Core invested in AlliedPRA in 2009 when the company was UK-headquartered, helping it to relocate to the US and exit its underperforming European operations. The firm also provided capital to support an acquisition program.
The business now has annual revenues of $100m and is led by chief executive Tony Lorenz.
“When we first looked at AlliedPRA, we saw an opportunity to invest in a business which had exciting growth opportunities but required a large amount of hands on support. While this made the transaction less attractive for others, we were able to eliminate much of the risk at entry and allow the business to grow,” Core Capital’s David Steel said in a statement.
This is the second exit for Core Capital Partners II since the fund closed in 2015. The vehicle has now returned more than 40 per cent of the capital invested. The remaining companies in Core Capital’s current portfolio are Brasserie Blanc, Ark Home Healthcare, Turbine Efficiency and Cording Real Estate Group.
JEGI acted as sell-side adviser to Core Capital, with Baker Hostetler acting as legal adviser.