Pure Washrooms is a Coventry, UK-based washroom services business that installs and services washroom equipment in commercial premises.
The exit will deliver a return representing a 22.4 per cent IRR and 3.4 times of total investment for Bridges Ventures’ Sustainable Growth Fund I.
Financial terms of the deal were not disclosed.
The London-based firm first invested in Pure Washrooms as a start-up in 2004, backing the management team led by Martin Pugh and Simon Maitland.
Following the initial investment, the company was located in an underserved area of Coventry, fulfilling one of Bridges’ impact themes of investing in deprived areas to stimulate the local economy and create jobs, the firm said in a statement.
Last month Bridges also sold its stake in the award-winning Hoxton Hotel to Ennismore Capital for around £70m.
The firm achieved a return of £13.3m for Sustainable Growth Fund I, equivalent to an IRR of 47 per cent and 8.8 times return on the total investment, and £1.9m to Sustainable Growth Fund II, representing an IRR of 35 per cent and 3.4 times the total investment.
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