BVCA announces winners of Wales Management Team Awards 2017

The winners of the British Private Equity & Venture Capital Association (BVCA) Management Team Awards 2017 for Wales have now been announced. These awards are our annual celebration of UK companies supported by private equity and venture capital funds, produced in association with Grant Thornton UK LLP.
Now in their ninth year, the BVCA Management Team Awards recognise and reward brilliant businesses up and down the country that have been backed by UK private equity and venture capital investors.
The Wales winners will be announced and presented with their prizes tonight, as part of the BVCA National Dinner Series – the premier annual gatherings of regional private equity and venture capital professionals in the UK. They will then go forward into the national final to compete against our other regions, before the national winners are announced at the BVCA Gala Dinner on 30 November in London.
The full list of winners for the Wales Management Team Awards 2017:
Winner |
Backed by |
Category |
NoteMachine | Corsair Capital | Large Company Team |
Vista Retail Support | WestBridge Capital | Mid-Market Team |
Simulity Labs | Foresight VCT | Growth Management Team |
Cellnovo | Nesta | Venture-backed Management Team |
Target Group | Pollen Street Capital | Business Transformation Management Team |
David Staziker, Chair of the Wales judging panel and Investment Director at Finance Wales said: “These winners are an excellent example of private equity and venture capital supporting great Welsh businesses and helping them thrive as part of the economy. They will now go on to compete in the national finals in November, which celebrate and reward outstanding performance – good luck to the Welsh winners.”
James Roberts, who leads Grant Thornton's corporate finance team in Cardiff and was a member of the awards judging panel, said: "As a region, we are delighted to have been a part of the BVCA Management Team Awards. We met with some great companies and were able to have insightful and inspiring conversations with the high quality management teams that have contributed so richly to their successes. The winners represent the best of the diverse and game changing talent within Welsh companies, demonstrating the strengths and credentials to stand out both locally and nationally whilst contributing towards delivering a truly vibrant economy. Congratulations to all of the nominees and winners."
The winners are:
Large Company Management Team
NoteMachine
Backed by Corsair Capital
NoteMachine is one of Europe’s leading ATM providers, with 24/7 support, 365-day customer service, and a national team of engineers and support services.
The company started off as a family-run enterprise and has evolved from offering surcharging ATMs, into a fully integrated offering with 98% free to use machines across the UK and Germany. Operations are next due to commence in the Netherlands and Croatia with support from Corsair, who invested in 2012, and regularly meet with the management team to strategize company growth.
Judge’s comments: “Since founding this business 10 years ago, Peter McNamara has built a vertically integrated operator of over 10,000 ATM’s. The business has a broad, professional management team with low staff turnover. The business model has had to change from predominantly surcharging ATM usage to a vertically integrated ATM business covering all aspects of cash delivery. By continuous expansion and also deepening its range of services the team have delivered consistent 25% EBITDA growth.”
Mid-Market Team
Vista Retail Support
Backed by WestBridge Capital
Vista provides nationwide EPOS maintenance and support services to the retail, hospitality and leisure industries 364 days a year, with clients including Monsoon, Superdrug Costa Coffee and Odeon.
Starting in 1995, the company now supports customers in the UK, Europe and America. Since investing in 2014, WestBridge Capital is working with Vista Retail to make global growth a reality. The MBO allowed the management team to develop new maintenance services across a wide range of vendors, whilst developing its partner channel within the major UK retailers.
Judge’s comments: “The judges were impressed with the skill with which Richard Cottrell and his team have developed this business from an EPOS support provider to a broader and more strategic provider of support services across retail, hospitality and leisure in the UK and Europe. The quality of their service was shown in 2016 when they achieved 100% contract renewal whilst implementing significant business efficiencies.”
Growth Management Team of the Year
Simulity Labs
Backed by Foresight VCT
Team17 is a video games publisher and developer, best known for a high quality product range including The Escapists, Yooka Laylee, Worms, Overcooked and many others.
Simulity Labs started in 2009, and by 2011 it was was shipping SIM card Operating systems, SIM modules and SIM Cards to many different Mobile Network Operators and smartcard companies around the world. The company is now delivering pioneering technology to enable the connected Internet of Things, with a belief that every device can be connected with no compromise on quality, security or privacy.
Foresight VCT invested in 2016, to assist the company in continuing momentum. The management team are passionate about the growth of the business.
Judge’s comments: “Stephane Fund and his team built this business from start-up to be a supplier of programmed SIM modules, but then as this market matured they have transitioned the business over the last 2 years to become a leading eSIM software provider. The judges applauded the team’s vision and skill in making this transition.”
Venture-backed Management Team
Cellnovo
Backed by Nesta
Founded in 2002, the Cellnovo System is the world’s first mobile diabetes management system, including a micro-pump for insulin delivery, an activity monitor, a cellular-enabled, wireless touchscreen handset with integrated blood glucose meter and an automatic connectivity to secure servers, which allows clinical data to be viewed in real time.
Nesta, the innovation foundation, invested in a very early series, helping to increase capacity of production and scale operations.
Judge’s comments: “Sophie Baratte and her team are managing the transition from development to commercialisation for this integrated medical device solution for Type 1 Diabetes. The judges were impressed by their focus and success in securing partnerships with Roche, Flex and Air Liquide, who are world leaders in their domains, and at the same time achieving a 30m Euro placing on Euronext and seeing their market cap increase by 50%.”
Business Transformation Management Team
Target Group
Backed by Pollen Street Capital
Target Group was founded in 1979 as a provider of financial services software. It has since developed a data hosting and managed service offering, and further expanded to BPO and operational transformation services, enabling clients to focus on what makes their business successful whilst allowing Target to support everyday delivery.
Since Pollen Street’s investment in 2012, it has supported a restructuring process, a buy and build strategy, as well as continued facilitation of business growth.
Judge’s comments: “Target was acquired in 2012 by Pollen Street Capital, who worked with a new management team on a complete restructure of the business, following a difficult initial period post deal. Since then the activities of the group in supporting financial services organisations have expanded significantly. Target now supports over 50 financial services clients across the world, on boarding 13 new client portfolios in 2016, the year they achieved a £112m exit for Pollen Street to Tech Mahindra.”
Notes to editor
- 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..
- The Wales judging panel consists of: David Staziker, Finance Wales Investments; Guy Davies, WestBridge Capital; Julian Dennard, Mercia; Dewi Hughes, LDC; Cameron Crocket, Kester..
- 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..
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