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