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2010 Half-year statement
Date Posted: 10/08/2010
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The Board of LMS Capital plc is pleased to announce the Company’s half year results for the six months to 30 June 2010. Read on.
10 August 2010
LMS Capital plc
Half Year Results for the six months to 30 June 2010
The Board of LMS Capital plc, (“LMS Capital” or “the Company”), is pleased to announce the Company’s half year results for the six months to 30June 2010. The most significant developments during the first half of the year were as follows:
- A refined strategic focus for the Company:
- LMS Capital will pursue direct investments in growing, profitable businesses where we can use our expertise to contribute to their growth and performance;
- This focus will primarily be in the energy, consumer and applied technology sectors where our investment team has demonstrable expertise;
- Realisations from our existing quoted, direct and fund investments are expected to provide the liquidity required to implement this strategy in the medium term;
- We made two new investments:
- Apogee, a fast growing UK print solutions company - we acquired a 32.8% interest for £7.9 million, and
- Nationwide Energy Partners, an energy services company in the US - we invested $12.4 million (£8.4 million) for a 56.3% stake;
- We sold a number of quoted investments where gains of £0.8 million were realised;
- Glenn Payne joined as Chief Executive Officer from 1 March 2010;
- Robert Rayne, formerly CEO, became Chairman following the retirement of Jonathan Agnew at the Company’s AGM in May.
Financial performance was as follows:
· Net Asset Value per share was 83p (31 December 2009: 84p). Net Asset Value was £225.9 million (31 December 2009: £227.7 million);
- The investment portfolio showed a net gain of £0.8 million after recording unrealised currency gains of £9.6 million (six months ended 30 June 2009: net loss of £10.7 million);
- The consolidated loss for the period (including portfolio subsidiaries) was £7.3 million (six months ended 30 June 2009: loss of £13.6 million).
Glenn Payne, Chief Executive Officer of LMS Capital, said:
“LMS Capital has begun the change in focus which we expect to result in consistent and superior growth in Net Asset Value. We offer a value proposition which differentiates us in the private equity industry – we provide long term capital and an ability to work with management to create superior returns over the near, medium and long terms.
During the first half of 2010 we have continued to demonstrate our credentials as a partner of choice with the acquisition of stakes in Apogee and Nationwide Energy Partners. Concurrent with a greater fiscal discipline for existing portfolio companies, we expect all funds invested to generate, over extended periods, annual returns in excess of 15%. Investors should expect to see more of these new value adding deals where we deploy capital and follow on with growth equity to build businesses.”
To read the announcement in full, please download the PDF document. The document will open in a new window.
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Updata appoints new Chairman
Date Posted: 08/06/2010
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Updata Infrastructure Holdings Limited has appointed Tim Pearson as the Non-Executive Chairman of the Updata group of companies. Read on.
8 June 2010
Appointment of Non-Executive Chairman
Updata Infrastructure Holdings Limited has appointed Tim Pearson as the Non-Executive Chairman of the Updata group of companies. This follows a period of exceptional growth for the business which has seen near three digit growth year on year since 2008.
Tim has been involved in technology for three decades and was previously Chief Executive of the embryonic Research Machines Limited (“RM”), the leading supplier of educational software, computers and services to schools from 2002 until September 2008. He joined RM in 1998 and held a number of technical roles before joining a small team within RM developing a services business. Tim led the development of RM’s pioneering Internet services for education in 1995 and 1996.
Tim joined the RM board in 1998 and was also a Director and then Chairman of the Internet Service Provider Association until 2001. He completed the Harvard University Business School Advanced Management Program in 2001.
Tim is currently a Non-Executive Director of several other companies and organisations including Alamy Ltd, an online stock photo agency.
Tim Pearson, Non-Executive Chairman, Updata Group said:
“From the first time I met the team at Updata I have been really impressed by the expertise they have in delivering connectivity solutions. To find a company that combines such fresh ideas and at the same time a professional customer centred approach is really unusual and exciting - I am sure I will enjoy helping them, and their investors at LMS Capital, with their next phase of growth."
Richard Bennett, Managing Director, Updata Group said:
“Tim has direct experience with RM of creating a sizeable business within the local authority arena. His core values with regards to delivering superior customer service, coupled with the supply of innovative and cost effective WAN solutions virtually mirrors our own principles and we are therefore very pleased to have him on board.”
Pieter Hooft, Managing Director UK Investments, LMS Capital said:
“We are very pleased that Updata has attracted a Chairman of Tim’s calibre. His experience and track record at RM are very impressive and we believe he will be able to make a very positive contribution to Updata’s future growth. We have a strong team in place to maintain our excellent growth.”
For further information please contact:
Updata Infrastructure 01737 224422
Richard Bennett, Managing Director
LMS Capital 020 7935 3555
Pieter Hooft, Managing Director, UK Investments
About Updata Infrastructure
Founded in January 2001, Updata Infrastructure is a private company which designs, implements and manages networks for public sector clients under long-term contracts. Its Wide Area Networks offer secure, cost-effective, high-capacity broadband connectivity.
About LMS Capital
LMS Capital plc is an international investment company with a 30 year history of successful investing but now with a new team. Current investments are in the UK and US in the consumer, energy & utilities and applied technology, software & services industries. With anticipated strong near term cash flows based on input from the portfolio of investments over the next 5-6 years, LMS is actively seeking new direct investment opportunities in profitable and growing businesses where it partners with experienced managers to create value. As evidenced by recent acquisitions LMS is demonstrating it is a partner of choice to experienced entrepreneurs.
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Article in Private Equity Online Friday Letter 4 June 2010
Date Posted: 07/06/2010
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Private Equity Online Friday newsletter discusses the energy sector and private equity’s involvement within it. LMS Capital is mentioned as being a long term investor in this sector.
Read on.
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Investment in Nationwide Energy Partners
Date Posted: 07/06/2010
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LMS Capital plc, the UK based listed private equity company has acquired a majority stake in Nationwide Energy Partners, an energy service provider based in Columbus, Ohio. Read on.
7 June 2010
LMS Capital plc (LSE: LMS) the UK based listed private equity company has acquired a majority stake in Nationwide Energy Partners (NEP), an energy service provider based in Columbus, Ohio that provides owners of residential properties with outsourced meter reading, billing and collection services for water and electricity accounts. In addition to the purchase of the stake (at an enterprise value of $23 million) from one of the outgoing founders, LMS has committed to fund an additional $15 million for the acceleration of investment in NEP’s new business opportunities.
Ed Snow of LMS said, “There are significant growth opportunities for NEP in the marketplace under the experienced leadership of its management team. We expect to accelerate that growth with the additional capital we will provide.”
NEP has been successfully managing residential electric and water accounts for property developers in the Midwest for the past 10 years. A leader within the industry, NEP provides cost saving and simplicity in customer management to owners of residential apartments and condominiums. NEP offers competitive electric rates for tenants and property owners and is pursuing energy efficiency initiatives that will generate clean and cheaper alternatives.
Mike DeAscentis II, CEO of NEP said “Partnering with an experienced investor, an energy industry expert and a value adding source of new capital was our objective and we are excited about the growth potential this transaction represents to us. It is important to us that we have a common approach to building a business and we found that in LMS – our future is very bright.”
NEP is an ideal investment for LMS and is a strong fit with the investment strategy LMS is pursuing: direct investments in profitable growing businesses that are managed by experienced partners in industries where the LMS team adds value. Glenn Payne, CEO of LMS, adds, “I have been in the energy industry for 15 years and this company represents an investment in an area LMS knows and where we expect to create substantial value for our shareholders – we invest in profitable growing companies.”
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LMS Capital joins LPEQ
Date Posted: 01/06/2010
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LPEQ, the group of European listed private equity companies, today announces that LMS Capital plc, the international investment company listed on the London Stock Exchange, has joined the group. Read on.
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Apogee Corporation: Best Large Business 2010
Date Posted: 24/05/2010
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LMS Capital is pleased to congratulate Apogee Corporation on winning the "Best Large Business" award at the 2010 HSBC South London Business Awards. Read on.
24 May 2010
Apogee Corporation: Best Large Business 2010
LMS Capital is pleased to congratulate its latest investment Apogee Corporation (“Apogee”) on winning the “Best Large Business” award at the 2010 HSBC South London Business Awards. In March this year LMS Capital acquired a stake in, and has committed to fund future growth of, Apogee.
The HSBC South London Business Awards is an annual event in which businesses throughout South London compete in a number of categories to win awards in recognition of their success, customer focus and commitment to ongoing development. Apogee competed against over 600 businesses to win this award.
Barry Ferdinand, joint co-founder and managing director of Apogee, said “This award is testament of our continued commitment to providing innovative solutions that work hand in hand with our clients to drive their document production costs as low as we possibly can.
It's a great boost for the organisation and gives us vital feedback that we are on the right track. We are all delighted."
Pieter Hooft, LMS Capital Managing Director UK investments said “Our congratulations to the management and employees of Apogee. We hope this accolade will prove another small but important step in the development of Apogee.”
About LMS Capital
LMS Capital plc is an international investment company whose shares are listed on the London Stock Exchange. With investments in the UK and US in the consumer, energy & utilities and applied technology, software & services industries, LMS Capital seeks direct investments in profitable and growing businesses where we partner with experienced managers to create value. We have a legacy of 30 years of success and a positive future, if you are interested in partnering with us, please contact us.
About Apogee
Founded in 1993, Apogee is the UK’s leading independent document solutions specialist, providing innovative managed print strategies to businesses throughout the UK. Working with a diverse range of customers, it offers a unique “blank canvas” approach and seeks to fully understand an organisation’s document work flow, deliver efficiencies and significantly reduce costs.
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Interim Management Statement
Date Posted: 13/05/2010
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LMS Capital is holding its Annual General Meeting today and the Board is pleased to present the Company’s Interim Management Statement as required by the UK Listing Authority’s Disclosure and Transparency Rule 4.3. This statement relates to the period from 1 January 2010 to 12 May 2010. Read on.
13 May 2010
LMS Capital plc
Interim Management Statement
LMS Capital is holding its Annual General Meeting today and the Board is pleased to present the Company’s Interim Management Statement as required by the UK Listing Authority’s Disclosure and Transparency Rule 4.3. This statement relates to the period from 1 January 2010 to 12 May 2010.
Overview
LMS Capital is an investment company with over 30 years’ experience in private equity and development capital investment. Our objective is to deliver superior absolute returns for shareholders through a portfolio of direct investments; our focus is on small to medium sized companies in our preferred sectors of energy services, applied technology, and media and consumer.
We seek to partner with experienced managers in profitable, growing companies where we expect to be able to add value. Our focus is on buying and investing in management teams and companies at favourable prices: on the assumption of gradual economic improvement our outlook is positive on the investment environment and we expect M&A activity to increase accordingly. We will continue to be cautious in our investment approach, aiming to grow our investments (and NAV) by 15%+ per annum without undue risk or investing in unproven businesses.
In March we invested £7.9 million to acquire a significant minority stake in Apogee Group Limited (“Apogee”). Apogee is one of the UK's leading independent digital printing solutions providers and offers sales and servicing of printers, photocopiers and multi-function devices to a diversified, growing client base. This is a business that is benefiting from sophisticated workflow management systems and the growth of colour printing. Results for the financial year ended 31st December 2009 and the first quarter of 2010 indicate that Apogee continues to grow sales and profitability in line with our expectations.
At 31 March 2010 LMS Capital had uncalled commitments to funds of £55.8 million; our experience suggests that the full amount is rarely drawn and our review of each fund suggests that the actual funding to be called could be £10 million less. We expect these funds to be called over the next three to five years. Cash and other liquid assets (including the value of our quoted portfolio) were £58.2 million; further, we have a borrowing facility of £15 million of which £10 million remains undrawn.
While recovery from the global recession is still at an early stage, the experience of our portfolio companies is that the worst appears to be behind them. Our management teams remain focused on cost management and we expect revenue growth and improved earnings performance from a number of these portfolio companies over the next 12-24 months.
To read the Interim Management Statement in full, please click here.
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Investment in Apogee Group Limited
Date Posted: 30/03/2010
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LMS Capital plc is pleased to announce that it has invested £7.9 million to acquire a significant minority stake in Apogee Group Limited. Read on.
30 March 2010
LMS Capital plc
Investment in Apogee Group Limited
LMS Capital plc is pleased to announce that it has invested £7.9 million to acquire a significant minority stake in Apogee Group Limited (“Apogee”).
Apogee is one of the UK's leading independent digital printing solutions providers and offers sales and servicing of printers, photocopiers and multi-function devices to a diversified, growing client base. For the financial year ended 31st December 2008 (the latest financial year for which audited accounts are available), Apogee had turnover of £28.9 million and profit before tax of £3.3 million. Unaudited results for the financial year ended 31st December 2009 indicate that Apogee has continued its growth in sales and profitability with turnover increasing by 15% to £33.3 million.
Under the terms of the agreement, LMS Capital will provide investment to support the continued "buy-and-build" acquisition strategy that the company has successfully implemented in recent years, having acquired 7 companies since 2006. The digital printing solutions market in the UK has grown significantly over the last 3 years and remains very fragmented. Apogee intends to consolidate its leading market position through further acquisitions.
Commenting on the transaction Pieter Hooft, LMS Capital Managing Director UK Investments, said: “We are delighted to have the opportunity to back an exceptional team with a proven track record of generating profitable growth. Our due diligence has confirmed that the company is held in high regard by customers and key suppliers and is ideally placed to continue to enhance its position as one of the leading independent resellers in the UK. We look forward to supporting the company moving forward.”
Jason Collins and Barry Ferdinand, joint founders and Managing Directors of Apogee, said: “We are delighted to have the support of LMS Capital as we continue to develop Apogee as the leading digital solutions provider in the UK.”
For further information please contact:
LMS Capital plc 020 7935 3555
Glenn Payne, Chief Executive Officer
Tony Sweet, Chief Financial Officer
Brunswick Group LLP 020 7404 5959
Simon Sporborg
Oliver Hughes
Apogee Group Limited 020 8971 1806
Jason Collins, Joint Managing Director
Barry Ferdinand, Joint Managing Director
About LMS Capital
LMS Capital plc is an international investment company whose shares are listed on the London Stock Exchange. The investment portfolio comprises investments primarily in the US and the UK, with a spread of early stage and second round technology investments, development capital and mature company buyouts.
About Apogee
Founded in 1993, Apogee is the UK’s leading independent document solutions specialist, providing innovative all-encompassing, managed print strategies to businesses throughout the UK. Working with a diverse range of customers, it offers a unique “blank canvas” approach and seeks to fully understand an organisation’s document work flow, delivering efficiencies and significantly reducing costs.
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Preliminary results for the year ended 31 December 2009
Date Posted: 23/03/2010
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The Board of LMS Capital plc, (“LMS Capital” or “the Company”), is pleased to announce the Company’s preliminary results for the year ended 31 December 2009 Read on.
The Board of LMS Capital plc, (“LMS Capital” or “the Company”), is pleased to announce the Company’s preliminary results for the year ended 31 December 2009.
Financial highlights*
• Net Asset Value per share was 84p (31 December 2008: 89p), a decrease of 6%, attributable in large part to foreign currency movements in the period
• Net Asset Value was £227.7 million (31 December 2008: £241.5 million)
• The return on the investment portfolio was a loss of £4.9 million after recording unrealised currency losses of £13.5 million (2008: loss of £36.7 million after unrealised currency gains of £45.5 million)
• The loss for the year was £12.7 million (2008: loss of £40.8 million)
• The business had cash of £14.4 million at 31 December 2009 and no debt
* Investment management business
Operational highlights:
• Investment of £6.2 million for a 53.3% interest in Updata Infrastructure UK Limited in support of a management buyout
• Sale of 7 Global Limited to 365 iT plc
• Successful migration of the Company’s shares to trading on the Main Market of the London Stock Exchange
• Appointment of Glenn Payne as Chief Executive from 1 March 2010
Robert Rayne, Chairman Designate, said:
“LMS Capital’s risk diversified investment strategy has produced a resilient performance in 2009 in the context of an uncertain global economic environment. Our low levels of debt and broadly balanced investment portfolio position us well to take advantage of future investment opportunities, while safeguarding our existing assets where we are seeing encouraging signs of growth.”
For further information please contact:
LMS Capital plc 020 7935 3555
Glenn Payne, Chief Executive Officer
Robert Rayne, Chairman Designate
Tony Sweet, Chief Financial Officer
J.P. Morgan Cazenove Limited 020 7588 2828
Michael Wentworth-Stanley
Brunswick Group LLP 020 7404 5959
Simon Sporborg
Oliver Hughes
About LMS Capital
LMS Capital plc is an international investment company whose shares are listed on the London Stock Exchange. The investment portfolio comprises investments primarily in the US and the UK, with a spread of early stage and second round technology investments, development capital and mature company buyouts.
www.lmscapital.com
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Healthcare Management Systems Inc acquires Medhost
Date Posted: 05/02/2010
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Healthcare Management Systems Inc, a US unquoted company in which LMS Capital holds an 8% stake, has acquired Medhost, the leading US provider of emergency department information systems Read on.
HEALTHTECH HOLDINGS ACQUIRES MEDHOST
MEDHOST and HMS will deliver an integrated emergency department system on the HMS platform
Nashville, Tenn. (February 1, 2010) – HealthTech Holdings, Inc. (HHI), a healthcare technology holding company and parent of Healthcare Management Systems Inc. ® (HMS), announced today that it has acquired MEDHOST, the leading provider of emergency department information systems. The companies will develop an integrated emergency department system for the HMS enterprise-wide solution designed for community hospitals.
Investors in HealthTech Holdings, Inc. have experienced rapid growth with their initial investment in HMS and are expanding their holdings in health information technology with this acquisition. With this acquisition, HHI expects combined revenues in excess of $100 million in 2010. This acquisition comes on the heels of HMS’ recent addition of the HMS Ambulatory EHR, which enabled the company to offer a comprehensive clinical package that incorporates physician practice management and electronic health record functionality to facilitate seamless care for patients between the physician office and hospital. With MEDHOST, HMS will gain a new product as it rounds out its fully integrated and complete health information system offering.
MEDHOST is a market leader in emergency department software, making it an ideal addition to the HealthTech Holdings portfolio. It will continue to provide highly targeted and specialized emergency department systems for large community and tertiary hospitals. The collaboration opportunity for both companies lies in exploiting each other’s strengths. MEDHOST will develop a product designed for the community hospital market, utilizing the expertise of HMS and the company’s experience serving 650 community hospitals. This expansion will give MEDHOST a robust product mix that serves all segments of the hospital market. In addition, MEDHOST will have opportunities within the HMS customer base, to offer a fully integrated product with a consistent look and feel and all the benefits of the MEDHOST user experience.
“Recapitalizing our company provided the necessary financial strength we sought in order to continue our rapid growth in the ever-changing healthcare landscape,” said Craig Herrod, CEO of MEDHOST. “The combination of the two companies provides us the resources to expand our customer services, fast track our development innovations and reach new markets.”
“This is a win-win transaction,” said Tom Stephenson, CEO of HMS. “We will work together to gain the benefits of collaboration and capitalize on each other’s strengths, bringing to market a truly customized and integrated product for our target market.” HMS customers will benefit from the proven gains in productivity and safety brought on by automating emergency department visits. Moreover, MEDHOST’s automatic Charge Capture prevents lost charges and provides enhanced financial performance by calculating charges as care is documented. The system’s real-time notifications help keep ED clinicians and staff better informed about each patient’s status thereby improving quality of care.
About MEDHOST, Inc.
About HMS, Inc.
Based in Nashville, Tenn., Healthcare Management Systems, Inc.(HMS) develops, sells and supports a full range of healthcare technology products that combines clinical, financial and patient access information. Founded in 1984, HMS currently serves 650 community hospitals; behavioral, rehabilitation and long-term acute care facilities; and multi-entity healthcare organizations nationwide. Visit www.hmstn.com for more information.
About HealthTech Holdings, Inc.
HealthTech Holdings, Inc. is a health information technology holding-company, with portfolio companies including HMS, MEDHOST and Sentry Healthcare Services, Inc. HealthTech Holdings mission is to acquire and manage technology companies focused on the creation of value for the healthcare industry.
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