Gresham, the UK mid market private equity firm, has sold its 12 month old investment in ANSA, a national outsourcing business that offers a fully integrated service to deal with insurers’ drainage claims, to Mavinwood plc. Mavinwood is a support services business listed on the London Stock Exchange’s Alternative Investment Market. The investment has realized a 3x, or IRR of 200%, for Gresham, which handled the investment out of its Manchester office. ANSA is based out of nearby Oldham, Wetherby and Bournemouth in the south of England.
The management team will stay with Mavinwood post acquisition and has reinvested in the newly merged entity. When Gresham invested in the management buyout of the business in July last year, ANSA had a turnover of £18m and 170 staff and since then the claims management business has grown by 50%. Andy Marsh and Ken Lawrence at Gresham sat on ANSA’s board during the investment period.
Andy Westbrook and Ian Scapens of Deloittes and Nicola Frost and Sean Fitzpatrick of Pinsents advised ANSA.