Augmentum Fintech says that NatWest Group has agreed to acquire a majority shareholding in Cushon, one of Augmentum’s holdings. The deal will need regulatory approval. This transaction would represent Augmentum’s fifth successful portfolio investment exit, all of which have been at or above the last reported holding value.
Augmentum first invested in workplace savings and net zero pension provider Cushon in June 2021 with a £5m investment as part of Cushon’s Series A fundraising round and since that date the company has invested a further £5.8m.
Augmentum is expected to receive proceeds of £22.8m on completion of the acquisition, representing a 46.2% uplift on the unaudited 30 September 2022 holding value of £15.6m, a multiple of 2.1x on cost and an IRR of 66.3%.
Augmentum expects this transaction to complete within the next 12 months. The transaction implies an increase of 3.1p over the last published NAV per ordinary share after performance fee (unaudited) as at 30 September 2022 of 155.0p.
AUGM : Augmentum gets boost as NatWest buys Cushon