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EXITS – thread

Sophisticated and complex high-risk tax-sensitive investments in small companies: handle with care
sinterklaas
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EXITS – thread

#432257

Postby sinterklaas » August 3rd, 2021, 3:06 pm

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.

sinterklaas
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Re: EXITS – thread

#432265

Postby sinterklaas » August 3rd, 2021, 3:32 pm

sinterklaas wrote:There's been quite a few this year. . .

Here are some we've already discussed, links to threads below:


* unicorn i.e. exit at >$1bn valuation

sinterklaas
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Re: EXITS – thread

#432267

Postby sinterklaas » August 3rd, 2021, 3:42 pm

…plus a few I think we haven't:

  • 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 :)

sinterklaas
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Re: EXITS – thread

#433676

Postby sinterklaas » August 10th, 2021, 12:12 pm

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

sinterklaas
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Re: EXITS – thread

#444176

Postby sinterklaas » September 21st, 2021, 4:23 pm

  • D3Osecondary 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

#446004

Postby sinterklaas » September 28th, 2021, 4:44 pm

  • 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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