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Latest News July 2017

Altitude Partners announces successful exits from its first fund at 2.9x and 2.7x returns

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Altitude Partners, the regional private equity fund, has announced successful exits from another of its portfolio companies.

Altitude has now exited Gradwell Communications (‘Gradwell’), to a Buy-in Management Buy Out team generating a return of 2.7x.

Bath based Gradwell has been a pioneer of Voice over Internet Protocol ("VoIP") telephony in the UK. The business has diversified substantially since Altitude’s investment, providing a wide range of cloud-based services and connectivity to smaller SMEs.

Peter Gradwell, Founder of Gradwell, who is remaining with the business says: “I am grateful for Altitude’s help in developing the business that I founded and assisting me in developing our platform. I’m looking forward to taking Gradwell into the future.”

Simon White, Partner at Altitude, says: “It’s been a pleasure to work alongside this dynamic regional business during its development. We have worked closely with the team since day one of our involvement, to help deliver a company with a stable and diverse product line and a growing customer base.”

Simon Mewett, outgoing CEO of Gradwell says: “The Altitude team introduced the business to me only recently, but it was easy to see its potential and what had already been achieved. It’s been a pleasure working with both the Gradwell and Altitude teams and latterly on this successful transaction.”

Jonathan Simm, Partner at Altitude commented: “This second exit is comfortably in-excess of our stated investor cash multiple when we raised our first fund.”

Altitude exited The Care Division last year through a sale to Alina Homecare backed by Bridges Ventures with a multiple of 2.9x.

Legal support for the Gradwell transaction was provided by Clarke Willmott (Simon Thomas, Menekse Meech) and the shareholders were advised by Shaw & Co LLP (Jim Shaw, Myles Hamilton, Tom Rook).

 

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