- One of the earliest examples of a “zombie fund” deal which provided an attractive solution to the existing General Partner and Limited Partners
- Nova purchased all remaining assets, enabling the fund to be fully distributed and wound up.
- Innovative ring-fenced risk sharing of pension exposure risk on key asset was put in place.
- Opportunity provided for Limited Partners in original fund able to “roll over” into new Nova vehicle.
FINANCIAL PORTFOLIO SECONDARY DIRECT EXAMPLE
SOLUTION HIGHLIGHTS
Continuum
Specialist publisher divested in 2011.
Bentley Systems
Software and consultancy business divested in 2007.
Penox Group S.A.
Penox is one of the world’s largest producers of lead oxides. In addition to lead oxides, Penox has growing sales in other metal oxides such as antimony as well as international plant and equipment engineering activities with operations in France, Germany, Spain and Mexico.
Confetti
Online retailer divested in 2006.
Norcros
Building products group divested in 2007.
Noble House Leisure
Group of themed restaurants divested in 2006.
Scotsman Hotel Group
Group of hotels divested in 2006.
Transaction Highlights
ORIGIN
- General Partner selling whole portfolio of
‘end of life’ private equity fund
PROCESS
- Type – proprietary transaction agreed
between Nova and Seller
BUSINESSES (1)
- Norcros
- Continuum Publishing
- Penox Group
- Bentley Systems
PORTFOLIO
- Number: 7
- Sectors: Publishing, Building, Projects, Chemicals, Technology
- Geography: UK, France, US
TRANSACTION
- Seller: Botts & Co
- Date: June 2005
- Value: £50.0 m
MAIN DEVELOPMENTS
- New management teams to support turn-around strategies at key businesses
- Support for further acquisitions
- Profit improvement
BUSINESSES (2)
- Confetti
- Noble House Leisure
- The Scotsman Hotel Group