6 Sep 2018 09:49
To: Stock Exchange | For immediate release: |
6 September 2018 |
F&C Private Equity Trust plc
LEI: 2138009FW98WZFCGRN66
Partial Exit of significant holding - Ambio
F&C Private Equity Trust PLC announces that 75% of its holding in Ambio Holdings Inc, the South Carolina based manufacturer of peptide based active pharmaceutical ingredient and developer of generic pharmaceuticals, has been realised through the sale to the Asian arm of a large international private equity firm. The net proceeds to F&C Private Equity are £17.6m, representing 3.75x cost. F&C Private Equity Trust retains 25% of its holding which is valued at £5.8m. The combined value of the proceeds and the retained component, at the acquisition value, represents a net 5.0x cost and an IRR of 52%. The associated uplift in valuation resulting from this transaction is £5.7m, equivalent to approximately 2.2% of the Company's NAV. This investment ,which was led by MVM Partners, has made excellent fundamental progress since investment in October 2014 with Revenue growing from $16.3m to $52.9m and EBITDA from $3.1m to $16.7m.
For more information, please contact:
Hamish Mair (Fund Manager) | 0131 718 1184 hamish.mair@bmogam.com |
Scott McEllen (Company Secretary) |
0131 718 1137 scott.mcellen@bmogam.com
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