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Mobeus Equity Partners (“Mobeus”) has sold its longstanding investment in Kent-based Brookerpaks Limited, a supplier and distributor of garlic and other vegetables to UK supermarkets, back to management in a deal that has delivered a 26% IRR over a 10 year period to the Mobeus advised Income & Growth VCT. The investment generated total returns of nearly £2 million from a £0.5m investment.
Mobeus originally backed the MBO of Brookerpaks from Harrington Food Group in 2002. Despite Brookerpaks operating in a competitive market and facing pricing pressure from the purchasing power of the multiples, the company has maintained a solid and consistent financial performance throughout the ten year investment period. It has achieved this by building strong partnerships with garlic growers which ensure that it can achieve year round supply and deliver consistent quality to its customer base.
Brookerpaks joins a long list of recent Mobeus successful exits. It also marks a third excellent realisation by Mobeus of a food sector investment in recent years, following previous successes with PastaKing and Ministry of Cake.
John Brandon, Mobeus Portfolio Director, comments: “Not every company can be a global superstar. Brookerpaks proves, however, that there are solid, salt of the earth SMEs operating across the UK that can deliver very attractive returns for VCT investors. We are grateful to a strong and talented management team for delivering an excellent performance over the ten year life of the investment. The outlook for the company remains bright and we wish it and the team continued success.“