Shackleton is pleased to announce that it has now sold its interest in Asfordby Haulage and Storage Limited, the Melton Mowbray-based logistics business. Shackleton Secondaries II LP originally acquired its interest in Asfordby from 3i Group plc. Urban Logistics, the last mile logistics focused REIT, paid £40.7m for Asfordby’s 72-acre site including its substantial yard and three high quality units totalling 665,527 sq ft.
This exit cements the fund’s top decile ranking for secondary VC funds of the same vintage. Shackleton Secondaries II LP, which was invested between 2007 and 2009 has now distributed over 3.4 times the total sums drawn down. Limited Partners’ net IRR has risen to 15.6% as a result of this latest transaction.
The Fund’s performance is the result of multiple profitable exits – including the sale of:
- Tubex, the tree shelter maker, to Fiberweb in 2011;
- Nanosight, the nanoparticle analysis business, to Malvern Instruments in 2013;
- Steve Vick, the underground pipe replacement specialist, to management in 2015;
- DESLock, the full disc encryption solution, to ESET in 2015;
- Lewmar Marine, the leading deck equipment supplier, to LCI (NYSE: LCII) in 2019; and
- Omprompt, the B2B connectivity platform, to Elemica in 2021
“The Shackleton team takes pride in providing patient and constructive support to its portfolio companies,” says Partner, Deborah Hudson. “The support can include senior team development, design of aligned management incentives, help on strategic growth, follow-on investment, and guidance through the exit process.”
