News

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.

17 April 2013

Harwood Private Equity acquires TeamRock

Harwood Private Equity has backed TeamRock Limited in its successful acquisition of the leading music listening publishing titles "Classic Rock" and "Metal Hammer". This represents the first step in Team Rock’s strategy to create a global publishing, radio and digital content offering to appeal to rock fans around the world. TeamRock is led by executive chairman John Myers, a leading figure in the UK radio industry, and CEO Billy Anderson. Jeremy Brade, who led the transaction on behalf of Harwood Private Equity, said: “We are delighted to support the acquisition of the publishing titles and to back the management team with its ambitious plans for the business”.

31 December 2012

Harwood Private Equity acquires Utitec

Utitec Holdings Inc. is the leader in its field of manufacturing precision metal components used primarily in the assembly of cardiological, endoscopic and orthopaedic medical instruments. The company employs unique stamping processes to produce miniature parts. It has significant European sales and a strong US client base of global medical and electronic device suppliers. The Utitec management team will be led by executive chairman Carl Contadini, the CEO of a previous Harwood Private Equity investment. Commenting on the acquisition, Geoffrey Gorman of Harwood Private Equity, who led the transaction and who will join the board of Utitec, said: “We are very pleased to have acquired Utitec. We see a very clear opportunity to enhance production efficiencies, tool new products, recover the company’s position in the non-medical sector, and possibly grow through acquisition. We are enthusiastic about the potential.”

30 December 2012

Celsis sells Analytical Services division

Celsis sold its Analytical Services division to a trade buyer. The division, which is non-core to Celsis, provides outsourced analytical laboratory services to the pharmaceutical and consumer products industries. Celsis now consists of two divisions – Rapid Detection and In-Vitro Technologies. Harwood Private Equity acquired the business in 2009 in a public-to-private transaction.

1 July 2012

Keith Jelley takes over Harwood Private Equity’s financial and operational organisation

We are pleased to announce the appointment of Keith Jelley as chief financial officer of Harwood Private Equity and partner with responsibility for operational matters. Keith has taken over the roles of both Rob Barrett and Faye Foster and will handle financial, partnership and reporting affairs. Keith previously held senior positions at other UK private equity fund management organisations. Commenting on the appointment, Jeremy Brade said, “We are delighted that Keith has joined us. He brings a wealth of experience to our financial and operational activities and will strengthen our procedures and services to limited partners. At the same time we are very sorry to see both Rob Barrett and Faye Foster depart. Their long service to the private equity team throughout the life of three funds, their high professional standards and their warmth as friends and colleagues will be missed ”

2 April 2012

Maarten Hemsley retires from Harwood Private Equity

Maarten Hemsley retired at the end of March after a long and successful career as a senior member of the private equity team. He joined the firm in 2001 to manage Leisure & Media VCT plc, and was a senior fund manager of TPE2. Maarten served as a non-executive director of numerous portfolio companies and was involved in all elements of the investment programme. Commenting on Maarten’s departure, Jeremy Brade said, “We are very sorry to lose Maarten. He leaves a gap as a professional member of the team, as a trusted colleague, and as a longstanding friend. His legacy is one of excellence. He has our utmost appreciation for his contribution to the successes of the last ten years. We all wish Maarten a very long and happy retirement.”