London-based Matrix Private Equity Partners has sold portfolio company Camwood Limited to its management team. Camwood is an IT services business that specialises in application migration and portfolio management. Four years ago Camwood spun out App-DNA, a software toolset for application management which was then sold to Citrix in October 2011 for $92 million, generating a 32X return for Matrix. The sale back to management of the remaining Camwood business has generated a 3.8X return for Matrix.
Matrix Private Equity Partners LLP (“Matrix”) is pleased to announce the sale of portfolio company Camwood Limited (“Camwood”) to its management team. Camwood is an IT services business that specialises in application migration and portfolio management. It is a leader in its field of Application Intelligence.
Four years ago Camwood spun out App-DNA, a software toolset for application management which was then sold to Citrix in October 2011 for $92 million, generating a 32X return for Matrix advised VCT, The Income & Growth VCT plc. Following that transaction, Matrix retained its original stake in Camwood.
The sale back to management of the remaining Camwood business has generated a 3.8X return for Matrix. The combined exits have delivered total proceeds of over £18 million to Matrix advised VCT, The Income & Growth VCT plc over the life of its investment, against original investment costs of £1 million.
Guy Blackburn, the Matrix non-executive director of Camwood and App-DNA who managed both investments to exit, comments:
“Camwood has been an outstanding success. For a company to produce a 32X return for its investors from spinning out and selling another business is remarkable in its own right. For that original company to then add to that success by producing an additional 3.8X return is exceptional. Matrix is privileged to have been part of the great Camwood success story and to have worked with the hugely talented management team who have innovated, driven their business forward and delivered such attractive returns for their investors.”
Issued by Matrix Private Equity Partners LLP, of One Vine Street, London, W1J 0AH, registered in England & Wales number OC 320577, authorised and regulated by the Financial Services Authority, number 456538. This material is for information only and does not constitute an offer to buy or sell an investment nor does it solicit any such invitation. The information contained in this email is believed to be accurate at the date of publication but no representation or warranty stated or implied is made or given by any person as to its accuracy or completeness and no responsibility or liability is accepted for any such information or opinion.
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For further information please contact:
Guy Blackburn – Matrix – 020 3206 7272
Matrix Private Equity Partners LLP [‘Matrix’]
Matrix is a leading VCT Manager in the UK and has a focus on MBO transactions. Matrix advises four Income &Growth VCTs with £150 million Funds under Management. Matrix is a stable, experienced team with an excellent record of realisations. In recent years, cash realisations achieved by Matrix have included App DNA (32x), DiGiCo (4.4x), Original Additions (4.2x cost), Holloway White Allom (5.2x), BBI (3.3x), Ministry of Cake (2.5x), Ruskin (3.0x), Apollo Lifts (3.0x), Gyro (3.0x), Tottel (4.0x) and Pasta King (3.2x).
Matrix Group is an established, privately owned and independent financial services business founded in 1987. Matrix is focused on advising clients, raising funds and management of assets. Matrix’s range of activities encompasses hedge funds, UCITS, private equity and property. In addition, Matrix provides specialist corporate finance and fund raising advice primarily concentrating on energy, clean tech, renewables and real estate clients, as well as a fully integrated service to investment funds clients (market making, sales, research, corporate broking and corporate finance).