News

24 July 2015

Harwood Private Equity exits Celsis

Harwood Private Equity achieved a final exit from its investment in Celsis International Limited through a sale to a trade buyer on 24 July 2015, creating a very successful return for investors. Celsis is a global market leader in the manufacture of diagnostic kits used to test for microbial contamination in liquid products for the pharmaceutical, personal care, dairy and beverage industries. Harwood Private Equity acquired the company in 2009 and, as part of the business plan, divested two non-core divisions: Analytical Services, a provider of outsourced laboratory services, and In-Vitro Technologies, a global leader in the supply of cryo-preserved human liver cells in 2011 and 2013 respectively.

12 June 2015

Harwood Private Equity IV L.P. closes on £152.5 million

We are pleased to announce the first and final closing of Harwood Private Equity IV L.P. (“HPE4”). The fund closed with £152.5 million on 12 June 2015. Jeremy Brade of Harwood Private Equity, said: “We are delighted to have raised HPE4 in a single closing after strong support from our existing limited partners and new institutions. We very much look forward to investing the fund in strong companies, pursuing the same strategy that has succeeded in our predecessor funds.”

11 October 2013

Harwood Private Equity exits Orthoproducts

Harwood Private Equity achieved a full exit from its position in Orthoproducts Limited through a sale of the company to a trade buyer on 23 July 2013, creating a return of 3.3x cash multiple and an IRR of 28%. Orthoproducts is an industry leader in the global orthopaedic implant and equipment market and has 45% market share of the world's best quality, ultra-high molecular weight polyethylene for knee and hip-joint replacements. Harwood Private Equity acquired the business in 2008.

4 September 2013

TeamRock wins award

TeamRock won an award at the Scottish Business Insider Deals & Dealmakers Awards ceremony held in Glasgow on 4 September. Following its purchase of two leading rock music magazines from Future Plc and the development of a digital radio station, TeamRock won ‘Small to Mid-sized Company Deal of the Year’ - the category for a Scottish-based company with a turnover of less than £20 million. TeamRock is headquartered in Glasgow. Commenting on the award, Timothy Sturm of Harwood Private Equity, said “We’re delighted that our investment in TeamRock has generated this award. Our decision to invest was based on the ground-breaking, market-disruptive nature of TeamRock’s business model and the quality of its management team, with whom we are looking forward to a close and fruitful relationship.”

4 September 2013

Harwood Private Equity invests in Cyprotex

Cyprotex PLC is a leading pharmaceutical contract research company. It is an outsourced provider of in-vitro and in-silico analysis of the activity of pharmaceutical compounds, specialising in Absorption, Distribution, Metabolism and Excretion and toxicity (“ADME-Tox”) testing. Harwood Private Equity invested in a convertible and notionally convertible loan note in addition to its 29.9% holding of the ordinary shares of the AIM-listed company. Harwood has appointed its sector-specialist operational adviser, Ian Johnson, as chairman. Christopher Mills has also joined the board. Timothy Sturm of Harwood Private Equity, said: “We are pleased to have found a creative way of investing in an excellent company. We look forward to backing its management team with our capital and influencing the company’s path to its objective of achieving significant growth”.

23 July 2013

Harwood Private Equity exits Bionostics

Harwood Private Equity achieved a full exit from its position in Bionostics Limited through a sale of the company to a trade buyer on 23 July 2013, creating a return of 4.0x cash multiple and an IRR of 30%. Bionostics is an industry-leading developer, manufacturer and distributor of liquid control solutions employed in medical diagnostic testing equipment. Harwood Private Equity acquired the business in a public-to-private transaction in 2008.

13 July 2013

Harwood Private Equity acquires B&G

B&G Equipment Company Inc. is a leading manufacturer of specialist equipment for the control of insects and rodents used by professional pest control operators such as Terminix, Orkin and Rentokil. Its products include spraying equipment, baits and traps. B&G’s stainless sprayer equipment is recognised as the North American applicator of choice. The majority of its sales are in North America but it enjoys market share presence across the globe. The B&G team will be led by non-executive chairman, and Harwood operational adviser, Carl Contadini, who has operating experience in pest controls. Commenting on the acquisition, Geoffrey Gorman of Harwood Private Equity, who led the transaction and who will join the board of B&G, said: “We are very pleased with our acquisition of B&G and its platform for growth. The company has dominant North American market share and product line diversification and international growth potential in a resilient sector. The opportunity is clearly there to expand sales organically and through acquisition. We look forward to maximising the company’s potential.”

28 June 2013

Celsis sells In-Vitro Technologies division

Celsis sold its In-Vitro Technologies division to a trade buyer. The division, which is non-core to Celsis, employs proprietary hepatocyte (liver cell) technology to supply in vitro testing products to the pharmaceutical industry. Following this divestment, and the sale of the Analytical Services division in December 2012, Celsis is now concentrated on its core business of Rapid Detection. Harwood Private Equity acquired the company in 2009 in a public-to-private transaction.