YFM reaps 4x-plus return in Springboard sale to US trade

The UK-based GP has reaped over 4x return from the sale, according to a press release from the vendor.

Corporate finance adviser Grant Thornton led a structured sale process for the asset – from the distribution of information memoranda to the completion of the deal, including due diligence – in less than four months, a source close to the situation told Unquote. Both PE and trade buyers were considered, the source added.

YFM originally invested in Springboard in 2014 via both British Smaller Companies VCT plc and British Smaller Companies VCT2 plc, according to a press release from the vendor.

The sponsor's VC trust funds were launched in 1996 with a total asset value of GBP 85.12m and in 2000 with a GBP 60m total value, respectively, according to Unquote Data.

Since YFM's investment, Springboard entered the US market and opened offices in San Diego and Boston, according to a press release from the vendor.

The acquisition will enable MRI Software to offer retailers and physical stores to optimise operations via real-time data and actionable insights, according to a press release from the buyer.

YFM has a total of GBP 450m of funds under management, according to a press release from the vendor. Its YFM Equity Partners Buyout Fund III is expected to hit the road for GBP 80m-GBP 100m fundraising in 2023, Unquote reported. The GP is in the pre-marketing phase with existing investors and the new vehicle will follow the same strategy as its predecessors, investing between GBP 3m and GBP 10m in UK small businesses, as reported.

Company
Founded in 2002 and headquartered in Milton Keynes, Springboard's solution provides real-time data and actionable insights for retail locations and destinations to retail stakeholders. In addition to shopper traffic data, it captures footfall data. The company partners with leading brands across the world and offers services to global media and government bodies.

People
Springboard − Steve Booth (CEO), Gary Purbrick (COO), Diane Wehrle (Marketing & Insights director), Julie Richings (CFO).
YFM − Roux Brits (portfolio director).
MRI Software − Patrick Ghilani (CEO)

Advisers
Vendor – Grant Thornton (corporate finance); EMW Law LLP (legal); CIL Management Consultants (commercial DD).
Trade − Alvarez & Marsal (corporate finance); Kirkland and Ellis (legal).

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