UK venture capital firm Northern Venture Managers (NVM) has sold its stake in infrastructure contractor TJ Brent for an undisclosed fee. May Gurney, the construction services business, now holds a 100% stake in the Cornwall headquartered company after Matrix Private Equity (formerly GLE Development Capital) and the Brent management team also sold their interests in the business.
Gurney said the company was purchased in order to expand its geographic coverage and to strengthen its presence in the utilities sector.
NVM backed the MBO of Brent in December 2000 from Pennon Group for an undisclosed fee. Money from NVM came from a number of funds under its management: the £46.7m Northern Investors Company, the £36.5m Northern Venture Trust, the £43.2m Northern 2 VCT, £15.9m Northern AIM VCT, and the Matrix Funds, TriVen VCT and TriVest VCT.