PE Tech Report


Like this article?

Sign up to our free newsletter

DFJ Esprit announces fourth exit of 2011

European venture capital firm DFJ Esprit has announced the sale of TLC, supplier of Customer Relationship Management, call centre and telemarketing solutions – ts fourth exit so far in 2011.


This success follows the sales of Lovefilm, and The Cloud earlier this year, continuing a series of seven exits over the past twelve months totalling USD1.2 billion in enterprise value. The total of VC backed M&A over the period according to Venturesource is USD2.5bn in enterprise value (excluding Biopharmaceutical exits).
TLC has been sold to Serco plc for GBP55.9m, representing a 5x return on DFJ Esprit’s investment.

Paul Murray, Partner, DFJ Esprit says: “TLC is an award winning company and has delivered terrific growth over the last few years. We’re delighted with this exit, it’s a great result for DFJ Esprit and the other shareholders, and allows the TLC team to take this platform to another level within Serco.”
Simon Cook (pictured), CEO, DFJ Esprit, adds: “We have begun the year with a bang. While the global economy has been challenging, our series of exits over the past year shows there is still a strong exit route for venture backed companies. The US VC exit market has had a fantastic rebound in the last 12 months and we are starting to see that here in Europe”.

Like this article? Sign up to our free newsletter