Direct secondaries firm Vision Capital has realised its investments in personal care and household supplies producer Pantex Europe and hydraulic hose company Pirtek Europe, according to a statement.
Vision initially acquired Pantex in September 2011 through a portfolio it purchased from a large European bank. The Italian company specialises in perforated cover layer and skin contact materials for personal care products. Its revenues were €42 million at the end of 2013, according to Vision’s website. The company was sold to funds managed by Italian private equity firm Quadrivio SGR on 28 January 2015.
Pirtek was purchased in January 2007 as part of a portfolio from a mid-market private equity firm. The company is Europe’s largest emergency hydraulic hose replacement service with core markets in Benelux, Germany and the UK. As of March 2014 it was generating revenues of £29 million ($45 million; €39 million). Vision sold the company to US private equity firm Halifax Group on 9 February 2015.
The two realisations come months after Vision sold The Fletchers Group of Bakeries last year. Fletchers supplies fresh and frozen bakery products to UK grocery stores. It was initially acquired in 2007 through a £160 million portfolio purchased from Northern Foods.
Last July it was understood Vision was trying to sell a group of portfolio companies it acquired in 2007 or earlier. At the time Vision had 12 pre-2007 investments, but a source with knowledge of the situation said the sale wouldn’t include all 12 companies. It is unclear if Pirtek or Fletchers were part of the sale.
Vision is currently investing its Vision Capital Partners VII, a €676.2 million fund that was raised in 2009.
Last year the firm lost the two members that made up its investor relations team. The head of the team Charles Robinson left for Black River Asset Management and executive Julia Van Tuyll moved on to Lion Capital. At the time multiple LP sources suggested the departures of in such quick succession meant that Vision had no immediate fundraising prospects.
A spokesperson from Vision said the firm has no plans to replace Robinson or Van Tuyll and its investor relations is being led by founder and chief executive officer Julian Mash and the partners, with internal support.