FPE exits Ikon Science to Great Hill

Tullow Oil also made an exit in the transaction, following a period of growth for the company.

FPE Capital launched its maiden institutional fund, FPE Fund II, at the start of 2016 with a target of £100m. It held a final close on its target of £100m in October 2017. The fund, which seeks buyout and growth investments, is investing in UK-based companies with enterprise values of £20-50m.

It most recently invested in Burghclere-headquartered The NAV People (TNP), a developer of enterprise software, in June 2018.

Previous funding
FPE (then FF&P Private Equity) acquired a stake in Ikon Science from incumbent investors in 2008. The transaction made FPE the largest shareholder in the business, holding a significant minority stake.

Company
Founded in 2001 and headquartered in Surbiton, IKON develops and applies new software, expertise and services to help oil and gas exploration professionals analyse subsurface properties, in order to assess exploration and production risks and opportunities.

People
FPE Capital – David Barbour (managing partner).
Great Hill Partners – Christopher Gaffney (managing partner).
Ikon Science – Mark Bashforth (CEO); Martyn Millwood Hargrave (founder, chair).

Advisers
Company – Houlihan Lokey (financial due diligence); Shoosmiths (legal).

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• Topics
• Exits
• Buyouts
• UK / Ireland
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• Secondary buyout