TC Wild Ltd (United Kingdom) - Nov 2007

Enterprise Ventures has exited its minority stake in TC Wild Ltd, a manufacturer of forged precision rings for the aerospace, oil, gas and power generation industries, in a management buy-back, realising a return of 2.3x the capital committed and an IRR of 54%. The exit, which came about following a direct approach by management, was funded by a recapitalisation of the business in association with HBOS that was worth a total of approximately £2.5m. Paul Taberner led the exit for Enterprise.

The deal marks the first exit from the Enterprise Coalfields Fund, which was launched in 2004 to invest in the UK’s former Coalfield areas.

Previous investment

Enterprise invested £500,000 in the management buyout of TC Wild from Gardner Aerospace Group in August 2005, in a deal which valued the company at approximately £2.7m, with senior debt and working capital facilities provided by HSBC. Since the investment the company has invested heavily in plant and machinery in an effort to increase its capacity and has grown substantially, doubling turnover to £7.7m and trebling pre-tax profits. TC Wild was established in 1929 and is based in Sheffield.

Advisers

Equity - Halliwells - Manchester, Gemma Bolton, Kate Richards (Legal)Management - Wakesmith & Tofields, (Legal)

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• UK / Ireland
• Exits
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• Management buy-back