Presentation by Michele Giddens
Upcoming SlideShare
Loading in...5
×
 

Presentation by Michele Giddens

on

  • 1,574 views

Michele Giddens, Executive director - Bridges Community Ventures Ltd. - UK

Michele Giddens, Executive director - Bridges Community Ventures Ltd. - UK

Statistics

Views

Total Views
1,574
Views on SlideShare
1,568
Embed Views
6

Actions

Likes
0
Downloads
10
Comments
0

2 Embeds 6

http://www.slideshare.net 5
http://webcache.googleusercontent.com 1

Accessibility

Categories

Upload Details

Uploaded via as Adobe PDF

Usage Rights

© All Rights Reserved

Report content

Flagged as inappropriate Flag as inappropriate
Flag as inappropriate

Select your reason for flagging this presentation as inappropriate.

Cancel
  • Full Name Full Name Comment goes here.
    Are you sure you want to
    Your message goes here
    Processing…
Post Comment
Edit your comment

    Presentation by Michele Giddens Presentation by Michele Giddens Presentation Transcript

    • Bridges Ventures TBLI November 2007 backing entrepreneurs / delivering financial returns / making a social impact
    • contents of this presentation • introduction to Bridges Ventures • making a social impact • case studies • the future • conclusions backing entrepreneurs / delivering financial returns / making a social impact 1
    • introduction to Bridges Ventures backing entrepreneurs / delivering financial returns / making a social impact
    • introduction our aims Bridges Ventures is a private sector company with a social mission. We make investments that have the potential to deliver attractive financial returns whilst making a positive social or environmental impact We believe that market forces and entrepreneurship can be harnessed to bring social and environmental benefits as well as making financial returns. Bridges Ventures seeks out investment that can do well by doing good backing entrepreneurs / delivering financial returns / making a social impact 3
    • introduction social criteria Bridges Ventures invests in unquoted entrepreneurial businesses with the potential to make strong financial returns and to have a positive social impact in at least one of two ways: • regeneration – we invest in ambitious businesses that are located in the most deprived 25% of the country and can deliver a strong multiplier effect as they spend money and recruit in our these areas. key sectors targeted: leisure and hospitality, consumer, business and consumer services, manufacturing and distribution • sustainable business – we invest in businesses whose social impact is not through where they are but through what they do key sectors targeted: environment, healthcare, education, ethical business backing entrepreneurs / delivering financial returns / making a social impact 4
    • introduction funds managed 2002 Bridges Ventures founded Bridges CDV Fund I closed at target £40m social impact focus: regeneration of economically deprived areas 2007 Bridges CDV Fund II closed 50% above target at £75m social impact focus: regeneration and sustainable business backing entrepreneurs / delivering financial returns / making a social impact 5
    • introduction core investors founders 3i, Apax Partners, Tom Singh banks HSBC, Barclays Business Banking, Citigroup, The Royal Bank of Scotland, Lloyds TSB, Lehman Brothers pension funds West Midlands Pension Fund, South Yorkshire Pensions Authority, Railways Pension Trustee Company Ltd, Gartmore others Doughty Hanson & Co, All Souls College, Merton College, Reuters, Department of Trade and Industry (Bridges CDV Fund I only), family trusts, high net worth individuals including Jon Moulton and Jeremy Coller backing entrepreneurs / delivering financial returns / making a social impact 6
    • introduction – the team Philip Newborough Sam Archer Jeremy Phillips Michele Giddens Carolyn Maddox Antony Ross Henry Shelford Maggie Loo Huw Edwards Laura Howard Lisa Barclay Anne-Marie Harris The diverse investment, managerial and entrepreneurial experience of our team enables us to work closely alongside our portfolio companies to help them thrive and grow. We are active investors, aiming to provide support and advice to the companies we back, including building effective boards backing entrepreneurs / delivering financial returns / making a social impact
    • introduction track record • invested over £37m to date in 33 companies • supported 75% of the portfolio with further investments • realised 3 investments to date delivering profit of £12m • returns to date over 10% above BVCA 2002 vintage average* *source: The Economic Impact of Private Equity in the UK 2006, British Venture Capital Association backing entrepreneurs / delivering financial returns / making a social impact 8
    • making a social impact backing entrepreneurs / delivering financial returns / making a social impact
    • making a social impact our three stage process social screen we set clear social impact criteria of location or sector then use strictly commercial criteria to select those companies that pass our social screen. We are looking for investments that can be winners commercially as well as doing good engagement we work with the companies we back to look for ways to improve their community and environmental impacts while also increasing the value of the businesses reporting we report to our investors on the social impact of the companies we back as well as their financial and commercial performance backing entrepreneurs / delivering financial returns / making a social impact 10
    • case studies backing entrepreneurs / delivering financial returns / making a social impact
    • financial results social results • sold in August 2006 to The Daily • over 80 new jobs – majority are women Mail and General Trust plc for £22m and ethnic minorities • £345k invested, £7.5m return • >60% of staff came out of unemployment • 165% IRR • raised over £0.5m for charity partners such as MIND, Barnados and the Woodland Trust • 22x money multiple • promoted switching to renewable energy • created an entrepreneurial role model of success backing entrepreneurs / delivering financial returns / making a social impact 12
    • financial results social results • trade sale to Clondalkin Group • located in Hull, in the most deprived 2% of the country • £730k invested, £2.3m return • company was turned around, saving 50 • 84% IRR jobs and creating 5 new jobs • 3.3x money multiple • Clondalkin opened a new factory in Poland and aimed to integrate its own label printing operations in Hull backing entrepreneurs / delivering financial returns / making a social impact 13
    • financial results social results • management are out-performing budget • attracts businesses into our target areas, bringing strong multiplier • 100% occupancy at first 3 buildings impact • mature occupancy achieved in less than 4 • green roof project with local charity months at all buildings and inner city school • gross/ungeared yields of +18% • roll-out of > 4 new buildings in progress backing entrepreneurs / delivering financial returns / making a social impact 14
    • social investment a growth area? backing entrepreneurs / delivering financial returns / making a social impact
    • social investment drivers of growth • SRI popular and growing in quoted investments • interest from investors in similar products in other asset classes • growing consumer demand for ethical products and responsible businesses • we believe that sustainable private equity / venture capital will be increasingly recognised as an attractive asset class backing entrepreneurs / delivering financial returns / making a social impact 16
    • final conclusions backing entrepreneurs / delivering financial returns / making a social impact
    • final conclusions • Bridges Ventures experience to date shows a clear decision making process can deliver attractive financial returns and positive social impacts • we see ourselves as sitting in a nascent field of sustainable venture capital, which we believe is poised for growth • we believe that investor interest is growing and that this may become a recognised “asset class” backing entrepreneurs / delivering financial returns / making a social impact 18
    • appendices backing entrepreneurs / delivering financial returns / making a social impact
    • Eligible Local Authorities* East of England North East North West (cont’d) Yorkshire and the Scotland (cont’d) Great Yarmouth Humber Inverclyde Blyth Valley Rochdale Norwich North Ayrshire Derwentside Salford Barnsley East Midlands Easington Sefton North Lanarkshire Bradford Renfrewshire Ashfield Gateshead St Helens Calderdale Bassetlaw Hartlepool Tameside South Lanarkshire Doncaster West Dunbartonshire Bolsover Middlesbrough Wigan Kingston upon Hull, City of Chesterfield Newcastle upon Tyne Wirral Kirklees Wales Corby North Tyneside Leeds Derby Redcar and Cleveland South East Blaenau Gwent Brighton and Hove North East Lincolnshire Bridgend East Lindsey Sedgefield Rotherham Leicester South Tyneside Hastings Caerphilly Portsmouth Sheffield Cardiff Lincoln Stockton-on-Tees Wakefield Mansfield Sunderland Thanet Carmarthenshire Nottingham Wansbeck Northern Ireland Ceredigion South West Conway Wear Valley Bristol, City of Belfast London Cookstown Denbighshire Barking and Dagenham North West Caradon Gwynedd Carrick Craigavon Brent Barrow-in-Furness Derry Isle of Anglesey Camden Blackburn with Darwen Kerrier Merthyr Tydfil North Cornwall Dungannon Greenwich Blackpool Limavady Neath Port Talbot Hackney Bolton Penwith Newport Plymouth Moyle Hammersmith & Fulham Burnley Newry and Mourne Pembrokeshire Haringey Copeland Restormel Rhondda Cynon Taf Omagh Islington Halton West Midlands Strabane Swansea Lambeth Hyndburn Birmingham Torfaen Lewisham Knowsley Coventry Scotland Newham Liverpool Sandwell Clackmannanshire Southwark Manchester Stoke-on-Trent Dundee City Tower Hamlets Oldham Walsall East Ayrshire Waltham Forest Pendle Wolverhampton Falkirk Westminster Preston Glasgow City *Based on Index of Multiple Deprivation for England and equivalents for the rest of the UK backing entrepreneurs / delivering financial returns / making a social impact 20
    • portfolio companies early stage name business location date of inv transaction size provider of washroom West Midlands August 04 £540k services motivational October 06 £1.5m West Midlands stickers for school children insurance broker Bournemouth March 05 £1.7m specialising in home insurance for the over-50s backing entrepreneurs / delivering financial returns / making a social impact 21
    • portfolio companies early stage name business location date of inv transaction size online booking London October 03 £2.4m engines for airlines a virtual secretarial and Nottingham July 06 £751k billing service for doctors re-refiner of waste oil Stoke-on-Trent May 06 £1.5m backing entrepreneurs / delivering financial returns / making a social impact 22
    • portfolio companies management buy-outs name business location date of inv transaction size designs, manufactures North London June 04 £5.2m & distributes curtain poles, blinds & accessories manufacturer of high August 07 £3.4m East Anglia performance, waterproof, breathable, close-fitting socks and gloves I.T. repair services South East March 07 £7.6m backing entrepreneurs / delivering financial returns / making a social impact 23
    • portfolio companies property-backed businesses name business location date of inv transaction size flexible office space in London September 03 £17m under-invested areas high quality limited London April 04 £18.4m service hotels roll-out of self storage North-West March 06 £8.9m facilities across North England indoor real snow ski North-West August 06 £31m slopes and Alpine village backing entrepreneurs / delivering financial returns / making a social impact 24
    • Team Biographies Philip Newborough, Managing Director Philip has managed 2 VC-backed businesses and a substantial pan- Sam Archer, Assistant Director European business. He previously worked at Aiwa as Director and GM Sam worked as a Chartered Accountant with PricewaterhouseCoopers in the and was then appointed MD of MWB Business Exchange, a serviced Financial Services and Real Estate teams. Prior to joining Bridges he helped office provider. run a small residential property business, gaining useful experience within an SME environment. Michele Giddens, Executive Director Michele has 10 years of international development and community Lisa Barclay, Assistant Director finance experience ranging from large equity and debt instruments to Lisa previously co-founded E-Government Solutions, an e-government software micro-finance and small business lending. She was previously at the company. She has also worked as a strategy consultant for Marakon Shorebank Corporation and was Chairman of the Community Associates focusing on the FMCG and financial services sectors, and as a Development Finance Association (CDFA) 2003-2005. special advisor to Government Ministers. Carolyn Maddox, Executive Director Henry Shelford, Assistant Director Carolyn has 14 years of private equity investment, previously working at Henry was previously with awareness Inc., a Walthan USA start-up focused on 3i as an Investment Controller and then as Director of Causeway Capital enterprise web 2.0 solutions. Prior to that he was an executive at Invex Capital. and ABN Amro Private Equity (UK). Prior to joining Bridges Ventures she Henry has a degree in Environmental Science from King’s College London and worked at Equinox Securities specialising in raising finance for technology an MBA from the University of Virginia. companies. Antony Ross, Executive Director Huw Edwards, Associate Antony has 14 years of private equity investment in a wide range of Huw previously worked for Goldman Sachs, starting his career in the Capital businesses from early stage development opportunities to later stage Markets division where he focused on structuring equity derivative solutions for management buy outs. He led 3i’s healthcare team from 2000 to 2001 European corporate clients. He moved on to become an Associate in the Fixed supporting medical technology and biotechnology businesses across Income, Currencies & Commodities division advising UK corporate clients on how Europe. Previously he managed 3i’s Newcastle and Cambridge offices. to manage their foreign exchange and interest rate exposures. Jeremy Philips, Investment Director Maggie Loo, Associate Jeremy has 25 years experience in the property sector. He has been Maggie started her career as a strategy management consultant with McKinsey & involved in a wide range of markets including residential, offices, hotels Company in New York City. Prior to joining Bridges, she worked at London-based and industrial. For 7 years he was a Director of Acquisitions at MWB Climate Change Capital. Maggie studied environmental science and public policy Group plc, and prior to joining Bridges, he had his own successful at Harvard University and has an MBA from Columbia Business School. property consultancy. Anne-Marie Harris, Assistant Director Laura Howard, Associate Anne-Marie has 8 years of mid-market corporate finance experience. She was Laura was previously Operations Director and founder of nude skincare, a previously at Close Brothers Corporate Finance and latterly at McQueen, the premium ethical skincare brand. She has also worked as a strategy consultant for specialist corporate finance advisory business focusing on the leisure, retail and Bain & Co. Laura holds an MBA from the Harvard Business School where she consumer sectors. focused on strategy, marketing and social enterprise. backing entrepreneurs / delivering financial returns / making a social impact 25
    • contact us Bridges Ventures 1 Craven Hill London W2 3EN t: +44 (0) 20 7262 5566 f: +44 (0) 20 7262 6389 e: info@bridgesventures.com www.bridgesventures.com Bridges Community Ventures (trading as Bridges Ventures) is authorised and regulated by the Financial Services Authority backing entrepreneurs / delivering financial returns / making a social impact