31/03/2022

Press release

INVEREADY DIVESTS ON THE ITALIAN LISTED COMPANY SEC NEWGATE FOLLOWING ITS ACQUISITION BY THREE HILLS CAPITAL.

 

 

 

 

• The transaction allows Inveready Convertible Finance I to achieve a 1.9x cash return on a €2.5M convertible bond subscribed in March 2020.
• SEC Newgate is the second international transaction completed by the alternative markets fund, alongside the Belgian digital audio solutions provider AudioValley.
• SEC Newgate was delisted from London’s AIM on March 7.

Inveready, one of the leading Asset Management firms in Spain, has successfully divested SEC Newgate SpA in the minority buyout offer launched by Three Hills Capital Partners (THCP) at 111.32 pence, which was accepted by the majority of the free float holders and led to its delisting.

On January 19th, the Company reached a €49 million investment agreement with the pan-European fund THCP, which will provide capital and resources to accelerate the Company’s expansion in the United States and Latin America.

The transformation merger between the Italian SEC SpA and the British Porta Communications into a new combined entity, SEC Newgate SpA Group, was supported by Inveready. SEC Newgate Spa Group ultimately become one of the 30 largest companies in the world in corporate communications and PR according to Provoke Awards 2020. The transaction was advised by Marco Lantelme, partner of BSVA Studio Legale Associato in Milan.

Subsequently, Inveready Convertible Finance I, realize a c.2x return, including the capital gains realised upon conversion and the cash coupons collected over the last two years. This is the third successful divestment achieved by Inveready’s first convertible bond fund, following the divestment of VozTelecom, acquired by Gamma Communications in 2020, where the fund was able to materialise a capital gain of c.3.0x of the amount invested.

«We are very pleased to have participated in this transformational stage in the business history of a benchmark company in its sector, SEC Newgate. The acquisition of Porta was a challenge for the company. We enable them to successfully carry out the integration process to become of of the the leading European companies in its segment. The company is now entering a new phase of growth with a new partner to turn itself into a global operator of relevance», said Rubén González, Investment Director of this operation.

About Inveready

Inveready is one of the leading Spanish alternative asset managers, providing financing solutions to high-growth companies throughout their venture and growth cycle. Inveread’s investment products range from seed investmens, venture loans, private equity and infrastructure investments into private companies to convertible bonds and equity investment into publicly listed companies in the alternative markets.

Founded in 2008, Inveready counts almost 200 active companies in its portfolio, more than 60 successful divestments; representing more than 1 bilion euros of assets under management.

Some of its portfolio companies have been acquired by multinationals such as Intel, Symantec, IBM and Facebook. In contrast, others are listed on alternative markets such as NASDAQ, BME Growth, AIM London and Euronext Growth.

Headquartered in San Sebastian, Inveready has offices in Barcelona and Madrid. The management company has been recognised on multiple occasions by ASCRI and Preqin for the return of its funds and its transactions, including best Venture Capital manager in Spain, best Venture Capital operation and best Venture Debt operation.

About SEC Newgate

SEC Newgate SpA operates as a strategic global communications company. The group focuses on public affairs, corporate and financial communication, digital insights, research, crisis communication and consumer public relations services.

 

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