second fund. The firm was last year's PE Firm of the Year.
Connection Capital, with £170 million under management, has supported the ongoing growth of 23.5 Degrees, Starbucks' first global franchisee partner, which has 16 store openings in the pipeline. Connection has a portfolio of self-selected direct investments in private equity, commercial property and alternative asset funds.
In August 2015, LDC South backed the £23m MBO at Poole- headquartered BOFA International, supporting the fume extraction systems company's continued growth; one of 14 new investments completed nationally in 2015. LDC recently announced a £1.2 billion capital investment commitment to support Britain's growing mid-sized companies.
The investment by Livingbridge in Contractor Financials and Mortgages Made Easy will accelerate the continued growth of the enlarged group. Founded in 1995, Livingbridge has backed more than 100 different businesses.
Meridian has 16 portfolio investments, including the UK's ninth-largest travelcompany, LoveHolidays (backed from start-up) and also global
THE BUSINESS MAGAZINE – SOLENT & SOUTH COAST – JULY/AUGUST 2016
businessmag.co.uk
adtech company Blis, which now has eight offices worldwide and has just raised $25m. Over half of the investments are based in the Solent area, which is testament to the firm's regional impact.
On behalf of the sponsors CMA Recruitment Group, sales director Richard Dibden was invited to the stage to announce the category winner – Connection Capital.
After the trophy presentation Connection Capital investment director Luke Matthews admitted his winning team was “fantastically proud”.
It had been an exceptionally busy year for the firm – “a great year for us and our investors” – focused on four principle investments, particularly local funding support for 23.5 Degrees based in Hedge End, Starbucks' first franchisee globally.
“We are not a large team, certainly not as big a name as some of those we were shortlisted with, so this award is a reflection of the efforts of everyone involved.
“It's fantastic to get recognition as PE Firm of The Year, but actually much of the credit also goes to the advisers and particularly the management teams. We back good business management, which does most of the heavy lifting, and that's what it is really all about.
“We work hard to find the right lower mid-market investments, and they can take a bit of finding. Lots of PE houses tend to be based in London, but if you make the effort to get out, as we have done, then the Solent is the sort of area that is vibrant and you will find some absolute gems.
“If you can match-make, there are some great management teams and businesses and, from a PE point of view, if you can provide some money and release the handbrake, good results will follow.”
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