Inflexion makes 3.7x in National Accident Helpline IPO

NAHL has been listed on the AIM segment of the London Stock Exchange, with shares priced at 200 pence each. Inflexion has retained a 15% stake in the company, worth £12.4m based on the float price.

Espirito Santo Investment Bank acted as broker for the placement. The IPO sees the placing of 17.5 million ordinary shares, generating gross proceeds of £32.7m for Inflexion.

Previous investment
Inflexion acquired NAHL in October 2009 from previous backers LDC with money drawn from its 2006 fund. The deal was supported with debt from Clydesdale and Yorkshire Bank. Under Inflexion's stewardship, the company created its "Underdog" marketing campaign, which drove a 50% increase in enquiry levels in 2013. Company earnings have grown by around 30% with Inflexion's support.

Company
Established in 1993 and based in Kettering, NAHL is a referral source for personal injury claims. The company generated revenues of £39.7m in 2013 with operating profit of £9.8m.

People
Simon Turner is managing partner of Inflexion. Russell Atkinson is CEO of NAHL.

Advisers
Company – Pinsent Masons (Legal); KPMG (Financial due diligence).

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• Topics
• Exits
• UK / Ireland
• Inflexion Private Equity
• LDC
• IPO