Portfolio Update: Sale of portfolio company Specac International delivers 10.6x return for Foresight Enterprise VCT PLC
11 Marzo 2024 - 8:30AM
UK Regulatory
Portfolio Update: Sale of portfolio company Specac International
delivers 10.6x return for Foresight Enterprise VCT PLC
The Board of Foresight Enterprise VCT Plc (the “Company”) is
pleased to announce the successful sale of portfolio company Specac
International Limited (“Specac”), a global leader in the
manufacture of mass spectroscopy accessories.
The transaction generated proceeds of £11.2 million at
completion, implying a return of 10.6 times the original investment
and an IRR of 34%. Prior to the sale of Specac Limited, the
Company’s NAV per ordinary share stood at 60.6p, to which the exit
will add 0.5p, giving a pro forma NAV per ordinary share of
61.1p.
Since the original investment, the manager, Foresight Group LLP
(“Foresight”), has taken a proactive approach to supporting Specac,
including through the development of a suite of high-performance
products and expanding its customer base. Today, Specac is a
premier supplier to the world’s largest OEMs and distributors of
new and aftermarket mass spectrometry innovations. Foresight’s
engagement in the business has been significant, resulting in the
strengthening of the management team and governance across the
business, numerous product launches and a 70% increase in
headcount.
Michael Gray, Chairperson of Foresight Enterprise VCT
Plc said: “Specac has been a great success story for the
Company and our shareholders. We are delighted that Foresight Group
has been able to make such a positive contribution to the growth of
the business and we wish Specac continued success.”
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