Synova scores 16x on Kinapse sale

The investment generated an IRR of 126% for Synova. The GP backed Kinapse in September 2012; at the time the business was generating sales of £6.5m and employed 126 people. Since then the company has expanded internationally with further offices opened in the US and Asia.

HgCapital has taken a majority stake in the business, investing through its HgCapital 7 Fund and alongside its feeder fund, HgCapital Trust, which has contributed £10m to the deal.

The transaction marks HgCapital's eighth investment from its seventh fund, which is now 55% invested.

Company
Founded by two former Accenture partners in 2005, Kinapse provides consultancy services to the life sciences industry, with a focus on regulatory compliance and quality.

London-headquartered Kinapse generates sales of £27.5m. The company employs 440 people.

People
Synova Capital – Philip Shapiro (managing partner).
HgCapital – Philipp Schwalber (director); Andrew Land (partner).
Kinapse – Andy Black (CEO); Nicholas Edwards (chair).

Advisers
Vendor – DC Advisory (Corporate finance); Taylor Wessing (Legal); Alvarez & Marsal (Financial due diligence).

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