Thought it was about time we had a thread devoted to exits of VCT portfolio companies.
There's been quite a few this year. Be interesting to keep an eye on multiples these various deals are generating, and how much of it gets back to us as investors.
Starter for ten: just read that Pho, the Vietnamese restaurant chain held by Baronsmead VCTs, has been sold to private equity.
It was a 2012 deal and growth capital not MBO. No detail in the press on multiple, so we'll have to wait for reports from the VCTs. All I know, it was a top ten holding.
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EXITS – thread
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Re: EXITS – thread
sinterklaas wrote:There's been quite a few this year. . .
Here are some we've already discussed, links to threads below:
- Pasta Evangelists - trade sale (Pembroke) Jan 2021
- Virgin Wines - IPO (Mobeus) Feb 2021
- Parsley Box - IPO (Mobeus) Mar 2021
- Care homes (various) - trade sale (Albion) Mar 2021
- MPB - secondary (Mobeus, ProVens) Apr 2021
- Music Magpie - IPO (Northern VCTs) Apr 2021
- Arecor - IPO (Albion, Calculus, Downing FOUR) Jun 2021
- Depop* and Wave Optics - trade sales (Octopus Titan) Jun 2021
* unicorn i.e. exit at >$1bn valuation
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Re: EXITS – thread
…plus a few I think we haven't:
Quite a lot going on, in other words. If anyone has any further info on these (verified multiples / cash return to VCTs, special dividends declared or paid out, etc) please chip in and share
- Skew - trade sale to Coinbase, Apr 2021, Octopus Titan VCT
- Plenish - trade sale to Britvic, Apr 2021, Pembroke VCT
- DeepSecure - trade sale to Forcepoint federal, Jun 2021, British Smaller Companies
- Semafone - secondary sale to Livingbridge, Jun 2021, Octopus Titan VCT
- ContactEngine - trade sale to NICE, Jun 2021, ProVen VCTs
- GENInCode - IPO, Jul 2021, (Maven, Downing ONE & FOUR
- Mologic - sale to nonprofit organisation, Jul 2021, Calculus and Foresight VCTs
Quite a lot going on, in other words. If anyone has any further info on these (verified multiples / cash return to VCTs, special dividends declared or paid out, etc) please chip in and share
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Re: EXITS – thread
Maven invested further, rather than exited, in the GENinCode IPO – it says the valuation at float is an uplift of 2.7 times cost. 12 months since investment.
https://www.mavencp.com/about/latest/84 ... en-backing
https://www.mavencp.com/about/latest/84 ... en-backing
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Re: EXITS – thread
- D3O – secondary sale to Elysian Capital – has been in ProVen VCTs for a good few years. Makes the orange impact-protecting foam found in helmets, phone cases etc. Judging by the low key press, unlikely to have been a stellar exit for Beringea? like with Whistle Sports, will have to wait for the VCTs’ reports
- Property Partner - was a top ten investment in Octopus Titan VCT a while ago – trade sale to Softbank-backed Better Inc. (As with most Titan exits, hasn’t moved the needle on NAV)
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Re: EXITS – thread
- Conversocial – sold to Verint Systems Inc, Aug 2021, Octopus Titan VCT
- Semafone, mentioned above, was 8.5x return per Titan half year report
- Property Partner confirmed as a down exit in same report; £13.6m cost, no numbers on the exit value
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