Forward Partners Group PLC Portfolio Valuation Increase (3010K)
01 Septiembre 2021 - 01:00AM
UK Regulatory
TIDMFWD
RNS Number : 3010K
Forward Partners Group PLC
01 September 2021
Forward Partners Group plc
("Forward Partners" or the "Company" or "Group")
Portfolio valuation increase of GBP3.7m following Cazoo SPAC
merger
-- Group's new holding in Ajax I valued at GBP6.7m
-- Deal represents an indicative return of 4.1x at an IRR of
42.6% on Company's original Drover investment
-- Ajax I deal provides indicative boost to Group NAV of GBP3.7m
Forward Partners, the London-based venture capital firm
specialising in supporting high growth, early-stage technology
businesses announces a GBP3.7 million portfolio valuation uplift
today. The increase is a consequence of online car retailer Cazoo's
successful completion of a merger with the special purpose
acquisition company Ajax I ("Ajax"), which is listed on the New
York Stock Exchange (the "Merger").
The Company's holding in Cazoo stems from its investment in car
rental subscription business Drover. Forward Partners initially
partnered in Drover in 2015, providing a total investment of GBP1.6
million over a five-year period. During this time, Drover grew to
become one of the UK's leading independent car rental subscription
service providers. In December 2020, Drover was acquired by Cazoo,
as part of its expansion into the growing 'cars-as-a-service'
market, and the Company elected to roll its entire stake into the
enlarged business.
Following completion of the Merger, the value of Forward
Partners' Cazoo holding increased from GBP3.0 million as at 31
March 2021 to approximately GBP6.7 million, consisting of cash and
shares (as described below, based on Ajax's opening share price of
$8.72 on 27 August 2021). The Merger represents an indicative
return to the Company of 4.1x at an IRR of 42.6% on its original
investment in Drover.
Forward Partner's holding in Ajax (now renamed Cazoo Group
Limited) consists of 1,042,328 shares (the "Cazoo Shares") with a
value of GBP6.6m based on the company's opening share price on 27
August 2021. Of the Company's Cazoo Shares, 90,911 are to be held
in escrow alongside approximately GBP91k in cash for a period of 12
months from the date of completion of the Merger. Forward's
non-escrow shareholding in Ajax is subject to a lock-up of six
months from the date of completion of the Merger.
NOTE: Ajax I share price and GBP:USD exchange rate fixed at NYSE
market open 09:30 UTC on 27 August 2021.
Nic Brisbourne, CEO of Forward Partners, said: "We've seen
strong deal momentum since listing on AIM in July; and our holding
in Cazoo, which came via our original Drover investment, has now
reached a key milestone following its successful merger with
Ajax.
"This was an unusual transaction route for Forward Partners, but
it fundamentally reflects what is possible when one of our
promising tech start-ups grows quickly, attracts acquisition
interest, and we continue to take a long term view on our capital
investment. We stand to make an impressive return on our original
investment in Drover and I'd like to congratulate founders Felix,
Matt and the whole business on its exciting journey to this
point."
The information contained within this announcement is deemed by
the Company to constitute inside information as stipulated under
the Market Abuse Regulation (EU) No. 596/2014 as amended by The
Market Abuse (Amendment) (EU Exit) Regulations 2019.
FORWARD PARTNERS GROUP PLC Via Maitland/AMO
Nic Brisbourne, Chief Executive
Officer
Liberum Capital Limited Tel: +44 20 3100 2222
(Nominated Adviser and Broker)
Neil Patel
Lauren Kettle
Edward Phillips
Cara Murphy
Maitland/AMO (Financial PR) Tel: +44 (0) 7827 836 246
Email: forwardpartners@maitland.co.uk
Sam Turvey
Kate Pledger
Notes to editors:
Founded in 2013, Forward Partners is an established and
respected London-based venture capital firm, specialising in
supporting high growth, early-stage technology businesses.
The Group brings together venture capital provider Forward
Ventures, equity-free revenue-based financing through Forward
Advances and highly specialised growth support from Forward Studio.
This model supports founders to build stronger businesses and meet
strategic goals faster - ultimately aiming to provide better
outcomes for companies and investors alike.
The Group makes equity investments in early-stage, high growth
UK companies, and since inception to its admission to London's AIM
market in July 2021 had made over 60 unique investments and built a
portfolio with an Initial Portfolio NAV in excess of GBP100
million. It holds an eight-year track record of making venture
capital investments, and targets underlying NAV growth of 20 per
cent. per annum over the cycle.
The management team brings together highly experienced venture
capitalists, entrepreneurs, and expert consultants. Since 2015,
Forward Partners has been backed by BlackRock, one of the largest
institutional investors in the world. The Group receives over 4,000
start-up funding applications every year.
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