12 September 2006
Baring English Growth Fund realises it's investment in Secure Mail Services
Nova, the specialist acquirer of private equity and corporate portfolios, is pleased to announce that the Baring English Growth Fund, has realised its investment in Secure Mail Services Limited (‘SMS'), the Fund's single largest investment of £5.8 million in aggregate. The sale proceeds represent several multiples of this sum with the prospect of further consideration to follow subject to the achievement of certain milestones. The realisation will result in significant distributions to Limited Partners.
The achievement of this result arises from the success of the management team, led by James Greenbury, in achieving substantial profits for the Group in the last two years which represented a recovery from the position of the company following the buy-in / management buy-out in 2002. The changes effected at the Company and the result achieved from the sale derive in large part also from the efforts of the BEGF management team and its adviser, YFM Private Equity, and the Chairman of SMS, Brian Taylor.
Nova has managed the The Baring English Growth Fund and The Baring European Private Equity Fund since December 2005.
Andrew Inkester of Nabarro Nathanson advised The Baring English Growth Fund on the sale of the investment in SMS.