New Investment

RNS Number : 4474S

Literacy Capital PLC

16 November 2021

 

The information contained in this announcement is restricted and is not for publication, release or distribution in the United States of America, any member state of the European Economic Area, Canada, Australia, Japan or the Republic of South Africa.

16 November 2021

Literacy Capital plc ("Literacy Capital" or the "Company")

Literacy Capital completes new investment in Cross Rental Services

New investment

Literacy Capital is pleased to announce that on 3 November 2021 it completed an investment into Cross Rental Services, a market leading provider of Refrigeration & Catering and Climate Control rental equipment. The investment was announced publicly on 15 November.

Literacy Capital acquired a small minority stake, with further financial terms remaining undisclosed.

Literacy Capital completes minority investment into Cross Rental Services

Literacy Capital plc has completed a minority co-investment into Cross Rental Services ('CRS'), a market leading provider of Refrigeration & Catering and Climate Control rental equipment.

Headquartered in Andover, with operations across the UK and Ireland, CRS serves blue-chip customers across a diverse range of end markets, including retail, manufacturing, and facilities management. CRS was sold to Elysian Capital in August 2021, and has made significant progress since then, including the acquisition of All Seasons Hire from HSS PLC, completed in September 2021. The acquisition creates one of the market leading Climate Control rental providers in the UK alongside the already strong position held in the UK Refrigeration & Catering rental space.

Literacy Capital are investing alongside the pre-existing majority shareholder, Elysian Capital, as well as other co-investors, including Lonsdale Capital Partners and Nord Holding. We recognise the significant growth opportunities, both organic and inorganic, available to the business in the coming years and are delighted to be embarking on the journey with CRS.

The transaction represents Literacy Capital's eighteenth platform investment completed since the inception of the fund in September 2017, and its first since the fund was listed on the London Stock Exchange in June 2021. Literacy Capital has also supported its portfolio companies in completing six bolt-on acquisitions this calendar year.
 

Enquires

Singer Capital Markets Securities Limited:

Robert Peel / Amanda Gray

[phone]

Literacy Capital plc / Literacy Capital Asset Management LLP:

Tom Vernon

[phone]

LEI: 2549006P3DFN5HLFGR54

A copy of this announcement will be available on the Company's website at https://www.literacycapital.com/.

The information contained in this announcement regarding the Company's investments has been provided by the relevant underlying portfolio company and has not been independently verified by the Company.

This announcement is for information purposes only and is not an offer to invest. All investments are subject to risk.  Past performance is no guarantee of future returns.  Prospective investors are advised to seek expert legal, financial, tax and other professional advice before making any investment decision.  The value of investments may fluctuate.  Results achieved in the past are no guarantee of future results. Neither the content of the Company's website, nor the content on any website accessible from hyperlinks on its website for any other website, is incorporated into, or forms part of, this announcement nor, unless previously published by means of a recognised information service, should any such content be relied upon in reaching a decision as to whether or not to acquire, continue to hold, or dispose of, securities in the Company.

This announcement may include "forward-looking statements". All statements other than statements of historical facts included in this announcement, including, without limitation, those regarding the Company's financial position, business strategy, plans and objectives of management for future operations (including development plans and objectives relating to the Company's products and services) are forward-looking statements. Forward-looking statements are subject to risks and uncertainties and accordingly the Company's actual future financial results and operational performance may differ materially from the results and performance expressed in, or implied by, the statements. These factors include but are not limited to those described in the formal Prospectus. These forward-looking statements speak only as at the date of this announcement. The Company expressly disclaims any obligation or undertaking to update or revise any forward-looking statements contained herein to reflect actual results or any change in the assumptions, conditions or circumstances on which any such statements are based unless required to do so by the Financial Services and Markets Act 2000, the Listing Rules or Prospectus Regulation Rules made under Part VI of the Financial Services and Markets Act 2000 of the Financial Conduct Authority or other applicable laws, regulations or rules.

 

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