Core Capital sells AlliedPRA to CI Capital

Kenny Wastell
09 August 2017

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Core Capital has sold its stake in events company AlliedPRA to US-based GP CI Capital Partners.

The deal brings to an end an eight-year holding period for the vendor, which was invested in AlliedPRA via its second fund, Core Capital Partners II (CCP IILP). According to a statement, the vehicle has now returned around 40% of invested capital.

CCP IILP acquired six assets, including AlliedPRA, from Core Capital's VCTs and maiden institutional vehicle when it held its £85m final close in September 2015. The six assets left the fund with £40m for new investments. A source close to the deal told unquote" that AlliedPRA generated a 3.6x return for CCP IILP investors over the course of two years.

Under the GP's tenure, the business relocated its headquarters from London to San Diego and divested its European operations. It used the capital generated from the sale to bolt on eight competitors, most recently acquiring Colorado-based Destination Services Corporation in February 2017.

According to a statement issued by the company, the existing management team will continue to lead the business following the deal and will retain a significant stake. Under its new ownership, AlliedPRA will look to further consolidate its position in the US market.

A spokesperson for Core Capital declined to comment on the deal valuation or AlliedPRA's EBITDA.

Previous funding
Core Capital acquired AlliedPRA (then known as Allied International) in a turnaround transaction in November 2009 with capital drawn from its fourth and fifth VCTs. The firm invested £5m, according to unquote" data, and acquired senior debt at a substantial discount.

The company was then acquired by Core's second institutional fund in 2015.

Company
Headquartered in San Diego and founded in 1981, AlliedPRA organises business events and conferences. The company generates $100m in revenues, according to a statement, and has offices in 26 locations.

People
Core Capital - David Steel (partner).
CI Capital - Timothy Hall (managing director).
AlliedPRA - Tony Lorenz (CEO).

Advisers
Company - Jordan Edmiston Group (corporate finance).