Key Capital Partners reaps 4x on WHP exit

The deal allowed KCP to reap a 4x return on its investment in WHP. The GP had led a £3m investment in the business in 2013 as part of a buyout.

Palatine parted with £16m in equity for majority stake in the business. RBS provided a £16m debt facility to finance the transaction.

Manchester-based Palatine held a final close for its second fund on its £150m hard-cap in 2013. The WHP deal fits squarely in the vehicle's remit, which makes equity investments between £10-25m in regional lower mid-market deals.

The company now intends to accelerate growth by investing further in staff and broadening its services offering.

Company
Headquartered in Warrington, WHP provides deployment, upgrade and maintenance services for mobile network masts, antennae and base stations. Its clients include H3g, EE and Vodafone.

The company has also bases in Leeds, Glasgow and Reading. It most recently reported a turnover of £30m (up from £17m at the time of the 2013 buyout) and employs 275 staff.

People
Palatine partner Andy Lees and investment manager James Winterbottom will join WHP's board as non-executive directors. KCP was represented by Peter Armitage.

Advisers
Equity – Park Place Corporate Finance, Tim Clarke (M&A); Pinsent Mason (Legal); Analysys Mason (Commercial due diligence); BDO (Financial due diligence, tax); The Berkeley Partnership (Operational due diligence); The Quinn Partnership (HR due diligence); Marsh (Insurance due diligence); Baker Tilly (Tax).
Vendor, company – Convex Capital (M&A).

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• Topics
• Buyouts
• Exits
• UK / Ireland
• Support services
• United Kingdom
• Secondary buyout
• Palatine Private Equity