Seneca Partners has realised a 3.6x return from its investment in Premier Technical Services Group PLC (‘PTSG’) not including the tax relief benefits provided by the Enterprise Investment Scheme (EIS).
Seneca Partners provided growth capital to Premier Technical Services Group PLC to support its initial public offering (IPO) in February 2015. PTSG is the UK’s leading provider of façade access and fall arrest equipment services, lightning protection and electrical testing, specialist building access and fire solutions.
Since IPO, the company has demonstrated strong growth through the implementation of its acquisition strategy and by winning numerous contracts and servicing blue-chip clients such as HSBC, Scottish Water, the NHS, Marks & Spencer as well as conducting maintenance at Manchester Airport and iconic buildings such as No 1 Spinningfields in Manchester.
The investment generated a 3.6x return, not including any reliefs provided by the Enterprise Investment Scheme (EIS) for which PTSG was eligible.
Investment Manager Connor Grimes commented: “We are delighted with this realisation, a 3.6x return on initial investment is a fantastic result. PTSG is a great example of a regional business with strong leadership that took on growth capital at an early stage to fund its next phase of development – we will continue to target companies like PTSG.“
PTSG to the end of December 2017, grew its revenues to £53m with an adjusted EBITDA of £12.3m and currently has a market capitalisation of approximately £200m.
Corporate broker, N+1 Singer facilitated the transaction for Seneca Partners.