9th Mar 2015 14:34
LONDON (Alliance News) - Phoenix Equity Partners Monday said it has agreed to sell its stake in business-to-business exhibition organiser CloserStill to Inflexion Private Equity, which is investing alongside existing backer NVM Private Equity.
Phoenix invested in CloserStill in May 2012, backing a management team led by Chief Executive Andy Center.
The news prompted a group of funds managed by NVM Private Equity to report on what the sale means to them, noting the realisation of their investments in CloserStill.
Northern Venture Trust PLC said it received GBP3.3 million in cash for its investment in CloserStill. Northern 2 VCT PLC received GBP2.5 million, while Northern 3 VCT PLC received GBP2.0 million. Northern Investors Company PLC received GBP3.2 million
Northern Venture Trust said it has invested GBP1.8 million as part of a GBP5 million investment by funds managed by NVM Private Equity LLP in the new company formed to acquire CloserStill, while Northern 2 VCT said it has invested GBP1.7 million. Northern 3 VCT invested GBP1.5 million to make up the remainder of the GBP5 million investment.
By Samuel Agini; [email protected]; @samuelagini
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