Better Capital PCC has announced that its 2009 Fund (BECAP Fund LP) has disposed of its interests in Santia Holdco Limited, together with its wider trading group, Santia. Santia is a provider of health & safety and accreditation services, which was acquired on 1 February 2011 from the administrators of Connaught plc. Santia was sold on 2 December 2015 for an enterprise value of £47m to Alcumus Holdings Limited, a company recently invested in by Inflexion Private Equity. The 2009 Fund’s net proceeds from the disposal are expected to finalise very close to the £40m carrying value used in the 30 September 2015 Interim Accounts. The company say that the disposal would on this basis crystallise a multiple of 2.8 times of the 2009 Fund’s £15.5m investment in Santia and an internal rate of return of 26%. The company say that they plan to distribute the proceeds, net of approximately £4 million which will be retained for potential requirements at the fund and cell level, to the 2009 Cell Shareholders as soon as practicable and will make a further announcement in due course.
Better Capital Disposes of Santia with net proceeds of C £40m : BCAP