Chandos Fund
News
- YFM Private Equity Backs £6 million MBO of Fishawack
- Chandos Fund Backs £6m buy-in of healthcare provider, Able Care.
- Chandos Fund Second Closing Marks Continued Growth of UK's Most Active Equity Investor
- YFM Group Backs £21m buyout of The RMS Group
- £2.1m from YFM Private Equity as it makes second Chandos Fund investment
- £3.5 m from YFM Private Equity as it makes first Chandos Fund investment
- YFM Private Equity Wins VCT Fund Manager of the Year Award
- Chandos Fund Marks Continued Growth of UK’s Leading Equity Investor
YFM Private Equity Backs £6 million MBO of Fishawack
YFM Private Equity has provided £2.55million to back the £6 million MBO of specialist Medical communications business, Fishawack. The Chandos Fund will invest £2.05 million alongside £0.5 million from the British Smaller Companies VCT and a debt package from Co-op Bank.
Fishawack is an established, specialist healthcare communications agency focusing on the medical sector with a strong reputation for providing specialist support for this sector; clients include Sanofi-Aventis, Roche, GSK, Bayer-Schering and Shire. Fishawack has offices based in Knutsford and Abingdon.
Tim Mustill, MD of Fishawack said "This is a very exciting development for us. Fishawack is a very strong brand with a solid and growing reputation for excellence. We are now very well placed to deliver on our ambitious growth and development plans. YFM Group have been supportive and straightforward throughout the buyout process and are an ideal partner for us as we look to grow"
Mike White, Investment Manager for the Chandos Fund commented "We are pleased to have made our fifth investment from the Chandos Fund within a year of our first close. This is an excellent opportunity to buy into a quality business with a strong reputation for excellent service and knowledge in a growing niche of the market. The Chandos fund has now invested £8.5 million in 5 businesses across the UK and this deal demonstrates our desire to back management teams and entrepreneurs from a variety of industry sectors"
Chandos Fund Backs £6m buy-in of healthcare provider, Able Care.
1st January 2008
YFM Private Equity has backed the buy in of domiciliary care business Able Care. The deal was led for The YFM Group by Deborah Heyes and Paul Cannings with investment from four funds managed by YFM Group - The Chandos Fund, North West Business Investment Scheme, The British Smaller Companies VCT and The British Smaller Technology Companies VCT2.
Able Care provides home based care to the elderly and disabled who wish to live in the community. The company was established 10 years ago by Irene Mayers who is retiring following the sale. It now has over 300 care staff and is one of the leading care providers in the North West.
The buy in team is led by Chris Birkett and Annie Lea along with David Johnson as Non-executive Chairman. The team have many years of experience in domiciliary care having previously established and built up a multi-branch operation. The team has buy and build plans to acquire other businesses which can be bolted on to existing operations to expand the group.
Chris Birkett commented, “For many years Able Care has provided a high standard of care and quality service with efficiency and professionalism. The business actively promotes the clients right to dignity, privacy, choice and independence. I can guarantee that this level of service will continue under new management.”
Deborah Heyes added, “Care in people’s own homes
is a growing market. We are excited to be backing this strong
team in their plans to grow Able Care organically and look forward
to supporting them as they look for acquisitions.“
Chandos Fund Second Closing Marks Continued Growth of UK's Most Active Equity Investor
13th November 2007
YFM Private Equity is delighted to announce the successful second closing of its Chandos Fund at £37 million.
The Chandos Fund was launched in January 2007 as an important addition to the YFM Group portfolio allowing YFM Group to provide equity amounts up to £5m across the UK - a part of the market which is under-served by private equity providers.
YFM Group is the most active investor in UK SMEs and this fund takes total funds under management over £300 million. The Chandos Fund will be drawing on the networks and experience of its investment managers in YFM Group's offices across the UK including London, Leeds, Manchester and Bristol. The Chandos Fund invests in small fast growing businesses targeting buy-outs, buy-ins, development capital, pre IPO rounds and equity release/partial sales.
Paul Cannings, Director of the Chandos Fund said "We are delighted to have almost reached our target fund size with this second close which has attracted both new investors and increased support from our existing investors. We are continuing to see strong deal flow from the contact base of YFM Group's national network of offices and we look forward to making more investments in exciting small businesses with excellent management and strong growth prospects."
The Chandos Fund invests across all sectors with a particular interest in consumer brands, technology and service businesses. Its first 3 investments have been in RMS Europe (port services & stevedoring business), Harvey Jones (a kitchen manufacturer and retailer) and Harris Hill (a niche recruitment business).
YFM Group Backs £21m buyout of The RMS Group
19th July 2007
YFM Group, the UK’s most active investor*, has completed its biggest single deal with £5.5 million of funding to support the secondary management buyout of shipping and logistics specialist RMS Group. The deal was led by YFM Group Investment Manager Nigel Barraclough, supported by Andy Wright, with investment from four of the funds managed by YFM Group:- the Chandos Fund, Partnership Investment Finance (PIF), and the British Smaller Companies VCTs.
The activities of RMS Group are based on the UK’s busiest trading estuary, the River Humber. The Group provides Shipping, Stevedoring, Storage/Warehousing and supporting Logistics services for both Import and Export cargoes moving between Northern Europe, Scandinavia & the Baltic, Russia, the Iberian Peninsula and the Mediterranean, and in 2006 the Group handled in excess of 27,000 containers and 2.1 million tons of cargo through its strategically located port operations
The new management team is led by Peter Aarosin and includes Paul Crossland, David Johnson, Garry O’Malley and Mike Kirby. Peter Aarosin has wide experience in the shipping and logistics industry and knows the business well having originally sold the business 3 years ago.
“The activities of the RMS Group are firmly rooted on the UK’s busiest trading estuary, the River Humber,” said Mr Aarosin. “It presents an exciting new opportunity for me to work with a great management team and grow the business both organically and by acquisition. I look forward to working with them to continue to develop the group.”
Nigel Barraclough, Investment Manager who led the deal for YFM Group, added "We are delighted to back Peter and his management team. We believe the ports sector is an exceptionally strong one, with good growth opportunities. With the increasing cost per mile of road haulage, inland ports like Goole and the Trent ports are at a distinct advantage and RMS Group are well positioned to take advantage of these opportunities."
Andy Wright, Investment Manager for PIF said: “The investment of £1.5m by PIF is the largest single investment we have made, and shows the faith which we have in the strength of the business and the management team. This is a big development for the region”
Mike Wilson, Corporate Banking Manager, HSBC Bank plc, based at Hessle, Hull, East Yorkshire said: "RMS Group is a successful and well managed business, and one of the largest employers on the Humber, they are an integral part of the cargo handling services provided on the rivers Humber and Trent. HSBC Bank plc are delighted to provide the senior debt package to support this transaction."
£2.1m from YFM Private Equity as it makes second Chandos Fund investment
11th June 2007
YFM Private Equity has provided £2.1million to back the MBI of specialist recruitment business Harris Hill. The Chandos Fund will invest £1.5 million alongside £0.6 million from the British Smaller Companies VCT and a debt package from HSBC.
Harris Hill is a niche recruitment business with a strong reputation for providing excellent permanent and temporary recruitment solutions to the charity and not for profit sectors. Aled Morris is the incoming CEO who has a successful track record in a number of recruitment businesses including Office Angels, Spherion and the Angela Mortimer Group. James Wellesley Wesley will be joining as chairman. James has a reputation as one of the leading corporate finance advisors in the recruitment sector where he has been advising businesses for over 20 years.
Aled Morris, CEO of Harris Hill said "This is a very exciting development for Harris Hill. It is a very strong business and brand and is well placed to deliver the ambitious growth and development plans we have. YFM have been supportive and straightforward throughout the buyin process and are an ideal partner for us as we look to grow"
Harris Hill was previously owned by Steve and Julie Hill, a husband and wife team who were keen to pass on their business to someone who could take it on to the next stage of its growth. Julie Hill commented "We are delighted to see the business continue with its original team. With the addition of Aled as CEO we look forward to seeing the business continue to flourish."
Paul Cannings, Director of the Chandos Fund commented "We are pleased to have made our second investment from the Chandos Fund so soon after our first close. This is an excellent opportunity to buy into a quality business with a strong reputation for excellent service in a growing niche of the market. Aled Morris has a good track record of growing recruitment businesses and we look forward to working with him as the business grows over the next few years."
£3.5 m from YFM Private Equity as it makes first Chandos Fund investment
8th May 2007
YFM Private Equity has provided £3.5 million to back the MBO of fitted kitchen specialist Harvey Jones. The Chandos Fund will invest £2.3million alongside £1.2 million from the British Smaller Companies VCT and British Smaller Technology Companies 2 VCTs and a debt package from HSBC.
Harvey Jones is a long established business with a strong reputation for the quality of its manufacturing and for providing real value for money. The business manufactures most of the kitchens and furniture in its own joinery in Wisbech and sells through 10 retail stores in London and provincial towns. Sales have been growing well, with like for like sales up 7% pa over the last three years. With a proven formula for expansion, there is now a good opportunity to double the number of stores over the next three years. Bristol and Bath could be the first of the new locations.
Harvey Jones was previously owned by Roy and Mimi Griffiths, a husband and wife team who were keen to pass on their family business to the management who had supported them in the development of their company. Roy Griffiths commented "I am pleased to see the business continue with its original team and Mimi and I wish the management and the staff every success in the future".
YFM Private Equity has introduced Graham Brown as chairman of the MBO. He has extensive experience of retail roll outs over many years including Ritz Video, Texas Homecare and Go Outdoors. Alex Sheffield and Jenny Meister of corporate finance boutique Livingstone Guarantee introduced the opportunity via a competitive process, and advised the management team and Newco on the transaction.
Paul Cannings, Director of the Chandos Fund commented "We are delighted to have made our first investment from the Chandos Fund so soon after our first close. This is an excellent opportunity to buy into a quality business with an established management team. The business has an attractive integrated retail model and the management team have a clear strategy to develop the business. We look forward to sharing in their success."
John Curwen, Managing Director of Harvey Jones said "This is an exciting time for the Company and we have ambitious growth and development plans. YFM have been supportive and straightforward through the buyout process and are an ideal partner for us as we grow"
YFM Private Equity Wins VCT Fund Manager of the Year Award
26th April 2007
YFM Private Equity, part of the YFM Group, was awarded the prestigious VCT Fund Manager of the Year by the Growth Company Investor Awards 2007. This marks a double celebration following the successful £10 million fundraising by the British Smaller Companies VCT, one of UK’s leading VCTs, which is managed by the Group.
The winners were announced last night (24.4.07) at a ceremony held at the Grocers' Hall in the City. Growth Company Investor is the UK's leading magazine focusing exclusively on smaller and fast-growing companies.
To compile the shortlists for each of award category, Growth Company Investor contacted every AIM Chief Executive and solicited their opinion on the professional advisers they employ. The advisers who have made it onto the shortlists, therefore, are those that have achieved the highest approval ratings from the companies they serve. A shortlist of the top five organisations in each category is then assessed by a panel of independent judges
Commenting on the award David Hall, Managing Director YFM Private Equity said "This award is a great accolade for YFM Private Equity as it recognises the long term performance which has provided strong, consistent returns for its investors balanced with a style of management that is designed to reduce risk within a portfolio."
David Hall says that the success of the British Smaller Companies VCT fundraising offer is largely due to increased awareness and support from the IFA sector. "Whilst some of the big names in the VCT sector have been focusing on raising money, we have been working hard to construct a portfolio that can sustain strong long term performance for our investors. We have achieved this, and this has been recognised by the increasing number of IFAs and commentators who have supported and endorsed the fundraising.
The performance of the portfolio combined with the success of the fundraising provides us with an excellent platform to launch further retail investor products in the near future"
Chandos Fund Marks Continued Growth of UK’s Leading Equity Investor
22nd January 2007
YFM Private Equity is delighted to announce the successful first closing of its Chandos Fund. The £23 million first closing included investments from several UK pension funds and a debt facility from Bank of Scotland. A second close of £40m - £50m is targeted for the second quarter of 2007.
The Chandos fund is an important addition to the YFM Group portfolio as, whilst the YFM Group is already the most active investor in UK SMEs, with this new fund it will now be able to provide equity amounts up to £5m across the UK – a part of the market which is under-served by private equity providers.
The Chandos Fund will invest in small fast growing businesses targeting buy-outs, buy-ins, development capital, pre IPO rounds and equity release/partial sales.
Paul Cannings, who was director of 3i’s smaller buyout and growth capital team in London, has joined YFM as Director of the new fund alongside David Gee and Michael White who are experienced YFM Group investment managers. The new fund will importantly also be drawing on the networks and experience of its investment managers in YFM’s offices across the UK including London, Leeds, Manchester and Bristol.
The Chandos Fund brings YFM Group’s total funds under management to nearly £300m managed by over 40 investment managers from 9 offices across the UK.
Recent investment successes for YFM include the flotation of Hargreaves (transport and distribution services), the sale of SMS (courier and delivery services), and the pre and post IPO success of Cozart (drug testing) and the partial realisation of Tekton (construction software).
David Hall, Managing Director of YFM Private Equity said "YFM Group is already the most active investor in UK SMEs, so we are delighted to be able to expand our product range to meet the requirements of entrepreneurs and businesses as the Chandos fund now enables us to provide equity investments of up to £5m in SMEs across all sectors in all parts of the UK. This is an exciting time for YFM, as in addition to this successful first closing we are also undertaking a £15 million Top-up Offer on the British Smaller Companies VCT"
