Mid-Market Buyout House of the Year

Bowmark Capital

Over the past 12 months, Bowmark has completed exits with a total value of £2.2 billion, with an average return of 3.5x cost and an IRR of over 40%. 

Our portfolio delivered profit growth of 32% in the year to June 2022 – and, across the entire period since the outbreak of Covid, annualised profit growth of 27%. We believe this performance is an endorsement of Bowmark’s strategy at the peak of the cycle, when it prioritised investment in resilient businesses with structural growth, over high-volume capital deployment. 

During this time, we have pursued a highly selective investment strategy, targeting only the highest quality companies which provide mission critical services and have pricing power. In the past 12 months, we made three new investments in market-leading companies – Kubrick, WSD and Cornwall Insight – along with 27 bolt-on acquisitions. 

We have also increased the size of our team by 29% in the period and raised Bowmark Growth Partners – a new £200 million fund with the same strategy as our flagship fund, but targeting smaller companies. 

Above all, Bowmark has delivered this performance while further strengthening its reputation as a firm which upholds the highest standards of responsible investment, integrity and fair dealing.

MML Capital

The twelve months to 30 June 2022 represented a milestone year for MML, during which we: 

• celebrated our largest ever fundraise, exceeding target and breaking hard cap, to close MML Partnership Fund VII at €670 million, more than 1.5x its predecessor fund size and taking AUM to over €2 billion. 
• completed five new platform investments, deploying c.€125 million, and 20 portfolio bolton investments.
• delivered the largest and most successful exit in our thirty-year history with Waystone, generating an 11x return / 164% IRR and returning 100% of committed capital in MML Partnership Fund VI in a single deal. This transaction is a blueprint for MML’s partnership philosophy, where we supported rapid transformational growth, and played an integral role in the creation of a billion-dollar “Unicorn” company. 
• completed seven exits returning c.€670 million of capital and delivering a total return of 5.3x invested capital. 

Alongside our financial successes and fundraise, other notable highlights included a string or well-earned promotions, welcoming 13 new joiners, the creation of our ESG Working Group to lead and develop our sustainability initiatives, recognition as a CarbonNeutral® company, and the successful completion of a full re-brand and new logo/website launch.

Synova

In 2022 Synova was recognised as the 12th best performing manager in the world in the HEC Paris-Dow Jones Small-Cap Buyout Performance Ranking. In the 12 months to June 2022, Synova's portfolio generated average revenue growth of 41% and EBITDA growth of 70% with the overall value of the portfolio increasing by 81%. Synova’s average return on realised investments is 6.2x invested capital. 

Synova III (2016) delivered its third exit in Q1 2022 returning 12x invested capital with the sale of Mintec to Five Arrows Principal Investments. This exit, which followed the successful exits of Fairstone and Tonic Games, contributed towards an average return of 8x invested capital from the three exits from the fund to date with the fund as a whole on track to deliver in excess of 5x. 

Synova IV (2019) is performing strongly and on track to deliver a return of at least 4x. Synova completed three new platform investments in the period, as well as supporting existing portfolio companies in making 29 bolt-on's. Synova IV’s successor fund, Fund V, was raised in Q2 2022 in just 10 weeks, closing at £875m, more than doubling Synova’s deployable capital.

Inflexion

In the LTM, Inflexion completed 10 investments with a combined value of £1bn and over 60 portfolio acquisitions across nine countries. Nine exits were announced, returning proceeds of £1.8bn, achieving an average money multiple of 3.8x. It continues to grow, increasing headcount by 24. 

In under a year, Inflexion raised Buyout Fund VI at £2.5bn, double the size of the previous vintage. Buyout Fund VI benefitted from significant support from existing LPs, with over 100% re-up rate by capital. Five months into the investment period, the Fund committed 22% to investments. 

In the LTM, the Inflexion Foundation has donated £2.5m to several charities. The Inflexion team have also raised £300,000 for Impetus, £150,000 for the Roundhouse and £12,000 for the Kinetic Foundation through fundraising activities. 

Jennie Galbraith was appointed as ESG Director in February. Jennie is working with the portfolio to align them to Sustainable Development Goals. Inflexion joined the ILPA’s Data Convergence Project and signed the United Nations Global Compact. It became the first UK corporate to purchase Neste MY Sustainable Aviation Fuel, made from sustainably sourced renewable waste and residue raw materials. Inflexion made investments into manufacturer of e-bike components enviolo and offshore wind engineering consultancy Wood Thilsted.

Voting is now closed

 To find out who won book a table at the British Private Equity Awards on 04 October 2022 by contacting Chris Coe.