The Better Capital Funds Portfolio

Current investments

  • Northern Aerospace // Acquired 20 March 2015

    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.

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  • Spicers-OfficeTeam (SPOT) // Acquired 24 July 2014

    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%.


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  • Everest // Acquired 28 March 2012

    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.


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  • Omnico // Acquired 4 July 2011

    Omnico

    Omnico’s Cloud based technology powers point-of-sale and customer engagement solutions across the retail, destination and hospitality sectors. Omnico has an unrivalled advantage of being able to provide a single platform for all transactions. This guarantees a seamless and personalised visitor or shopper experience, with consistent and immersive brand engagement. 


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  • m-hance // Acquired 10 September 2010

    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.


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Realised Investments

  • Gardner // Realised 12 June 2017

    Gardner is an award-winning leading Tier-1 supplier of detailed parts and added-value services to the global aerospace industry.

    The business was acquired in February 2010 after failing to secure new investment to fund on-going losses.  Under Better Capital's ownership, Gardner received a total of £41 million from the 2009 Fund, most of which went into funding bolt-on acquisitions and capital projects. 

    On 12 June 2017, Better Capital completed on the disposal of Gardner Aerospace to a wholly owned subsidiary of Shaanxi Ligeance Mineral Resources Company for £326 million.

    We all wish the buyer and the ongoing team all the best for the future.

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  • iNTERTAIN // Realised 7 December 2016

    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.


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  • Santia // Realised 02 December 2015

    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%.


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  • Calyx Managed Services (CMS) // Realised 21 February 2015

    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.

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  • ATH Resources // Realised 01 March 2013

    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.

Latest information

News: Sale of Gardner Aerospace

News: Sale of Intertain

Portfolio press

Gardner Aerospace corporate video

View Gardner's website