Better Capital acquired this specialist aerospace manufacturing business in 2015. It supplies complex metallic components and sub-assemblies to several major original equipment manufacturers including Airbus, Embraer and Gulfstream. The company operates from six sites – four in the UK and two in Poland.
In November 2016, the group was restructured and the legacy CAV Aerospace business has been rebranded Northern Aerospace.
The Spicers-OfficeTeam (SPOT) group was created following BECAP12 Fund’s acquisition of OfficeTeam, a national supplier of office products, from a syndicate of lenders in July 2014. Spicers, a significant wholesale stationery distributor in the UK, was formerly a BECAP Fund portfolio company. It was acquired out of DS Smith plc in December 2011.
Due to considerable overlap in the operations of these businesses, Spicers and OfficeTeam have been brought under common ownership and are being partially operationally merged. The businesses will continue to trade separately in recognition of their differing market positions. BECAP12 Fund controls 76% of the equity of the combined group with BECAP Fund controlling 10%.
Jaeger is a UK-based high-end fashion brand and retailer of womenswear and menswear operating from a number of stores, concessions and outlets. The business has been around since the 1880’s and continues to enjoy a strong following in the UK as well as oversees.
Everest is a leading consumer brand in the manufacture, installation and supply of uPVC and aluminium windows and doors, conservatories, roofline products, garage doors, security systems, driveways and other home improvement products.
Omnico Group comprises DigiPoS, a supplier of electronic point of sale (“PoS”) hardware and software and provides related installation services, and Clarity Commerce, a provider of PoS software services to the leisure, entertainment, retail and hospitality sectors. The group provides holistic hard and software solutions to the global marketplace.
m-hance (previously Calyx Software) is a leading provider of software solutions to the mid-market.
The business acquired Trinity Computer Services, Touchstone Group, Gyrosoft Solutions and sub-divisions of Maxima holdings, creating one the UK's fastest growing business software authors. Today, m-hance provides integrated business software products to more than 2000 mid–sized UK organisations.
Gardner is the UK's largest independently owned supplier of metallic aerospace details and sub-assemblies. Gardner is headquartered in Victory Park, Derbyshire, and has five manufacturing sites in the UK, four in France, two in Poland and one in India. Gardner's customers include Airbus, Rolls-Royce, GKN, BAE Systems and other major international companies in the aviation sector. Gardner also provides aerospace component repair services; fast turnaround 'late definition' services; and manufactures transmission components for heavy duty gearboxes for off-road vehicles.
Under BECAP Fund’s ownership, Gardner has made four bolt-on acquisitions – RD Precision and Blade Technology in the UK, Airia in France and Pranita Engineering Solutions in India..
iNTERTAIN was formed in October 2009 to acquire the prime trading assets previously owned and operated by Regent Inns Plc. It now operates a chain of bars across the UK trading principally under the Walkabout brand.
Better Capital has sold iNTERTAIN Limited to Stonegate Pub Company for an enterprise value of £39.5m.
Stonegate is one of the UK's largest managed pub companies, with 662 sites nationwide.
The 2012 Fund acquired the group in November 2014 and has successfully restructured and invested in the business, returning it to being profitable and cash generative. The deal represents a good exit at a c24% IRR.
We wish iNTERTAIN's ongoing team and new shareholders success in the business's next phase.
Santia is a leading provider of health & safety and accreditation services, which was acquired on 1 February 2011 from the administrators of Connaught plc.
Santia was sold on 2 December 2015 for £47 million to Alcumus Holdings Limited, an investee company of Inflexion Private Equity.
The investment generated a money multiple of 2.8 times and an internal rate of return of 26%.
CMS is a leading provider of managed ICT services helping companies deliver innovative technologies and applications that reduce operating costs whilst meeting demand for application delivery, connectivity, data access, security and the exponential growth in end user expectations. CMS helps simplify the provision and implementation of secure and reliable infrastructure, connectivity, unified communications, networking, applications and security solutions, and offers support services from “break fix” through to fully managed services, providing consultancy, project design, implementation and professional services.
Following a competitive auction process involving a number of interested parties, CMS was sold to MXC Capital Limited for an enterprise value of £9.0m. The CMS element of the Calyx Group's most recent valuation was £4.9m.
Better Capital wishes the CMS team every success in the future under their new ownership.
ATH Resources was an operator of open cast coal mines in Scotland. BECAP Fund acquired certain bank liabilities and related rights in the group in November 2012 with an aim of securing the acquisition of the business. Following a period of unsuccessful negotiation to agree the acquisition with stakeholders, BECAP Fund disposed of the debt in ATH for c. £21m in March 2013, realising net gains of £5.7m.
News: Sale of Intertain
Gardner Aerospace corporate video