29 September 2005
Legal & General Ventures Ltd ("LGV"), one of the UK’s leading private equity firms, announce that it has sold its stake in Hayley Conference Centres ("Hayley") to 3i. LGV invested approximately £17 million in Hayley in 2000, when it operated five centres. Since LGV’s investment, the Company has successfully developed three new centres as well as completed significant extensions at a number of the original sites.
Hayley, headquartered in Milton Keynes, is one of the leading dedicated Conference Centre businesses in the UK. It has achieved market leading growth of 17% CAGR over the past 5 years by delivering a quality, bespoke service to its blue chip customer base. Hayley operates eight dedicated centres in the Midlands, North West and Home Counties and employs 800 staff.
The disposal to 3i capitalises Hayley at over £180 million and represents an IRR of 21% and 2.5x cash multiple for LGV.
Commenting on the transaction, Ivan Heywood, Managing Director, LGV said:
"The investment in Hayley has proved to be a great success for LGV. We have enjoyed working with a strong and committed management team that deliver results and wish them every success with the continued development of Hayley."
