Percipient generates 18x on Milmega exit

The UK-based fund has sold the company to Swiss developer of immunity testing systems, Teseq Holding AG, which plans to run it as a competence centre for RF amplifiers.

Previous funding
Percipient acquired Milmega in a management buyout in 2004, investing £250,000 for an undisclosed stake through its South East Growth Fund.

Since then the company has invested heavily in broadening its products base and growing its export markets from the UK to Asia and the US.

In 2009 Milmega invested £1m in a project to develop RF-range microwaves. This is due to come to an end in 2012.

Company
Milmega was founded in 1987 as a manufacturer of high-power broadband amplifiers to be used in EMC testing and high power microwaves.

The company employs 25 staff and has seen its turnover increase from £2m in 2004 to £5m at present. Its current EBITDA is about £1.4m.

People
Jason Gould led the original investment on behalf of Percipient.

Advisers
Vendor - Grant Thornton, Rupert Rawcliffe (Corporate finance).

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