LGV exits Hayley Conference Centres

Legal & General Ventures (LGV) has sold its stake in Hayley Conference Centres (“Hayley”) to 3i in a secondary transaction. 3i has invested £41m for a minority stake in the business. LGV invested approximately £17m in Hayley in 2000. The disposal to 3i capitalises Hayley at over £180m and represents an IRR of 21% and 2.5x cash multiple for LGV.

At the time of LGV’s acquisition, Hayley operated five centres. Since LGV’s investment, the company has successfully developed three new centres as well as completed significant extensions at a number of the original sites.

Ivan Heywood, managing director LGV, said: “The investment in Hayley has proved to be a great success for LGV. We have enjoyed working with a strong and committed management team that deliver results and wish them every success with the continued development of Hayley.”