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Mon 11th Mar 2013 - Breaking News - Novus backer to be wound down
Novus co-owner LGV Capital to be wound down; management could buy it out: A private equity firm with a high profile in the sector, LGV Capital, is to be wound down by its owner insurance company Legal & General, Private Equity News has reported. LGV Capital, set up in 1986, was informed of the decision after a strategy review in which Legal & General concluded the operation was “non-core”. It still has about 50% of its latest vehicle  – a £170m investment fund made up of money from its parent company – remaining but will not now make any new investments. Private Equity News also reported that the firm is expected to sell its six investment assets, which include UK bar operators Novus Leisure, acquired only last year, Amber Taverns and Liberation Group, in accordance with its current investment timetable. A spokesman told the newspaper that the strategy for the portfolio companies would not change and that there was funding available to support them. The LGV management team is considering its options and may look to buy out the business from L&G, according to sources quoted in Private Equity News. LGV’s has invested more than £1.6bn in 90 companies and has generated returns of more than three times money invested for each of its last two realised funds. Its previous investments have included tenanted pub company Unique and Cafe Rouge owner Tragus. LGV Capital focuses principally on transactions with an enterprise value in excess of £25 million. Its website states: “We cover all industry sectors, but have a particular emphasis on consumer, healthcare, leisure and services. Our team has a strong track record of investing in quality businesses, which are looking for an investment partner to help them grow and evolve. LGV Capital was established in 1986 as the private equity arm of Legal & General Group, a FTSE-100 quoted insurance company. It is a subsidiary of Legal & General Investment Management, which manages over £380bn. Since formation, LGV Capital has developed into one of the leading UK mid-market private equity firms with an enviable track record across multiple funds, having successfully invested over £1.6bn in more than 85 companies.”

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