Thursday 24th January 2008
ISIS backs £7 million recapitalisation of Playforce
Funds from the Baronsmead VCTs, managed by ISIS Equity Partners, have backed the recapitalisation of children’s play area provider Playforce. The deal puts a value of £7 million on the business, which was established ten years ago with a loan of £5,000 from charity The Prince’s Trust.
ISIS invested £4.2 million in the deal, with debt provided by HSBC. The firm has not disclosed whether it has taken a majority stake, but says its shareholding is 'substantial' following the transaction.
Edward Webb, who founded the business at the age of 24 with his wife Rachael, will continue as managing director and retains a significant shareholding. ISIS has appointed Geoff White as chairman, who previously chaired playground company SMP Group following its management buy-out in 2002.
Richard Bucknell from the new investments team at ISIS says that the firm will provide further investment if necessary to achieve growth.
Wiltshire-based Playforce offers a range of play equipment from ‘wobble walkways’ and climbing walls to outdoor classrooms. The company, which reported turnover of £5.2 million in 2006, says the outdoor play sector has become increasingly prominent as the Government has focused its attention on the problem of child obesity.
ISIS Equity Partners has funds under management of £726 million, which it invests on behalf of both retail and institutional clients. Its typical investment size is between £2 million and £30 million.
Nick Britton
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