Seneca earns threefold return on PTSG investment
PTSG supplies façade access and fall arrest equipment services, lightning protection and electrical testing, specialist building access and fire solutions.
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