27 Apr 2017

BVCA announces South West Management Team Awards shortlist

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Companies shortlisted in the British Private Equity & Venture Capital Association (BVCA) Management Team Awards 2017 for the South West have now been announced.

Produced in association with Grant Thornton UK LLP, the awards recognise and reward brilliant businesses up and down the country that have been backed by private equity and venture capital investors, as part of our annual celebration of UK companies.

The regional winners will be awarded at the Wales and South West Dinner in Bath on 4 May, as part of the BVCA National Dinner Series. They will then go forward into the national final to compete against our other regions, before the winners are announced at the BVCA Gala Dinner on 30 November in London.

The shortlist for the South West Management Team Awards 2017:

Atlas Genetics

backed by: Technology Venture Partners, BB Biotech Ventures, Johnson & Johnson Development Corporation, Life Sciences Partners, Novartis Ventures, RMI Partners


Atlas Genetics creates medical diagnostics solutions.

It has a platform technology in near-patient diagnostics, which is now CE marked and in beta trial. The judges were impressed with the scale and pedigree of its latest investment round, supported by Novartis and Johnson & Johnson as well as a major new Chinese investor. They also noted how John Clarkson and his team are managing the transition to commercial sales.


Boxarr

backed by: IP Group & Parkwalk


Boxarr is a leading solution for complex inter-dependent systems management.

Alasdair Pettigrew and his team have delivered an impressive early roster of customers for their innovative systems modelling software platform, including Rolls Royce, Boeing, Airbus and Deloitte, as well as building relationships with delivery partners. The opportunity to scale appears very large.


Comapi (formerly Dynmark International)

backed by: Technology Venture Partners


Comapi is a secure enterprise cloud communications platform which specialises in messaging.

Paul Putman and his team responded to declining performance in 2015 by re-engineering their messaging solution in 2016, relaunching the business as Comapi and generating 50% growth in quarterly revenues. Landmark accounts with BA and the NHS were also secured. The transformed business is now set for continued strong growth over the next 3 years.


Symetrica

backed by: Technology Venture Partners, Parkwalk, Albion


Symetrica is a global leader in radiation detection and identification.

The company has been a pioneer in its radiation detection technology and now has a leading position in homeland security. The judges were impressed with the way Heddwyn Davies had grasped this opportunity in 2016, driving a fourfold increase in sales, notably breaking into the US market, while at the same time bringing out a handheld version of the technology.


Ultrahaptics

backed by: IP Group & Parkwalk


Ultrahaptics has a unique patented technology, which uses ultrasound to enable the generation of touchable virtual objects.

This company has a unique patented technology which uses ultrasound to enable the generation of touchable virtual objects. Creating a new dimension to the VR/AR world and being developed for use as a replacement for gesture-based controls in cars, its potential could be huge. In 2016 the company closed a £10m funding round from IP Group and Woodford Investment Management. The team have done an impressive job so far in recruiting a substantial team, turning this technology into a commercial reality and generating licence agreement sales.


Glenside

backed by: Bowmark Capital


Glenside provides rehabilitation services to people with acquired brain injuries.

Christina Walsh became CEO in 2014 and has since then driven significant improvements in quality of care, staff morale and retention and profitability. The judges saw this as a great example of the impact that high-quality management delivering a revised strategy can have on both business performance and profitability.


GTK

backed by: YFM


GTK is a provider of high quality electronics solutions, including standard and custom cable assemblies, connectors and optoelectronics.

The judges were impressed by the commitment to excellence shown by John Morath and his team in growing this business. Last year saw financial growth through a series of new accreditations, success in breaking into the exacting German market, and opening of their Romanian operation.


Kallidus

backed by: FPE


Kallidus is a leading provider of learning and talent solutions, with 15 years’ experience with over 200 clients. .

Rob Caul has been with this HR software business from the start in 2000, becoming CEO in 2002. In 2015 the business took on new private equity investment and on the back of this have invested in broadening their product suite (launching three new products) and building out their management team.


Red Paddle Co Ltd (Tushingham)

backed by: Mobeus Equity Partners


UK windsurfing champion John Hibbard formed Red Paddle Co in partnership with Tushingham in 2008, on the back of Tushingham’s 30 year reputation as a leading watersports distributor.

The team at Tushingham pioneered inflatable paddleboards under their Red Paddle Co brand and have taken them to elite level. What impressed the judges was the international reach of the company and brand, together with a strong team ethos and commitment to their locality. The business is also growing at 30% pa and is nicely profitable whilst generating employment growth in the region.


DB Systems

backed by: Westbridge Capital


DB Systems is a leading technology support services company for the events industry.

This company offers audio-visual and IT equipment for events and large conferences, including its own temporary broadband solution. Following investment from Westbridge in 2015, the company has shown rapid growth, working with its investor on improving its business development and working capital management. The judges were impressed with the internationalisation of the business, as well as the breadth and effectiveness of the management team.


Black & White Hospitality

backed by: Downing


Black & White Hospitality started as three Marco Pierre White franchises. It is the amalgamation of 36 franchisor restaurants, with a view to increase to 50 by the end of 2017.

The judges were very impressed with what has been achieved through the close entrepreneurial partnership between Nick Taplin and Marco Pierre White in this business, which combines direct operation of restaurants with franchising the Marco Pierre White brand. Last year saw the purchase of Cadbury House outright and growth in franchisees from 27 to 36. The business has already delivered significant profit and value growth for its investors. International opportunities add to the growth potential.


Blue Max Banner

backed by: MML


Blue Max Banner is the leading independent supplier of schoolwear, leisurewear, sportswear and workwear in the UK.

Since the MBO in 2015 led by Nigel Plenderleith and backed by MML, the business has taken significant steps, including strengthening the team and completing two acquisitions, which have brought in new capabilities as well as revenue. They have also invested in new branding and warehouse automation, creating a modern, effective niche business, which is growing and profitable.


Cablecom Networking

backed by: Inflexion


Cablecom provides TV, broadband and network packages for the student and high-density tenanted market. They offer a tailored approach to each project and have invested in a customer app which provides instant support, as well as a reduction in service calls. During 2016, they expanded through two significant acquisitions. The judges were impressed with the team’s skill in growing a focussed, highly profitable business and delivering value through M&A.


Watkins Hire

backed by: Baird Capital


Watkins Hire is the UK’s leading supplier of temperature control rental solutions.

The judges saw this business as a great example of a new CEO working in close partnership with an incoming private equity owner to invest in and build this business. The plan involved not just capex but also transforming business development, IT and procurement. Significant improvements across all these areas drove profit growth and enabled a successful exit in November 2016.


A-Gas (Orb)

backed by: LDC


A-Gas is a global market leader in the sale and reclaiming of air-conditioning coolant, based on its proprietary technology, which outperforms competitive alternatives.

In 2016 a key US acquisition enabled them to cement market leadership in the US, which now accounts for 50% of revenue. Their existing investors, LDC, supported this. The judges commended this management team for continuing to grow a very high-quality business and for the skill with which they have internationalised and integrated a number of acquisitions to the group.


Independent Vetcare

backed by: Summit Partners until November 2016, now EQT


Independent Vetcare is a national group of independent veterinary practices.

A hugely successful exit at the end of 2016 was testament to the quality of this business. David Hillier and his team added 107 new sites in 2016, but it is their skill in rapidly integrating acquisitions into their clinically-led culture that is as much responsible for their very impressive and swift growth in financial performance. International expansion is next.


SLR Consulting

backed by: 3i


SLR provides global environmental and advisory solutions from a network of offices in Europe, North America, Asia-Pacific and Africa.

The company continues to show consistent growth as a truly global, high-quality consultancy business. Management are focussed on driving common culture and high performance across 77 locations around the globe. The judges agreed this was an impressive business, which has performed consistently strongly through a number of rounds of private equity ownership.


UKCloud

backed by: Business Growth Fund (BGF)


UKCloud provides a public cloud for the exclusive use of UK Public Sector organisations.

Taking 38% of the UK public sector cloud infrastructure as a service market from start-up in 2011 is an astonishing achievement from this management team. Their simple, pay-by-the hour model has disrupted this market. Last year saw a doubling of turnover, with continued technical investment leading to the launch of version two of its platform and expansion into the health sector. The judges also commended the social and community work completed by the team in being carbon neutral as well as a major donor to charitable causes.


DCResponse

backed by: Downing


DCResponse offers 24-7 mechanical and electrical infrastructure of computer room/data centres, as well as power protection products and services.

Following the decline of the company’s traditional core business, Downing supported a phoenix of the business in 2012, backing the incumbent team led by John Peers. The company was successfully restored to profitability and cash generation. In 2016 a strategic acquisition has broadened the company’s offer and added significantly to profits. The judges applauded the partnership between investor and a dedicated management team.


Stirling Dynamics

backed by: Enact


Stirling Dynamics is a fast-growing, advanced engineering company that delivers a range of complex systems and technical services to the aerospace and marine markets.

The loss of a large government contract in 2014 precipitated a funding crisis in this long-standing aerospace engineering consultancy. Enact worked with Mark Cook to evaluate the business and then Mark went in as CEO post-investment. The business was quickly restored to profitability and is now performing strongly, with 25% revenue growth in the current year. The judges were impressed by the clear, structured approach from Mark and his team to transforming this business.


Notes to editor
  1. The BVCA Management Team Awards, produced in association with Grant Thornton UK LLP, are the only awards to celebrate the achievements of private equity and venture capital-backed management teams. There are eight regions in total, each with their own judging panel, and all winners are automatically forwarded to the national final, the results of which will be presented at the BVCA Annual Gala Dinner on 30 November in London. Please click here for more information..

  2. The South West judging panel consists of: Ned Dorbin, Business Growth Fund; Guy Davies, WestBridge Capital; Julian Dennard, Mercia; Richard Babington, Moebus; Jonathan Boss, Downing; Peter Latham, LDC; Jeff Thomas, UK Cloud.

  3. The British Private Equity & Venture Capital Association (BVCA) is the industry body for the UK private equity and venture capital industry. The BVCA has over 600 member firms, representing the vast majority of UK-based private equity and venture capital firms and their advisers.

  4. Grant Thornton is one of the world’s leading organisations of independent assurance, tax and advisory firms. These firms help dynamic organisations unlock their potential for growth by providing meaningful, forward-thinking advice. Proactive teams, led by approachable partners in these firms, use insights, experience and instinct to understand complex issues for privately owned, publicly listed and public sector clients and help them to find solutions. More than 35,000 Grant Thornton people, across over 100 countries, are focused on making a difference to clients, colleagues and the communities in which we live and work. The UK Grant Thornton member firm provides services to over 40,000 privately held businesses, public interest entities and individuals. It is led by more than 185 partners and employs more than 4,200 of the profession's brightest minds. Find out more at www.grant-thornton.co.uk



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