Seneca earns threefold return on PTSG investment
Seneca Partners has exited its Premier Technical Services Group investment, earning a 3.6x return.
Seneca provided growth capital to support its initial public offering in February 2015.
Through a strategy of acquisitions and by winning contracts with clients high-profile contracts with clients such as HSBC, NHS, Marks & Spencer and Manchester Airport, PTSG grew its revenues to £53m with an adjusted EBITDA of £12.3m and currently has a market capitalisation of approximately £200m.Now complete, Seneca's investment generated a 3.6x return, not including any reliefs provided by the Enterprise Investment Scheme for which PTSG was eligible.
Connor Grimes, Seneca investment manager, said: “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."Seneca Partners is based on the Lancashire border and currently holds growth capital investments in Burnley-based Velocity Composites, Rossendale-based Mission Labs and WSR Medical Solutions, also of Burnley. Overall, the firm has around £150m of corporate finance activity within Lancashire on its books. Corporate broker, N+1 Singer facilitated the transaction for Seneca Partners.s
