LPFA makes first direct co-investment with Secured Mail

The fresh capital will enable the firm to grow in the e-commerce packet delivery space.

LPFA manages a £4.6bn pension fund providing local government pension scheme benefits to around 20,000 employees of 370 charities, not-for-profit, private sector, and local government employers.

Previous funding
In 2008, Aquarius Equity Partners committed £1.6m to the firm to fund its expansion, according to unquote" data. Next Wave Partners backed the secondary buyout of Secured Mail in 2011, in a deal that saw Aquarius fully exit the asset. In March 2013, Next Wave provided follow-on financing to support the company's infrastructure and staff base.

Company
Secured Mail was founded in 2006 and provides downstream mail services, handling letters for businesses and contracting Royal Mail to deliver the final leg of the journey. Its clients include Amazon and Centrica. It has sites in Crick, Warrington and Dartford. The business expects turnover to hit £80m in 2013.

Sales have grown by 65% since the Next Wave buyout in 2011.

People
Alex Gracian is chief investment officer at the LPFA. Tim Creed is managing director at Adveq. Jonathan Brod is a partner at Next Wave. Stephen Wallis worked on the follow-on funding deal for Next Wave in early 2013.

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• Topics
• UK / Ireland
• Industrials
• Expansion
• LPs
• United Kingdom
• Adveq
• Next Wave Ventures