Wraith Accommodation
NBGI Private Equity’s fund made a total investment of just over £2.8million in October 2003 to increase the capital base of the business and facilitate continuing growth.
Wraith was a high growth portable accommodation company with a highly experienced management team. NBGI PE identified strong growth trends in the modular building space and invested to back a strong and experienced management team led by a serial entrepreneur in the sector. Post investment the business continued to grow strongly and profitably and although it had originally been anticipated that the business would be held for 3-4 years the UK Team took a flexible approach that allowed an early exit and strong return.
In April 2007 Shieldmaker Limited acquired Wraith Plc in a £30million public offer which generated an IRR of 48% p.a and provided a final exit for NBGI PE. This followed a partial exit in March 2005 when Seashell, an AIM cash shell acquired Wraith Accommodation in a deal which valued the company at £9.2million. This transaction enabled NBGI PE to redeem its preference shares of £1.625million and sell around half if its ordinary shares, whilst retaining around 10% stake in the listed company.
