UK mid-market investor Lyceum Capital has completed five bolt-on acquisitions in three months for portfolio company Bellrock.
The firm acquired Bellrock in 2013 for an enterprise value £32 million ($42 million; €37 million) using its £300 million Fund III fund. It committed around £15 million of additional equity capital for the buy-and-build strategy.
Bellrock is a facilities management business and the five acquisitions will variously add scale, new service lines and new technologies to the platform. The companies acquired include Stanley Hicks, a chartered surveyors, Concerto, a software business, and Dawn, a facilities manager with four large and long-term public sector contracts. Additional acquisitions will follow, Jeremy Hand, managing partner of Lyceum told Private Equity International.
Lyceum has evolved from being a generalist mid-market investor to one focusing more on business-to-business enterprises, particularly those with a technology angle, said Hand.
Including capital allocated for bolt-on acquisitions to existing portfolio companies, Lyceum’s third fund, which it raised in 2013, is around 70 percent invested. Investors in the fund include the New York State Teachers’ Retirement System, AP Fonden 2 and AlpInvest Partners.