Location Sciences (LSAI) has announced the acquisition of Chrysalis (CHRY) portfolio company Sorted Holdings, for an aggregate nominal consideration of approximately £66.73 to be paid in cash at completion. The company is a SaaS business that supports retailers’ deliveries and collections which has received a significant amount of capital investment, in excess of £70m, to date. The CHRY investment was initially valued at £28.3m however this was written down to £18.4m in September 2022 due to complications following the pandemic, with a further write down to £300k occurring in September 2023.
QD comment: “The sale marks an inauspicious end to Chrysalis’s investment, highlighting the risks that can come with high-growth, pre-IPO companies that make up a large portion of its portfolio. Despite this, Chrysalis has shown that the good comfortably outweighs the bad, as shown in its NAV uplift as at end December 2023.”
CHRY : Chrysalis portfolio company Sorted sold to Location Sciences