Rutland Partners has realised its investment in H&T Group Ltd for cash through an AIM listing. The enterprise value of H&T on flotation is £91.9m and the market capitalisation is £54.2m. The proceeds received by Rutland, after costs and management’s equity, are approximately £44.5m representing a multiple of 2.9x Rutland’s original investment and an IRR of 89%.
This is the first divestment made by Nazca IV, a €275m vehicle raised by the GP in 2016
With the latest acquisition, IT Relation will add cybersecurity as its fourth business area, alongside cloud services, business consultancy and professional services
Industrial energy efficiency equipment producer sold its Poland-based operations in April 2020
Horizon bought a majority stake in Timico in 2016 via a deal valuing the company at more than £50m