UK - Matrix receives further proceeds from exits

The first investment in Secure Mail Services Limited (SMS) was made in 2002, when MPEP supported the part BIMBO of the company with a £1.3m investment. The exit was completed in 2006, with additional proceeds received through 2007-2009. In total, the firm has made an IRR of 40% and a cash multiple of 3.8x the total cost of the investment. London-based SMS offers a courier service for high value and sensitive items such as credit cards and passports.

The second investment, in which MPEP backed the £13m management buyout of Ruskin Homes Limited in 2002, was exited in 2007, with additional proceeds received this year. MPEP achieved an IRR of 26% and a cash multiple of 2.7x. Caterham-based Ruskin Homes is a residential housing developer, specialising in brown field sites.

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• Topics
• Exits
• UK / Ireland