Horizon Capital launches with 200 mln pound fund

Several former executives of Lyceum Capital have launched Horizon Capital, a London PE firm that closed on a 200 million-pound fund last week. Investors of the fund include Pantheon, Idinvest Partners, Lombard Odier, HQ Capital and eQ Asset Management. The execs launching Horizon Capital include Jeremy Hand, Simon Hitchcock, Luke Kingston, Adam Lewis and Martin Squier. Rede Partners acted as placement agent, while Macfarlanes was legal adviser.

PRESS

London, 23 October 2018 – Seasoned private equity executives Jeremy Hand, Simon Hitchcock, Luke Kingston, Adam Lewis and Martin Squier have today launched a new private equity firm, Horizon Capital LLP (www.horizon.pe).

Horizon is a sector-focused investor, targeting Technology and Business Service deals.

The new firm will make equity investments of between £10 – £50 million in high growth businesses with a particular focus on creating value through buy-and-build strategies.

Horizon last week closed on a new fund, Horizon 2018; a seven-year investment vehicle which secured £200 million of commitments from a group of blue-chip institutional investors led by Pantheon and Idinvest Partners alongside other investors including Lombard Odier, HQ Capital and eQ Asset Management.

The journey to Horizon
• The Horizon team worked closely together at Lyceum Capital where Jeremy Hand was Managing Partner and Horizon Managing Partner Simon Hitchcock led the Investment team.
• The team’s realised investments whilst at Lyceum included ERP software provider The Access Group and enterprise hosting provider Adapt. Both technology deals delivered very substantial money-multiples and were the genesis of Horizon’s vertically focussed investment strategy.
• In December 2017, Hand and Hitchcock reshaped and streamlined the firm following the decision to cease fundraising. Today, the go-forward team becomes Horizon and will build on the successes they have enjoyed working together since 2011 across the Technology and Business Services markets.
• In July 2018, the Horizon team completed a new platform acquisition making a £30m equity commitment to DMC Canotec, providing capital to support a planned consolidation of the Managed Print Services market. A number of potential new and exciting platform opportunities are currently under active review
• Horizon will continue to manage the Lyceum stable of Technology and Business Service portfolio companies including Bellrock, Churches Fire, DMC Canotec, Sabio, Style Analytics, Timico, Totalmobile and Wireless Innovation. Significant dry powder is available to continue to support the growth plans of all portfolio companies including further planned add-on acquisitions.
• The fundraising took six months. Horizon were supported to a first and final close by Rede Partners acting as placement agent and legal advisers Macfarlanes.