Total return: up to 3.6x
Business: Core Capital backed AlliedPRA’s growth ambitions since late 2009. Following investment, management refocused the group back to its North American operations, selling or shutting down its European offices. During this time, Core supported the acquisition of seven franchised destination offices (South Florida, Palm Springs, Dallas, Arizona, New York, Orlando and Chicago), opened two new offices in the US (Washington D.C. and Hawaii) and completed one major outside acquisition of the leading DMC brand in Colorado. During Core’s involvement, revenues in the US group grew over 5x and EBITDA grew by over 7x during the investment period. Core successfully realised the investment following a competitive auction process, exiting to US-based private equity fund CI Capital Partners in August 2017.
Total return: 11.7x
Business: Luminar Leisure had become the largest operator of late night, licensed venues in the UK. It operates restaurants, night clubs and entertainment venues under various brand names, including Chicago Rock Café, Liquid Night Clubs, and the London Hippodrome. Luminar floated in 1996 and subsequently became a FTSE 250 company.
Club 18 - 30
Total return: 2.8x
Business: Club 18-30 is a leading youth holiday brand, focused on the 18-30 age bracket, primarily singles market in the UK. We backed the MBO, acquiring the business from the failed ILG Group, and realised our investment upon its reverse takeover of Flying Colours in 1995.
Henry J Bean's
Total return: 1.6x
Business: Henry J Bean's is a branded owner and operator of themed Bar & Grills in the UK, with an international franchised business. We led a £3.5 million MBO from Capital Radio plc, and sold the business to the Hartford Group plc in 2005.
Loch Fyne Restaurants
Total return: 2.4x
Business: Loch Fyne Restaurants has become the UK's largest chain of seafood restaurants, and one of the few successful brands at the premium end of the dining out market. It has a clearly defined offering, and benefits from preferential supply arrangements with Loch Fyne Oysters. We backed a management team well known to us. Loch Fyne was sold to Hutton Collins, winning 2005 Best Exit Award at the EIS Association, before its eventual sale to Greene King in 2006 for £70 million.
Total return: 9.1x
Business: Core recognised the opportunity to grow Kelway by acquisition into a substantial business and to broaden its offering into services and related activities. This required a substantial involvement in identifying and negotiating 7 acquisitions, and enhancing the senior management team as the business grew rapidly in scale. During Core’s involvement Kelway grew from £45m of turnover to over £550 million and was ranked in the Sunday Times Profit Track 100 for most years during Core’s investment. Core successfully realised the investment following a competitive auction process exiting to CDW Corporation in November 2014.
Espresso - Espresso Broadband
Total return: 2.0x
Business: Established in 1997, Espresso Group is the UK market leader in the provision of broadband, video and multi-media educational resources. Nearly 10,000 primary schools subscribe to its video-rich Espresso Primary service, which has won multiple industry accolades, including six BETT awards and a BAFTA.
Espresso attracted a strategic investment from ITN before acquiring 4 Learning from Channel 4. Espresso Group was sold to Discovery Communications, Inc. in November 2013.
Total return: 13.7x
Business: Mergermarket is a leading Mergers and Acquisitions (M&A) intelligence service. Mergermarket specializes in providing forward-looking origination and deal flow opportunities integrated with a comprehensive deals database delivering customized digital information to subscription clients The business established locations in London, New York and Hong Kong before its sale to the Financial Times Group in 2006 for £145 million, a multiple of 7.25x historic turnover.
Total return: 2.0x
Business: Adapt is a leading independent IT managed services provider, with a focus on co-location and data hosting, connectivity and Internet, managed services, and cloud services. We backed the MBO of MNET (subsequently rebranded as Adapt) from a family-controlled office services company. Existing management provided a material amount of equity funding to the transaction, and Core's funding was largely provided as a mezzanine loan. Core successfully exited its mezzanine investment in Adapt following the completion of a £30m acquisition backed by Lyceum Capital.
Total return: 2.2x
Business: Copyright Promotions Group is Europe's leading independent merchandising business, acting for copyright owners in Entertainment, Brands and Sport. Examples include Star Wars, Mr. Men, Peanuts and the Football World Cup. We backed the MBO from the receiver of ISL Group, completing the transaction in a few weeks and retaining the rights portfolio. The business was sold to management in 2005.
Total return: 2.4x
Business: Camwatch is a designer, supplier and installer of detector activated remote CCTV monitoring systems and provides a 24/7 remote monitoring service for over 20,000 cameras across the UK and abroad. Core provided mezzanine funding to Camwatch in 2008 to fund the roll out of the company's main product, the rapid deployment tower ("RDT") systems. Core successfully realised its mezzanine investment as part of a trade sale to VPS Holdings Limited.
Total return: 4.1x
Business: Link has grown to become a leading UK based merchandising business and is the European head licensee for Barbie. It was acquired by Entertainment Rights Plc. in 2001.
Business: Augentius is a focussed Private Equity and Real Estate fund Administration business. They administer over 350 funds on behalf of over 150 clients. They have 400 staff, across 10 international offices. Core capital supported the buyout alongside others and the position was bought by management shareholders in September 2013 realising 3.7x for Core Investors.
Total return: up to 2.4 x
Business: SPL, operating under the brand of PDP Couriers, is a specialist courier for clinical trials, transport of clinical and medical research and logistics management. Operating globally, PDP provides solutions for time critical and temperature sensitive shipments for pre-clinical trial and phase I -IV clinical trial material, clinical trial drugs and support of managed access programs. We supported the buyout of the business in 2007 and its turnover more than quadrupled during the investment period through organic growth and international expansion. The business was sold to Air Liquide in 2016.
The Sanctuary Spa
Total return: 5.5x
Business: The Sanctuary operates the highly successful women's only day spa in Covent Garden, London. Joint ventures were negotiated with David Lloyd Leisure, and Oasis Holiday Village, and a retail product range was developed which sold through major UK retailers, principally Boots. The original funds invested were exited through a recapitalization before the sale of the business in 2008 to PZ Cussons for £75 million.
Cording Real Estate
Business: Cording is a London headquartered pan-European real estate business providing investment, asset and property management services in the UK, Germany and Benelux Real Estate markets. It has around €2.3 billion of management mandates and 80 staff operating from five offices in Germany, two in the UK and one in the Netherlands.
Business: Core Capital established Ark Health in 2010, creating a new domiciliary care business via three initial acquisitions. The Group has since grown into a leading nationwide provider of domiciliary care, delivering 50,000 hours of care per week and employing over 2,000 staff.
For further information, please refer to www.soho-sq.com