Beringea has sold Mergermarket, the M&A data provider, to the Financial Times Group, which is a subsidiary of Person. The sale will generate a total return of 14x the original investment for Beringea and an IRR of 69%.
Beringa invested in Mergermarket through Global Fights Fund II, ProVen VCT and ProVen Growth & Income in July 2001 (PGI VCT). On completion of the deal, ProVen and PGI will see their respective NAVs rise to 133p per share, an uptick of 25p and around 169p per share an uplift of 38p. The Beringea funds will receive total consideration of £27m from the sale. Mergermarket was founded in 2000. Its products include dealReporter, Debtwire and wealthmonitor online platforms.
Stuart Veale, managing director of Beringea, said: “This has been an extremely successful investment for Beringea with has delivered outstanding return for our investors.”