North West fund announces disposal of parking services firm after £250k investment

The North West Fund for Digital & Creative has announced the successful disposal of Adaptis Solutions Limited.

Adaptis provides a range of parking services, including electronic parking permits, automatic number plate recognition systems for car parks and penalty charge notices.

The North West Fund for Digital & Creative invested £250k in Adaptis in June 2012, and has achieved a 2.4 x cash-on-cash return for its investors, representing an IRR of 70%.

Manni Marway, founder and CEO, said: “The North West Fund for Digital & Creative has been a pro-active and supportive shareholder since its involvement in 2012 and I am delighted their investment and advice has been rewarded with a successful exit.”

The sale represents the first exit for The North West Fund for Digital & Creative and the first cash realisation for the equity side of The North West Fund.

David Smith, Investment Director, AXM Venture Capital, which manages The North West Fund for Digital & Creative, said: “We are delighted to have demonstrated our ability not only to identify and nurture successful growth businesses, but also to achieve a profitable exit: this realisation provides additional finance for the legacy fund which will invest in future generations of North West businesses.”

The North West Fund for Digital & Creative is part of The North West Fund and is financed by the European Regional Development Fund and the European Investment Bank.