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ASL Group

Sigma Sports

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Investment Summary

Date of investment: February 2021

Deal status: In Portfolio

Sector: Consumer & Leisure

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Sigma Sports

Sigma Sports is the UK’s leading omni-channel retailer of premium bikes, parts, clothing and accessories. It benefits from a market-leading eCommerce platform and destination retail stores in affluent locations.

Foster & Freeman

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Investment Summary

Date of investment: August 2019

Deal status: In Portfolio

Sector: Industrial Technology

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Foster & Freeman

F+F is the world’s leading manufacturer of high-technology forensic equipment.

ASL Group

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Investment Summary

Date of investment: June 2019

Deal status: In Portfolio

Sector: Services

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ASL Group

ASL is one of the largest providers of critical workplace technology solutions in the UK, serving over 7,500 customers and servicing a fleet of c.20,000 multi-functional devices.

VJT

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Investment Summary

Date of investment: June 2018

Deal status: In Portfolio

Sector: Industrial Technology

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VJT

VJ Technology (“VJT”) is a leading distributor of technical fixings, fasteners, consumables and related tools to the UK construction industry.

Metamark

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Investment Summary

Date of investment: May 2017

Deal status: In Portfolio

Sector: Industrial Technology

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Metamark

Metamark is a leading manufacturer and distributor of speciality sign vinyl, digital print media and other speciality signage materials.

GatenbySanderson

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Investment Summary

Date of investment: September 2014

Deal status: In Portfolio

Sector: Services

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GatenbySanderson

GatenbySanderson is the UK’s leading people intelligence business advising public services, not for profit and education. GS work within some of the most complex, challenging and highly scrutinised environments to deliver effective leadership and accelerate change.

ICS Learn

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Investment Summary

Date of investment: February 2018

Realisation date: March 2022

Deal status: Realised

Sector: Technology

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ICS Learn

ICS Learn is the category leader in accredited online learning for HR, accountancy and other professional qualifications, providing “must-have” training to 20,000+ students. ICS was acquired by Skill & You in March 2022.

Readypower

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Investment Summary

Date of investment: February 2017

Realisation date: February 2022

Deal status: Realised

Sector: Industrial Technology

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Readypower

Readypower is a leading specialist rail and infrastructure services provider, combining an operated asset hire and a specialist civil engineering business. It plays a critical role in helping to modernise the UK’s rail network, as electrification and upgrades continue throughout the country. The business was sold to Angel Trains in January 2022.

Maru

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Investment Summary

Date of investment: February 2016

Deal status: Realised

Sector: Technology

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Maru

Maru is a leading CX and Insights Software & Advisory Services provider. Maru helps clients make informed decisions in real-time by combining proprietorial software, deep industry experience and access to the best minds in research across multiple geographies. Maru was sold to Stagwell in October 2022.

Leisure Pass Group

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Investment Summary

Date of investment: May 2012

Realisation date: December 2016

Deal status: Realised

Sector: Consumer & Leisure

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Leisure Pass Group

Leisure Pass Group (“LPG”) is the global leader in city-based multi-attraction tourist passes and the operating systems that run and manage them. The business was sold to Exponent / Big Bus in December 2016.

Paperchase

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Investment Summary

Date of investment: July 2010

Realisation date: March 2019

Deal status: Realised

Sector: Consumer & Leisure

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Paperchase

Paperchase is the UK’s leading retailer of innovative, design-led stationery, cards, gift wrap and gifts. Our investment was realised in March 2019.

Amtech

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Investment Summary

Date of investment: March 2010

Realisation date: November 2014

Deal status: Realised

Sector: Technology

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Amtech

Amtech is one of the UK’s leading providers of software to the mechanical, electrical and plumbing (‘MEP’) sector of the building services industry. The business was acquired by Trimble Inc. in November 2014.

Napier Turbochargers

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Investment Summary

Date of investment: June 2008

Realisation date: January 2013

Deal status: Realised

Sector: Industrial Technology

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Napier Turbochargers

Napier designs and manufactures large axial turbochargers for sale to blue-chip engine OEMs for the power generation, rail traction and marine transportation markets. It also provides aftermarket services to its global installed base of around 18,000 modern turbochargers utilising a global network of independent service centres. The business was acquired by Wabtec Corporation in January 2013.

Pacific Direct

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Investment Summary

Date of investment: April 2008

Realisation date: September 2015

Deal status: Realised

Sector: Services

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Pacific Direct

Pacific Direct is a globally recognised manufacturer and supplier of cosmetic amenities and accessories to luxury hotels, cruise liners and airlines. It has a portfolio of premium brand licences which it supplies to iconic hotels and major luxury chains in 130 countries throughout the world. The business was sold to ADA Cosmetics in September 2015.

Tobar Group

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Investment Summary

Date of investment: August 2006

Realisation date: December 2015

Deal status: Realised

Sector: Consumer & Leisure

Tobar Group

Tobar is a retailer and wholesaler of unusual toys, gifts, gadgets and games. The business was sold to private equity in December 2015.

Great Rail Journeys

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Investment Summary

Date of investment: September 2005

Realisation date: March 2013

Deal status: Realised

Sector: Consumer & Leisure

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Great Rail Journeys

Great Rail Journeys is the world’s leading provider of escorted group rail holidays. The business was sold to private equity in March 2013.

Esteem

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Investment Summary

Date of investment: November 2004

Realisation date: October 2018

Deal status: Realised

Sector: Technology

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Esteem

Esteem is a cloud and managed services specialist, serving a diversified customer base with strong representation across local government, education and professional services. The business was acquired by Roc Technologies in October 2018.

Rhyme

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Investment Summary

Date of investment: November 2003

Realisation date: October 2006

Deal status: Realised

Sector: Technology

Rhyme

Rhyme was the leading independent provider of integrated back and middle office systems to the UK investment management industry. The business was sold to 3i Infotech in October 2006.

YO! Sushi

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Investment Summary

Date of investment: August 2003

Realisation date: March 2008

Deal status: Realised

Sector: Consumer & Leisure

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YO! Sushi

YO! Sushi is the leading conveyor-belt Japanese restaurant chain in the UK, offering fresh, flavoursome, authentic Japanese food in a quality, fast and fun environment. Primary realised its investment via a sale to private equity in March 2008.

The Works

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Investment Summary

Date of investment: July 2003

Realisation date: April 2005

Deal status: Realised

Sector: Consumer & Leisure

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The Works

The Works is the UK’s leading discount retailer of books, artists’ materials and other entertainment products. The business was sold to private equity in April 2005.

InBond

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Investment Summary

Date of investment: July 2003

Realisation date: June 2006

Deal status: Realised

Sector: Services

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InBond

InBond provides specialist logistics and warehousing services. The business was sold to a private investment vehicle in June 2006.

Thompson & Morgan

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Investment Summary

Date of investment: May 2002

Realisation date: March 2017

Deal status: Realised

Sector: Consumer & Leisure

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Thompson & Morgan

Thompson & Morgan (“T&M”) is the leading supplier of seeds and live plants in the UK. The business was acquired by BVG Airflo in March 2017.

Becom

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Investment Summary

Date of investment: July 2001

Realisation date: July 2004

Deal status: Realised

Sector: Technology

Becom

Becom was an independent IBM VAR, specialising in mid- and high-end hardware, system design and services. The business was sold to De Rebbles Group in July 2004.

Coffee Nation

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Investment Summary

Date of investment: June 2000

Realisation date: April 2008

Deal status: Realised

Sector: Consumer & Leisure

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Coffee Nation

Founded in 1998, Coffee Nation pioneered the new market segment of self-service, gourmet coffee stations. Coffee Nation designed and installed self-service gourmet coffee machines in a variety of high footfall locations including motorway service stations, petrol forecourts, airports and large retail stores. The business was sold by Primary in a secondary buy-out before being bought by Costa Coffee and now trades as Costa Express.

 

Elisabeth the Chef

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Investment Summary

Date of investment: March 1999

Realisation date: September 2007

Deal status: Realised

Sector: Consumer & Leisure

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Elisabeth the Chef

Elizabeth The Chef (“ETC”) is a leading manufacturer of branded and own label chilled bakery produce, desserts and cakes. The group was acquired by Senoble in September 2007.

Pegasus Security Group

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Investment Summary

Date of investment: May 1998

Realisation date: January 2006

Deal status: Realised

Sector: Services

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Pegasus Security Group

Pegasus was one of the UK’s largest independent providers of security and other facilities management services for high profile office premises and government buildings. The business was acquired by ISS Group in January 2006 and is now known as ISS Security.

British Pepper and Spice

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Investment Summary

Date of investment: May 1998

Realisation date: August 2004

Deal status: Realised

Sector: Consumer & Leisure

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British Pepper and Spice

British Pepper & Spice (“BPS”) is a manufacturer of herbs, spices and seasonings in the UK for the retail, food service and food manufacturing markets. The business was sold to SHS Group in August 2004.

 

PCL Group

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Investment Summary

Date of investment: March 1998

Realisation date: January 2005

Deal status: Realised

Sector: Technology

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PCL Group

PCL Group provides specialist engineering design and computer simulation services to the automotive and aerospace industries. The business was acquired by ARRK Corporation in January 2005.

asl

"Primary are completely aligned with our vision to pursue a buy-and-build strategy. They are supportive in helping to source M&A opportunities as well as with execution itself. Primary's engagement goes beyond just board meetings, allowing timely decision making and a proper sounding board whenever needed."

Duncan Forsyth

CEO of ASL Group

Investment rationale

Investment rationale

Investment Rationale

ASL is established as a leading independent provider of workplace technology solutions delivering exceptional customer service. The highly fragmented workplace technology services market is in the early stages of consolidation and market penetration remains relatively low.

We are excited to invest in a business with significant growth potential, and support management to grow organically alongside sourcing and executing the M&A opportunity.

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ASL Completes Seventh Acquisition

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ASL Group Completes Further Acquisition
Sep 2022

ASL Group Completes Further Acquisition

ASL Group Expands into the North West
Feb 2020

ASL Group Expands into the North West

Primary Backed ASL Group Acquires Reprotec
Jul 2019

Primary Backed ASL Group Acquires Reprotec

Primary Backs MBO of ASL Group
Jun 2019

Primary Backs MBO of ASL Group

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