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Lonsdale scores 2.7x return from P2 exit after revenue doubles

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Lower mid-market focused private equity house Lonsdale Capital Partners sealed a 2.7x return from the exit of digital transformation consultancy P2 Consulting to Waterland-backed consulting firm Valcon.

The firm said P2’s revenue rose from £9m to £23m since its investment in 2016.

Founded in 2013, P2 provides project management services in support of digital transformation projects primarily in the UK. Its clients include blue-chip corporates across retail, utilities, financial services, and the public sector. It has around 30 active clients at any one time.

The company acquired specialist financial crime consultancy FS101 and business technology change consultancy Certeco during Lonsdale’s investment period.

David Gasparro, partner at Lonsdale Capital, said, “We have greatly enjoyed working with the team at P2 and would like to take the opportunity to thank them and acknowledge the successful growth they have achieved during our partnership.

“The ability of the business to withstand and then grow during a holding period that encompassed both Brexit and then the Covid-19 pandemic is testament to the quality of the leadership, the Company’s strategy, and its brand. We wish the team every success as they continue their journey with Valcon.”

The deal marked the fifth exit for Lonsdale this year and the fourth from the current fund.

The firm sold Cross Rental Services to Elysian Capital and  scored a 2.5x return by selling mortgage broker Charles Cameron & Associates to Penta Capital backed Socium Group  in August.

The firm has made a strong start to the year with a pair of 3x returns, selling flexible plastic packaging group Bright Maze, which trades as Amerplast, and superyacht servicing business GYG.

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