VCT News
ProVen VCT exits portfolio company Notability Solutions in trade sale to Logicalis Group
4 March 2005 - Beringea's ProVen VCT and Barclays Ventures today announced the sale of investee company Notablity Solutions Ltd. to Logicalis Group Ltd, the UK subsidiary of Johannesburg Stock Exchange listed, Datatec. The sale of Notability represents a return of 2.4 times capital in two years and a cash to cash IRR of 57% for the two investment firms who backed the MBO of the company in 2003.
Notability Solutions Ltd is an IT solution provider which focuses on the IBM range of infrastructure products. Founded in 1994, Frimley based Notability has been amongst the leaders in its industry space for the last decade, providing a variety of business problem solutions for its Blue Chip customer base. The business employs 70 people and makes annual revenues of £30 million.
Logicalis is an international provider of high-performance IT integration solutions employing 800 people who design, deploy and manage IT infrastructure to meet the needs of over 5,000 corporate and public sector customers. Simultaneously to acquiring Notability, the Logicalis Group will combine its two existing UK network integration businesses to form Logicalis Networked Solutions.
Beringea's Trevor Hope says "We are very pleased with the sale of Notability to the Logicalis Group. This is a classic example of the growth rate a small, well-managed company can achieve and of the potential returns that venture capital investments can make for investors." Since investing in Notability in 2003, Beringea's ProVen VCT has made a profit of £1.4m, equivalent to over 6 p per ProVen VCT share.
About Beringea
Beringea is an international venture capital firm with offices in London and Detroit. In the UK Beringea manages ProVen VCT, ProVen Health VCT, ProVen Growth & Income VCT and Global Rights Fund II. Beringea launched its first VCT in 1996, making it one of the most experienced VCT managers in the UK. ProVen Growth & Income and ProVen VCT are highest performing VCTs of their launch years, respectively, according to www.taxefficientreview.com. For more information please visit www.provenvcts.co.uk.