British Business Bank partner Catapult secures a successful exit from Oxford Cryosystems through Management Buy-Out
Catapult Ventures has announced the successful exit from another of its investee companies.
Catapult invested in Oxford Cryosystems in September 2010 when it backed a management buy-out of the company from its previous corporate owners. The business, which is a worldwide market leader in providing low temperature devices used in x-ray crystallography, has continued to develop and grow during the period of Catapult’s involvement. The management team has ensured that its existing products have been adopted in new emerging territories and has also identified new market opportunities to support ongoing growth. The most exciting of these being the company’s provision of low temperature cooling devices to the international Square Kilometre Array project.
The transaction has delivered an excellent return for the Catapult Growth Fund with a 5.2 times cash return.
Ed Wass, who led the transaction for Catapult Ventures, comments:
“We are delighted that Oxford Cryosystems has been such a successful story. Catapult backed the management team because we recognised that they had not only a range of world leading products but also the passion and ideas to develop the business further. We are very proud to have supported them through this period of the company’s development.”
Richard Glazer, Oxford Cryosystems CEO, comments:
“Over the last five years Catapult Ventures have been a hugely supportive partner, with its investment and guidance, enabling us to successfully deliver our strategic goals. The management team including Alex Renshaw (CTO) and Kevin D’Silva (non-exec Chairman) look forward to continuing to develop the business as a private company.”
Notes to Editors
Catapult Ventures is a venture capital fund manager and operates a number of discrete venture capital funds on behalf of a range of public and private sector investors. Catapult’s experienced investment professionals have been specialising in the growth of equity capital to SME’s since 1999. Catapult’s business is about forming long term relationships and we have been a trusted partner and supportive investor to more than 70 companies.
About Catapult Growth Fund
The £30m Catapult Growth Fund was launched in 2006 and is funded by British Business Bank (formerly by the Department for Business Innovation and Skills) and local authority pension funds.
For further information please contact:
Ed Wass on 0116 238 8200 / 07771 596 007 or email@example.com