PHD Equity Partners makes fine return on Liberty sale
THE private equity fund raised by the owners of corporate finance firm Dow Schofield Watts has made a successful exit on its first investment.
PHD Equity Partners has sold parking ticket printing firm Liberty Services to listed outsourcing group Capita for an undisclosed sum, but at a multiple of 9.2x its original investment.
PHD invested in Croydon-based Liberty in 2008 backing a management team led by Gavin Reddin and Sean O’Riordan to take advantage of growth in the parking and traffic enforcement market.
Since PHD’s investment, Liberty has grown sales from £6.9m to £10.5m and has delivered a fivefold increase in EBITDA.
Philip Price, the PHD partner who sat on the board at Liberty, said: “We have worked very closely with Gavin Reddin, Sean O’Riordan and their team to transform Liberty over the last five years and achieved significant growth. Under our guidance, and with impressive leadership by the management team, we have been able to strengthen the business proposition, deliver growth and facilitate a successful exit.”
Mr Reddin, added: “When PHD first invested in Liberty we were in some need of new ideas. Though profitable and experts in our niche market, we operated in tired premises, needed new blood in the team and a thorough updating of our management information systems.
“With the guidance from PHD we have since developed into one of the leading operators in the parking enforcement sector. The partnership with PHD together with the support and enthusiasm of Philip Price has been invaluable and we now look forward to the next phase for the company with Capita and its continuing growth trajectory.”
James Dow, chief executive of PHD said: “In raising our first fund and making our first investments in 2008 it would have been easy for others to predict its early demise. Well it hasn’t quite worked out that way. Our self-belief has been justified and the sale of Liberty at a 9.2x money multiple represents the first realisation of a star performer in our inaugural fund.”
The shareholders of Liberty were advised by law firm Gateley and accountants Baker Tilly (tax).
THE private equity fund raised by the owners of corporate finance firm Dow Schofield Watts has made a successful exit on its first investment.
PHD Equity Partners has sold parking ticket printing firm Liberty Services to listed outsourcing group Capita for an undisclosed sum, but at a multiple of 9.2x its original investment.
PHD invested in Croydon-based Liberty in 2008 backing a management team led by Gavin Reddin and Sean O’Riordan to take advantage of growth in the parking and traffic enforcement market.
Since PHD’s investment, Liberty has grown sales from £6.9m to £10.5m and has delivered a fivefold increase in EBITDA.
Philip Price, the PHD partner who sat on the board at Liberty, said: “We have worked very closely with Gavin Reddin, Sean O’Riordan and their team to transform Liberty over the last five years and achieved significant growth. Under our guidance, and with impressive leadership by the management team, we have been able to strengthen the business proposition, deliver growth and facilitate a successful exit. I am extremely proud to be associated with Liberty and delighted that the team’s hard work has resulted in such a positive outcome.”
Mr Reddin, added: “When PHD first invested in Liberty we were in some need of new ideas. Though profitable and experts in our niche market, we operated in tired premises, needed new blood in the team and a thorough updating of our management information systems.
“With the guidance from PHD we have since developed into one of the leading operators in the parking enforcement sector. The partnership with PHD together with the support and enthusiasm of Philip Price has been invaluable and we now look forward to the next phase for the company with Capita and its continuing growth trajectory.”
James Dow, chief executive added: “In raising our first fund and making our first investments in 2008 it would have been easy for others to predict its early demise. Well it hasn’t quite worked out that way. Our self-belief has been justified and the sale of Liberty at a 9.2x money multiple represents the first realisation of a star performer in our inaugural fund.”
The shareholders of Liberty were advised by law firm Gateley and accountants Baker Tilly (tax).
PHD was established in 2008 and its maiden fund raised just short of £5m.
