Published: Dec 23, 2011
Focus: Growth Capital
Maven Capital Partners realises an initial 40% IRR for Capital for Enterprise on its mezzanine investment in Applied Language Solutions
Maven as manager of the Capital for Enterprise Fund A (CfE Fund or the Fund) has today announced the successful realisation of its £1.5m mezzanine investment in Applied Language Solutions (ALS), a leading UK based language services provider following the sale of ALS to the Capita Group. The exit has realised an initial return of 40% IRR on the Fund’s investment.
Maven invested a total of £1.5m from the CfE Fund in two equal tranches during 2010 to support ALS’ development plans as one of the world’s leading and fastest growing providers of translation, proof reading and interpreting services.
ALS was established in 2003 by Chief Executive, Gavin Wheeldon and now employs over 130 staff across ten offices in nine countries. The global nature of its operations gives 24 hour world-wide coverage, meaning its customers, which include Google, Caterpillar, Vodafone and the Ministry of Justice, have access to translation and interpreting services at any time of the day. ALS has access to over 17,500 in-country linguists globally, covering more than 150 different languages.
Gavin Wheeldon Chief Executive of Applied Language Solutions, said, “We would like to thank Maven for their involvement over the last two years. Their support has allowed the business to take significant steps forward in terms of sales, customer base, service offering and profits. We are delighted with the sale to Capita and look forward to continuing to grow the business with them.”
Jonty Hall, Investment Manager at Maven, said, “Applied Language Solutions has been an excellent investment for the Capital for Enterprise Fund A. Its history of growth, the drive of its management team and the focus it has on the quality of customer service meant ALS stood out from the crowd when we were searching for potential investments for the CfE Fund. We are delighted that Capita has acquired the business and believe it is the right partner to allow ALS to continue its growth strategy. This exit demonstrates the value of the CfE Fund in supporting ambitious UK businesses like Applied Language Solutions.”