VCT News
Beringea's ProVen VCTs Exit iLG
1 May 2008 - London - Beringea, manager of the ProVen VCTs, today announced that it has sold the funds' stake iLG, a leading digital media agency to private equity group ECI. The deal valued iLG in excess of £45 million. Shareholders were advised by Ingenious Corporate Finance.
iLG was founded in 1999 by Andrew Walmsley and Charlie Dobres. It now turns over in excess of £100 million of online media expenditure across display advertising, search marketing, and affiliate management. Its current clients include; the COI, Orange, William Hill, Specsavers and Sony. The Group is made up of three divisions: i-level Ltd (including social networking business: Jam), Generator (consulting) and Premier Affiliate Network (PAN).
Commenting on the deal, Trevor Hope, Beringea's Chief Investment Officer, said: "Our investment in iLG has been an exciting and rewarding one. iLG have combined their absolute determination to be the industry-defining agency in this dynamic growth sector with integrity and client focus. The company has experienced stellar growth since our original investment and has generated some excellent returns for our investors."
David Pattison, CEO of iLG, comments: "Beringea has been an active and supportive investor. As Beringea's non executive director Trevor brought with him strong understanding and experience of the digital media space as well as an appreciation that the key to iLG's success is our people."
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.