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Portfolio Update: Sale of portfolio company Hospital Services Group delivers up to 8.5x return for Foresight VCT PLC

Written by Customer Service on . Posted in Public Companies.

The Board of Foresight VCT Plc (the “Company”) is pleased to announce the successful sale of portfolio company Hospital Services Group Limited (“HSL”), a leading healthcare equipment distributor and service provider operating in Ireland, Northern Ireland and Great Britain.

The transaction generated proceeds of £26.2 million at completion with potential for a further up to £1.0 million over the coming years, implying a return and IRR of up to 8.5 times the original investment and 25.7% respectively. Prior to the sale of HSL, the Company’s NAV per ordinary share stood at 80.1p, to which the exit will add 1.7p, giving a pro forma NAV per ordinary share of 81.8p.

Since the original investment, the manager, Foresight Group LLP, has taken a proactive approach to supporting HSL and the business has successfully completed a series of acquisitions, broadened and strengthened the management team and expanded the range of healthcare equipment and services provided Ireland, Northern Ireland and Great Britain.

Headcount has increased almost sixfold since Foresight’s initial investment, with revenues increasing approximately ninefold.

Margaret Littlejohns, Chair of Foresight VCT Plc said: “HSL has grown into a market-leading healthcare company in the UK and Ireland.  With Foresight Group’s support, both financial and strategic, it has made a series of value-enhancing acquisitions and delivered strong organic growth.  We are delighted with this performance and wish the team every success in the future.”

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