New home for Ruskin

UK small-cap firm Matrix Private Equity Partners has sold Ruskin Homes for an undisclosed sum, generating a 2.6x return and a 25% IRR over the five year investment period.

Matrix has sold the business to the incumbent management, which it backed in an MBO in 2002. It paid £3m for a 43% stake on behalf of its institutional client the Baring English Growth Fund.