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Deferred cash swells Matrix funds

Article Date: Apr 20 2009

Mid-market buy-out house Matrix Private Equity Partners has received further proceeds on two exits completed in 2006 and 2007.

The extra money means that the firm has achieved an internal rate of return (IRR) of 40 per cent and a cash multiple of 3.8 on its investment in Secure Mail Services.

Matrix backed the buy-in management buy-out of the mail delivery business in 2002 and completed the first stage of the exit in 2006 on behalf of Baring English Growth Fund (BEGF) and the Income and Growth VCT. Additional proceeds have been received each year since then.

The second company to generate more cash for Matrix post-exit is residential housing developer Ruskin Homes, which specialises in brownfield sites. The IRR on this deal is now 26 per cent at a cash multiple of 2.7 times the firm’s investment.

Ruskin underwent a management buy-out in 2002, supported by cash from BEGF. The buy-out team began to buy back the fund’s shareholding in 2007.

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