Harwood Private Equity exits Essenden
Harwood Private Equity has achieved an exit from its investment in Essenden through an initial public offering of the Group’s shares on the London Stock Exchange, resulting in a successful outcome for investors. The business has been renamed Ten Entertainment Group plc.
Ten Entertainment Group is a leading operator of indoor bowling and family entertainment centres in the UK, operating under the Tenpin brand.
Harwood Private Equity acquired the company in 2015 and since then has backed further site acquisitions and organic operational initiatives driving significant sales and profit growth.
Harwood Private Equity invests in Inspecs
Harwood Private Equity has invested in Inspecs, the Bath-based eyewear design, manufacturing and distribution business. The company produces spectacles for various brands, both under licence and private label. The investment enabled Inspecs to acquire the highly complementary Killine Group, which offers a wide range of optical products designed in Europe and produced in two proprietary factories in China and Vietnam. Robin Totterman is the founder and CEO of Inspecs and will continue the lead the company.
Harwood Private Equity acquires Journey Group PLC
Harwood Private Equity has acquired Journey Group plc through a public to private transaction for £32 million. Journey Group is a provider of in-flight catering to the airline industry. It services Los Angeles International Airport (LAX) and Memphis International Airport (MEM) under the brand name Airfayre™. Joe Golio will continue to lead the company as CEO, and Bob Gates, founder of R&R Uniforms, Inc., has been appointed non-executive Chairman.
Harwood Private Equity acquires Source BioScience plc
Harwood Private Equity and Continental Investment Partners have jointly acquired Source BioScience plc through a public-to-private transaction for £65 million. The company provides laboratory services and products to the healthcare and clinical, life science research and biopharma industries. Services include diagnostic testing for cancer and other infectious disease, DNA sequencing and contract research activities, cryostorage and stability testing. Products include serology products for blood and tissue banking, life science research reagents and controlled environment chambers. Source BioScience operates ten facilities across the UK, Ireland, Germany and the US and has customers in over 90 countries. Dr Nick Ash is the CEO of Source BioScience and will continue the lead the company.
Harwood Private Equity backs Coventbridge Group Ltd
Coventbridge Group Limited, a new company formed by Harwood Private Equity, has acquired and merged the businesses of ICS Merrill and GlobalOptions making it the largest outsource provider of insurance claims investigative services in North America, in addition to its UK trading operations. Coventbridge is pursuing a buy and build strategy to expand its UK and Continental Europe footprint led by non-executive chairman Roger Day, a former Ace and Zurich executive, and Dave Merrill, formerly CEO of ICS Merrill.
B&G rebrands to “Curtis Gilmour” and expands through acquisition
Harwood portfolio company B&G, a leading manufacturer of specialist equipment for the control of insects and rodents, has adopted the name Curtis Gilmour and expanded through the acquisition of two new businesses. Curtis Gilmour acquired Cardiff based Agrisense Industrial Monitoring Limited, and Silvandersson AB of Sweden. The new acquisitions expand Curtis Gilmour’s range of pest control solutions through the addition of crawling and flying insect traps, and increase UK and European distribution.
Harwood Private Equity acquires Essenden plc
Essenden plc has been acquired through a public-to-private transaction for £40 million. Essenden is the second largest operator of indoor bowling and family entertainment centres in the UK, operating under the Tenpin brand. It currently has more than 30 sites offering ten-pin bowling games, bar and restaurant services, amusement and gaming machines and other related leisure activities. Nick Basing, an operational adviser to Harwood Private Equity, is the current Chief Executive Officer of Essenden. Nick will be continuing in the capacity of Executive Chairman of the business.
Harwood Private Equity exits Celsis
Harwood Private Equity achieved a final exit from its investment in Celsis through a sale to a trade buyer on 24 July 2015, creating a very successful return for investors.
Celsis is a global market leader in the manufacture of diagnostic kits used to test for microbial contamination in liquid products for the pharmaceutical, personal care, dairy and beverage industries.
Harwood Private Equity acquired the company in 2009 and, as part of the business plan, divested two non-core divisions: Analytical Services, a provider of outsourced laboratory services, and In Vitro Technologies, a global leader in the supply of cryo-preserved human liver cells in 2011 and 2013 respectively.
Harwood Private Equity IV L.P. closes on £152.5 million
We are pleased to announce the first and final closing of Harwood Private Equity IV L.P. (“HPE4”). The fund closed with £152.5 million on 12 June 2015.
Jeremy Brade of Harwood Private Equity, said: “We are delighted to have raised HPE4 in a single closing after strong support from our existing limited partners and new institutions. We very much look forward to investing the fund in strong companies, pursuing the same strategy that has succeeded in our predecessor funds.”
Harwood Private Equity exits Orthoproducts
Harwood Private Equity achieved a full exit from its position in Orthoproducts through a sale of the company to a trade buyer on 23 July 2013, creating a return of 3.3x cash multiple and an IRR of 28%.
Orthoproducts is an industry leader in the global orthopaedic implant and equipment market and has 45% market share of the world's best quality, ultra high molecular weight polyethylene for knee and hip joint replacements. Harwood Private Equity acquired the business in 2008.