Seneca Partners EIS exits its investment in Mission Labs
Third successful exit of 2021 provides 4.2x return to investors
Seneca Partners EIS Portfolio Service, the generalist EIS specialising in the provision of growth capital and strategic support to ambitious SMEs, has successfully exited its investment in Mission Labs – the digital business communications specialist – via the sale to Gamma Communications Plc for more than £40million. The exit has provided Seneca EIS investors with a 4.2x return on their investment.
This latest exit follows a strong end to 2020 when Seneca handed investors a cash return of £2.8m, following the exit of EIS portfolio company, Collagen Solutions Plc. Since November last year, Seneca EIS has achieved four successful exits enabling it to return approximately £10million to its investors.
Since the launch of the Seneca EIS Portfolio Service in 2013, followed by the Seneca Growth Capital VCT ‘B’ share class in 2018, Seneca Partners has achieved 24 full or partial growth capital exits, delivering over £30million of cash returns to investors.
John Davies, Investment Director of Seneca Partners commented: “Exiting our investment in Mission Labs is an excellent result and is in many ways ‘a classic Seneca deal’; originating in the northern heartlands, where we have an extensive footprint and outstanding professional network. Growth capital investing is always judged by how much cash is returned to investors and many of our original investments are now demonstrating the reasons why we chose to back them.
“This is a great start to 2021 for our investors – a year when we hope the UK finally emerges from the impact of the pandemic. We arrive at this point with real optimism for our remaining quoted and unquoted portfolio, which shows a valuation increase of c.27% in the period from 30 November 2020 – 28 February 2021. We are seeing some strong investment opportunities as we continue to deploy investors’ funds through our VCT and EIS products.’’
The value of an investment in the Seneca Partners EIS Portfolio Service may go down as well as up, in which case an investor may not get back the amount invested. Past performance of Seneca Partners EIS Portfolio Service is not a guide to future performance. Any tax reliefs available to investors are dependent on personal circumstances and may change in the future. An investment in Seneca Partners EIS Portfolio Service may not be suitable for all investors. Investors should seek advice from a qualified financial adviser. Nothing on this website should be construed as investment or tax advice.