The Company and Our Investment
In October 2007, Octopus announced the trade sale of portfolio company Covion to the Balfour Beatty Group for a total consideration of £33m. The exit saw Octopus achieve a 4.4x return on their original investment and an 84% IRR.
Covion, a facilities infrastructure services company, was subject to an MBO in May 2005 co-led by Octopus and Foresight Group who backed the management team led by Alan Bruter, Managing Director.
Covion is one of the UK's fastest growing companies, having grown profits at a compound rate of 112% over the last 4 years, growing to a projected turnover of some £33 million by December 2007.
"We are delighted with this result, which not only rewards investors, but sees the company move forward with a trade partner who can continue to develop its unique service offering. Throughout our investment we have been impressed with the management team, who have delivered in so many ways."
Chris Allner, Octopus Investments
