MMC Exits MoneyExpert

MMC Ventures has sold its stake in UK-based MoneyExpert Ltd. to company chairman Nigel Warr, Eurocall and serial entrepreneur Gregory Pennington. The deal was valued at around Gbp7.2 million. MoneyExpert is an online financial services aggregator, and raised Gbp25 million last month from Technology Crossover Ventures.

 

PRESS RELEASE 

MMC has sold its stake in online financial services aggregator MoneyExpert, generating a return of 2.4 times its original investment and an IRR of more than 50%.

MMC Ventures (MMC) today announced that it has sold its stake in MoneyExpert generating a return for investors of 2.4x their investment. 

MoneyExpert is an online financial services aggregator, which allows consumers to compare financial products including credit cards, loans and mortgages before applying for them online. 

MMC’s shares were sold to MoneyExpert Chairman, Nigel Warr, an entrepreneur who has previously founded and sold two businesses: a debt management company, Gregory Pennington, and a telecoms company, Eurocall.  Warr is backed by a US Venture Capital firm in his purchase of MoneyExpert. 

MMC first invested in MoneyExpert in Q3 2004 and provided over Gbp3m of funding in total.  Since 2004, MoneyExpert has achieved growth in revenues of four times. MMC’s exit represents a blended IRR in excess of 50%. 

MMC invests in growth companies across the UK and draws on significant capital from a combination of discretionary managed funds and a syndicate of high net worth individuals.  MMC has invested in 18 companies since it commenced investing in 2000.   

Ben Richardson, investment director of MMC, said: “it is good news for MMC and for our investors that we have secured a profitable exit at a time when there is so much concern about liquidity.  We wish Nigel every success in taking the company to the next stage.”