Mercia Asset Management has sold its holding in private equity tech consulting firm Intechnica for £3.7m.
The £1.4bn asset manager said today (18 January) that it has sold its 25.5% stake in the firm to US-based Crosslake Technologies, which sold for a total of £14.5m. It said that the sale had generated an internal rate of return of 27% and a 1.7x multiple on its current holding value. Mercia first invested in Intechnica in 2013 through one of its managed funds, then subsequently directly invested in the firm from April 2017. In addition to the direct investment return, Mercia said that three of its third-party funds collectively held a further 27.9%, providing a blended IRR of 32.0%,...
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