Thursday, 15 December 2016

Elaghmore Partners' first private equity fund closes at £60 million ...

... and, uh, makes its first investment. Nice! 'Who are they, boss? I've never heard of them.' They're a small firm, I think, Voice. [I don't actually know, reader(s). They could be massive. But I'm not doing any more research. I'm tired. End of the week and all that. I'm sure you understand. Well, you better!]

Elaghmore Partners, today announces it has successfully closed its initial fund, Elaghmore I (Fund 1) at £60 million.

'Oh. Is this the Thursday morning PR email, back by popular demand?' Yes. Yes, it is. Very perceptive of you, my little spirit guide. 'Ha! I love it when you call me your little spirit guide, Mikey.' Er ... this is the first time, man. 'It shows respect.' Ha! I ain't got no respect for you. Now, let's get on with it.

Led by David Manning, Andy Ducker and Greg Koral, Elaghmore Partners has developed a strong track record over the past 10 years for investing in and successfully growing businesses, largely through operational transformation. Fund 1 was launched to capitalize on the partners' successful track record and utilize their strong operational expertise in the UK mid-market, including turnaround situations.

Well, they've been around for ten years. 'Hey, a-ROUND, yeah?!' No, just around. 'Oh. Shame.' I'll be a-ROUND later, obviously, No. 473, for my sins. But business first -

The fund held a first and final close and is now fully operational. The fund was oversubscribed and the investors are a mixture of US and European institutions. The investment strategy of Fund 1 is focused on UK-headquartered industrial businesses that present a significant opportunity for growth and value creation. Lending their considerable operational experience, the partners will participate in every phase of the investment, including turnaround of the business, if necessary, its growth and development, and ultimately ensuring it is well placed to deliver returns for investors.

'Great!' Yeah. / Well, that's it, reader(s). 'Hang on, boss! There's more!' Christ!

Elaghmore is also pleased to announce the completion of its first acquisition through Fund 1; SB Components, a leading supplier of bespoke components and adaptations for commercial vehicles. Based in Wisbech the Company employs 130 people and has sales of £17m. The Company has experienced strong growth over the past few years and is now poised for further expansion with the opening of a new manufacturing facility alongside its existing operations. In line with Fund 1’s strategy, the partners look forward to working with the management team to further develop and grow the business.

Nice. 'It's very nice.' Yes. Is that it? 'What about Andy?' Andy? Christ! All right -

Andy Ducker, Elaghmore Partners, said: "We launched our first fund as a result of considerable institutional interest and were pleased to exceed our expectations to be able to close the fund at £60 million, including a significant financial commitment from ourselves as partners. We have a clear and defined strategy of aiming to grow and support UK-based industrial businesses and our recent acquisition of SB Components is testament to this. Our extensive experience enables us to not only look at turnaround situations, but also to support management teams in delivering growth strategies for businesses, both on a domestic level and internationally."

Okay. That's enough. I wish them all the best with it, but I've got music to think about and it's nearly Christmas.


I'm listening to The Beatles, by the way. Paul McCartney's voice cracks badly near the end of If I Fell. Why didn't they record it again? [I can understand how annoying it is though, making just one mistake like that. I mean, it's the story of my life, man.]

Anything else? 'I wonder how the Aviva Investors mob are getting on with their Christmas party.' Ha! I should imagine they're only warming up, Voice. They've got another four weeks of it yet. 'Ha!' Ha!