Seneca Partners has realised a return of 5.2x from its investment in Gear4music, the largest UK based online retailer of musical instruments and equipment.
The return does not include any EIS reliefs.
Seneca provided a cornerstone growth capital investment to support the company’s IPO in June 2015.
York based Gear4music has, since IPO, experienced growth in the UK and overseas, particularly across Europe and Scandinavia. It has achieved annual revenue increases from £24m to over £80m in three years, as well as growing its market capitalisation to more than £150m.
Investment Manager at Seneca Partners Connor Grimes said:, “We are delighted with this transaction not only from a returns perspective but to support such a success story from the regions is fantastic. We would like to thank Andrew Wass, Chris Scott and the rest of management for what they have achieved as a market leader in online retail.”
The transaction was facilitated by corporate broker Panmure Gordon.
