VCT News
Beringea Exit Organic Baby Food Company Plum Baby
8 June 2010 - London - Beringea, manager of ProVen Health VCT, has announced that it has sold the VCT's stake in Plum Baby. The realisation has been facilitated by the sale of the leading premium organic baby food company to Darwin Private Equity.
ProVen Health VCT first invested in the company in 2007 and the disposal has resulted in a return to shareholders of 1.9 times the original investment cost - generating uplift of 1.9p to the VCT's current Net Asset Value.
Plum Baby, founded by former chef and mum of three Susie Willis, was launched in 2006. Plum pioneered the premium baby food sector in the UK and has witnessed dramatic year on year growth. Its award winning range of over 50 products, created with the ethos of 'real food for babies, not just baby food', is distributed in all major supermarkets and includes baby food puree pots, purees in pouches, baby cereals, fromage frais and baby biscuits and snacks.
Karen McCormick, Investment Director at Beringea, commented: "Our investment in Plum has been a rewarding one. Under the leadership of a strong, dynamic management team the company has gone from strength to strength and is now in a market leading position. I am delighted that Darwin's purchase of Plum will enable the company to move forward to its next stage of growth and that we have been able to realise a profitable exit for our ProVen Health shareholders."
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.