Current Portfolio

Pioneer is currently working with its first search fund:

ZeroPaper LLP

ZeroPaper is seeking to acquire companies in the records management sector, encompassing physical archiving, electronic data processing and secure data destruction.

First acquisition completed

North West based records management business Alexander Young was acquired on 30 September 2009 by IBEX Information Management, a new acquisition vehicle established by Zero - see the press release (PDF, 90KB).

History

Below are four case studies of individuals that Stephen Ross and Gerard Downes worked with whilst at Springboard plc, a business founded in 1998 that raised a pool of capital to fund MBI and Start-up search.

Hugh Hoather - Zero Waste

In October 1998 Springboard backed Hugh Hoather, formerly managing director of 3C Waste Ltd, to develop a new business in the waste sector. Within 6 months, Hugh established Zero Waste with £17m of funding in March 1999. Springboard received a fee on completion of the fundraising and subscribed for 5% of the equity of the Newco. The business developed as a UK based landfill operator and was acquired by Augean plc in November 2004 for £26m. Hugh left Zero in May 2001.

Mike Sweetland - Brighthouse

Springboard started working with Mike Sweetland, who was previously a divisional director of Granada, in June 1999. Mike had a clear strategy to acquire a multi-site business in the financial or leisure sectors. In the pursuit of this strategy we introduced him to Terra Firma, who appointed him as the Chief Executive of Brighthouse, a high-street consumer finance business under their control.

Mike received a substantial incentive scheme equivalent to a significant equity stake in the business. Mike oversaw strong growth in both sales and earnings at Brighthouse, successfully turning heavy losses into a profit before tax of over £18m. Following a payout under this incentive scheme, Mike departed in 2005.

Jim Rowley - The Funding Corporation

Jim Rowley was a former General Manager of Capital Bank and MD of Forthright Finance, part of the Bank of Scotland. Springboard founded the business with the management team in October 2000, which went on to raise an initial £115m of debt and equity funding from IM Group and Barclays Bank in 2001, making it one of the largest ever start-ups in the UK. By December 2005, the Funding Corporation had receivables of over £400m and employed some 550 people, based in Chester. Jim is Chief Executive of the company. Springboard received in excess of its initial investment back within 6 months and held 3% of the equity following this external investment.

Peter Cosgrove - Specialist Hire Group

Springboard initially backed Peter Cosgrove in a search vehicle in October 2001. Peter had proven his abilities to make acquisitions and improve operational performance at Lex, where he had run the Industrial Services Division. Whilst Peter had initially targeted a significant company to acquire, he revised his search strategy and completed his first deal in June 2002, funded largely using bank finance. Having gained a position in his market with this first relatively small deal, the company has to date completed six subsequent acquisitions, and Peter has built a substantial business in the specialist hire markets of cranes, forklift trucks and materials handling equipment.

In December 2007, the company was recognised in The Sunday Times Fast Track 100 survey of Britain's fastest growing private companies. It achieved sales of £21m in 2006-7, and 61% per annum sales growth for the preceding 3 years.