Bridgepoint has floated Carter & Carter, a UK-based provider of outsourced support services to global automotive brands, on the London Stock Exchange.
The offering of 22, 953, 944 shares at a price of 235 pence per share has resulted in a market capitalisation of £78.4m. Bridgepoint was reported to have made a 4x return on its investment with proceeds of around £35m.
Bridgepoint held a 45.6% stake in Carter & Carter, a company it has invested £10m in since 2001. Chief executive and founder Philip Carter has retained a 25% stake following the IPO.
Carter & Carter specialises in the provision of consultancy, strategy implementation and human resources development to support car manufacturers in the delivery of their brand message and quality service through the distribution channel. It operates in the UK, US, Germany and Japan and currently provides services to 26 vehicle manufacturer brands, including 18 of the top 20 brands in the UK. In the year ended 31 July 2004, group turnover was £38.2m.
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