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Mercia Asset Management PLC - Warwickshire, England-based, regionally-focused asset manager - Sells IT and technology consulting services company for private equity firms Intechnica Holdings Ltd to Crosslake Technologies LLC for £14.5 million. Says it held a 26% direct holding in Intechnica at the point of sale and will receive cash proceeds of £3.7 million. This will generate an internal rate of return of 27% and 1.7 times on its current holding value.
Mercia Asset Management Chief Executive Officer Mark Payton says: ‘Intechnica is a great Manchester-based business that, as with all our direct investments, has been supported by Mercia’s regionally managed funds. This full-cash exit delivers an excellent result for Mercia and allows Intechnica’s founders to focus on the continued growth of Netacea, an increasingly respected global brand in the cyber threat detection market. This is another direct investment exit above holding value, which continues to support our valuation methodologies.’
Current stock price: 34.98 pence, up 4.4% on Wednesday at midday
12-month change: down 8.4%
By Greg Rosenvinge, Alliance News reporter
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