Mid Market Buyout House of the Year

Bowmark Capital

In the past 12 months, Bowmark has defied the challenging market environment, delivering the fastest UK fundraise in the period, exceptional portfolio performance, strong investment and exit activity, and impactful ESG initiatives. We believe this is testament to our highly selective, consistent investment approach across the economic cycle. 

Highlights included: 

• the fastest UK fundraise in the period, securing £900 million for our seventh flagship fund in just 9 months, with the final close held within only 3 months of the first closing. The fund is 50% larger than its predecessor, had a re-up rate of over 100%, was oversubscribed, and is our first SFDR Article 8 fund; 
• annualised portfolio profit growth of over 30%; 
• investments in four market-leading software and data companies – averaging 30% revenue growth, 31% EBITDA margin and 83% recurring revenues – and 10 bolt-on acquisitions; 
• three exits with a combined EV of £1.2 billion (versus £386 million at entry), benefiting 412 employee shareholders, a fourfold increase during our investment period; 
• roll-out of an extensive D&I and feedback survey, engaging over 1,850 employees across our portfolio and driving board-sponsored change; and 
• launch of a cross-portfolio mentoring scheme for 23 women, to support career progression in traditionally male-dominated technology sectors.

Epiris

Epiris continues to excel amid a challenging dealmaking landscape. Epiris’ expertise in complex mid-market investments illustrates the firm's strategy of solving complexity and unlocking potential. The firm’s strong track record is also highlighted by ranking 7th in the HEC-Dow Jones 2023 mid-market buyout performance index. 

In the past year, Epiris completed two acquisitions: Pure Cremation, the leading provider of prepaid funeral plans and a pioneer of direct cremations in the UK, and GSF Car Parts, one of the UK’s leading automotive parts aftermarket distributors. These investments are through Epiris Fund III, which is approximately 20% deployed across four businesses. 

Epiris Fund III experienced oversubscribed demand at its hard cap of £1 billion, surpassing its £850 million target despite a challenging global fundraising market. Fund III is comprised of leading global institutional investors, including a diverse mix of public and private sector pension funds, endowments and foundations, and private investors. 

Epiris also strengthened its team with strategic hires and promotions over the past year. Mike Ebeling, formerly of Goldman Sachs Private Equity, joined as a Partner in the investment team. Kathryn Pothier from the IR team was also promoted to Equity Partner, alongside five key promotions within the investment team.

Inflexion

The judging period was a time of great success, growth and innovation for Inflexion, its portfolio and investors, with seven exits generating £800m in proceeds (average gross return of 2.7x), nine investments announced (combined equity value of £1.1bn), nearly 20% EBITDA growth across the portfolio and c.30% boost in US exposure. Alongside this, we successfully closed Partnership Capital Fund III at its hard cap of £1.75bn in March 2024, making it the largest dedicated minority fund in Europe. 

Additionally, this period saw Inflexion innovate a new type of investment to help businesses drive growth in a time of public market dislocation. Inflexion’s ‘Corporate Partnership’ is a minority backed carve out that provides both the parent and the asset with capital, resources and incentives, but also allows the parent to remain part of the ongoing journey. 

Inflexion continued its geographic expansion across Europe, opening an office in Stockholm and an office in Frankfurt, with the latter announcing its first deal only three months after launch. 

Two more portfolio companies achieved B Corp certification.

The Inflexion Foundation donated £2.4m to 26 charities, and extended its scope to include protecting the environment, in addition to enhancing the prospects of disadvantaged young people.

Synova

Over the judging period Synova continued to deliver exceptional performance, with strong portfolio progression, several landmark exits, and impressive levels of new deal activity.

Synova generated 3 exceptional exits to trade buyers in the period with the sale of InsurEvo (formerly AllClear) for a 7.3x MM return, Vistair for a 6.5x MM return and MK Test for a 3.0x MM return. All three investments were unlevered. Synova completed 31 new deals in the period, including two new platform investments and 29 add-on acquisitions. 

The Firm’s overall investment performance was recognised by the industry’s leading performance benchmarks. Preqin ranked Synova as the UK’s best performing manager and the 12th best performer globally in their 2024 performance survey; the HEC Paris and Dow Jones annual ‘Small-Cap Buyout Performance Review’ ranked Synova in the top 20 global private equity firms, with the fund having the highest ranking of any UK focused manager. 

Synova's portfolio performed strongly in the period, generating average revenue growth of 29% and EBITDA growth of 31%. On average Synova portfolio companies have increased employee headcount by 127% over the period of investment. 

During the judging period, Synova recruited 15 new employees, nearly doubling the size of the team.

Voting Closed

To find out who won, book a table at the Mergermarket British Private Equity Awards on 01 October 2024, by contacting Chris Coe.