Bridges Ventures exits Pure Washrooms
London, 12 June 2012: Bridges Ventures, the sustainable growth investor, today said it has sold its stake in Pure Washrooms Ltd. to the company’s management team. This is Bridges’ second successful exit in two weeks, after announcing the sale of The Hoxton Hotel at the end of last month.
Pure Washrooms is a Coventry-based washroom services business which installs and services washroom equipment in commercial premises. The exit will deliver a return representing a 22.4% IRR and 3.4x of total investment for Bridges Ventures’ Sustainable Growth Fund I.
Bridges – established in 2002 with the aim to use its commercial expertise to achieve social or environmental benefit, as well as attractive returns for investors – first invested in Pure Washrooms as a start-up in 2004, backing management team Martin Pugh and Simon Maitland.
Following the initial investment, the company was located in an underserved area of Coventry, fulfilling one of Bridges’ impact themes of investing in deprived areas to stimulate the local economy and create jobs.
Philip Newborough, Managing Partner at Bridges Ventures, said: “For the last eight years we have been working very closely with Pure Washrooms’ management team, supporting them with their business plan and strategy for growth. The company has come a long way since our initial investment, positively contributing to the local economy and creating jobs and we wish the management team every success for the future.”
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Notes to Editors
About Bridges Ventures
Bridges Ventures LLP (“Bridges Ventures”) is a sustainable growth investor established in 2002 with a mission to use its commercial expertise to achieve focused social or environmental benefit, as well as attractive returns for investors. Bridges Ventures has raised six funds to date which total almost £275m: Sustainable Growth Funds I, II and III, the Bridges Sustainable Property Fund, CarePlaces Partnership and the Bridges Social Entrepreneurs Fund.
Bridges currently have two property funds under management: Bridges Sustainable Property Fund and CarePlaces Fund. The Sustainable Property Fund is an entrepreneurial fund which invests in properties in regeneration areas and environmentally sustainable buildings. The CarePlaces Partnership, a partnership between Bridges Ventures and Castleoak, concentrates on first class care facilities for the elderly with a focus on sustainable design and construction.
The Bridges Sustainable Growth Funds (I, II, III) invest in growth businesses across the four impact themes of Underserved Areas, Education & Skills, Environment and Health & Well-being. The Funds typically invest up to £10m at a time in ambitious, entrepreneurial businesses including early stage, growth capital and buyouts / buy ins. Since 2002, these Funds have made equity investments totaling over £75m in 34 businesses
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