Seneca Partners has made a 3.6x return from its investment in Premier Technical Services Group.
The calculated return does not include the tax relief benefits provided by the Enterprise Investment Scheme.
Seneca Partners provided growth capital to Premier to support its IPO in February 2015. PTSG is the UK’s leading provider of façade access and fall arrest equipment services, lightning protection and electrical testing, specialist building access and fire solutions.
Since IPO, the company has grown through the implementation of its acquisition strategy and by winning contracts and servicing blue-chip clients such as HSBC, Scottish Water, the NHS, Marks & Spencer, Manchester Airport and No 1 Spinningfields in Manchester.
Investment Manager Connor Grimes said: “We are delighted with this realisation, a 3.6x return on initial investment is a fantastic result. PTSG is a great example of a regional business with strong leadership that took on growth capital at an early stage to fund its next phase of development – we will continue to target companies like PTSG.”
Jack Rose, Head of Tax Efficient Products at LightTower Partners, added : “It is great to see yet another strong exit from the Seneca Partners team. In conjunction with their ability to deploy investors’ capital in a timely manner, their track record of delivering successful exits and shareholder value is increasing with each year. Seneca’s recently launched new VCT offering provides another tax efficient access point for investors seeking exposure to Seneca’s growth capital investment expertise.”
PTSG to the end of December 2017, grew its revenues to £53m with an adjusted EBITDA of £12.3m and currently has a market capitalisation of approximately £200m.
Corporate broker, N+1 Singer, facilitated the transaction for Seneca Partners.