In QuotedData’s morning briefing 1 February 2022:
- Augmentum Fintech (AUGM) published an update on its portfolio. One interesting fact is that, while publicly listed fintech companies have fallen from an average 15.2x revenue at end June 2021 to 9.2x revenue in recent months, AUGM’s portfolio is valued on 4.2x. Over the second half of 2021, the company invested £38.m. Of this, £22.3m went to four new investments (Anyfin, Gemini, Sfermion, Wematch) and £15.7m was deployed into follow-on investments in four existing portfolio companies (Artesian, Cushon, Habito, Zopa).
- Sequoia Economic Infrastructure (SEQI) has appointed Andrea Finegan as an independent consultant to the company. Andrea succeeds Tim Drayson, following his appointment to the board earlier this year, and will work alongside Kate Thurman to provide guidance to the board on the overall approach to risk management across the portfolio. Andrea has a background in infrastructure finance, including over 20 years spent in the management of infrastructure funds. She is currently independent chair of the Greencoat Capital Valuation Committee, having previously served as COO of Greencoat and was responsible for overseeing the establishment of listed and unlisted investment fund products. Prior to Greencoat, Andrea was responsible for similar management functions at Climate Change Capital and ING Infrastructure Funds.
- Gresham House Energy Storage (GRID) has deepened its relationship with Arenko Group, a leading software platform provider to the global energy market. Arenko will take on responsibility for ‘asset optimisation services’ on an additional five utility scale batteries (210MW) during 2022, the Byers Brae 30MW battery contract has been renewed, and an additional framework agreement to optimise a further 215MW has also been agreed. Eventually, Arenko will have contracts for the asset optimisation of over 500MW of the trust’s energy storage portfolio. These asset optimisation agreements (known as automation and digitalisation agreements) see Arenko using its proprietary software to maximise returns from these assets.
- Target Healthcare REIT (THRL) has appointed Dr Amanda Thompsell as an independent non-executive director. Dr Thompsell trained and originally practised as a GP before switching to working in old age hospital medicine, and then retraining in old age psychiatry. She has significant clinical experience of all aspects of caring for older people and has held a number of clinical and national leadership roles allowing her to develop a comprehensive knowledge of the care home sector. She is the National Specialist Advisor: Older People’s Mental Health at NHS England, a member of the advisory board to the Journal of Dementia Care and a Medical Member of the First Tier Tribunal at the UK Ministry of Justice. She is also the previous chair of the Faculty of Old Age Psychiatry of the Royal College of Psychiatrists.
- Lok’n Store Group (LOK) has sold four stores for £39m, a 22.8% uplift on their most recent valuation. The proceeds will be reinvested into new stores, with three sites expected to be secured shortly. Lok’n Store will continue to manage the four stores it has sold, which are located in Basingstoke, Cardiff, Horsham and Portsmouth. Lok’nStore will receive management and performance fees for managing them on behalf of their new owner. In the year to 31 July 2021 the four stores generated revenue of £2.54m and contributed £1.54m to group EBITDA. In the first year following the sale, the group expects to receive incremental management fees of c.£0.2m in respect of the manage-back arrangement which will flow directly to Group EBITDA.
We also have news of deals by Riverstone and an update from Triple Point Energy