The exit delivers a return representing a 33 per cent IRR and 4.7 times the total investment for Bridges Ventures’ Sustainable Growth Fund I.
Bridges led the investment in Whelan in 2006 alongside Catapult Venture Managers. The pair helped fund the refurbishment and re-commissioning of a redundant oil refinery in Stoke-on-Trent to become the first and only waste oil refining plant in the UK.
Launched in 2002, the Bridges Sustainable Growth funds provide growth capital to SMEs which create positive social and/or environmental impact as well as attractive returns to investors.
This is the third successful exit for the Bridges Sustainable Growth Fund in the last nine months. In May last year, the fund secured the sale of the The Hoxton Hotel, followed by the exit of Pure Washrooms a few weeks later.
Philip Newborough, managing partner at Bridges Ventures, said, “For the last seven years we’ve been working very closely with the management team to support the growth of the business and we are delighted with its achievements – showing once again that strong financial returns and positive social and environmental impacts can go hand-in-hand. We wish John Whelan and his team every success for the future.”
Bridges Ventures has raised six funds to date totalling almost £300m.
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