Matrix Private Equity Partners has sold law and tax publishing company Tottel to Bloomsbury, the publisher of the Harry Potter novels.
Matrix Private Equity Partners has sold law and tax publishing company Tottel to Bloomsbury, the publisher of the Harry Potter novels.
The deal is worth £10 million, with proceeds of £3 million for shareholders of the Matrix venture capital trusts (VCTs). This represents a fourfold return on the VCTs’ original investment of £750,000.
Mike Walker, a partner at Matrix who was on the board of Tottel, says the the return was achieved ‘despite a weak divestment market’.
The firm acquired Tottel with its management (led by MD Jim Smith) in 2004 from LexisNexis, a subsidiary of Reed Elsevier. The Sussex-based business employs 27 staff and has sales of £6.2 million.
This is the seventh cash exit for Matrix in the last two years.
