Forward Partners Grp - CASH REALISATION FOLLOWING DISPOSAL OF SHARES
08/07/2022 07:00
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RNS Number : 7669R Forward Partners Group PLC 08 July 2022
Forward Partners Group Plc
("Forward Partners", or "the Group")
CASH REALISATION FOLLOWING DISPOSAL OF SHARES
Forward Partners Group Plc (LSE: FWD), the London-based investment firm
specialising in supporting high growth, early-stage technology businesses,
confirms a realisation of £0.6m following the disposal of 91% of its holding
in Cazoo Group Limited (the "Disposal").
The Group's holding in Cazoo stems from its investment in Drover, the car
rental subscription business which Forward Partners initially partnered with
in 2015. In December 2020, Drover was acquired by Cazoo. To maximise its
transaction value, the Group agreed to roll its stake into the enlarged
business. Cazoo began trading on the NYSE on 27 August 2021, at which point
existing shareholders were subject to their shares being held in escrow.
Forward Partners provided Drover with a total investment of £1.6 million over
a five-year period. Upon completion of Cazoo's SPAC merger and admission to
the NYSE the Group's holding was valued at £6.7m. Since admission there has
been significant volatility and decline in Cazoo's share price; particularly
in the first six months of 2022. The Group factored the substantial decline in
the valuation of its Cazoo holding in its portfolio valuation update provided
on 20 June 2022. The cash proceeds of the Disposal further strengthen the
Group's balance sheet and the remaining 9% holding remains in escrow until 25
July 2022.
ENDS
Enquiries
FORWARD PARTNERS GROUP PLC Via Maitland/AMO
Nic Brisbourne, Chief Executive Officer
LIBERUM CAPITAL LIMITED
(Nominated Adviser and Broker) Tel: +44 20 3100 2222
Neil Patel
Lauren Kettle
Cara Murphy
Maitland/AMO (Financial PR) forwardpartners@maitland.co.uk
Sam Turvey Tel: +44 (0) 207 379 5151
About Forward Partners
Founded in 2013, Forward Partners is an established and respected London-based
venture capital firm, specialising in supporting high growth, early-stage
technology businesses.
The Group brings together venture capital provider Forward Ventures,
equity-free revenue-based financing through Forward Advances and highly
specialised growth support from Forward Studio. This model supports founders
to build stronger businesses faster to provide better outcomes for companies
and investors alike.
The Group makes equity investments in early-stage, high growth UK companies,
and from inception to its admission to London's AIM market in July 2021 had
made over 60 unique investments and built a portfolio with an Initial
Portfolio NAV in excess of £100m. It holds an eight-year track record of
making venture capital investments, and targets underlying NAV growth of 20%
per annum on average over the cycle.
The management team brings together highly experienced venture capitalists,
entrepreneurs, and expert consultants. Since 2015, Forward Partners has been
backed by BlackRock, one of the largest institutional investors in the world.
The Group receives over 4,000 start-up funding applications every year.
For more information, visit https://forwardpartners.com.
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