VCT News
Beringea Exits Portfolio Company Tossed – The Healthier Eating Place
London, 22nd April 2013: Beringea, the growth capital investor that manages the Proven Venture Capital Trusts today announces that it has sold Tossed, the healthier eating group, to management with the support of private investment for an undisclosed sum.
Tossed's quirky and vibrant stores offer nutritionally balanced, ethically sourced food without compromising on taste. Tossed offers smoothies, hot pots and other freshly prepared foods in addition to their signature tossed-to-order salads. Tossed is focused on delivering healthy, delicious, generously rationed dishes for all palates.
Beringea invested in Tossed in April 2010 and during the investment period has supported Tossed's plans for growth, with the business adding six further locations.
Tossed has a very capable senior management team in Vincent McKevitt, Founder, and Neil Sebba, FD. Vincent has been the recipient of many industry awards, including the 2008 Courviosier 'the future 500' as well as the coveted Acorn award from Caterer & Hotelkeeper. Sandy Birnie has brought significant industry experience to the business in the role of Chair.
Investment Director Karen McCormick commented: "We are delighted with the progress Tossed has made since our initial investment, and excited for Vincent and Neil, who have been fantastic managers, as the new investment will facilitate the next stage of growth. We congratulate all the team on their hard work. The ProVen funds have received a strong return on investment, and we look forward to seeing Tossed on every corner in future."
Vincent Mckevitt, Founder of Tossed, said: "Our management team is committed to unlocking Tossed's considerable potential. Beringea's support allowed us to double in size and improve on our model, and we now look forward to even faster growth."
Advisors on the transaction included Camerons (Tossed Limited), Harbottle & Lewis (Gemini Restaurants Limited), and Osborne Clarke (Beringea).
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.