LOOSEMORE LAUNCHES PRIVATE EQUITY VENTURE
( Jan 13 2011 by Sion Barry, Western Mail )
Courtesy of Walesonline.co.uk / copyright: Jan 13 2011 by Sion Barry, Western Mail (pg 28: Business)
The following piece is carried courtesy of Western Mail / Wales Online:
“ENTREPRENEUR Mark Loosemore has established a new private equity and business advisory firm looking to make investments of up to £1m in companies.
Mr Loosemore, whose previous businesses include Cardiff legal training company Altior – which he sold in 2008 to US company Kaplan – has established Mackintosh Capital.
Based in Cardiff, the firm has been set up with fellow partner Simon Clegg.
The other partner – although not in a day-to-day capacity – is Mr Loosemore’s cousin John Loosemore.
The partners have invested their own money to create a fund, although longer-term they may look to raise finance for a fund.
Mr Loosemore said: “Between us we have enough [money] to get cracking.”
“We are expecting to be pretty hands-on. This may be advisory, in helping management teams. However, whatever our involvement, it will not be a case of putting some money in and then getting a report once a year.”
Individually the partners have made a number of business investments. Mr Loosemore has an equity stake in sports travel business InspireSport.
The firm’s first investment has been made into Wound Solutions, which is developing technology to treat wounds like leg ulcers.
The company is currently going through regulatory trials. Mr Loosemore said there was potential, with further support, to bring the company to Wales from London.
Mr Loosemore has taken up a board position with the company, following its latest co-investment round of £1m.
To date the partners in Mackintosh Capital have invested £500,000 in the company.
Mackintosh Capital’s strategy will be medium-term exits from investments, with returns going back into the fund.
At the moment the firm is looking to make a further one to two investments, from £100,000 potentially up to £1m.
Although its first investment is in a pre-revenue medical devices company, Mr Loosemore said the focus on further investments would be on established businesses generating revenues.
He added: “I don’t think we would do many more pre-revenues, with the most likely investment opportunities in existing companies with a bit of scale and turnovers from £1m to £2m and above.
“We would be looking at situations where we would have some element of control, like backing a management buy- outs or a turnaround of companies in difficulty, which we [the partners] have experience of.”
Mr Loosemore said Mackintosh Capital would not be limited geographically, but the current focus was on Wales and the South-West of England.
“There are relatively few people [funders] out there in Wales doing this sort of thing, so we are keen to talk to businesses who might have opportunities for us.”
Mackintosh Capital has also identified a number of high net worth individuals, who could look to invest into a new fund.
Mr Loosemore said: “Our small group of high net worth potential investors are people we have done business with before.
“They have all said that, although they will also consider any deal we take them on its merits, they are keen to invest and to back us as people.
And he said that Mackintosh Capital would also consider investing alongside other equity investors like Finance Wales.”