Aliter Capital closes maiden fund on £92m

Aliter Capital I was launched in 2016 by managing partner Billy Allan, Greig Brown, Andy Galloway and Andrew Busby, who have all had previous entrepreneurial or investment experience in the support services sector. Busby was notably a deal-maker at HIG Capital between 2007-2013.

Aliter was advised by Acanthus on the placement side and turned to O'Melveny & Myers for legal advice. It is based in London and Glasgow.

Investors
Aliter stated the fund was backed by a group of US and European institutions, including pension funds, insurance companies, universities and foundations.

Investments
Aliter plans on making majority investments of up to £20m per target company in the UK small-cap and mid-market support services sectors, with the aim of taking advantage of consolidation opportunities. It will back a small number of companies with enterprise values in the £10-50m range.

The GP has made a first majority investment in Scottish engineering group Edwin James Holdings, for an undisclosed amount. Aliter plans on making a number of bolt-on acquisitions to the business, which generates revenues of £37.5m.

People
Aliter Capital – Billy Allan (managing partner, co-founder); Greig Brown, Andy Galloway, Andrew Busby (co-founders).

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