The Scottish Loan Fund has exited its investment in Cumbernauld-based Spaceright Europe, a manufacturer and supplier of furniture, toys and activity equipment for the education sector.
Since its original investment in May 2014, SLF managed by Maven Capital Partners has provided £2.2 million of funding, initially backing the acquisition of Educational Technology as well as supporting product development. Spaceright’s innovative range of products is used in nurseries, schools and universities throughout the UK and last year SLF supported the acquisition of Millhouse Manufacturing Design, a designer and manufacturer of a complementary range of educational toys.
In the past two years the business has almost doubled both turnover and headcount, and now employs around 90 staff across three locations.
Since 2011 SLF has committed over £80m in support of 31 growth-focused Scottish SMEs, and is still actively investing, having completed the most recent investment last month. The exit from Spaceright is the thirteenth since 2012 and has delivered another strong return for the fund, which was established by the Scottish Investment Bank, an arm of Scottish Enterprise.
David Milroy, investment director at Maven, which is run by managing partner Bill Nixon, commented: “Spaceright’s success exemplifies the potential for the Scottish Loan Fund to support dynamic businesses in achieving their growth aspirations.”
Michelle Kinnaird, investment director at Scottish Investment Bank, said: “We hope that other companies in a similar position will see this success and be inspired to consider how best they can finance their own growth plans.”
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