GLE Development Capital acquired by Matrix Group

06 April 2004

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Matrix Group has acquired GLE Development Capital, the private equity arm of Greater London Enterprise, for an undisclosed figure. Subject to FSA approval, Matrix will merge GLEDC with its existing private equity business to form Matrix Private Equity Partners (MPEP), which will relocate to Matrix's offices in the West End later in 2004. The combined entity, which will be headed up by GLEDC's Mark Wignall, will have a total of Â£65m of assets under management. MPEP is looking to launch a new VCT later this year. The current deal originated through a shared vision between David Royds, chairman of Matrix, and Mark Wignall, managing director of GLEDC, concerning the future of the smaller company and VCT markets in the UK. MPEP will employ all eight of the incumbent investment executives from Matrix and GLEDC and is looking to recruit a new member to the team in the near future. Mark Wignall is expecting to see a spate of consolidation in the sub-Â£5m equity segment of the industry because he believes that there are many high quality opportunities in this area of the market for those firms that have critical mass and a good track record. According to Wignall, the deal placed a high value on GLEDC's investment team, who have worked together for several years.