Sovereign divests Xendo to Linden-backed ProPharma

The sale marks the first divestment for 2014-vintage vehicle Sovereign Capital IV and brings to an end a holding period of just two years for the vendor.

Unquote understands the sale yielded a 47% IRR for the vendor.

During Sovereign's brief tenure, Xendo acquired Sofus, enabling it to expand into the Nordic region and extend its range of services. The GP also grew the company's management team with the introduction of chief financial officer Arjen Huijs, chairperson Graham Love and non-executive director Ben Cons, while also investing in operational software.

Previous funding
Sovereign backed the management buyout of Xendo in May 2016, in a deal supported by a unitranche debt package provided by European Capital.

Company
Founded in 1990 and headquartered in Leiden, South Holland, Xendo is a provider of consultancy and project management services to the pharmaceutical, life sciences and healthcare sectors. The business has a headcount of 240, up from 140 at the time of Sovereign's initial investment. It now has operations in the UK, the Netherlands, Germany, Japan and the Nordic region.

People
Sovereign Capital Partners – Dominic Dalli (partner); Jose Rodriguez (director); Ed Goddard (investment director); Paul Mangan (deal origination).
Xendo – André van de Sande (CEO).

Advisers
Vendor – Results International, Kunal Kadiwar (corporate finance); Eversheds, James Travis (legal); LGT European Capital, Colin Wright (debt advisory).

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• Topics
• Exits
• UK / Ireland
• Support services
• Netherlands
• Sovereign Capital
• Trade sale
• Eversheds
• LGT Capital Partners