Exits – A double for Granville

Granville Private Equity Managers announced two exits in quick succession in early February.

The first was Adams Healthcare, which Medical Solutions has agreed to acquire for a total consideration of GBP13.5 million ($21.5 million) subject to shareholder approval. GPEM, which backed the buyout of the Adams Healthcare businesses from DePuy Healthcare in 1997, will receive GBP9.3 million in cash and a further GBP1 million in Medical Solutions warrants. Adams Healthcare’s three operating divisions, Healthcare, Contamination Control and Thackray Surgical Instruments/Practice Plus, had combined turnover of GBP6.9 million in the nine months to 31 December 1999 and generated GBP930,000 of operating profits.

The second exit resulted from the merger of GTM Car Parks, the UK parking operation of Groupe GTM, Europe’s second largest car park operator, with TFM, one of the UK market leaders in on- and off-street parking and vehicle removal and recovery. GPEM invested GBP3 million ($4.8 million) in TFM in 1996, which has a current annual turnover of GBP21 million. Les Parcs GTM operates in France, Hong Kong, the Czech Republic, Austria, Luxembourg, Chile, Canada and the UK and has an GBP80 million annual turnover. Financial terms of the merger are not yet available.