Disposal of interest in Breedon Aggregates Limited

1 December 2014

Disposal of interest in Breedon Aggregates Limited

· Final Breedon disposal generates 3.7x aggregate cash return

· IRR of 29.73% in respect of the Company's indirect investment in Breedon

· Breedon is the seventh public realisation for the Fund

The Directors of Marwyn Value Investors Limited (the "Company") are pleased to announce that Marwyn Value Investors LP (the "Fund") has successfully sold its investment in Breedon Aggregates Limited ("Breedon"), the largest independent aggregates business in the UK. Following a partial disposal in July 2014, this final disposal has generated net aggregate proceeds of £51.3 million (of which £43.5 million is attributable to the Company), delivering 3.7x cash return in aggregate for the Company over the life of the investment. This results in a net IRR of 29.73% in respect of the Company's indirect investment in Breedon.

Breedon was founded in 2008 as Marwyn Materials, to acquire operating companies and assets in the building materials sector. Following the initial reverse acquisition of Ennstone Ltd, Breedon has since completed a number of bolt-on acquisitions, including assets from Marshalls plc and Aggregate Industries.

Breedon is the seventh realisation for the Fund since 2006. Over this period Marwyn, the asset management group, has founded a number of successful public businesses which have subsequently been acquired by third parties, including Talarius Plc, Inspicio Plc, Concateno Plc, Melorio Plc and Zetar Plc.

Announcing the sale, Mark Watts, a Managing Partner of Marwyn, said:

"We have enjoyed working with Peter Tom, Simon Vivian and the team at Breedon and thank them for their enormous commitment and success in building Breedon into the largest independent aggregates business in the UK and we are delighted to see the continued progress of the business and wish them the best for the future.

Following on from the Fund's new investment in Haversham Holdings plc (ticker: HAV) earlier this month we continue to evaluate new investment opportunities with a view to the Fund making further new investments in high quality management teams and delivering significant capital value through the Fund's proven buy and build strategy".

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