Qualitas Funds has announced the successful sale of Anthesis, one of the portfolio companies of Qualitas Funds II. The sale resulted in a gross return of c.6x invested capital and a gross IRR of c.111% for Qualitas Funds II investors.
Anthesis is a global sustainability consultancy that supports public and private sector customers with a range of strategic and operational sustainability projects. The business employs over 650 personnel across 17 countries and has extensive expertise across a range of specialisms including sustainability strategy and governance, marketing, stakeholder communication, supply chain and sustainable cities and environments. Historically, the business has grown strongly both organically and through a buy and build strategy. This was a central component of the investment strategy, together with operational improvements and capitalising on strong market dynamics.
Since the initial investment in March 2021, Anthesis has complemented strong organic growth with four completed acquisitions. Anthesis has been an excellent investment for the GP and represents a positive example of where a manager can add value through M&A support and strategic actions such as the focus on ESG initiatives, digitalization and operational improvements.
The manager agreed to roll £15m from the fund into a new deal for a 3.1% equity stake which provides the opportunity to benefit from the expected strong market and positive business dynamics.
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