VCT News
Beringea portfolio company Espresso Group Limited is sold to US based Discovery Communications Inc
Market leading publisher of digital content for schools
London, 11 November 2013: Beringea, the growth capital investor that manages the Proven Venture Capital Trusts, announces that it has sold portfolio company Espresso Group Limited to Discovery Communications Inc. (Discovery).
Beringea originally invested in Espresso Group Limited in September 2001 and has supported the company's growth with several rounds of investment. The financial terms of the transaction were not disclosed.
Established in 1997, Espresso Education is the UK market leader in high quality, video-rich, digital curriculum content provision in the UK, supplying almost 50% of UK primary schools with its services. The service is delivered in almost 11,500 schools. The company specializes in taking educational concepts and applying a "real world" context to support understanding through a combination of video and multimedia resources.
Beringea's Managing Partner, and non-executive Director of Espresso, Stuart Veale commented: "In the time we have been invested in Espresso we have seen the business grow into a clear market leader serving nearly 50% of UK primary schools".
Lewis Bronze, co-founder of Espresso Education commented: "We have received excellent support and encouragement from Beringea over the period of their investment in Espresso. We are now looking forward to working with Discovery Education on the next stage of growth for the company."
Advisors to Espresso's shareholders were Quayle Munro (Corporate Finance) and Bird & Bird (Legal). Dee Sian of Keystone Law provided legal advice to 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.