The private equity fund established by Dow Schofield Watts Corporate Finance, PHD Equity Partners (“PHD” or the “Fund”) has sold Liberty Services (“Liberty”) to Capita plc. Croydon based Liberty has evolved as a key print solutions provider to both public authorities and private sector businesses, supporting the issuing, management and collection of Penalty Charge Notices (“PCNs”) in the parking enforcement sector.
The sale of Liberty, the first investment by PHD’s maiden equity fund, has delivered a money multiple of 9.2x and a five year IRR of 70.4%.
PHD invested in Liberty in 2008 backing a management team led by Gavin Reddin and Sean O’Riordan to take advantage of growth opportunities in the parking and traffic enforcement market.
Since PHD’s investment, Liberty has grown sales from £6.9m to £10.5m and has delivered a fivefold increase in EBITDA. The business is well placed to continue this impressive record and build on its almost 70 year history.