Strong exit for 21 Invest

The European private equity firm has realised a 55 per cent IRR on its investment in Spanish reprographics business Servicepoint Solutions.

21 Invest, the private equity firm which specialises in Southern Europe, has completed the sale of half of its holding in Servicepoint Solutions, a Spanish reprographics business.

21 Invest disposed of 4m shares in the firm, which at the time of 21 Invest’s original investment was a small Spanish office products business called Grupo Picking Pack, for a total consideration of E38m. This represents an IRR of 55 per cent on the firm's total investment of E31m since it first backed the firm in 1994. The value of 21 Invest’s remaining interest in Servicepoint is just below E38m.

The partial exit from Servicepoint, which specialises in reprographics for architects, engineers and the construction sector, comes as 21 Invest’s is concentrating on investing its most recent fund, the E323m 21 Invest LP fund launched in 2000. The fund will focus on industrial investments primarily in Italy and Spain. In December 2001, 21 Invest and B&S Electra acquired the technology division of Servicepoint, Logic Control, for E60m.

21 Invest chairman Andrea Bonomi said the investment was in keeping with the firm’s strategy of investing in small Southern European business with a view to turning them into international players. Servicepoint, which owns outlets throughout Europe and the USA, reported turnover last year in excess of E350m.