UK private equity firm PHD Equity Partners has exited the first investment in its maiden fund for an impressive return of 9.2 times.
The firm, which was launched by corporate advisory firm Dow Schofield Watts, has sold Croydon-based car parking ticker printing company Liberty Services to outsourcing group Capita after five years of ownership, making an IRR of 70.4 per cent.
Since it was acquired by PHD in 2008, Liberty has seen its EBITDA jump fivefold as sales climbed to £10.5m from £6.9m.
PHD CEO James Dow said, “In raising our first fund and making our first investments in 2008 it would have been easy for others to predict its early demise. Well it hasn’t quite worked out that way.
“Our self-belief has been justified and the sale of Liberty at a 9.2x money multiple represents the first realisation of a star performer in our inaugural fund.
“We are extremely confident in the prospects of our remaining portfolio and believe PHD Equity Partners Fund No 1 will prove to be one of the stand out performers of the class of 2008.”
Other investments from PHD’s debut fund include
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