Beringea realises CPLG investment

Beringea has sold Copywright Promotions Licensing Group (CPLG), a British licensing agency, back to the management team for an undisclosed sum.

The sale has generated a return of almost 3x the original investment and an IRR of 40%. Three Beringea funds backed the 2001 MBO: Global Rights Fund II, ProVen VCT and ProVen Growth & Income VCT. This gave the firm a sizeable minority stake, and while the exact sale price remains undisclosed, a statement did reveal the transaction values the company at nearly three times the price of the original MBO.

CPLG’s management now owns 100% of the business, which is led by executive chairman Matthew Wheeler, introduced to the company by Beringea in 2004, and chief executive Kirk Bloomgarden.