Coffee Nation
Diversity Travel
Investment Summary
Date of investment: September 2023
Deal status: In Portfolio
Sector: Services
Diversity Travel
Diversity Travel is an international travel management company servicing the humanitarian, academic and not-for-profit communities. The company has a comprehensive suite of technology-led services providing specialist content, enabling clients to reduce travel spend, increase traveller policy compliance and fulfil their duty of care obligations. The business also uses its deep experience of academic travel to provide educational tours for school, college and university student groups under the Diversity Study Trips brand.
Sigma Sports
Investment Summary
Date of investment: February 2021
Deal status: In Portfolio
Sector: Consumer & Leisure
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

Investment Summary
Date of investment: August 2019
Deal status: In Portfolio
Sector: Industrial Technology
Foster & Freeman
F+F is the world’s leading manufacturer of high-technology forensic equipment.
ASL Group

Investment Summary
Date of investment: June 2019
Deal status: In Portfolio
Sector: Services
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

Investment Summary
Date of investment: June 2018
Deal status: In Portfolio
Sector: Industrial Technology
VJT
VJ Technology (“VJT”) is a leading distributor of technical fixings, fasteners, consumables and related tools to the UK construction industry.
Metamark
Investment Summary
Date of investment: May 2017
Deal status: In Portfolio
Sector: Industrial Technology
Metamark
Metamark is a leading manufacturer and distributor of speciality sign vinyl, digital print media and other speciality signage materials.
GatenbySanderson

Investment Summary
Date of investment: September 2014
Deal status: In Portfolio
Sector: Services
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
Investment Summary
Date of investment: February 2018
Realisation date: March 2022
Deal status: Realised
Sector: Technology
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
Investment Summary
Date of investment: February 2017
Realisation date: February 2022
Deal status: Realised
Sector: Industrial Technology
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

Investment Summary
Date of investment: February 2016
Deal status: Realised
Sector: Technology
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

Investment Summary
Date of investment: May 2012
Realisation date: December 2016
Deal status: Realised
Sector: Consumer & Leisure
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

Investment Summary
Date of investment: July 2010
Realisation date: March 2019
Deal status: Realised
Sector: Consumer & Leisure
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

Investment Summary
Date of investment: March 2010
Realisation date: November 2014
Deal status: Realised
Sector: Technology
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

Investment Summary
Date of investment: June 2008
Realisation date: January 2013
Deal status: Realised
Sector: Industrial Technology
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

Investment Summary
Date of investment: April 2008
Realisation date: September 2015
Deal status: Realised
Sector: Services
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

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

Investment Summary
Date of investment: September 2005
Realisation date: March 2013
Deal status: Realised
Sector: Consumer & Leisure
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

Investment Summary
Date of investment: November 2004
Realisation date: October 2018
Deal status: Realised
Sector: Technology
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

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

Investment Summary
Date of investment: August 2003
Realisation date: March 2008
Deal status: Realised
Sector: Consumer & Leisure
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

Investment Summary
Date of investment: July 2003
Realisation date: April 2005
Deal status: Realised
Sector: Consumer & Leisure
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

Investment Summary
Date of investment: July 2003
Realisation date: June 2006
Deal status: Realised
Sector: Services
InBond
InBond provides specialist logistics and warehousing services. The business was sold to a private investment vehicle in June 2006.
Thompson & Morgan

Investment Summary
Date of investment: May 2002
Realisation date: March 2017
Deal status: Realised
Sector: Consumer & Leisure
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

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

Investment Summary
Date of investment: June 2000
Realisation date: April 2008
Deal status: Realised
Sector: Consumer & Leisure
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

Investment Summary
Date of investment: March 1999
Realisation date: September 2007
Deal status: Realised
Sector: Consumer & Leisure
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

Investment Summary
Date of investment: May 1998
Realisation date: January 2006
Deal status: Realised
Sector: Services
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

Investment Summary
Date of investment: May 1998
Realisation date: August 2004
Deal status: Realised
Sector: Consumer & Leisure
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

Investment Summary
Date of investment: March 1998
Realisation date: January 2005
Deal status: Realised
Sector: Technology
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.